UNITEDTable STATESof Contents

~~SECURITIES~~UNITED ~~AND~~STATES ~~EXCHANGE COMMISSION~~

~~Washington,~~SECURITIES ~~D.C.~~AND ~~20549~~EXCHANGE COMMISSION

~~Form~~Washington, ~~6-K~~D.C. 20549

~~Report~~Form of6-K ~~Foreign Private Issuer~~

~~Pursuant~~Report toof ~~Rule~~Foreign ~~13a-16~~Private orIssuer ~~15d-16~~

ofPursuant ~~the~~to ~~Securities~~Rule ~~Exchange~~13a-16 ~~Act~~or of15d-16 ~~1934~~

~~December~~of 6,the ~~2013~~Securities Exchange Act of 1934

~~Commission~~January 28, ~~File~~2014 ~~Number: 1-15174~~

~~Siemens~~Commission ~~Aktiengesellschaft~~ File Number: 1-15174

~~(Translation~~Siemens ofAktiengesellschaft ~~registrant’s name into English)~~

~~Wittelsbacherplatz~~(Translation 2of registrant’s name into English)

~~80333~~Wittelsbacherplatz ~~Munich~~2

~~Federal~~80333 ~~Republic~~Munich ~~of Germany~~

~~(Address~~Federal Republic of ~~principal~~Germany ~~executive offices)~~

~~Indicate~~(Address of byprincipal ~~check~~executive ~~mark~~offices) ~~whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.~~

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

~~Indicate by check mark if the registrant is submitting the~~ Form 620-KF ~~in paper~~x asForm ~~permitted by Regulation S~~40-TF ~~Rule~~¨ ~~101(b)(1):~~

~~Yes ¨ No x~~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):

~~Indicate~~Yes by¨ ~~check~~No ~~mark~~x ~~if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):~~

~~Yes ¨ No x~~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):

~~Indicate~~Yes by¨ ~~check~~No ~~mark~~x 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 ¨ No x~~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.

~~If “~~Yes” is¨ ~~marked,~~No x ~~indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-~~

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

BerlinTable andof Munich Contents

~~Notice~~Key offigures ~~Annual~~Earnings ~~Shareholders’~~Release ~~Meeting~~Earnings ~~2014~~Release Consolidated Financial Statements (preliminary and unaudited) SUPPLEMENTAL DATA: Additional Information (I) (preliminary and unaudited) Additional Information (II) (preliminary and unaudited) Press Release: Siemens plans to delist its ADRs from NYSE Signature page

Berlin andTable Munich,of December 2013 Contents

LOGO

ToKey ~~Our~~figures ~~Shareholders:~~Q1 20141, 2

~~NOTICE~~(preliminary ISand ~~HEREBY~~unaudited; ~~GIVEN~~in millions of €, except where otherwise stated)

that the Annual Shareholders’ Meeting of Siemens Aktiengesellschaft (hereinafter “Siemens AG” or “Company”)


Volume	Q1 2014			Q1 2013			Actual			% Change Adjusted³
Continuing operations
Orders		20,836			19,173			9	%		12	%
Revenue		17,325			17,925			(3	)%		(1	)%



Profitability and Capital efficiency	Q1 2014			Q1 2013						% Change
Total Sectors
Adjusted EBITDA		2,249			2,148						5	%
Total Sectors profit		1,789			1,560						15	%
in % of revenue (Total Sectors)		10.2	%		8.6	%
Continuing operations
Adjusted EBITDA		2,449			2,239						9	%
Income from continuing operations		1,386			1,150						21	%
Basic earnings per share (in €)⁴		1.61			1.34						20	%
Return on capital employed (ROCE (adjusted))		18.0	%		14.9	%
Continuing and discontinued operations
Net income		1,457			1,214						20	%
Basic earnings per share (in €)⁴		1.70			1.42						20	%
Return on capital employed (ROCE (adjusted))		18.6	%		14.5	%

Capital structure and Liquidity	December 31, 2013						September 30, 2013
Cash and cash equivalents					8,885						9,190
Total equity (Shareholders of Siemens AG)					29,856						28,111
Adjusted industrial net debt					2,998						2,805
		Q1 2014						Q1 2013
Continuing operations
Free cash flow					(658	)					(1,416	)
Continuing and discontinued operations
Free cash flow					(699	)					(1,395	)

		December 31, 2013						September 30, 2013
Employees		Continuing operations			Total⁶			Continuing operations			Total⁶
Employees (in thousands)		360			364			362			367
Germany		117			118			118			119
Outside Germany		243			246			244			248

~~will~~1 beOrders; ~~held~~Adjusted onor ~~Tuesday,~~organic ~~January 28,~~growth ~~2014~~rates ~~at 10:00 a~~of revenue and orders; Total Sectors profit; ROCE (adjusted); Free cash flow; Adjusted EBITDA; and adjusted industrial net debt are or may be non-GAAP financial measures.m. ~~CET,~~Definitions atof ~~the~~these ~~Olympiahalle~~supplemental financial measures, a discussion of the ~~Olympiapark,~~most ~~Coubertinplatz,~~directly ~~80809~~comparable ~~Munich~~IFRS financial measures, ~~Federal~~information ~~Republic~~regarding the usefulness of ~~Germany~~Siemens’ supplemental financial measures, ~~for~~the limitations associated with these measures and reconciliations to the ~~following~~most ~~purposes:~~comparable IFRS financial measures are available on our Investor Relations website under WWW.SIEMENS.COM/NONGAAP.

~~Agenda~~2 October 1, 2013 – December 31, 2013.

1.3 ToAdjusted ~~receive~~for ~~and~~currency ~~consider~~translation ~~the adopted Annual Financial Statements of Siemens AG~~ and ~~the~~portfolio approved Consolidated Financial Statements, together with the Combined Management Report of Siemens AG and the Siemens Group, including the Explanatory Report on the information required pursuant to Section 289 (4) and (5) and Section 315 (4) of the German Commercial Code (HGB) as of September 30, 2013, as well as the Report of the Supervisory Board, the Corporate Governance Report, the Compensation Report and the Compliance Report for fiscal year 2013effects.

~~The~~4 ~~materials~~Basic ~~referred~~earnings toper ~~are~~share ~~available~~– onattributable ~~our website at www.siemens.com/agm. Upon request, copies will be sent~~ to shareholders. ~~In addition,~~of ~~the~~Siemens ~~materials~~AG. ~~will~~For befiscal ~~available~~2014 and ~~explained~~2013 inweighted ~~more~~average ~~detail~~shares atoutstanding ~~the~~(basic) ~~Annual~~(in ~~Shareholders’~~thousands) ~~Meeting.~~for ~~In accordance with~~ the ~~applicable~~first ~~legal~~quarter ~~provisions,~~amounted ~~no resolution on Agenda Item 1 is proposed~~ to ~~be adopted~~844,115 ~~as the Supervisory Board has already approved the Annual Financial Statements~~ and ~~the~~845,527 ~~Consolidated~~shares, ~~Financial Statements~~respectively.

2.5 ToCalculated ~~resolve~~by ondividing ~~the~~adjusted ~~appropriation~~industrial ~~of the~~ net ~~income~~debt as of ~~Siemens~~December AG31, to2013 ~~pay~~and a2012 ~~dividend~~by annualized adjusted EBITDA.

~~The~~6 ~~Supervisory~~Continuing ~~Board~~ and ~~the~~discontinued ~~Managing Board propose that the unappropriated net income of Siemens AG for the fiscal year ended September 30, 2013 amounting to €2,643,000,000~~operations.~~00 be appropriated as follows:~~

Distribution of a dividend of €3.00 on each share of no par value entitled to the dividend for fiscal year 2013:		€	2,533,038,240.00
Amount carried forward:		€	109,961,760.00

LOGO

1A Sound Start to Fiscal 2014

~~The~~Joe ~~proposal for appropriation of the net income reflects the 36~~Kaeser,~~653,920~~ ~~treasury~~President shares held directly or indirectly by the Company at the time of the proposal that are not entitled to a dividend pursuant to Section 71b of the German Stock Corporation Act (AktG). Should there be any change in the number of shares of no par value entitled to the dividend for fiscal year 2013 before the date of the Annual Shareholders’ Meeting, the above proposal will be amended accordingly and ~~presented~~Chief ~~for~~Executive ~~resolution~~Officer ~~at the Annual Shareholders’ Meeting, with an unchanged dividend~~ of ~~€3.00~~Siemens onAG ~~each share of no par value entitled to the dividend for fiscal year 2013 as well as a suitably amended carryforward.~~

3“We delivered a sound quarter to start our fiscal year. ToAs ~~ratify~~expected, ~~the~~market ~~acts~~conditions ofwere not in our favor. We continue to focus on our productivity program for the ~~members~~year, ofand on the ~~Managing~~actions ~~Board~~we will take beyond 2014.”

~~The~~Financial ~~Supervisory~~Highlights: ~~Board and the Managing Board propose that the acts of the members of the Managing Board in fiscal year 2013 be ratified for that period.~~

4.• ToSiemens ~~ratify~~delivered ~~the~~solid ~~acts~~results ofin the ~~members~~first ofquarter, ~~the~~even ~~Supervisory~~though ~~Board~~strong currency effects held back volume and income development.

~~The~~• ~~Supervisory~~Orders ~~Board~~for ~~and~~ the ~~Managing~~first ~~Board~~quarter ~~propose~~rose ~~that~~9% ~~the~~year-over-year, ~~acts~~to of€20.836 ~~the~~billion, ~~members~~while ofrevenue ~~the~~came ~~Supervisory~~in ~~Board~~3% inlower, ~~fiscal~~at ~~year~~€17.325 ~~2013~~billion. beOn ~~ratified~~an ~~for~~organic ~~that~~basis, excluding currency translation and portfolio effects, orders were up 12% and revenue was just 1% below the prior-period. level.

5• Total Sectors profit rose 15%, to €1.789 Tobillion, ~~resolve~~highlighted onby ~~the~~a ~~approval~~strong ofperformance ~~the~~in ~~system~~Infrastructure of& ~~Managing~~Cities, ~~Board~~and ~~compensation~~income from continuing operations climbed 21%.

~~The~~• ~~Annual~~Net ~~Shareholders’~~income ~~Meeting~~and ofbasic ~~January 25,~~earnings ~~2011~~per ~~approved~~share ~~the~~(EPS) ~~system of Managing Board compensation valid since October 1, 2010, which was the basis~~ for ~~determining~~ the ~~compensation~~first ~~of members~~quarter ofrose ~~the~~20% ~~Managing Board in fiscal~~ year-over-year, ~~2013. Following the Supervisory Board’s resolution~~ to ~~revise~~€1.457 ~~the~~billion ~~system~~and ~~of Managing Board compensation with effect from October~~ €1.70, ~~2013, the Annual Shareholders’ Meeting shall also resolve on approval of that system~~respectively.

In addition to describing the Managing Board compensation for fiscal year 2013, the Compensation Report also describes the compensation system and any changes to it that have been resolved on. This system of Managing Board compensation, which has been in effect since October 1, 2013, shall be the subject matter on which a resolution is to be adopted. The Compensation Report is among the material available on our website at www.siemens.com/agm, copies of which will also be sent to shareholders upon request (see Agenda Item 1). Being part of this material, the Compensation Report will also be available and explained in more detail at the Annual Shareholders’ Meeting.


Table of Contents
Siemens			2-4

Sectors, Equity Investments, Financial Services			5-12

Corporate Activities			13

Outlook			13

Notes and Forward– Looking Statements			14

~~The~~Financial ~~Supervisory~~Media: ~~Board – acting on the recommendation of the Compensation Committee – and the Managing Board propose that the system of Managing Board compensation applicable since October 1, 2013 be approved.~~

6.Alexander ToBecker ~~resolve on the appointment of independent auditors for the audit of the Annual Financial Statements and the Consolidated Financial Statements and for the review of the Interim Financial Statements~~

~~On the basis of the Audit Committee’s recommendation, the~~Phone: ~~Supervisory~~+49 ~~Board~~89 ~~proposes~~636-36558 ~~that Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart,~~

~~a) be appointed to serve as independent auditors of the Annual Financial Statements and the Consolidated Financial Statements for fiscal year 2014~~E-mail:

~~and~~becker.alexander@siemens.com

2Wolfram Trost

b)Phone: be+49 89 ~~appointed~~636-34794 ~~to review the Financial Statements and the Interim Group Management Report (Sections 37w, 37y of the German Securities Trading Act (WpHG)) for the first half of fiscal year 2014.~~

~~7. To resolve on a by~~E-~~election to the Supervisory Board~~mail:

~~By means of a resolution of the district court (Amtsgericht) of Berlin-Charlottenburg of October 10, 2013, Mr~~wolfram. ~~Jim Hagemann Snabe has been appointed as shareholder representative to the Supervisory Board to succeed Dr~~trost@siemens. ~~Josef~~com Ackermann who has resigned from the Supervisory Board with effect as from the end of September 30, 2013. In accordance with the application, Mr. Snabe’s term will end with the end of the next regular Annual Shareholders’ Meeting of Siemens AG occurring after the court resolution was taken. Since the term of Mr. Snabe, who was appointed by the court, therefore ends with the end of the Annual Shareholders’ Meeting on January 28, 2014, the Annual Shareholders’ Meeting must elect a shareholder representative to the Supervisory Board.

~~Pursuant~~Siemens ~~to Sections 96 (1) and 101 (1) of the German Stock Corporation Act (AktG) and pursuant to Section 7 (1) sentence 1 no. 3 of the German Co-determination Act (MitbestG)~~AG, the Supervisory Board is composed of ten shareholder representatives and ten employee representatives. When electing the shareholder representatives, the Annual Shareholders’ Meeting is not bound by election nominations. The following election nomination is based on the recommendation of the Nominating Committee of the Supervisory Board and takes into account the targets for the Supervisory Board’s composition resolved on September 18, 2013.

~~The~~80333 ~~Supervisory~~Munich, ~~Board proposes that~~ Germany

~~Jim~~Earnings ~~Hagemann~~Release ~~Snabe~~Q1 2014 October 1 to December 31, ~~Copenhagen~~2013 Munich, ~~Denmark~~Germany, January 28, 2014

Co-ChiefTable Executive Officer of SAP AG and Director of Snabe ApS,Contents

~~be elected as a shareholder representative to the Supervisory Board, with effect as from the end of the Annual Shareholders’ Meeting. The appointment shall take place pursuant to Section 11 (~~Siemens 2) sentence 3 of the Siemens Articles of Association for the remainder of the term of Dr. Josef Ackermann, who has resigned from the Supervisory Board as of the end of September 30, 2013; that is, for a term of office until the end of the Annual Shareholders’ Meeting that ratifies the acts of the members of the Supervisory Board for the third fiscal year following the start of Mr. Snabe’s term of office. The fiscal year in which his term of office begins is not counted.

8.Orders ~~To resolve on the creation of an Authorized Capital 2014 against contributions in cash~~ and~~/or~~ ~~contributions~~Revenue ~~in kind with the option of excluding subscription rights, and related amendments to the Articles of Association~~

~~The~~Large ~~Authorized Capital 2009 resolved on by the Annual Shareholders’ Meeting on January 27~~orders, ~~2009~~strong inheadwinds ~~Agenda~~from ~~Item 9~~currency ~~and~~translation provided for in Section 4 (7) of the Articles of Association expires on January 26, 2014. Therefore, the previous provision concerning the Authorized Capital 2009 contained in Section 4 (7) of the Articles of Association shall be deleted and a new Authorized Capital 2014 shall be created against contributions in cash and/or in kind with the option of excluding shareholders’ subscription rights.

Orders rose 9% compared to the first quarter a year ago, on a higher volume from large orders, while revenue came in 3% lower. The euro was stronger against all major currencies compared to a year earlier, which took five percentage points from order growth and four percentage points from revenue development. On a comparable basis, excluding currency and portfolio effects, orders rose 12% and revenue declined 1% year-over-year. The book-to-bill ratio for Siemens overall was 1.20. The order backlog (defined as the sum of the order backlogs of the Sectors) again reached the record level of €102 billion.

~~The~~Rail ~~Supervisory Board~~ and ~~the~~wind ~~Managing~~orders ~~Board~~drive ~~propose~~double-digit ~~that~~organic ~~the~~growth ~~following resolution be approved and adopted:~~

a)Infrastructure & ~~The~~Cities ~~Managing~~led ~~Board shall be authorized to increase~~ the ~~capital~~Sectors ~~stock~~in ~~until~~order ~~January~~growth ~~27, 2019,~~ with ~~the~~a ~~approval of the Supervisory Board, by up to~~ €~~528,600,000~~1.6 ~~nominal~~billion subway ~~through the issuance of up to 176,200,000 shares of no par value registered in the names of the holders against contributions in cash and/or in kind~~order. ~~The~~Industry ~~authorization~~orders ~~may~~ also berose ~~exercised~~on inmajor ~~installments.~~contract ~~The Managing Board shall be authorized~~wins, ~~with~~while ~~the~~lower ~~approval~~orders ~~of the Supervisory Board, to determine the further content of the rights embodied~~ in ~~the~~Energy ~~shares~~ and ~~the~~Healthcare ~~terms~~included ~~and~~negative ~~conditions~~currency ~~of the share issue~~effects.

~~The~~Orders ~~Managing~~rose ~~Board~~strongly in ~~shall~~the beregion ~~authorized~~comprising toEurope, ~~exclude~~the ~~shareholders’~~Commonwealth ~~subscription~~of ~~rights~~Independent States, ~~with~~Africa and the ~~approval~~Middle ofEast (Europe/CAME), including the ~~Supervisory~~subway ~~Board,~~order ~~in the~~and ~~event~~two oflarge ~~capital~~wind ~~increases~~farms. ~~against~~A ~~contributions~~large inonshore ~~kind,~~wind ~~particularly~~order drove growth in ~~connection~~the ~~with~~Americas, ~~business~~while ~~combinations~~orders orin ~~the~~Asia, Australia ~~acquisition~~included ~~(including~~double-digit ~~indirect~~growth ~~acquisition)~~in ofChina. ~~companies~~Globally, ~~businesses,~~emerging ~~parts~~markets ofgrew ~~businesses,~~faster ~~participations~~than ororders ~~other~~overall, ~~assets~~at ~~or claims~~21%, ~~for~~and ~~the~~climbed ~~acquisition~~to of€8.486 ~~assets~~billion, ~~including~~representing ~~claims~~41% ~~against~~of total orders for the ~~Company~~quarter. orOrganic ~~any~~orders ofin ~~its~~emerging ~~consolidated~~markets ~~subsidiaries.~~rose 27% year-over-year.

InOrganic ~~the event~~revenue ofnearly ~~capital increases against contributions in cash~~level, ~~new~~strong ~~shares~~currency ~~must~~effects generally be offered to the shareholders for subscription; they can also be assumed by credit institutions or enterprises within the meaning of Section 186 (5) sentence 1 of the German Stock Corporation Act (AktG) with the obligation that they must be offered to the shareholders for purchase. However, the Managing Board shall be authorized to exclude any shareholders’ subscription rights, with the approval of the Supervisory Board, in the event of capital increases against contributions in cash

•Infrastructure & Cities delivered 5% revenue growth year-over-year due in part to its acquisition of Invensys Rail between the ~~extent~~periods ~~necessary~~under ~~for~~review. ~~fractional~~The ~~amounts~~other Sectors ~~resulting~~posted ~~from~~declines. On a comparable basis, excluding the ~~subscription~~currency ~~ratio~~effects mentioned above, first-quarter revenue rose 1% in Healthcare, was stable in Industry, and came in 4% lower in Energy.

•First-quarter revenue declined in ~~order~~the toAmericas ~~grant~~and ~~holders~~Europe/~~creditors~~CAME, ofwhile ~~conversion~~a ordouble-digit ~~option~~increase ~~rights~~in orChina ~~respective~~kept ~~conversion~~revenue orin ~~option~~Asia, ~~obligations~~Australia onlevel ~~Siemens~~with ~~shares~~the ~~subscription~~prior-year ~~rights~~period. Emerging asmarkets ~~compensation~~reported ~~against~~a ~~the~~4% ~~effects~~decline ofyear-over-year ~~dilution~~and toaccounted ~~the~~for ~~extent~~€5.691 tobillion, ~~which~~or ~~they~~33%, ~~would~~of betotal ~~entitled~~revenue ~~upon~~for ~~exercising~~the ~~such~~quarter. ~~rights~~Organic orrevenue ~~fulfilling~~growth ~~such~~in ~~obligations,~~emerging markets was 1% for the quarter.

LOGO

•Table if the issue price of the new shares is not significantly lower than the stock market price of the Siemens shares already listed. In total, the part of the capital stock mathematically attributable to the shares issued against contributions in cash, with shareholders’ subscription rights excluded in accordance with the provisions of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), must not exceed 10% of the capital stock at the time this authorization takes effect or, if this amount is lower, at the time at which it is exercised. This limit includes shares issued or disposed of by direct or mutatis mutandis application of these provisions during the term of this authorization up to the time of it being exercised, as well as shares to be issued or granted on the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded in accordance with the provisions of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG).Contents

~~The~~Siemens 3 total amount of shares issued in accordance with this authorization, in exchange for contributions in cash and in kind and with shareholders’ subscription rights excluded, may, in mathematical terms, not exceed 20% of the capital stock at the time this authorization takes effect. This limit includes new shares issued by the Company from the Authorized Capital 2011 during the term of this authorization, in exchange for contributions in cash and with shareholders’ subscription rights excluded. It also includes new shares to be issued on the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded.

b)Income ~~The previous Authorized Capital 2009 provided for in Section 4 (7) of the Articles of Association shall be deleted~~ and ~~Section~~Profit ~~4 (7) of the Articles of Association amended to read as follows:~~

~~“7.~~Infrastructure & ~~The~~Cities ~~Managing~~drives ~~Board~~Total isSectors ~~authorized~~profit toimprovement increase the capital stock until January 27, 2019, with the approval of the Supervisory Board, by up to €528,600,000 nominal through the issuance of up to 176,200,000 shares of no par value registered in the names of the holders against contributions in cash and/or in kind. The

4First-quarter Total Sectors profit rose to €1.789 billion, up from €1.560 billion a year earlier, which included €50 million in charges associated with the “Siemens 2014” program. This improvement was due to the Infrastructure & Cities Sector, where profit climbed to €330 million from €141 million a year earlier on a solid performance across the Sector’s Businesses. For comparison, profit in Infrastructure & Cities a year earlier was burdened by €116 million in project charges related mainly to high-speed trains. Profit in Energy also rose, to €506 million from €410 million in the prior-year period, which was burdened by a €157 million loss in the Sector’s solar business and €46 million in charges related to compliance with sanctions on Iran. Charges related to grid connection projects were €67 million in the current period and €28 million a year earlier. Healthcare profit

~~authorization~~came ~~may~~in ~~also~~at be€471 million ~~exercised~~compared into ~~installments~~€503 million a year earlier. ~~The~~Profit ~~Managing~~at ~~Board~~Industry iswas ~~authorized~~also lower year-over-year at €482 million, ~~with~~down ~~the~~from ~~approval~~€506 million ofin the ~~Supervisory~~prior-year ~~Board,~~quarter. toThese decreases ~~determine~~include ~~the~~burdens ~~further~~on ~~content~~profit offrom ~~the~~currency ~~rights~~effects, ~~embodied~~which inare ~~the~~expected ~~shares~~to ~~and~~continue ~~the~~based ~~terms~~on ~~and~~the ~~conditions~~strength of the ~~share~~euro ~~issue~~compared ~~(Authorized~~to ~~Capital~~fiscal ~~2014)~~2013.

~~The~~Higher ~~Managing~~Total ~~Board~~Sectors ~~is authorized~~profit tolifts ~~exclude~~net ~~shareholders’~~income subscription rights, with the approval of the Supervisory Board, in the event of capital increases against contributions in kind, particularly in connection with business combinations or the acquisition (including indirect acquisition) of companies, businesses, parts of businesses, participations or other assets or claims for the acquisition of assets, including claims against the Company or any of its consolidated subsidiaries.

InIncome ~~the~~from ~~event~~continuing ofoperations ~~capital~~rose ~~increases~~to ~~against~~€1.386 ~~contributions~~billion, inup ~~cash,~~from ~~new~~€1.150 ~~shares~~billion ~~must~~a ~~generally~~year beearlier. ~~offered~~The toincrease ~~the~~year-over-year ~~shareholders~~was ~~for subscription;~~driven ~~they~~primarily ~~can~~by ~~also~~higher beTotal ~~assumed~~Sectors byprofit ~~credit~~and ~~institutions~~to ora ~~enterprises~~lesser ~~within~~extent ~~the~~was ~~meaning~~also ofsupported ~~Section 186 (5)~~by ~~sentence 1~~overall improvement ofoutside the ~~German~~Sectors, ~~Stock~~particularly ~~Corporation~~including ~~Act~~considerably ~~(AktG)~~higher ~~with~~disposal ~~the~~gains ~~obligation~~at ~~that~~Siemens ~~they~~Real ~~must~~Estate be(SRE) ~~offered~~year-over-year. toFirst-quarter ~~the~~net ~~shareholders for~~income ~~purchase~~increased to €1.457 ~~However~~billion, ~~the~~up ~~Managing~~from ~~Board~~€1.214 isbillion ~~authorized~~a toyear ~~exclude~~earlier, ~~any~~and ~~shareholders’~~corresponding ~~subscription~~basic ~~rights,~~EPS ~~with~~rose 20% ~~the~~to ~~approval~~€1.70 ofcompared ~~the~~to ~~Supervisory~~€1.42 ~~Board,~~ in the ~~event~~prior-year ofperiod. ~~capital increases against contributions in cash~~

•Within tothese ~~the~~numbers, ~~extent~~income ~~necessary~~from ~~for~~discontinued ~~fractional~~operations ~~amounts~~was ~~resulting~~€71 million, up from €64 million a year earlier. While income from discontinued operations in the ~~subscription~~current ~~ratio~~period benefited from a positive €65 million tax effect related to former Communications activities, the prior-year period included income from discontinued operations of €79 million related to OSRAM.

•The insale ~~order~~of tothe ~~grant~~Water ~~holders/creditors~~Technologies Business Unit closed shortly after the end of ~~conversion~~the orfirst ~~option~~quarter ~~rights~~with ora ~~respective~~preliminary ~~conversion~~consideration orof ~~option~~€0.6 ~~obligations~~billion. onThis ~~Siemens~~transaction ~~shares~~is ~~subscription~~not ~~rights~~expected asto ~~compensation~~result ~~against~~in ~~the~~significant effects ofon income ~~dilution~~from todiscontinued ~~the~~operations ~~extent~~in tocoming ~~which~~quarters, ~~they~~but ~~would~~will beresult ~~entitled~~in ~~upon~~a ~~exercising~~net ~~such~~cash ~~rights~~inflow orin ~~fulfilling~~the ~~such~~second ~~obligations,~~quarter of fiscal 2014.

LOGO

•Table if the issue price of the new shares is not significantly lower than the stock market price of the Siemens shares already listed. In total, the part of the capital stock mathematically attributable to the shares issued against contributions in cash, with shareholders’ subscription rights excluded in accordance with the provisions of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG), must not exceed 10% of the capital stock at the time this authorization takes effect or, if this amount is lower, at the time at which it is exercised. This limit includes shares issued or disposed of by direct or mutatis mutandis application of these provisions during the term of this authorization up to the time of it being exercised, as well as shares to be issued or granted on the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded in accordance with the provisions of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG).Contents

~~The~~Siemens 4 total amount of shares issued in accordance with this authorization, in exchange for contributions in cash and in kind and with shareholders’ subscription rights excluded, may, in mathematical terms, not exceed 20% of the capital stock at the time this authorization takes effect. This limit includes new shares issued by the Company from the Authorized Capital 2011 during the term of this authorization, in exchange for contributions in cash and with shareholders’ subscription rights excluded. It also includes new shares to be issued on the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded.”

c)Cash, ~~The~~Return ~~Supervisory~~on ~~Board shall be authorized to amend Section 4 of the Articles of Association with regard to the respective utilization of the Authorized~~ Capital ~~2014~~Employed as(ROCE) ~~well~~(adjusted), asPension ~~after~~Funded ~~the~~Status ~~expiration of the term of the authorization.~~

5First-quarter Free cash flow improves year-over-year

9.First-quarter ToFree ~~resolve~~cash onflow ~~the~~from ~~cancelation~~continuing ofoperations ~~the~~improved ~~authorization~~ to ~~issue~~a ~~convertible~~negative €658 million ~~bonds~~compared ~~and/or~~to ~~warrant~~a ~~bonds~~negative ~~dated~~€1.416 ~~January~~billion ~~25,~~a ~~2011~~year ~~and~~earlier. ofThe ~~the~~current quarter ~~Conditional~~included ~~Capital~~a ~~2011~~build-up asof ~~well~~operating asnet onworking ~~the~~capital ~~creation~~totaling of€1.4 abillion, ~~new~~compared ~~authorization~~to €2.6 ofbillion in the ~~Managing~~prior-year ~~Board~~period. toThe ~~issue~~main ~~convertible~~factors ~~bonds~~in ~~and/or~~the ~~warrant~~build-up ~~bonds~~were ~~and~~increased toinventories ~~exclude~~and ~~shareholders’~~decreased ~~subscription~~trade ~~rights,~~payables. ~~and~~Within on the ~~creation~~Sectors, ofthe alargest ~~Conditional~~build- up ~~Capital~~was ~~2014~~in ~~and~~Energy. ~~related amendments to the Articles of Association~~

InROCE February 2012, the Company made use of its authorization resolved on by the Annual Shareholders’ Meeting on January 26, 2010 under Agenda Item 10, and issued two warrant bonds under facilitated exclusion of subscription rights in accordance with Section 186 (3adjusted) ~~sentence 4~~back of the German Stock Corporation Act (AktG) and thus partially utilized the limit of 10% of the capital stock. Therefore, the Managing Board shall again be authorized to issue further convertible bonds and/or warrant bonds, this time with broader options for use, in ~~particular~~ ~~also~~target inrange exchange for contributions or considerations in kind, and corresponding Conditional Capital 2014 shall be resolved on. The authorization to issue convertible bonds and/or warrant bonds resolved on by the Annual Shareholders’ Meeting on January 25, 2011 under Agenda Item 13, which has thus far not been exercised, and the corresponding Conditional Capital 2011 in Section 4 (10) of the Articles of Association shall be canceled in order to provide the aforementioned options and to extend the term of the authorization.

~~The~~On ~~Supervisory~~a ~~Board~~continuing ~~and~~basis, ROCE (adjusted) climbed to 18.0% in the ~~Managing~~current ~~Board~~quarter, ~~propose~~well ~~that~~ within the ~~following~~target ~~resolution~~range beof ~~approved~~15% ~~and~~to ~~adopted:~~20%. In the prior-year quarter, ROCE (adjusted) on a continuing basis was 14.9%.

a)Pension ~~The~~plan ~~authorization~~underfunding toimproves ~~issue convertible bonds and/or warrant bonds resolved on by the Annual Shareholders’ Meeting on January 25, 2011 under Agenda Item 13 is canceled.~~

b) The ~~Conditional~~underfunding ~~Capital~~of ~~2011~~Siemens‘ ~~resolved~~pension onplans byas ~~the~~of ~~Annual~~December 31, ~~Shareholders’~~2013 ~~Meeting~~amounted onto €8.0 ~~January 25~~billion, ~~2011~~compared ~~under~~to ~~Agenda~~an ~~Item~~underfunding 13of ~~and~~€8.5 ~~provided~~billion ~~for~~at inthe ~~Section~~end 4of ~~(10)~~fiscal of2013. Favorable ~~the~~factors ~~Articles~~including ofan ~~Association~~increase in the ~~amount~~discount ofrate ~~€270~~assumption,~~000,000~~ isa ~~canceled~~positive actual return on plan assets and employer contributions were only partly offset by accrued service and interest costs.

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c)Table The Managing Board shall be authorized to issue bearer or registered bonds in an aggregate principal amount of up to €15,000,000,000 with conversion rights (convertible bonds) or with bearer or registered warrants attached (warrant bonds), or a combination of these instruments, entitling the holders/creditors to subscribe to up to 80,000,000 new shares of Siemens AG of no par value registered in the names of the holders (“Siemens shares”), representing a pro rata amount of up to €240,000,000 of the capital stock (hereinafter referred to as “bonds”). The terms and conditions of the bonds and/or warrants may provide for delivery of Siemens shares from conditional capital, in particular the new Conditional Capital 2014 to be created in connection with this authorization, but also for delivery exclusively or, alternatively, at the option of the Company, with Siemens shares from an authorized capital or from existing treasury shares, or treasury shares to be acquired, of Siemens AG or one of its consolidated subsidiaries. The terms and conditions of the bonds and/or warrants may also provide for mandatory conversion or an obligation to exercise the option rights or a put option of the issuer to deliver Siemens shares (and any combination of the foregoing), in each case at any point in time, especially also at the end of their term. The bonds may be issued in exchange for contributions in cash, but also contributions in kind, in particular a participation in other companies. Warrant bonds may be issued also in exchange for consideration in kind to the extent that the terms and conditions of the warrants provide for full payment in cash of the option price per Siemens share upon exercise, for example as consideration for the transfer of warrant bonds issued by Siemens Financieringsmaatschappij N.V., Den Haag, Netherlands, in February 2012 under the guarantee of Siemens AG which will become due in 2017 and 2019, respectively, together with the pertaining warrants issued by Siemens AG. If applicable, this also comprises the indirect issue of such bonds with the involvement of a bank if the procedure chosen would not constitute under the circumstances an issue in exchange for cash consideration due to the payment of the issue price – made at the same time toContents

6Sectors 5

~~such~~Energy bank – for the new bond on the one hand and the payment of the purchase price for the old bond on the other. The authorization shall also include the option to assume the guarantee for bonds issued by consolidated subsidiaries of the Company and to make the statements and to take the required actions necessary for successful issuance of bonds. Furthermore, the authorization shall include the option to grant to holders/creditors of such bonds Siemens shares to the extent holders/creditors of convertible bonds or warrants under warrant bonds exercise their conversion or option rights or fulfill their obligation to convert or exercise the option or to the extent shares are delivered pursuant to a put option. The authorization for the issue of bonds shall expire on January 27, 2019. The issue of the bonds and/or warrants may be implemented once or several times, wholly or in part, or simultaneously in different tranches. All partial bonds belonging to a particular tranche issued shall rank pari passu. The principal amount or an issue price of bonds below the principal amount may also be chosen such that it corresponds to the pro rata amount of the capital stock represented by the shares to be issued, i.e., it need not necessarily exceed such amount.

~~The conversion~~Higher orprofit ~~exercise price must not be less than 80% of the market price of the Siemens share as quoted by the Xetra trading system (or a comparable successor system). The calculation shall be based~~ on ~~the~~sharply ~~average~~reduced ~~closing~~burdens ~~price~~ year-over-year the ten trading days prior to the date on which the final Managing Board resolution is reached to submit an offer for the subscription of bonds or to the Company’s notice of acceptance following a public solicitation to submit subscription offers. In the event that subscription rights are traded, the closing market prices during the trading days on which the subscription rights are traded shall apply, with the exception of the last two trading days of subscription rights trading. In the case of bonds with mandatory conversion or with an obligation to exercise the option right or a put option entitling the issuer to deliver shares, the conversion or exercise price may either at least equal the minimum price set out above or correspond to the average closing price of the Siemens share in the Xetra trading system (or a comparable successor system) over the ten trading days prior to or after the date of final maturity of the bonds or warrants, respectively, even if this average price is below the minimum price (80%) set out above. Section 9 (1) and Section 199 (2) German Stock Corporation Act (AktG) shall remain unaffected.

InEnergy ~~case~~generated offirst-quarter ~~warrant~~profit ~~bonds~~of ~~being~~€506 million ~~issued,~~in ~~one~~a ormarket environment ~~several~~that ~~warrants~~remained ~~shall~~highly becompetitive. ~~attached~~Profit towas ~~each~~held ~~partial~~back ~~bond~~by ~~entitling~~€67 million ~~and/or~~in ~~obliging~~charges ~~the~~related ~~holder/creditor~~ to ~~subscribe~~grid toconnection ~~Siemens~~projects. ~~shares~~A oryear ~~including~~earlier, atotal ~~put option~~burdens ~~entitling~~included ~~the~~€28 million ~~issuer~~in togrid-connection ~~deliver shares~~charges, ~~subject~~a inloss ~~each~~of ~~case~~€157 million to in the ~~terms~~solar business, and ~~conditions~~€46 million ofin ~~the~~charges ~~bonds~~related orto ~~warrants.~~compliance ~~The~~with ~~respective~~sanctions ~~warrants~~on ~~may~~Iran. beIn ~~detachable from~~ the ~~respective~~current ~~partial~~quarter, ~~bonds.~~Power ~~The~~Generation ~~terms~~ and ~~conditions~~Wind ofPower ~~the bonds or the warrants may~~increased ~~also~~their ~~provide~~first-quarter ~~that~~profit ~~payment~~year-over-year, ofwhile ~~the~~Power ~~option~~Transmission ~~price~~posted ~~can~~a ~~also~~higher beloss ~~fulfilled~~due byin ~~transferring~~part ~~partial~~to ~~bonds~~continuing ~~(exchange)~~project ~~and,~~execution ~~as the case may be, with an additional cash payment~~challenges.

InFirst-quarter revenue for the ~~case~~Sector ofcame ~~convertible~~in ~~bonds~~8% ~~being~~lower ~~issued~~than a year ago, ~~the~~and ~~holders/creditors~~orders ofwere ~~the~~down ~~convertible~~2%. ~~bonds~~On ~~shall~~a becomparable ~~entitled~~basis, revenue came in 4% lower and~~/or~~ ~~obliged~~orders torose ~~convert~~3%. ~~them~~Power ~~into~~Generation ~~Siemens~~and ~~shares,~~Power ~~subject~~Transmission posted volume declines compared to the ~~terms~~prior-year period. Wind Power increased revenue significantly, and ~~conditions~~its oforders nearly doubled including a major order in the U.S. that is the ~~convertible~~Division’s ~~bonds~~largest onshore order ever. ~~The~~This ~~conversion~~contract ~~ratio~~win islifted ~~obtained~~order byintake ~~dividing~~in the ~~principal~~Americas ~~amount~~region, orwhile ~~the~~Europe/CAME ~~lower~~and ~~issue~~Asia, ~~price~~Australia ofreported adeclines. ~~convertible~~Revenue ~~bond~~declines byin Europe/CAME and the ~~conversion~~Americas ~~price~~more ~~stipulated~~than offset growth in Asia, Australia. The book-to-bill ratio for ~~one~~Energy ~~Siemens~~was ~~share~~1.25, and its order backlog was €55 billion at the end of the quarter.

~~The~~Profit ~~pro~~stable ~~rata~~as ~~amount~~revenue ofand ~~the~~orders ~~capital~~decline stock represented by the shares to be subscribed for on the basis of one convertible bond or, in the case of an exchange, of one warrant bond, must not exceed the principal amount or the lower issue price of the bond.

~~The authorization~~Beginning ~~shall~~in ~~also~~fiscal ~~include the option~~2014, ~~subject to~~ the ~~terms~~former ~~and~~Fossil ~~conditions~~Power ofGeneration ~~the bonds~~ and~~/or~~ ~~the~~Oil & ~~warrants,~~Gas toDivisions ~~provide~~are ~~dilution~~combined ~~protection~~into ~~and/or~~a ~~other~~single ~~adjustments~~Division under ~~certain circumstances. Dilution protection or other adjustments may be provided for in particular if~~ the ~~Company~~name ~~changes~~Power ~~its capital structure during the term of the bonds and/or warrants (e~~Generation.g. ~~through a capital increase, a capital decrease or a stock split), but also in connection with dividend payouts, the issue of additional convertible~~

7First-quarter profit at Power Generation was stable year-over-year at €536 million. For comparison, profit in the prior-year period included €46 million in charges related to compliance with sanctions on Iran. The Division’s service business was able to increase its earnings contribution compared to the prior-year period. In contrast, lower revenue took profit down in the fossil solutions and gas turbine businesses. Revenue for the Division as a whole decreased 15% from the first quarter a year ago, due to a number of factors including a global shift in the markets for gas turbines to low-price countries with fewer turnkey opportunities. On a regional basis, revenue declined in Europe/CAME and the Americas. Order intake was significantly below the level of the prior-year period on declines in all three reporting regions, including Europe/CAME where Power Generation took in a higher volume from large orders, particularly including a combined-cycle power plant in Germany.

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and/orTable warrant bonds, transformation measures, and in the case of other events affecting the value of the options or conversion rights that may occur during the term of the bonds and/or warrants (e.g. control gained by a third party). Dilution protection or other adjustments may be provided particularly by granting subscription rights, by changing the conversion or exercise price, and by amending or introducing cash components. Contents

~~The~~Sectors 6 Managing Board shall be authorized to determine the further terms and conditions of the bond and/or warrant issues or to establish such terms and conditions by mutual agreement with the respective issuing consolidated subsidiary. The terms and conditions may in particular include the following aspects:

~~• whether~~Profit, ~~rather~~revenue ~~than~~and ~~servicing~~orders from conditional capital, the delivery of shares from an authorized capital, the delivery of treasury shares, payment of the equivalent amount in cash or transfer of other listed securities may be provided for;

•climb ~~whether~~in ~~the~~strong ~~conversion~~first orquarter ~~exercise price or the conversion ratio should be determined at the time of bond issue or by means of future market prices within predetermined margins;~~

•First-quarter ~~whether~~profit at Wind Power increased to €63 million year-over-year, lifted by a 15% increase in revenue that included expansion of the Division’s service business compared to a year earlier. For comparison, profit in the prior-year period benefited from positive effects related to project completions and ~~how~~the settlement of a ~~conversion~~claim ~~ratio~~related ~~should~~to bean ~~rounded;~~offshore wind-farm project.

•First-quarter ~~whether~~orders annearly ~~additional~~doubled ~~cash~~compared ~~payment~~to orthe alow ~~compensation~~level inof ~~cash~~the ~~should~~prior-year beperiod, ~~specified~~when demand in the ~~case~~U.S. stalled due to potential expiration of ~~fractional~~tax ~~amounts;~~incentives. Large orders for wind-farms in Europe/CAME included two major offshore contracts in Germany, while order growth in the Americas included the contract win in the U.S. for the Division’s largest onshore wind order to date.

•Continued ~~how,~~challenges in the case of mandatory conversions, the fulfillment of obligations to exercise the option right or delivery rights under a put option, details are to be determined regarding the exercise, fulfillment of obligations or rights, deadlines and determination of conversion or exercise prices;

•at ~~whether~~Power ~~the~~Transmission bonds should be issued in euros or in the legal currency of an OECD country other than euros. For the purpose of determining the maximum aggregate principal amount of this authorization in the case of issues in foreign currencies, the principal amount of the bonds shall in each case be converted into euros on the day when the decision of the issue thereof is taken.

AsPower Transmission posted a ~~matter~~first-quarter loss of ~~principle~~€84 million, ~~the~~due ~~bonds~~in ~~must~~part beto ~~offered~~continuing project execution challenges. Charges of €67 million related mainly to ~~shareholders~~grid ~~for~~connections ~~subscription~~to offshore wind-farms in Germany, ~~including~~resulting ~~the~~from ~~option~~ revised estimates of ~~issuing~~required ~~them~~resources toand ~~banks~~personnel oras ~~enterprises~~well ~~within~~as delays associated with the ~~meaning~~projects’ complex marine environment. In the same period a year earlier, the Division’s loss of ~~Section~~€16 ~~186 (5)~~million ~~sentence 1~~included grid-connection ~~German~~project ~~Stock~~charges ~~Corporation~~of ~~Act~~€28 ~~(AktG)~~million. ~~with~~Profit ~~the~~was ~~obligation~~also ~~that~~held ~~they~~back ~~must~~by bea ~~offered~~higher toproportion ~~shareholders~~of ~~for~~projects ~~subscription~~with low or negligible profit margins. ~~However~~As in prior quarters, ~~the~~orders ~~Managing~~declined ~~Board shall~~year-over-year, bedue ~~authorized~~mainly to ~~exclude~~selective ~~shareholders’~~order ~~subscription~~intake ~~rights~~primarily ~~with~~in the ~~approval~~solutions ofbusiness. This in turn held back revenue development compared to the ~~Supervisory~~prior-year ~~Board~~quarter. On a regional basis, revenue and orders declined in all three reporting regions. The Division expects continuing challenges in coming quarters.

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•Table provided that the bonds are issued in exchange for cash payment and the issue price of the bonds is not significantly lower than their theoretical market price computed in accordance with accepted actuarial methods. The notional share in the capital stock that is attributable to shares to be issued as a result of bonds issued under this authorization must not exceed 10% of the capital stock at the time when such authorization takes effect or, if this amount is lower, at the time at which it is exercised. In determining this limit, shares shall be taken into account which, during the term of this authorization until its use, are issued or disposed of by direct or mutatis mutandis application of Section 186 (3) sentence 4 German Stock Corporation Act (AktG), as well as shares which are to be issued or granted due to a convertible bond and/or warrant bond issued during the term of this authorization based on the use of another authorization under exclusion of the subscription right in accordance with these provisions;Contents

•Sectors 7 if the bonds are issued in exchange for contributions or considerations in kind, in particular in the context of business combinations or for the purpose of acquiring (also indirectly) companies, businesses, parts of companies, participations or other assets or rights to acquire assets, including receivables against the Company or its consolidated subsidiaries;

8 Healthcare

•Solid toquarter ~~the~~in ~~extent~~tough ~~that~~markets ~~the exclusion is necessary with regard to fractional amounts resulting from the subscription ratio;~~

•Healthcare indelivered ~~order~~first-quarter toprofit ~~grant holders/creditors~~ of ~~conversion~~€471 million orcompared ~~option~~to ~~rights~~€503 million ora ~~respective~~year ~~conversion~~earlier. orThe ~~option~~decrease ~~obligations~~includes burdens on ~~Siemens~~profit ~~shares~~from ~~subscription~~currency ~~rights~~effects, aswhich ~~compensation~~are ~~against~~expected to continue based on the ~~effects~~strength of ~~dilution~~the euro compared to fiscal 2013. The Sector also faced ongoing market challenges, including weak economic conditions in Europe, uncertainty in the ~~extent~~healthcare tomarket ~~which~~and ~~they~~an ~~would~~excise betax ~~entitled~~on ~~upon~~medical ~~exercising~~devices ~~such~~in ~~rights~~the orU.S., ~~fulfilling~~and ~~such~~slowing ~~obligations~~growth in China.

~~Under~~Profit ~~this~~at ~~authorization,~~Diagnostics ~~bonds~~came ~~may~~in ~~only~~at be€100 million ~~issued~~compared ~~under exclusion of the subscription right, if the total of new shares~~ to be€111 million ~~issued~~in on the ~~basis~~prior-year ofperiod. ~~such~~Purchase ~~bond,~~price ~~together~~allocation ~~with~~(PPA) ~~new~~effects ~~shares~~related ~~issued by the Company during the term of this authorization based on another authorization under exclusion of the subscription right or~~ to bepast ~~issued~~acquisitions onat ~~the~~Diagnostics ~~basis~~were of€41 million ain ~~convertible bond and/or warrant bond issued during~~ the ~~term~~first ofquarter. ~~this~~A ~~authorization~~year ~~based on the use of another authorization under exclusion of the subscription right~~earlier, ~~does,~~Diagnostics recorded €43 million in ~~mathematical~~PPA ~~terms, not exceed 20% of the capital stock at the time this authorization takes effect~~effects.

d)Reported Inrevenue order to grant shares of stock to holders/creditors of convertible bonds or warrant bonds issued under the authorization pursuant to Agenda Item c) above, the capital stock shall be conditionally increased by up to €240,000,000 through the issuance of up to 80,000,000 shares of no par value registered in the names of the holders (Conditional Capital 2014). The conditional capital increase shall be effected through the issuance of up to 80,000,000 shares of no par value registered in the names of the holders with entitlement to dividends as of the beginning of the fiscal year in which they are issued and ~~only~~orders tofor ~~the~~Healthcare ~~extent~~were tomoderately ~~which~~lower ~~holders/creditors~~than of convertible bonds or warrants under warrant bonds issued until January 27, 2019 under the authorization of the Managing Board pursuant to Agenda Item c) above by Siemens AG or any of its consolidated subsidiaries exercise their conversion or option rights, fulfill their conversion or option obligations, or to the extent a delivery under a put option is effected, and provided that no other forms of fulfillment of delivery are used. The new shares of stock shall be issued at the conversion or exercise prices determined in each case in the terms and conditions of the bonds and/or the warrants in accordance with the above-mentioned authorization. The Managing Board shall be authorized to determine the further details of the implementation of the conditional capital increase.

e)the ~~Section~~prior-year period, with most businesses and all reporting regions posting declines. On a comparable basis, revenue rose 1% and orders were up 4% ~~(10)~~compared ofto the ~~Articles~~prior-year ofperiod. ~~Association~~The ~~shall~~book-to-bill beratio ~~restated~~was as1.03, ~~follows:~~and Healthcare’s order backlog was €7 billion at the end of the first quarter.

~~“10.~~ The ~~capital~~Diagnostics ~~stock~~business isreported ~~conditionally~~revenue ~~increased~~of ~~by up to~~ €~~240,000,000.~~909 million ~~The conditional capital increase shall be effected through~~ in the ~~issuance of up to 80~~first-quarter,~~000,000~~ ~~shares~~a of5% nodecrease ~~par~~from ~~value~~€ ~~registered~~961 million ina ~~the~~year ~~names~~earlier ofincluding ~~the~~declines ~~holders with entitlement to dividends as of the beginning of the fiscal year~~ in ~~which~~all ~~they~~regions. ~~are~~On ~~issued~~a ~~and~~comparable ~~only to the extent to which holders/creditors of convertible bonds or warrants under warrant bonds issued until January 27~~basis, ~~2019~~Diagnostics byrevenue ~~Siemens~~was AGup or1% any of its consolidated subsidiaries under the authorization of the Managing Board granted by the Annual Shareholders’ Meeting of January 28, 2014 exercise their conversion or option rights, fulfill their conversion or option obligations, or compared to the extent a delivery under a put option is effected, and provided that no other forms of fulfillment of delivery are used. The new shares of stock shall be issued at the conversion or exercise prices determined in each case in the terms and conditions of the bonds and/or the warrants in accordance with the aboveprior-~~mentioned~~year ~~authorization (Conditional Capital 2014)~~period. ~~The Managing Board shall be authorized to determine the further details of the implementation of the conditional capital increase.”~~

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9Table of Contents

f)Sectors 8 The Supervisory Board shall be authorized to amend Section 4 of the Articles of Association depending on the use of the Conditional Capital 2014. The same shall apply in the event that the authorization to issue convertible bonds or warrant bonds has not been used upon expiration of the effective term of the authorization and in the event that the Conditional Capital 2014 has not been used or has not been fully used after expiration of all conversion or option periods.

g)Industry The cancelation of the previous authorization and of the corresponding Conditional Capital 2011 and the creation of the new authorization as well as of the corresponding Conditional Capital 2014 pursuant to Agenda Item 9 a) to f) above represent a uniform resolution; without registration of the new Conditional Capital 2014 with the commercial register, the cancelation of the authorization resolved on by the Annual Shareholders’ Meeting on January 25, 2011 under Agenda Item 13 for the issue of convertible bonds and/or warrant bonds as well as of the Conditional Capital 2011 in the amount of €270,000,000 shall not take effect. Accordingly, the Managing Board is instructed to apply for registration of the cancelation of the Conditional Capital 2011 and the resolution on the creation of the new Conditional Capital 2014 with the commercial register with the proviso that registration of the cancelation of the existing Conditional Capital 2011 will not be effected until it is safeguarded that immediately thereafter the resolution on Section 4 (10) of the Articles of Association will be registered.

~~10.~~Orders Torise, ~~resolve~~revenue ~~on the cancelation of Conditional Capital no longer required and related amendments to the Articles of Association~~

~~On February 18, 1999~~ and ~~February 22,~~profit ~~2001,~~stabilizing the Annual Shareholders’ Meetings resolved under Agenda Item 8 and 13 respectively the creation of a Conditional Capital 1999 and a Conditional Capital 2001, which, in their current versions, are provided for in Section 4 (5) and (6) of the Articles of Association. Either Conditional Capital was intended for servicing stock options issued as part of the Siemens stock option plans of 1999 and 2001 proposed for adoption at the Annual Shareholders’ Meetings in these two years. All stock options issued under these plans have already been exercised or forfeited. Further stock options can no longer be issued under these plans. The Conditional Capital 1999 and the Conditional Capital 2001 are therefore no longer required and should, to the extent that they still exist, be canceled. Section 4 (5) and (6) of the Articles of Association should be deleted.

Industry delivered first-quarter profit of €482 million, down from €506 million in the prior-year period. The ~~Supervisory~~decrease ~~Board~~includes ~~and~~burdens on profit from currency effects, which are expected to continue based on the ~~Managing~~strength of the euro compared to fiscal 2013. Higher profit at Industry Automation was more than offset by lower earnings ~~Board~~at ~~propose~~Drive ~~that~~Technologies, ~~the~~where ~~following~~continuing ~~resolution~~stagnation bein ~~approved~~its ~~and~~short-cycle ~~adopted:~~businesses led to a less favorable business mix.

a)First-quarter ~~The~~revenue ~~Conditional~~came ~~Capital~~in 2% ~~1999~~below ~~resolved on by~~ the ~~Annual~~prior-year ~~Shareholders’ Meeting on February 18~~level, ~~1999~~including ~~under~~unfavorable ~~Agenda~~currency ~~Item~~translation 8effects. ~~and~~Order ~~provided~~growth ~~for in its current version in Section 4 (5)~~ of ~~the~~8% ~~Articles~~year-over-year ofwas ~~Association,~~driven ~~and the Conditional Capital 2001 resolved on~~ by ~~the~~a ~~Annual~~substantially ~~Shareholders’~~higher ~~Meeting~~volume onfrom ~~February~~major ~~22,~~orders ~~2001 under Agenda Item 13 and provided for~~ in ~~its current version in Section 4 (6) of~~ the ~~Articles~~Sector’s oflong-cycle ~~Association~~businesses ~~shall,~~compared to the ~~extent~~prior-year period. ~~that~~On ~~they~~a ~~still~~comparable ~~exist~~basis, befirst-quarter ~~canceled.~~revenue ~~Section~~was 4stable ~~(5)~~year-over-year and ~~(6)~~orders ofincreased ~~the Articles of Association shall be deleted~~10%.

b)On ~~The~~a ~~previous~~geographic ~~numbering~~basis, ofrevenue ~~the~~growth ~~subsequent~~in ~~subsections~~Europe/CAME 7was tomore 10than offset by a decline in the ~~Articles~~Americas ofcompared ~~Association~~to ~~shall~~the first bequarter ~~adjusted.~~a ~~Former~~year ~~subsection~~ago. 7Revenue –was flat in ~~the~~Asia, ~~amended~~Australia ~~version~~despite asgrowth ~~per~~in ~~the~~China. ~~resolution~~In oncontrast, ~~Agenda~~orders ~~Item~~grew 8significantly –in ~~shall~~Asia, ~~become~~Australia, ~~subsection~~driven 5by China, ~~former~~and ~~subsection~~showed 8a ~~shall~~clear ~~become~~increase ~~subsection~~in 6,the ~~former~~Americas. ~~subsection~~This 9order ~~shall~~growth ~~become~~was ~~subsection~~partly 7,offset ~~and~~by ~~former~~a clear ~~subsection~~decline 10in –Europe/CAME. inThe ~~the~~Sector’s ~~amended~~book-to-bill ~~version~~ratio aswas ~~per~~1.07 ~~the~~and ~~resolution~~its onorder ~~Agenda~~backlog ~~Item~~at 9the –end ~~shall~~of ~~become~~the ~~subsection~~quarter 8was €10 billion.

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c)Table The Managing Board shall be instructed to apply for the registration of the cancelation of the Conditional Capital 1999 and the Conditional Capital 2001 as well as of the changes to the Articles of Association stated under Agenda Item 10 a) and b) in the commercial register such that they are entered only after the registration of the Authorized Capital 2014 to be resolved on under Agenda Item 8 and of the Conditional Capital 2014 to be resolved on under Agenda Item 9.Contents

10Sectors 9

~~11.~~Strong Toprofit ~~resolve~~performance ~~on the adjustment of Supervisory Board compensation and related amendments to the Articles of Association~~

~~In July 2013, the Supervisory Board resolved~~ on ~~the~~improved ~~establishment~~business ofmix a Compensation Committee which shall prepare the proposals for decisions by the Supervisory Board’s plenary meetings regarding the system of Managing Board compensation, including the implementation of this system in the Managing Board contracts, the definition of the targets for variable Managing Board compensation, the determination and review of the appropriateness of the total compensation of individual Managing Board members and the approval of the annual Compensation Report. In addition, the committee shall prepare the regular review by the Supervisory Board’s plenary meetings of the system of Managing Board compensation. The German Corporate Governance Code recommends that chair and memberships in a Supervisory Board committee be considered when compensating the members of the Supervisory Board. Accordingly, services on the Compensation Committee should also be compensated separately. However, if members of the Supervisory Board are entitled to a compensation due to their services on the Chairman’s Committee, their services on the Compensation Committee shall be paid only in the amount, if any, by which their compensation for services in the Chairman’s Committee is exceeded.

AsFirst-quarter profit infor ~~the~~Industry ~~future~~Automation ~~the~~rose ~~Finance~~to ~~and~~€338 million ~~Investment~~on ~~Committee~~a ofmore ~~the~~favorable ~~Supervisory~~business ~~Board~~mix. ~~will~~The ~~take~~Division uprecorded ~~the~~PPA ~~topic~~effects of ~~innovation~~€11 million ~~and,~~related ~~for~~to ~~this~~LMS ~~reason~~International NV (LMS), beacquired ~~renamed~~in the ~~Innovation~~second ~~and~~quarter ~~Finance~~of ~~Committee,~~fiscal 2013. PPA effects related to the ~~Articles~~acquisition of UGS Corp. in fiscal 2007 were ~~Association~~€35 million ~~should~~in bethe ~~changed~~current ~~accordingly.~~quarter compared to €37 million a year earlier.

InFirst-quarter ~~other~~revenue ~~respects,~~for ~~the~~Industry ~~revised~~Automation ~~provisions~~came ~~proposed~~in toslightly ~~the~~higher ~~Annual~~year-over-year, ~~Shareholders’ Meeting~~with ~~regarding~~increases ~~the~~in ~~compensation~~Asia, ofAustralia ~~Supervisory~~and ~~Board~~Europe/CAME ~~members~~partially ~~have~~offset noby ~~effect~~a decline onin the ~~provisions~~Americas. ~~governing~~Orders ~~Supervisory~~rose ~~Board~~7% ~~compensation~~compared ~~adopted~~to by the ~~Annual~~prior-year ~~Shareholders’~~period, ~~Meeting~~on ofgrowth ~~January 25~~in Asia, ~~2011.~~Australia and the Americas.

~~The~~Revenue ~~Supervisory~~mix ~~Board~~holds ~~and~~back ~~the Managing Board propose that the following resolution be approved and adopted:~~

a)profit ~~Section~~development ~~17 of the Articles of Association shall be amended to read as follows:~~

~~“1.~~Profit ~~The~~at ~~members~~Drive Technologies ofcame ~~the~~in ~~Supervisory~~at ~~Board~~€133 million ~~shall~~in ~~receive~~the afirst ~~basic annual compensation of €140~~quarter,~~000;~~ ~~the~~substantially ~~Chairman~~below of the ~~Supervisory~~same ~~Board~~period ~~shall receive~~ a ~~basic~~year ~~annual~~earlier, ~~compensation~~on ofdeclines ~~€280,000,~~in ~~and~~all ~~each~~businesses. ~~Deputy~~The revenue ~~Chairman~~mix ofwas ~~€220~~less favorable,~~000.~~ ~~For~~as ~~their~~market ~~services~~conditions onheld ~~the~~back ~~Supervisory~~demand ~~Board~~for ~~committees,~~higher-margin ~~additional~~offerings ~~compensation~~in ~~shall~~the beDivision’s ~~paid~~short-cycle asbusinesses. ~~follows:~~

a)Revenue ~~€160~~was down slightly,~~000~~ toprimarily ~~the~~including ~~Chairman~~a ofdecline in the ~~Audit~~Americas ~~Committee~~due ~~and~~in ~~€80,000~~part to ~~every~~unfavorable ~~other~~currency ~~member~~translation ofeffects. Orders for the ~~Audit~~Division ~~Committee;~~increased moderately, due mainly to large internal orders. On an organic basis, first-quarter revenue was up 1% and orders grew 6% year-over-year.

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b)Table €120,000 to the Chairman of the Chairman’s Committee and €80,000 to every other member of the Chairman’s Committee;Contents

c)Sectors 10 €100,000 to the Chairman of the Compensation Committee and €60,000 to every other member of the Compensation Committee; if the Supervisory Board member concerned is entitled to a compensation pursuant to subsection 1 (b) due to his or her services on the Chairman’s Committee, his or her services on the Compensation Committee shall be paid only in the amount, if any, by which his or her compensation for services in the Chairman’s Committee is exceeded;

d)Infrastructure & ~~€80,000~~Cities ~~to the Chairman of the Innovation and Finance Committee and €40,000 to every other member of the Innovation and Finance Committee;~~

11Strong start in fiscal 2014

e)First-quarter profit for Infrastructure & Cities rose to €80330 million,~~000~~ toon ~~the~~improved ~~Chairman~~results ofacross the ~~Compliance~~Sector. ~~Committee~~Key ~~and~~factors ~~€40,000~~included toimproved ~~every~~project ~~other~~execution ~~member~~in of the ~~Compliance~~Transportation & ~~Committee;~~Logistics ~~compensation~~Business, ~~pursuant~~which delivered toa ~~the~~profit ~~present~~in ~~subsection~~the 1current ~~(e)~~quarter ~~shall~~compared ~~not~~to bea ~~granted~~loss ifin the ~~Supervisory~~prior-year ~~Board~~quarter, ~~member~~when ~~concerned~~it isrecorded ~~entitled~~€116 million toin aproject ~~compensation~~charges. ~~pursuant~~Sector toprofit ~~subsection~~also 1rose on (a) ~~due~~more tofavorable ~~his~~business ormix, ~~her~~particularly ~~services~~within onPower Grid Solutions & Products. Positive results from the ~~Audit~~execution ~~Committee~~of the “Siemens 2014” program were most evident at the Building Technologies Division.

2First-quarter orders rose 45% compared to the prior-year period. InThe ~~case~~increase ~~there~~was ~~are~~due ~~changes~~mainly onto ~~the~~a ~~Supervisory~~sharply ~~Board~~higher ~~and/or~~volume ~~its~~from ~~committees~~major orders, ~~the~~including ~~compensation~~an ~~shall~~order beworth in€1.6 ~~proportion~~billion tofor ~~the~~two ~~term~~driverless ofsubway ~~office~~lines in Saudi Arabia, ~~with~~which ~~parts~~will ofbe ~~months~~delivered ~~being~~by ~~rounded~~the upTransportation & toLogistics ~~full~~and ~~months~~the Power Grid Solutions & Products Businesses. IfFirst-quarter revenue rose 5% year-over-year, driven by a ~~Supervisory~~double-digit ~~Board~~increase ~~member~~in ~~fails~~Transportation & toLogistics. ~~attend~~On a ~~meeting~~geographic ofbasis, ~~the~~Infrastructure & ~~Supervisory~~Cities ~~Board,~~achieved ~~one~~double-~~third~~digit ofincreases ~~the~~in ~~overall~~orders ~~compensation~~in ~~pursuant~~all three toregions. ~~subsection~~Higher 1revenue ~~above~~year-over-year ~~shall~~in beAsia, ~~reduced~~Australia and Europe/CAME was slightly offset by a ~~percentage~~moderate ~~equal~~decrease toin the ~~percentage~~Americas. ofThe ~~meetings~~Sector’s ~~the~~book-to-bill ~~Supervisory~~ratio ~~Board~~was ~~member~~1.45 ~~has~~and ~~not~~its ~~attended~~order ~~relative~~backlog toat the ~~total~~end ~~number~~ of ~~meetings~~the ~~held~~quarter inwas ~~the~~€30 ~~fiscal year~~billion.

3.Profit ~~The~~turns ~~remuneration~~positive, ~~shall be payable after the close of the Annual Shareholders’ Meeting at which the annual financial statements for the fiscal year just ended are submitted or which resolves on the approval thereof.~~

4.volume Insurges ~~addition, an attendance fee of €1,500 shall be paid to every member of the Supervisory Board for each meeting of the Supervisory Board or its committees he or she attended.~~

5.Transportation & Logistics ~~The~~posted ~~Supervisory~~a ~~Board~~profit ~~members~~of ~~shall~~€83 million ~~be included~~ in athe ~~D&O~~first ~~liability~~quarter. ~~insurance~~For ~~for~~comparison, ~~board~~the ~~members~~loss ~~and certain employees~~ of €54 million in the ~~Siemens~~prior-year ~~Group~~period ~~maintained~~included by the ~~Company~~€116 million in ~~the~~project charges ~~Company’s~~mentioned ~~interests that~~above, ~~where~~related ~~existing,~~mainly ~~will~~to ~~provide~~high-speed ~~reasonable coverage against financial damages~~trains. ~~The~~Transportation & ~~premiums~~Logistics ~~for~~recorded ~~this~~PPA ~~insurance~~effects ~~policy~~of ~~shall~~€13 million berelated ~~paid~~to byits acquisition ~~the~~of ~~Company.~~Invensys ~~Furthermore,~~Rail ~~the~~which ~~Company~~closed ~~will~~in ~~reimburse~~ the ~~members~~third quarter of ~~the~~fiscal ~~Supervisory Board for expenses incurred and for sales taxes to be paid on their compensation~~2013.”

b)First-quarter ~~The~~orders ~~amendment~~rose tosharply ~~the~~year-over-year, ~~Articles~~due ofmainly ~~Association~~to ~~described~~a inhigher volume ~~Agenda~~from ~~Item~~major 11orders including a) ~~above~~large ~~shall~~share ~~replace~~of the ~~current~~Saudi ~~regulations~~Arabia ~~regarding~~order ~~the~~mentioned ~~compensation~~above. ofRevenue ~~the~~was ~~members~~up of22% compared to the ~~Supervisory~~prior-year ~~Board~~period. ~~upon~~Progress ~~becoming~~in ~~effective,~~executing ~~and~~large ~~shall~~rolling ~~apply~~stock projects included regulatory approval for ~~the~~high-speed ~~first~~trains in ~~time~~Germany, four of which were delivered to Deutsche Bahn during the ~~fiscal~~current ~~year~~quarter. ~~that~~Growth ~~began~~for onboth ~~October~~orders 1,and ~~2013~~revenue benefited from the acquisition of Invensys Rail between the periods under review.

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12Table of Contents

~~Further~~Sectors 11 ~~information, details, and reports~~

~~Information~~Improved onbusiness ~~the Supervisory Board candidate proposed for election under Agenda Item 7~~

~~Jim~~mix ~~Hagemann~~lifts ~~Snabe,~~profit ~~Copenhagen, Denmark,~~

CoFirst-~~Chief~~quarter ~~Executive~~profit at ~~Officer~~Power ofGrid ~~SAP~~Solutions & AGProducts ~~and~~rose ~~Director~~to €127 million from €100 million a year earlier. The improvement was due mainly to a more favorable business mix. Revenue was down slightly year-over-year, while order growth of ~~Snabe~~7% was ~~ApS~~driven by major orders for rail electrification, including a share in the Saudi Arabia order mentioned above. On a comparable basis, revenue was up 4% and orders rose 12%.

~~Personal~~On ~~information:~~a geographic basis, double-digit order growth in Europe/CAME was partly offset by slight declines in the Americas and Asia, Australia, while revenue growth in Asia, Australia and Europe/CAME was more than offset by a decline in the Americas.

~~Date~~Improved ofproductivity, ~~birth:~~favorable ~~October 27,~~mix ~~1965~~drive profit growth

~~Place~~Building Technologies contributed €115 million to Sector profit in the first quarter, up from €92 million in the same period a year ago. The increase was driven mainly by productivity improvements from successful implementation of ~~birth:~~the ~~Egedal~~“Siemens 2014” program, ~~Denmark~~and by a more favorable business mix resulting from Building Technologies’ strategy of selective order intake in prior periods. Due in part to this ongoing strategy, first-quarter revenue was 4% lower year-over-year and orders came in near the prior-year level.

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Education:Table of Contents

•Equity Investments ~~Studies~~ and MAFinancial inServices 12 ~~Operational Research and Finance, Aarhus School of Business, Denmark~~

~~Professional~~Equity ~~career:~~Investments and Financial Services

1990-1994		SAP AG – Consultant, head of consulting at the Danish subsidiary of SAP
1994-1996		IBM Danmark ApS, Lyngby, Denmark – Practise Leader of Management Consulting Practise, Europe
1996-2008		SAP AG – Various management functions in the SAP Group (managing director of the Swedish subsidiary of SAP, managing director of the SAP Nordic region, member of the SAP EMEA management team, member of the global development unit, chief operating officer of the business solution group, head of application development)
2008-2010		SAP AG – Member of the Managing Board responsible for Research and Development
since 2010		Co-Chief Executive Officer of SAP AG

Strong profit contribution

~~Mr. Snabe has announced that he intends to resign~~ from ~~the~~Equity ~~Managing~~Investments ~~Board of SAP AG and stand as a candidate for the Supervisory Board at the next Annual General Meeting of SAP.~~

~~Membership~~Profit at Equity Investments was €81 million in ~~domestic~~the ~~supervisory~~first ~~boards~~quarter. ~~whose~~For ~~establishment~~comparison, isprofit ~~required~~of €122 million bya year earlier included €51 million related to Siemens’ ~~law:~~stake in NSN. This stake was sold between the periods under review.

•Growth ~~Siemens~~strategy ~~Aktiengesellschaft,~~continues ~~Berlin and Munich (since October 2013)~~

~~Membership~~at inFinancial ~~comparable~~Services ~~domestic or foreign controlling bodies of business enterprises:~~

•SFS ~~Bang~~made &a ~~Olufsen~~solid contribution ~~A/S,~~to ~~Stuer~~profit in the first quarter, ~~Denmark~~with ~~(Deputy~~€110 million ~~Chairman)~~in income before income taxes compared to €117 million in the prior-year period. SFS also continued to successfully execute its growth strategy despite substantial early terminations of financings and negative currency translation effects. Total assets rose to €18.981 billion from €18.661 billion at the end of fiscal 2013.

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•Table Danskeof Bank A/S, Copenhagen, DenmarkContents

•Corporate Activities ~~SAP~~and ~~LABS,~~Outlook 13 ~~LLC, Palo Alto, California, USA (Group company position; up to May 2014)~~

•Corporate ~~SuccessFactors,~~Activities ~~Inc., San Mateo, California, USA (Group company position; up to May 2014)~~

•Corporate ~~Syclo~~items ~~LLC,~~and ~~Hoffman~~pensions ~~Estates, Illinois, USA (Group company position; up to May 2014)~~

~~With~~Corporate ~~regard~~items toand ~~Section 5.4.1~~pensions reported a loss of ~~the~~€186 million ~~German~~in ~~Corporate~~the ~~Governance~~first quarter ~~Code,~~compared itto isa ~~hereby~~loss ~~declared~~of ~~that,~~€166 million in the ~~appraisal~~same ofperiod ~~the~~a ~~Supervisory~~year ~~Board, Mr~~earlier. ~~Snabe~~ ~~has~~Within nothese ~~personal~~figures, orthe ~~business~~loss ~~relations~~at ~~subject~~Corporate toitems ~~disclosure~~was ~~requirements~~€88 million ~~under~~compared ~~this~~to ~~provision~~a ~~with~~loss ~~Siemens~~of AG€68 million orthe ~~its~~prior-year ~~consolidated~~period. ~~subsidiaries,~~Centrally carried ~~the~~pension ~~governing~~expense ~~bodies~~for ofthe ~~Siemens~~first ~~AG,~~quarter ortotaled ~~with~~€98 million, aunchanged ~~shareholder~~compared ~~holding~~to athe ~~material~~prior-year ~~interest in Siemens AG~~period.

~~Report~~Higher ofgains ~~the~~from ~~Managing Board on Agenda Item 8~~

Itreal ~~will~~estate bedisposals proposed at the Annual Shareholders’ Meeting that an Authorized Capital 2014 of in total up to €528,600,000 through the issuance of up to 176,200,000 shares of no par value registered in the names of the holders be created. The new Authorized Capital 2014 shall be available for capital increases against contributions in cash and/or contributions in kind and can also be used in installments. Thereby, the total amount may not be exceeded. The new Authorized Capital 2014 is designed to replace the Authorized Capital 2009 that will expire on January 26, 2014 and has so far not been utilized by the Company. The Authorized Capital 2014 shall enable the Company to act quickly and flexibly without the need to wait for the Annual Shareholders’ Meeting or an extraordinary shareholders’ meeting. If this new authorization were utilized to the full, the proposed amount of the new Authorized Capital of up to 176,200,000 new shares would result in a 20% increase in the current capital stock.

13Income before income taxes at Siemens Real Estate (SRE) was €132 million in the first quarter compared to €45 million in the same period a year earlier. As in the past, income from SRE continues to be highly dependent on disposals of real estate.

IfHigher ~~the~~results ~~Authorized~~from ~~Capital 2014 is utilized~~Eliminations, shareholders shall generally be entitled to subscription rights in the event of capital increases against contributions in cash. However, the authorization sought provides that the Managing Board may exclude, with the approval of the Supervisory Board, shareholders’ subscription rights with regard to fractional amounts. The reasonable and market-conforming exclusion of shareholders’ subscription rights with regard to such fractional amounts, if any, is intended to allow the authorization to be used for round amounts and thus facilitate ease of handling.

~~Moreover,~~Corporate ~~the~~Treasury ~~Managing~~and ~~Board~~other ~~may~~reconciling ~~exclude,~~items with the approval of the Supervisory Board, subscription rights in order to grant holders/creditors of conversion or option rights or respective conversion or option obligations on Siemens shares subscription rights as compensation against the effects of dilution to the extent to which they would be entitled upon exercising such rights or fulfilling such obligations. This enables a market conforming means of dilution protection for the creditors of these instruments who are then treated as if they were already shareholders. In order to protect the bonds from dilution, shareholders’ rights to subscribe for such shares must be excluded.

InIncome ~~addition,~~before ~~the~~income ~~Managing~~taxes ~~Board~~from ~~may exclude subscription rights~~Eliminations, ~~with~~ ~~the~~Corporate ~~approval~~Treasury ofand ~~the~~other ~~Supervisory~~reconciling ~~Board,~~items ifincreased the new shares are issued against contributions in cash at a price that is not significantly lower than the stock market price of the Siemens shares already listed. When determining the final selling price, Management shall keep any possible markdown on the quoted stock market price as low as possible, taking into account current market conditions. This authorization enables the Company to ~~leverage~~€32 million ~~market~~from ~~opportunities~~€20 million ~~quickly and flexibly and cover capital requirements at short notice. The Company should be~~ in ~~a position, for example, to issue new shares to one or more institutional investors or to enlarge its investor base. By excluding shareholders’ subscription rights, it is possible to place~~ the ~~shares~~prior-year ~~close to the stock market price, i~~quarter.e. ~~the discount normally associated with rights issues is eliminated.~~ The ~~part~~improvement ~~of the capital stock mathematically attributable to the shares issued under this kind of facilitated~~included ~~exclusion~~higher ofinterest ~~subscription~~income ~~rights~~from ~~must~~liquidity ~~not exceed 10% of the capital stock~~ at ~~the~~Corporate ~~time the authorization takes effect or, if this amount is lower, at the time at which it is exercised~~Treasury. This meets the shareholders’ interest in being protected against dilution of their percentage ownership in the Company. Furthermore, shareholders may in principle purchase shares on the market under comparable terms and conditions if they want to maintain the level of their equity interest in the Company. The 10% limit includes shares issued or disposed of by direct or mutatis mutandis application of Section 186 (3) sentence 4 of the German Stock Corporation Act (AktG) during the term of this authorization up to the time of it being exercised. Likewise included are shares to be issued or granted on the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded in accordance with this provision.

~~With~~Outlook the approval of the Supervisory Board, it shall be possible to exclude shareholders’ subscription rights in full in the event of capital increases against contributions in kind, in order to also afford the Company the option of offering Siemens shares quickly and flexibly as consideration for claims arising from the preparation, implementation, application or processing of transactions involving the legal or statutory acquisitions or business combinations, without having to take recourse to the stock markets. Siemens AG is faced with global competition. It must be able at all times to act quickly and flexibly on the international and regional markets in the interests of its shareholders. This also includes the acquisition at short notice of companies, businesses, parts of businesses, participations or other assets or claims for the acquisition of assets, including claims against the Company or any of its consolidated subsidiaries, in order to improve its competitive position. Siemens shares may serve as an appropriate or even necessary consideration for conserving liquidity or meeting sellers’ expectations. The proposed exclusion of shareholders’ subscription rights in the event of capital increases against contributions in kind takes account of this objective.

14We expect our markets to remain challenging in fiscal 2014. Our short-cycle businesses are not anticipating a recovery until late in the fiscal year. We expect orders to exceed revenue, for a book-to-bill ratio above 1. Assuming that revenue on an organic basis remains level year-over-year, we expect basic earnings per share (Net Income) for fiscal 2014 to grow by at least 15% from €5.08 in fiscal 2013.

The total amount of shares issued in accordance with this authorization, in exchange for contributions in cash and in kind and with shareholders’ subscription rights excluded, may, in mathematical terms, not exceed 20% of the capital stock at the time this authorization takes effect. This ~~limit~~outlook ~~also~~is ~~includes~~based ~~new~~on shares ~~issued by the Company from~~outstanding ~~the~~of ~~Authorized~~843 million ~~Capital~~as ~~2011 during the term~~ of ~~this authorization~~September 30, ~~in exchange for contributions in cash and with shareholders’ subscription rights excluded~~2013. ItFurthermore, ~~also~~it ~~includes~~excludes ~~new~~impacts ~~shares~~related to belegal ~~issued~~and onregulatory ~~the basis of a convertible bond or warrant bond issued during the term of this authorization, with shareholders’ subscription rights excluded~~matters.

ThereTable are currently no specific plans to make use of the new Authorized Capital 2014. Such global authorizations providing for the option to exclude shareholders’ subscription rights are common practice on a national and international level. The Managing Board will carefully consider on a case-by-case basis whether utilization of the Authorized Capital 2014 would be in the interests of the Company and its shareholders. The Managing Board will report to the Annual Shareholders’ Meeting on any utilization of the Authorized Capital 2014. Contents

~~Report~~Notes ofand Forward-Looking ~~the~~Statements 14 ~~Managing Board on Agenda Item 9~~

AnNotes ~~adequate capital structure~~ and ~~appropriate~~Forward-Looking ~~financing~~Statements are essential prerequisites for the development of the Company. By issuing convertible bonds and/or warrant bonds (hereinafter referred to as “bonds”), the Company is able to use attractive financing opportunities depending on the market situation and its financing necessities for example in order to raise debt capital at favorable interest rates. Furthermore, the issue of convertible bonds or warrant bonds, potentially in addition to other instruments such as a capital increase, may serve to broaden the investor spectrum, including what are known as anchor investors. In February 2012, the Company made use of its authorization resolved by the Annual Shareholders’ Meeting on January 26, 2010 under Agenda Item 10, issued two warrant bonds under facilitated exclusion of subscription rights in accordance with Section 186 (3) sentence 4 German Stock Corporation Act (AktG) and thus partially utilized the scope of 10% of the capital stock. Therefore, the Managing Board shall again be authorized to issue further convertible bonds and/or warrant bonds, this time with broader options of use, in particular also in exchange for contributions or considerations in kind, and a corresponding Conditional Capital 2014 shall be resolved on. The authorization to issue convertible bonds and/or warrant bonds resolved on by the Annual Shareholders’ Meeting on January 25, 2011 under Agenda Item 13, which has thus far not been utilized, and the corresponding Conditional Capital 2011 in Section 4 (10) of the Articles of Association shall be canceled in order to provide the aforementioned options and to extend the term of the authorization.

~~The~~All ~~authorization~~figures ~~being~~are ~~sought~~preliminary ~~under Agenda~~and Item 9 is designed for issuing bonds in a principal amount of up to €15,000,000,000 with conversion or option rights or obligations entitling or obliging the holders/creditors to subscribe to stock of Siemens AGunaudited. For this purpose, up to 80,000,000 new Siemens shares from the new Conditional Capital 2014 shall be provided for, representing a pro rata amount of up to €240,000,000 of the capital stock. Full utilization of the proposed authorization would enable the issue of bonds granting subscription rights equaling approx. up to 9.1% of the Company’s current capital stock. The authorization shall expire on January 27, 2019.

~~The~~Financial ~~Company,~~Publications ~~possibly~~are ~~also~~available through its consolidated subsidiaries, shall be entitled to raise funds through the issue of bonds in euros as well as in other legal currencies of OECD countries. The terms and conditions of the bonds shall also provide for ~~the~~download ~~option~~at: ~~of an obligation to exercise the conversion or option rights or a delivery right of the issuer under a put option~~www.siemens.com/ir ~~Furthermore,~~g ~~the~~Publications & terms and conditions shall also provide for the option of fulfilling the rights under the bonds by using treasury shares, by paying the corresponding amount in cash or by transferring other listed securitiesCalendar.

15This document includes supplemental financial measures that are or may be non-GAAP financial measures. Orders and order backlog; adjusted or organic growth rates of revenue and orders; book-to-bill ratio; Total Sectors profit; return on equity (after tax), or ROE (after tax); return on capital employed (adjusted), or ROCE (adjusted); Free cash flow, or FCF; adjusted EBITDA; adjusted EBIT; adjusted EBITDA margins, earnings effects from purchase price allocation, or PPA effects; net debt and adjusted industrial net debt are or may be such non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with IFRS in its Consolidated Financial Statements.

~~The~~Other ~~conversion~~companies ~~and/or~~that ~~exercise~~report ~~price~~or ~~must~~describe ~~not~~similarly betitled ~~lower~~financial ~~than~~measures amay ~~minimum~~calculate ~~issue~~them ~~price~~differently. ~~that~~Definitions ~~is computed in~~of ~~accordance~~these ~~with~~supplemental ~~detailed~~financial ~~procedures.~~measures, ~~The~~a ~~basis~~discussion ~~for the computation is in each case the stock exchange price~~ of ~~Siemens shares prevailing at~~ the ~~time~~most ofdirectly ~~placement~~comparable ofIFRS ~~the~~financial ~~bonds; alternatively~~measures, ininformation ~~case~~regarding ~~of conversion or option obligations or a delivery right under a put option,~~ the ~~stock~~usefulness ~~exchange price~~ of Siemens’ ~~shares~~supplemental ~~prevailing~~financial ~~at the time of the final maturity date of the bonds or warrants~~measures, as the ~~case~~limitations ~~may~~associated ~~be.~~with ~~Without~~these ~~prejudice~~measures ~~to Section 9 (1)~~ and ~~Section 199 (2) German~~ ~~Stock~~reconciliations ~~Corporation Act (AktG), the conversion or exercise price may be adjusted by virtue of a dilution protection or adjustment clause subject~~ to ~~a more precise definition of~~ the ~~terms~~most ~~and~~comparable ~~conditions~~IFRS offinancial ~~the~~measures ~~bonds~~are ifavailable ~~the~~on ~~Company,~~Siemens’ ~~for~~Investor ~~example,~~Relations ~~changes its~~website ~~capital~~at ~~structure during the term of the bonds or warrants (e~~www.gsiemens. ~~through a capital increase, a capital decrease or a stock split)~~com/nonGAAP. ~~Furthermore, dilution protection or other adjustments may be provided for in connection with dividend payouts, the~~For ~~issue of~~ additional ~~convertible~~information, ~~and/or~~see ~~warrant~~supplemental ~~bonds,~~financial ~~transformation~~ measures, and in the ~~case~~related ofdiscussion ~~other~~in ~~events~~Siemens’ ~~affecting~~most ~~the~~recent ~~value~~annual ofreport ~~the~~on ~~option~~Form ~~and/or~~20-F, ~~conversion~~which ~~rights~~can ~~that~~be ~~may~~found ~~occur~~on ~~during~~our ~~the~~Investor ~~term~~Relations ofwebsite ~~the bonds~~ or ~~warrants~~via ~~(e.g.~~the ~~control~~EDGAR ~~gained~~system ~~by third~~on ~~parties).~~the ~~Dilution~~website ~~protection or other adjustments may be provided in particular by granting subscription rights, by adjustments~~ of the ~~conversion/option~~United States ~~price~~Securities asand ~~well~~Exchange ~~as by amending or introducing cash components~~Commission.

AsBeginning atoday ~~matter~~at of07:30 ~~principle, shareholders shall have subscription rights with regard to this type of bond issue~~a.m. ~~In order to facilitate ease of handling~~CET, ~~however,~~ ~~it is intended to provide for~~ the ~~option~~press toconference ~~make~~at ~~use~~which ofCEO ~~the~~Joe ~~possibility~~Kaeser ofand ~~issuing~~CFO ~~the bonds to banks or enterprises within the meaning of Section~~Dr. ~~186~~Ralf ~~(5)~~P. ~~sentence 1 German Stock Corporation Act (AktG) with the obligation~~Thomas ~~that~~discuss ~~they must be offered to shareholders for purchase in accordance with their subscription rights. In~~ the ~~cases~~quarterly ~~referred~~figures towill ~~in the authorization, however, the Managing Board shall also~~ be ~~authorized~~broadcast tolive ~~exclude~~at ~~the subscription rights with the approval of the Supervisory Board~~www.siemens.com/pressconference.

~~Pursuant~~Starting totoday ~~Section 221 (4)~~at ~~sentence 2~~08:30 ~~German~~a.m. ~~Stock~~CET, ~~Corporation~~CEO ~~Act~~Joe ~~(AktG),~~Kaeser ~~the~~and ~~provisions of~~CFO ~~Section~~Dr. ~~186~~Ralf ~~(3) sentence 4 German Stock Corporation Act (AktG) apply mutatis mutandis to the exclusion of subscription rights when convertible bonds or warrant bonds are issued~~P. OnThomas ~~the~~will ~~basis~~hold ofa ~~the~~telephone ~~legal~~conference ~~restriction~~ in ~~this connection~~English ~~that~~for ~~forms~~analysts ~~part~~and ~~of the authorization~~investors, ~~the~~which ~~limit for the exclusion of subscription rights of up to 10% of the capital stock stipulated in the above provision is not exceeded. The notional share in the capital stock that is attributable to~~can ~~shares to~~ be ~~issued~~followed aslive aat ~~result~~www.siemens.com/analystcall. ofRecordings ~~bonds issued under this authorization must not exceed 10%~~ of the ~~capital~~press ~~stock~~conference atand the ~~time~~analysts ~~when~~and ~~such~~investors ~~authorization~~conference ~~takes~~will ~~effect~~subsequently ~~or, if this amount is lower, at the time at which it is exercised. When determining this limit, shares shall also~~ be ~~taken~~made ~~into account which, during the term of this authorization until its use, are issued or disposed of by direct or mutatis mutandis application of Section 186 (3) sentence 4 German Stock~~available ~~Corporation Act (AktG),~~ as well as shares which are to be issued or granted due to a convertible bond and/or warrant bond issued during the term of this authorization based on the use of another authorization under exclusion of the subscription right in accordance with these provisions.

~~Placements~~Starting ~~that~~today ~~exclude~~at ~~shareholders’~~10:00 ~~subscription rights provide~~ a.m. ~~platform~~CET, ~~for~~we ~~the~~will ~~Company to~~also ~~take~~provide ~~advantage of favorable situations on the capital market at short notice and thus achieve~~ a ~~significantly~~live ~~higher~~video ~~inflow~~webcast of ~~funds~~Chairman ~~than~~of in the ~~case~~Supervisory ofBoard ~~issues retaining subscription rights~~Dr. Gerhard IfCromme’s ~~issues~~and CEO ~~provide~~Joe ~~for~~Kaeser’s ~~the~~speeches ~~retention~~to ~~of subscription rights, uncertainty about~~ the ~~utilization~~Annual ofShareholders’ ~~such~~Meeting ~~rights would put a successful placement~~ at ~~risk~~the orOlympic atHall ~~least~~in ~~burden~~Munich, ~~it with additional expenses~~Germany. ~~Terms~~You ~~and conditions that are favorable for the Company and that reflect market conditions~~ can ~~be achieved~~access ~~only if~~ the ~~Company~~webcast isat ~~not bound by these terms for an excessively long offering period~~www.siemens.com/press/agm. ~~Otherwise~~A avideo ~~substantial discount would be required in order to ensure the attractiveness~~ of the ~~terms~~speeches ~~and~~will ~~conditions and thus the success of the issue over the entire offering period. Moreover, if foreign currencies are included, the effects of exchange rate fluctuations can~~ be ~~mitigated~~available ifafter the ~~subscription~~live ~~rights are excluded and the offer period is appropriately reduced~~webcast.

ToThis ~~ensure~~document ~~that~~contains ~~the~~statements ~~interests~~related ofto ~~shareholders~~our ~~are~~future ~~safeguarded,~~business ~~the~~and ~~bonds~~financial ~~are~~performance ~~issued~~and atfuture aevents ~~price~~or developments involving Siemens that ismay ~~not~~constitute ~~significantly~~forward-looking ~~lower~~statements. ~~than~~These ~~the~~statements ~~theoretical~~may ~~market~~be identified by words such as “expects,” “looks forward to,” “anticipates,” “intends,” “plans,” ~~price~~“believes,” ~~computed~~“seeks,” in“estimates,” ~~accordance~~“will,” ~~with~~“project” ~~accepted~~or ~~actuarial~~words ~~methods~~of similar meaning. InWe ~~determining~~may ~~the~~also ~~price~~make ~~and~~forward-looking ~~taking~~statements ~~into~~in ~~account~~other ~~the~~reports, ~~then~~in ~~current~~presentations, ~~capital~~in ~~market~~material ~~situation~~delivered to shareholders and in press releases. In addition, ~~the~~our ~~Managing~~representatives ~~Board~~may ~~will~~from ~~keep~~time ~~the~~to ~~discount~~time make oral forward-looking statements. Such statements are based on ~~that~~the ~~market~~current ~~price~~expectations asand ~~small~~certain asassumptions ~~possible~~of Siemens’ management, ~~thus~~and are, therefore, ~~reducing~~subject ~~the~~to ~~financial~~certain ~~value~~risks ofand auncertainties. ~~subscription~~A ~~right~~variety inof ~~respect~~factors, many of which are beyond Siemens’ control, affect Siemens’ operations, performance, business strategy and results and could cause the ~~bonds~~actual results, performance or achievements of Siemens to ~~near~~be ~~zero.~~materially Asdifferent afrom ~~result~~any future results, ~~existing~~performance ~~shareholders~~or ~~will~~achievements ~~not~~that ~~suffer~~may abe ~~material~~expressed ~~economic~~or ~~disadvantage~~implied ~~following~~by such forward-looking statements or anticipated on the ~~exclusion~~basis of ~~their~~historical ~~subscription rights~~trends. InThese ~~addition~~factors include in particular, but are not limited to, the matters described in Item 3: Key information—Risk factors of our most recent annual report on Form 20-F filed with the SEC, in the chapter “Risks” of our most recent annual report prepared ~~protect~~in ~~themselves~~accordance ~~against~~with ~~any~~the ~~negative~~German Commercial Code, and in the chapter “Report on risks and opportunities” of our most recent interim report.

16Further information about risks and uncertainties affecting Siemens is included throughout our most recent annual and interim reports, as well as our most recent earnings release, which are available on the Siemens website, www.siemens.com, and throughout our most recent annual report on Form 20-F and in our other filings with the SEC, which are available on the Siemens

~~dilutive~~website, ~~effects~~www.siemens.com, ~~they~~and ~~have~~on the ~~opportunity~~SEC’s towebsite, ~~maintain~~www.sec.gov. ~~their~~Should ~~percentage~~one ~~equity~~or ~~ownership~~more ~~interests~~of inthese ~~the~~risks ~~Company’s~~or ~~capital~~uncertainties ~~stock~~materialize, byor ~~purchasing~~should ~~the~~underlying ~~necessary~~assumptions ~~shares~~prove onincorrect, ~~the~~actual ~~stock~~results, ~~exchange~~performance asor ~~close~~achievements of Siemens may vary materially from those described in the relevant forward-looking statement as ~~possible~~being expected, anticipated, intended, planned, believed, sought, estimated or projected. Siemens neither intends, nor assumes any obligation, to ~~the~~update ~~time~~or ofrevise ~~determination~~these offorward-looking ~~the~~statements ~~terms~~in light of ~~issue~~developments ofwhich ~~the~~differ ~~bonds~~from those anticipated.

~~Furthermore,~~Due ~~the subscription right can also be excluded if the bonds are issued in exchange for contribution in kind or consideration in kind. Among other things, this is intended~~ to ~~enable the Managing Board to use the bonds also as an “acquisition currency” to acquire such contributions or considerations in kind against transfer of such financing instruments~~rounding, ~~in each case on an opportunistic basis in connection with business combinations or for the purpose of acquiring (also indirectly) companies, businesses, parts of companies,~~numbers ~~participations~~presented orthroughout ~~other~~this assets or rights to acquire assets, including receivables against the Company or its consolidated subsidiaries. Business expansions realized by way of acquisition of companies or participations in companies normally require quick decisions. The proposed authorization enables the Managing Board to react in a quick and ~~flexible manner to advantageous offers or~~ other ~~opportunities~~documents ~~arising~~may onnot ~~national~~add orup ~~international~~precisely ~~markets and~~ to ~~seize business expansion opportunities by acquiring companies or participations in companies against~~ the ~~issuance~~totals ofprovided ~~bonds in the interest of the Company~~ and ~~its~~percentages ~~shareholders.~~may The Managing Board will carefully review in each case whether it should use the authorization to issue bonds under exclusion of shareholders’ subscription rights where actual opportunities for the acquisition of assets, in particular companies or participations in companies, arise. The Managing Board will not ~~exclude~~precisely ~~the~~reflect ~~shareholders’ subscription rights unless this would be in~~ the ~~Company’s~~absolute ~~best interests~~figures.

InTable addition, as a result of the spin-off and transfer of all the shares in OSRAM Beteiligungen GmbH to OSRAM Licht AG, certain adjustments became necessary in connection with the terms and conditions of the warrants pertaining to the bonds issued in 2012 by Siemens Financieringsmaatschappij N.V., Den Haag, Netherlands. As of July 5, 2013, the warrants were adjusted in accordance with their terms and conditions to the effect that, upon exercise of the option right, the holders of the warrants now also receive shares in OSRAM Licht AG in addition to the shares in Siemens AG. This results in delivery obligations extending to shares in a company that is no longer part of the Siemens Group, and related accounting effects. An exchange of the warrant bonds against bonds that relate exclusively to Siemens shares may be in the Company’s interest, in particular with a view to future market developments. This, too, is made possible by the proposed exclusion of subscription rights, without such an exchange being currently planned. Also in this respect, the Managing Board will not exclude the shareholders’ subscription rights unless this would be in the Company’s best interests. Contents

~~The~~SIEMENS remaining proposed instances of exclusion of shareholders’ subscription rights are designed to facilitate the process of bond issue. The exclusion in the case of fractional amounts is a reasonable and market-conforming means for achieving a practical subscription ratio. The exclusion of shareholders’ subscription rights for the benefit of holders/creditors of outstanding bonds is in line with common market practice and has the advantage that the conversion or exercise price of the already outstanding bonds, which are commonly equipped with an anti-dilution mechanism, does not have to be reduced. As a result, the attractiveness of a bond issue may be enhanced by placing the bonds in several tranches, thus raising a higher total inflow of funds. Therefore, the proposed exclusions of shareholders’ subscription rights are in the interests of the Company and its shareholders.

~~Under~~CONSOLIDATED ~~this~~STATEMENTS ~~authorization,~~OF ~~bonds~~INCOME ~~may~~(preliminary only be issued under exclusion of the subscription right, if the total of new shares to be issued on the basis of such bond, together with new shares issued by the Company during the term of this authorization based on another authorization under exclusion of the subscription right or to be issued on the basis of a convertible bond and~~/or~~ ~~warrant~~unaudited) bond issued during the term of this authorization based on the use of another authorization under exclusion of the subscription right, does, in mathematical terms, not exceed 20% of the capital stock at the time this authorization takes effect.

~~The~~For ~~Conditional~~the ~~Capital~~first ~~2014~~three ismonths ~~required~~of infiscal ~~order~~2014 ~~to be able to fulfill conversion~~ and~~/or~~ ~~option~~2013 ~~rights~~ended ~~or conversion or option obligations or delivery rights under an option on or in respect of Siemens shares attached to bonds~~December 31, ~~unless~~2013 ~~other~~and ~~types~~2012 ~~of fulfillment are used to ensure delivery.~~

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

There are currently no concrete plans to make use of the authorization to issue convertible bonds and/or warrant bonds. The Managing Board will carefully consider on a case-by-case basis whether use of the authorization would be in the interests of the Company and its shareholders. The Managing Board will report to the Annual Shareholders’ Meeting on any use of the authorization.


	2014			2013
Revenue		17,325			17,925
Cost of sales		(12,086	)		(12,738	)

Gross profit		5,239			5,187
Research and development expenses		(959	)		(994	)
Selling and general administrative expenses		(2,594	)		(2,601	)
Other operating income		315			139
Other operating expenses		(164	)		(137	)
Income from investments accounted for using the equity method, net		154			95
Interest income		256			233
Interest expenses		(189	)		(189	)
Other financial income (expenses), net		(92	)		(34	)

Income from continuing operations before income taxes		1,967			1,700
Income tax expenses		(581	)		(550	)

Income from continuing operations		1,386			1,150
Income from discontinued operations, net of income taxes		71			64

Net income		1,457			1,214

Attributable to:
Non-controlling interests		25			16
Shareholders of Siemens AG		1,432			1,197
Basic earnings per share
Income from continuing operations		1.61			1.34
Income from discontinued operations		0.08			0.07

Net income		1.70			1.42

Diluted earnings per share
Income from continuing operations		1.60			1.33
Income from discontinued operations		0.08			0.07

Net income		1.68			1.40

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (preliminary and unaudited) For the first three months of fiscal 2014 and 2013 ended December 31, 2013 and 2012 (in millions of €)
	2014			2013
Net income		1,457			1,214
Items that will not be reclassified to profit or loss:
Remeasurements of defined benefit plans		376			(95	)
Items that may be reclassified subsequently to profit or loss:
Currency translation differences		(368	)		(375	)
Available-for-sale financial assets		223			1
Derivative financial instruments		9			74

		(136	)		(300	)

Other comprehensive income, net of income taxes⁽¹⁾		240			(395	)

Total comprehensive income		1,697			818

Attributable to:
Non-controlling interests		26			2
Shareholders of Siemens AG		1,671			817

~~Total~~(1) ~~number~~Includes income (expenses) resulting from investments accounted for using the equity method of ~~shares~~€(48) million and ~~voting~~€(66) ~~rights~~million, respectively, for the three months ended December 31, 2013 and 2012 of which €1 million and €(59) million, respectively, are attributable to items that will not be reclassified to profit or loss.

AtDue ~~the time of giving Notice of the Annual Shareholders’ Meeting, the Company’s capital stock amounts~~ to ~~881~~rounding,~~000,000~~ ~~shares~~numbers ofpresented nomay ~~par~~not ~~value,~~add ~~with~~up ~~each~~precisely ~~share entitling~~ to ~~one~~totals ~~vote~~provided. ~~The total number of voting rights thus amounts to 881,000,000. Of these 881,000,000 shares, 36,653,920 shares are held as treasury shares from which the Company derives no rights.~~

PrerequisitesTable forof attending the Annual Shareholders’ Meeting and for exercising the voting rights Contents

~~Notification~~SIEMENS ~~of attendance~~

~~Only~~CONSOLIDATED ~~those~~STATEMENTS ~~shareholders~~OF ~~are~~FINANCIAL ~~entitled~~POSITION to attend and vote at the Annual Shareholders’ Meeting who are recorded as shareholders of the Company in the Company’s share register and who have submitted timely notification of attendance at the Annual Shareholders’ Meeting. The notification of attendance must be received by the Company no later than Tuesday, January 21, 2014.

~~Shareholders~~As ~~who are registered in the Company’s share register may submit their notification~~ of ~~attendance~~December 31, in2013 ~~text~~(preliminary ~~form~~and inunaudited) ~~the~~and ~~German~~September 30, or2013 ~~English language to Siemens AG at the following address:~~

~~Siemens~~(in ~~Hauptversammlung~~millions ~~2014~~of €)

c/o ADEUS Aktienregister-Service-GmbH


	12/31/13			09/30/13
ASSETS
Cash and cash equivalents		8,885			9,190
Available-for-sale financial assets		666			601
Trade and other receivables		14,621			14,853
Other current financial assets		3,226			3,250
Inventories		16,060			15,560
Current income tax assets		637			794
Other current assets		1,407			1,297
Assets classified as held for disposal		1,246			1,393

Total current assets		46,748			46,937

Goodwill		17,623			17,883
Other intangible assets		4,889			5,057
Property, plant and equipment		9,608			9,815
Investments accounted for using the equity method		3,085			3,022
Other financial assets		15,760			15,117
Deferred tax assets		3,008			3,234
Other assets		952			872

Total non-current assets		54,924			54,999

Total assets		101,672			101,936


LIABILITIES AND EQUITY
Short-term debt and current maturities of long-term debt		2,883			1,944
Trade payables		6,534			7,599
Other current financial liabilities		1,724			1,515
Current provisions		4,290			4,485
Current income tax liabilities		1,953			2,151
Other current liabilities		18,719			19,701
Liabilities associated with assets classified as held for disposal		418			473

Total current liabilities		36,521			37,868

Long-term debt		18,377			18,509
Post-employment benefits		8,771			9,265
Deferred tax liabilities		527			504
Provisions		3,843			3,907
Other financial liabilities		1,260			1,184
Other liabilities		2,000			2,074

Total non-current liabilities		34,779			35,443

Total liabilities		71,300			73,312

Equity
Issued capital, no par value⁽¹⁾		2,643			2,643
Capital reserve		5,458			5,484
Retained earnings		24,461			22,663
Other components of equity		131			268
Treasury shares, at cost⁽²⁾		(2,837	)		(2,946	)

Total equity attributable to shareholders of Siemens AG		29,856			28,111

Non-controlling interests		516			514

Total equity		30,372			28,625

Total liabilities and equity		101,672			101,936

~~20636~~(1) ~~Hamburg~~Authorized: 1,084,600,000 ~~Germany~~and 1,084,600,000 shares, respectively. Issued: 881,000,000 and 881,000,000 shares, respectively.

~~Telefax: +49~~ (02) ~~89/380090592~~ 36,583,797 and 37,997,595 shares, respectively.

~~E-mail:~~Due ~~hv-service.siemens@adeus.de~~to rounding, numbers presented may not add up precisely to totals provided.

orTable byof using the password-protected Internet Service for the Annual Shareholders’ Meeting electronically via the Internet at Contents

~~www.siemens.com/agm-service~~SIEMENS

~~You~~CONSOLIDATED ~~can~~STATEMENTS ~~obtain~~OF ~~online~~CASH ~~access~~FLOWS ~~by entering your Shareholder Control Number and the related Personal Identification Number~~ (~~PIN),~~preliminary both of which are contained in the materials sent to you. Instead of their PIN, shareholders who have registered for electronic delivery of invitations to Shareholders’ Meetings with an Access Password selected by them upon registration must use this Access Password. Further information on the attendance notification procedure is provided on the Attendance Notification Form (which may also be used to assign a proxy and ~~vote by absentee voting~~unaudited) sent to you together with the Notice of Annual Shareholders’ Meeting, as well as at the above-mentioned website. After timely notification of your attendance, you may use our Internet Service to change your admission ticket order, absentee votes, proxy authorization or voting instructions until the end of the general debate on the day of the Annual Shareholders’ Meeting. Special conditions apply to the use of our Internet Service for notification of attendance from credit institutions, shareholders’ associations or persons, institutions or companies of equal status pursuant to Section 135 (8) or Section 135 (10) in connection with Section 125 (5) of the German Stock Corporation Act (AktG). Detailed information can be found on the above-mentioned website.

18For the first three months of fiscal 2014 and 2013 ended December 31, 2013 and 2012

~~Credit institutions, shareholders’ associations and persons, institutions or companies of equal status pursuant to Section 135~~ (~~8) or Section 135 (10)~~ in ~~connection~~millions ~~with Section 125 (5)~~ of ~~the German Stock Corporation Act (AktG~~€) ~~are not entitled to vote such shares not owned by them, but recorded under their name in the~~ ~~Company’s share register (commonly referred to as nominee or “street name” registration), unless they have the shareholder’s authority.~~

Holders of American Depositary Receipts (ADRs) may obtain further information through Deutsche Bank Trust Company Americas, c/o AST & Trust Co, 6201 15th Avenue, Brooklyn, NY 11219, USA (phone: +1 866 706 8374, e-mail: DB@amstock.com).


	2014			2013
Cash flows from operating activities
Net income		1,457			1,214
Adjustments to reconcile net income to cash flows from operating activities — continuing operations
Income from discontinued operations, net of income taxes		(71	)		(64	)
Amortization, depreciation and impairments		612			644
Income tax expenses		581			550
Interest (income) expenses, net		(67	)		(44	)
(Gains) losses on disposals of assets related to investing activities, net⁽¹⁾		(126	)		(37	)
Other (income) losses from investments⁽¹⁾		(154	)		(83	)
Other non-cash (income) expenses		268			129
Change in assets and liabilities
Inventories		(682	)		(447	)
Trade and other receivables		70			(684	)
Trade payables		(962	)		(1,479	)
Other assets and liabilities		(1,054	)		(323	)
Additions to assets leased to others in operating leases		(79	)		(92	)
Income taxes paid		(423	)		(569	)
Dividends received		102			25
Interest received		227			216

Cash flows from operating activities — continuing operations		(303	)		(1,044	)
Cash flows from operating activities — discontinued operations		(36	)		68

Cash flows from operating activities — continuing and discontinued operations		(339	)		(976	)
Cash flows from investing activities
Additions to intangible assets and property, plant and equipment		(355	)		(372	)
Acquisitions of businesses, net of cash acquired		1			(29	)
Purchase of investments⁽¹⁾		(104	)		(85	)
Purchase of current available-for-sale financial assets		(74	)		(6	)
Change in receivables from financing activities		(597	)		(119	)
Disposal of investments, intangibles and property, plant and equipment⁽¹⁾		193			56
Disposal of businesses, net of cash disposed		12			(41	)
Disposal of current available-for-sale financial assets		20			20

Cash flows from investing activities — continuing operations		(905	)		(576	)
Cash flows from investing activities — discontinued operations		(71	)		(56	)

Cash flows from investing activities — continuing and discontinued operations		(976	)		(632	)
Cash flows from financing activities
Purchase of treasury shares		—			(1,219	)
Other transactions with owners		(6	)		(4	)
Repayment of long-term debt (including current maturities of long-term debt)		(5	)		(8	)
Change in short-term debt and other financing activities		1,138			(21	)
Interest paid		(78	)		(123	)
Dividends attributable to non-controlling interests		(4	)		(42	)
Financing discontinued operations⁽²⁾		(107	)		6

Cash flows from financing activities — continuing operations		938			(1,412	)
Cash flows from financing activities — discontinued operations		107			(12	)

Cash flows from financing activities — continuing and discontinued operations		1,045			(1,424	)
Effect of changes in exchange rates on cash and cash equivalents		(53	)		(43	)
Change in cash and cash equivalents		(323	)		(3,075	)
Cash and cash equivalents at beginning of period		9,234			10,950

Cash and cash equivalents at end of period		8,911			7,875
Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period		25			52

Cash and cash equivalents at end of period (Consolidated Statements of Financial Position)		8,885			7,823

~~Please~~(1) ~~note~~Investments ~~that~~include ~~due~~equity toinstruments ~~the~~either ~~historically~~classified ~~high~~as ~~number~~non-current ~~of attendance notifications received~~ available-for-sale ~~our~~financial ~~Annual Shareholders’ Meeting~~assets, itaccounted isfor ~~necessary~~using ~~to limit~~ the ~~number~~equity ofmethod ~~admission~~or ~~tickets~~classified ~~sent~~as toheld ~~shareholders~~for ~~to generally one ticket per shareholder~~disposal. ~~Without~~Purchases ~~wishing~~of toinvestments ~~restrict~~includes ~~your~~certain ~~right~~loans to ~~attend,~~investments weaccounted ~~request~~for ~~that~~using ~~you notify your attendance as early as possible and only if you seriously intend to attend~~ the ~~Annual~~equity ~~Shareholders’ Meeting~~method. ~~This will facilitate organization of the Annual Shareholders’ Meeting.~~

~~Shareholders~~(2) ofDiscontinued ~~record~~operations orare ~~their~~financed ~~duly~~generally ~~appointed~~through ~~proxies~~Corporate ~~entitled to attend the Annual Shareholders’ Meeting will be issued admission tickets and voting cards~~Treasury.

~~Free~~Due ~~disposability~~to ofrounding, ~~shares~~numbers presented may not add up precisely to totals provided.

ShareholdersTable may dispose of their shares even after having registered for attendance at the Annual Shareholders’ Meeting. The right to attend and vote is based on the shareholding evidenced by entry in the Company’s share register as of the date of the Annual Shareholders’ Meeting. This shareholding will correspond to the number of shares registered at the end of the closing date of the notification period, since applications for registration in the Company’s share register received from January 22, 2014 through January 28, 2014 will be processed and considered only with effect after the Annual Shareholders’ Meeting on January 28, 2014. The technical record date is therefore the end of January 21, 2014. Contents

~~Proxy~~SIEMENS ~~voting procedure~~

~~Shareholders~~SEGMENT ~~who~~INFORMATION ~~are~~(continuing ~~registered~~operations in— ~~the~~preliminary ~~Company’s share register are entitled to appoint a proxy representative – such as a credit institution or a shareholders’ association –~~ and to delegate to this representative their authority to vote their shares at the Annual Shareholders’ Meeting. Here again, timely notification of attendance must be given by the shareholder or the duly authorized proxy (see “Notification of attendance” aboveunaudited).

AAs ~~proxy~~of ~~authorization, its revocation~~ and ~~evidence of proxy authorization vis-à-vis the Company must be provided in text form or via the above-mentioned Internet Service~~ for the ~~Annual~~first ~~Shareholders’~~three ~~Meeting~~months ~~(by~~of ~~entering~~fiscal ~~the~~2014 ~~Shareholder Control Number~~ and ~~the~~2013 ~~related~~ended ~~Personal Identification Number (PIN) or the Access Password) if neither a credit institution nor a shareholders’ association nor persons~~December 31, ~~institutions~~2013 or companies of equal status pursuant to Section 135 (8) or Section 135 (10) in connection with Section 125 (5) of the German Stock Corporation Act (AktG) are authorized. Please use the Attendance Notification Form sent to you together with the Notice of Annual Shareholders’ Meeting and ~~send~~2012 ~~it to the above-mentioned address. Credit institutions, shareholders’ associations~~ and ~~persons,~~as ~~institutions or companies~~ of ~~equal status pursuant to Section~~September ~~135 (8)~~30, or2013 ~~Section 135 (10) in connection with Section 125 (5) of the German Stock Corporation Act (AktG) may stipulate different requirements with regard to their own appointment as proxies.~~

~~As a special service, we offer our shareholders, as~~ (in ~~the~~millions ~~past, the option~~ of delegating, to employees of the Company, their authority to vote their shares at the Annual Shareholders’ Meeting in accordance with their voting instructions. Again, the required authorization may be given at the above-mentioned website (by way of the Shareholder Control Number and the related Personal Identification Number (PIN€) ~~or Access Password), or by returning the forms sent~~


	*Orders*⁽¹⁾						External revenue				Intersegment revenue						Total revenue						Profit⁽²⁾						Assets⁽³⁾						Free cash flow⁽⁴⁾						Additions to intangible assets and property, plant and equipment					Amortization, depreciation and impairments⁽⁵⁾
	*2014*			*2013*			2014		2013		2014			2013			2014			2013			2014			2013			12/31/13			9/30/13			2014			2013			2014			2013		2014			2013
Sectors
Energy		7,217			7,372			5,717		6,240		65			63			5,782			6,303			506			410			2,902			1,621			(702	)		(790	)		71			73		122			144
Healthcare		3,199			3,286			3,087		3,246		7			5			3,094			3,252			471			503			11,005			11,023			288			225			71			52		148			162
Industry		4,611			4,289			3,949		4,044		370			367			4,319			4,411			482			506			6,899			6,549			79			201			57			54		147			139
Infrastructure & Cities		6,323			4,364			4,221		3,983		143			158			4,364			4,141			330			141			5,363			4,973			(103	)		(366	)		44			49		72			68

Total Sectors		*21,350*			*19,311*			16,974		17,512		585			594			17,559			18,106			1,789			1,560			26,169			24,166			(438	)		(730	)		244			228		488			513
Equity Investments		—			—			—		—		—			—			—			—			81			122			2,752			2,488			(4	)		—			—			—		—			—
Financial Services (SFS)		226			203			183		192		44			12			226			203			110			117			18,981			18,661			106			95			9			43		51			58
Reconciliation to Consolidated Financial Statements
Centrally managed portfolio activities		61			67			58		64		3			3			61			67			10			1			(289	)		(267	)		35			(17	)		2			—		1			1
Siemens Real Estate (SRE)		587			600			61		75		526			525			587			600			132			45			4,626			4,747			(74	)		(93	)		83			87		61			65
Corporate items and pensions		83			126			49		82		35			45			83			126			(186	)		(166	)		(10,502	)		(11,252	)		(339	)		(435	)		18			15		18			18
Eliminations, Corporate Treasury and other reconciling items		(1,472	)		(1,134	)		—		—		(1,192	)		(1,178	)		(1,192	)		(1,178	)		32			20			59,936			63,393			56			(235	)		(1	)		—		(8	)		(9	)

Siemens		*20,836*			*19,173*			17,325		17,925		—			—			17,325			17,925			1,967			1,700			101,672			101,936			(658	)		(1,416	)		355			372		612			645

to(1) ~~you.~~This ~~Please~~supplementary ~~note~~information ~~that~~on ~~these~~Orders ~~proxy~~is ~~representatives~~provided ~~can only vote your shares~~ on ~~agenda~~a ~~items~~voluntary onbasis. ~~which~~It ~~you~~is ~~have given voting instructions, and that they may~~ not ~~accept~~part ~~instructions on proposals~~ of ~~procedure prior to or during~~ the ~~Annual~~Interim ~~Shareholders’~~Consolidated ~~Meeting.~~Financial ByStatements ~~the~~subject ~~same token, these proxy representatives will not accept any instructions for requests~~ to ~~speak, to raise objections against resolutions of~~ the ~~Annual~~review ~~Shareholders’ Meeting, or to ask questions or submit proposals~~opinion.

~~Further~~(2) ~~details~~Profit ~~regarding~~of the ~~proxy~~Sectors ~~voting~~as ~~procedure~~well ~~are~~as ~~provided~~of onEquity ~~the~~Investments ~~Attendance Notification~~and ~~Form~~Centrally ~~sent~~managed toportfolio ~~you~~activities ~~together~~is ~~with~~earnings ~~the~~before ~~Notice~~financing ofinterest, ~~Annual~~certain ~~Shareholders’~~pension ~~Meeting~~costs and atincome ~~the~~taxes. ~~above-mentioned~~Certain ~~website~~other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes.

~~After~~(3) ~~timely notification~~Assets of ~~your attendance, you may use our Internet Service to change your proxy authorization or voting instructions until~~ the ~~end~~Sectors ofas ~~the~~well ~~general~~as ~~debate on the day~~ of ~~the~~Equity ~~Annual~~Investments ~~Shareholders’~~and ~~Meeting.~~Centrally ~~Special~~managed ~~conditions~~portfolio ~~apply~~activities tois ~~the~~defined ~~use of~~as ~~our~~Total ~~Internet~~assets ~~Service~~less ~~for~~income ~~notification~~tax ~~of attendance from credit institutions~~assets, ~~shareholders’~~less associations or persons, institutions or companies of equal status pursuant to Section 135 (8) or Section 135 (10) in connection with Section 125 (5) of the German Stock Corporation Act (AktG). Detailed information can be found on the abovenon-~~mentioned~~interest ~~website.~~bearing ~~When~~liabilities ~~using our Internet Service for the Annual Shareholders’ Meeting, please note that you can neither vote on possible counterproposals or election nominations or~~ other ~~proposals~~than ~~not~~tax ~~made available or brought forward prior to the Annual Shareholders’ Meeting in accordance with statutory provisions, nor give voting instructions with regard to such proposals~~liabilities. ~~Likewise,~~Assets ~~no requests to speak, objections to resolutions~~ of ~~the~~SFS ~~Annual~~and ~~Shareholders’~~SRE ~~Meeting,~~is ~~questions~~Total ~~or proposals from shareholders can be accepted via the Internet Service for the Annual Shareholders’ Meeting~~assets.

~~Absentee~~(4) ~~voting~~Free ~~procedure~~cash flow represents Cash flows from operating activities less Additions to intangible assets and property, plant and equipment. Free cash flow of the Sectors, Equity Investments and Centrally managed portfolio activities primarily exclude income tax, financing interest and certain pension related payments and proceeds. Free cash flow of SFS, a financial services business, and of SRE includes related financing interest payments and proceeds; income tax payments and proceeds of SFS and SRE are excluded.

~~Shareholders~~(5) ~~registered~~Amortization, indepreciation ~~the~~and ~~Company’s~~impairments ~~share~~contains ~~register~~amortization ~~are~~and ~~entitled~~impairments, tonet ~~submit~~of ~~their~~reversals ~~votes by way~~ of ~~absentee voting (voting by mail)~~impairments, ~~even without attending the Annual Shareholders’ Meeting. Only those shareholders~~ of ~~record~~intangible ~~are~~assets ~~entitled~~other tothan ~~vote~~goodwill byas ~~absentee~~well ~~voting~~as ~~who~~depreciation ~~have~~and ~~submitted~~impairments ~~timely notification~~ of ~~attendance at the Annual Shareholders’ Meeting (see “Notification of attendance” above). Authorized credit institutions~~property, ~~shareholders’~~plant ~~associations~~ and ~~persons~~equipment, ~~institutions~~net ~~or companies~~ of ~~equal~~reversals ~~status pursuant to Section 135 (8) or Section 135 (10) in connection with Section 125 (5)~~ of ~~the German Stock Corporation Act (AktG) may also take advantage of absentee voting~~impairments.

~~Absentee~~Due ~~voting shall be in writing or by using electronic communication. Please use the Attendance Notification Form sent~~ to ~~you~~rounding, ~~together~~numbers ~~with~~presented ~~the~~may ~~Notice~~not ofadd ~~Annual~~up ~~Shareholders’~~precisely ~~Meeting and send it~~ to ~~the~~totals above-mentioned address, or use our password-protected Internet Service for the Annual Shareholders’ Meeting via the above-mentioned Internet address (by entering your Shareholder Control Number and the related Personal Identification Number (PIN) or the Access Password)provided.

FurtherTable details regarding the absentee voting procedure are provided on the Attendance Notification Form sent to you together with the Notice of Annual Shareholders’ Meeting and at the above website. Contents

~~After~~SUPPLEMENTAL ~~timely~~DATA notification of your attendance, you may use our Internet Service to change your voting by mail until the end of the general debate on the day of the Annual Shareholders’ Meeting. Special conditions apply to the use of our Internet Service for notification of attendance from credit institutions, shareholders’ associations or persons, institutions or companies of equal status pursuant to Section 135 (8) or Section 135 (10) in connection with Section 125 (5) of the German Stock Corporation Act (AktG). Detailed information can be found on the above-mentioned website. When using our Internet Service for the Annual Shareholders’ Meeting, please note that you cannot cast absentee votes either on possible counterproposals or on election nominations or on other proposals not made available or brought forward prior to the Annual Shareholders’ Meeting in accordance with statutory provisions. Likewise, no requests to speak, objections to resolutions of the Annual Shareholders’ Meeting, questions or proposals from shareholders can be accepted via the Internet Service for the Annual Shareholders’ Meeting.

20SIEMENS

~~Inquiries,~~ADDITIONAL ~~proposals,~~INFORMATION ~~election~~(I) (continuing ~~nominations,~~operations ~~and~~— ~~information~~preliminary ~~requests~~and unaudited)

~~(information on shareholders’ rights pursuant to Section 122 (2)~~Orders, ~~Section 126 (1)~~Revenue, ~~Section 127~~Profit, ~~and Section 131 (1)~~Profit ofmargin ~~the~~developments ~~German~~and ~~Stock~~growth ~~Corporation~~rates ~~Act~~for ~~(AktG))~~Sectors

~~Requests~~For ~~for~~the ~~additions~~first tothree ~~the~~months ~~agenda~~of ~~pursuant~~fiscal ~~to Section 122 (2)~~2014 ofand ~~the~~2013 ~~German~~ended ~~Stock~~December 31, ~~Corporation~~2013 ~~Act~~and ~~(AktG)~~2012

~~Shareholders whose combined shares amount to at least one-twentieth of the capital stock or a proportionate ownership of at least €500,000~~ (the latter equivalent to 166,667 shares) may request that items be placed on the agenda and be published. Each new item must be accompanied by supporting information or a formal resolution proposal. The request must be submitted in ~~writing~~millions ~~to the Managing Board~~ of ~~Siemens AG and be received by the Company no later than midnight (CET~~€) ~~on December 28, 2013. Please use the following address to submit your~~ ~~respective requests:~~

Managing Board of Siemens AG


	Orders																Revenue																Profit⁽¹⁾									Profit margin
	2014		2013		% Change						therein						2014		2013		% Change						therein						2014			2013			% Change			2014			2013
					Actual			Adjus- ted⁽²⁾			Cur- rency			Port- folio							Actual			Adjus- ted⁽²⁾			Cur- rency			Port- folio
Sectors
Energy Sector		7,217		7,372		(2	)%		3	%		(4	)%		0	%		5,782		6,303		(8	)%		(4	)%		(4	)%		0	%		506			410			23	%		8.8	%		6.5	%
therein:
Power Generation		3,825		4,598		(17	)%		(12	)%		(4	)%		(1	)%		3,224		3,794		(15	)%		(11	)%		(3	)%		0	%		536			531			1	%		16.6	%		14.0	%
Wind Power		2,258		1,162		94	%		100	%		(6	)%		0	%		1,310		1,137		15	%		20	%		(6	)%		0	%		63			52			20	%		4.8	%		4.6	%
Power Transmission		1,189		1,386		(14	)%		(9	)%		(5	)%		0	%		1,267		1,384		(8	)%		(3	)%		(5	)%		0	%		(84	)		(16	)		>(200	)%		(6.6	)%		(1.2	)%
Healthcare Sector		3,199		3,286		(3	)%		4	%		(7	)%		0	%		3,094		3,252		(5	)%		1	%		(6	)%		0	%		471			503			(6	)%		15.2	%		15.5	%
therein:
Diagnostics		909		961		(5	)%		1	%		(6	)%		0	%		909		961		(5	)%		1	%		(6	)%		0	%		100			111			(10	)%		11.0	%		11.6	%
Industry Sector		4,611		4,289		8	%		10	%		(3	)%		1	%		4,319		4,411		(2	)%		0	%		(3	)%		1	%		482			506			(5	)%		11.2	%		11.5	%
therein:
Industry Automation		2,102		1,961		7	%		7	%		(4	)%		3	%		2,017		1,995		1	%		2	%		(4	)%		3	%		338			313			8	%		16.8	%		15.7	%
Drive Technologies		2,321		2,253		3	%		6	%		(3	)%		0	%		2,044		2,092		(2	)%		1	%		(3	)%		0	%		133			169			(21	)%		6.5	%		8.1	%
Infrastructure & Cities Sector		6,323		4,364		45	%		45	%		(5	)%		5	%		4,364		4,141		5	%		4	%		(4	)%		5	%		330			141			133	%		7.6	%		3.4	%
therein:
Transportation & Logistics		3,233		1,357		138	%		129	%		(7	)%		16	%		1,672		1,370		22	%		10	%		(4	)%		16	%		83			(54	)		n/a			5.0	%		(3.9	)%
Power Grid Solutions & Products		1,820		1,709		7	%		12	%		(5	)%		0	%		1,408		1,435		(2	)%		4	%		(5	)%		0	%		127			100			27	%		9.0	%		6.9	%
Building Technologies		1,347		1,367		(1	)%		1	%		(3	)%		0	%		1,340		1,402		(4	)%		(2	)%		(3	)%		0	%		115			92			24	%		8.6	%		6.6	%

Total Sectors		21,350		19,311		11	%		14	%		(5	)%		1	%		17,559		18,106		(3	)%		0	%		(4	)%		1	%		1,789			1,560			15	%

~~Wittelsbacherplatz~~(1) 2Profit is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded.

~~80333~~(2) ~~Munich,~~Excluding ~~Germany.~~currency translation and portfolio effects.

~~Unless~~Due ~~made~~to ~~public at the same time as the Notice of Annual Shareholders’ Meeting~~rounding, ~~requests~~numbers ~~for~~presented ~~additions~~may tonot ~~the~~add ~~agenda~~up ~~that~~precisely ~~are required~~ to be ~~published~~totals are published without undue delay upon receipt in the German Federal Gazette (Bundesanzeiger) and submitted for publication to those media which may be presumed to distribute the information throughout the European Unionprovided. ~~In addition, such requests are published on the Internet at www.siemens.com/agm and communicated to the shareholders.~~

CounterproposalsTable and election nominations pursuant to Section 126 (1) and Section 127 of the German Stock Corporation Act (AktG) Contents

InSUPPLEMENTAL ~~addition, shareholders~~DATA may submit to the Company counterproposals to Managing and/or Supervisory Board proposals relating to certain agenda items and may make election nominations. All counterproposals must be accompanied by supporting information. All counterproposals, election nominations and other inquiries by shareholders concerning the Annual Shareholders’ Meeting must be sent to:

~~Siemens~~SIEMENS ~~Aktiengesellschaft~~

~~Governance &~~ADDITIONAL ~~Markets~~INFORMATION (II) (continuing operations — preliminary and unaudited)

~~Investor~~Reconciliation ~~Relations~~from ~~(GM~~Profit ~~IR)~~/ Income before income taxes to adjusted EBITDA

~~Wittelsbacherplatz~~For 2the first three months of fiscal 2014 and 2013 ended December 31, 2013 and 2012

~~80333~~(in ~~Munich,~~millions ~~Germany~~of €)

Telefax: +49 (0) 89/636-32830


	Profit⁽¹⁾						Income (loss) from investments accounted for using the equity method, net⁽²⁾					Financial income (expenses), net⁽³⁾						Adjusted EBIT⁽⁴⁾						Amortization⁽⁵⁾				Depreciation and impairments of property, plant and equipment and goodwill⁽⁶⁾						Adjusted EBITDA						Adjusted EBITDA margin
	2014			2013			2014		2013			2014			2013			2014			2013			2014		2013		2014			2013			2014			2013			2014			2013
Sectors
Energy Sector		506			410			28		(77	)		(13	)		(8	)		490			495			26		27		95			116			612			638			10.6	%		10.1	%
therein:
Power Generation		536			531			8		14			(7	)		(6	)		535			523			15		17		49			53			599			593
Wind Power		63			52			2		(3	)		(5	)		(1	)		65			56			8		6		25			21			97			83
Power Transmission		(84	)		(16	)		7		5			(2	)		(2	)		(89	)		(19	)		3		3		21			26			(64	)		10
Healthcare Sector		471			503			2		2			4			—			465			501			71		83		77			79			613			663			19.8	%		20.4	%
therein:
Diagnostics		100			111			—		—			3			3			97			108			47		51		50			53			193			212
Industry Sector		482			506			—		2			(1	)		(2	)		483			507			74		64		73			76			630			646			14.6	%		14.7	%
therein:
Industry Automation		338			313			—		—			—			(1	)		339			314			61		49		27			27			427			391
Drive Technologies		133			169			—		2			(1	)		(1	)		133			168			11		12		42			45			187			226
Infrastructure & Cities Sector		330			141			10		12			(3	)		(4	)		323			133			32		29		39			39			395			201			9.0	%		4.8	%
therein:
Transportation & Logistics		83			(54	)		7		9			(2	)		(2	)		79			(61	)		17		3		13			10			108			(48	)
Power Grid Solutions & Products		127			100			2		2			(1	)		(1	)		125			98			5		9		16			17			146			124
Building Technologies		115			92			1		—			(1	)		(1	)		115			93			10		16		10			11			135			121
Total Sectors		1,789			1,560			41		(62	)		(13	)		(14	)		1,761			1,636			204		201		284			310			2,249			2,148

Equity Investments		81			122			75		133			4			(11	)		1			—			—		—		—			—			1			—
Financial Services (SFS)		110			117			24		25			145			110			(60	)		(18	)		1		1		50			57			(9	)		41
Reconciliation to Consolidated Financial Statements
Centrally managed portfolio activities		10			1			14		1			(1	)		—			(4	)		1			—		1		—			—			(3	)		2
Siemens Real Estate (SRE)		132			45			—		—			(27	)		(28	)		159			73			—		—		61			65			220			138
Corporate items and pensions		(186	)		(166	)		—		—			(185	)		(78	)		(1	)		(87	)		5		4		14			13			17			(70	)
Eliminations, Corporate Treasury and other reconciling items		32			20			—		(1	)		51			32			(19	)		(11	)		—		—		(8	)		(9	)		(27	)		(20	)

Siemens		1,967			1,700			154		95			(24	)		10			1,837			1,594			210		208		402			436			2,449			2,239

or(1) ~~e-mailed~~Profit ~~to:~~of the Sectors as well as of Equity Investments and Centrally managed portfolio activities is earnings before financing interest, certain pension costs and income taxes. Certain other items not considered performance indicative by Management may be excluded. Profit of SFS and SRE is Income before income taxes. Profit of Siemens is Income from continuing operations before income taxes.

~~hv2014@siemens.com~~For a reconciliation of Income from continuing operations before income taxes to Net income see Consolidated Statements of Income.

Counterproposals and election nominations by shareholders to be made available, including the shareholder’s name and any supporting information to be made available, will be posted on the Internet at www.siemens.com/agm immediately upon their receipt. All counterproposals and election nominations relating to items on the present Agenda that are received at the above-mentioned address by midnight (~~CET~~2) onIncludes ~~January 13,~~impairments ~~2014~~and ~~will~~reversals beof ~~considered.~~impairments ~~Management’s~~of ~~position,~~investments ifaccounted ~~any,~~for onusing the ~~counterproposals~~equity ~~and election nominations will also be available at the above-mentioned website~~method.

21(3) Includes impairment of non-current available-for-sale financial assets. For Siemens, Financial income (expenses), net comprises Interest income, Interest expenses and Other financial income (expenses), net as reported in the Consolidated Statements of Income.

~~Right~~(4) toAdjusted ~~obtain~~EBIT ~~information~~is ~~pursuant~~Income tofrom ~~Section 131 (1)~~continuing ofoperations ~~the~~before ~~German~~income ~~Stock~~taxes ~~Corporation~~less ~~Act~~ Financial income (~~AktG~~expenses), net and Income (loss) from investments accounted for using the equity method, net.

~~Every~~(5) ~~shareholder~~Amortization ~~or shareholder representative present at the Annual Shareholders’ Meeting may request from the Managing Board information regarding the Company’s affairs, the Company’s legal~~ and ~~business relations with any affiliated companies~~impairments, ~~and~~net ~~the position~~ of ~~the Group and any companies included in the Consolidated Financial Statements~~reversals, ~~to the extent that such information is necessary to permit a proper evaluation~~ of ~~the~~intangible ~~relevant~~assets ~~item~~other onthan ~~the agenda~~goodwill.

~~Additional~~(6) ~~explanations~~ Depreciation and impairments of property, plant and equipment, net of reversals. Includes impairments of goodwill of €— million and €— million for the first three months ended December 31, 2013 and 2012, respectively.

~~Additional~~Due ~~explanations regarding shareholders’ rights pursuant~~ to ~~Section 122 (2)~~rounding, ~~Section 126 (1), Section 127,~~numbers ~~and~~presented ~~Section 131 (1)~~may ofnot ~~the~~add ~~German~~up ~~Stock~~precisely ~~Corporation~~to ~~Act~~totals ~~(AktG) can be found on the Company’s website at www~~provided.~~siemens.com/agm.~~

LiveTable transmission of the Annual Shareholders’ Meeting Contents

~~As determined by the Chairman of the Meeting~~Munich, ~~the entire Annual Shareholders’ Meeting on~~ January ~~28,~~ 2014 will be webcast live for shareholders of Siemens AG over the Internet starting at 10:00 a.m. CET (www.siemens.com/agm-service). Shareholders of record will be able to obtain online access by entering their Shareholder Control Number and the related Personal Identification Number (PIN) specified in the materials sent to them. Instead of their PIN28th, ~~shareholders who have registered for electronic delivery of invitations to the Shareholders’ Meeting with an Access Password selected by them upon registration must use this Access Password.~~ 2014

~~Furthermore,~~Siemens ~~the~~plans ~~speeches~~to ofdelist the Chairman of the Supervisory Board and of the President and CEO may also be followed by other interested parties live over the Internet and will be available as a replay after the Annual Shareholders’ Meeting (www.siemens.com/agm). A recording of the live transmission in its ~~entirety~~ADRs ~~will~~from ~~not~~NYSE ~~be made.~~

~~The~~• ~~live~~Delisting ~~transmission~~due ofto ~~the~~change ~~Annual Shareholders’ Meeting does not allow for a participation~~ in the ~~Annual~~behavior ~~Shareholders’ Meeting within the meaning~~ of ~~Section 118 (1) sentence 2 of the German Stock Corporation Act (AktG).~~ investors

~~Website~~• ~~where~~Transparency ~~information~~and ~~pursuant~~first toclass ~~Section 124a~~corporate ofgovernance ~~the~~continue ~~German~~to ~~Stock~~be ~~Corporation Act (AktG) is available~~ priority

~~The~~• ~~Notice~~Financial ofReporting ~~Annual~~should Shareholders’ Meeting, together with the information and explanations required by law, is also available on our website at www.siemens.com/agm, where the information pursuant to Section 124a of the German Stock Corporation Act (AktG) can also be ~~found.~~ simplified

~~The~~• ~~voting~~CFO ~~results~~Ralf ~~will~~P. beThomas: ~~posted~~“Our atcommitment to the ~~same~~US ~~website~~and ~~after~~ the ~~Annual~~importance ~~Shareholders’~~of ~~Meeting.~~this market remains unchanged for Siemens.”

~~The~~Siemens ~~Notice~~AG ofis ~~Annual~~planning ~~Shareholders’~~to ~~Meeting~~delist ~~has~~its ~~been~~American ~~submitted~~Depositary ~~for~~Receipts ~~publication~~(ADR) tofrom ~~those~~the ~~media~~New ~~which~~York ~~may~~Stock beExchange ~~presumed~~(NYSE). In addition Siemens intends to ~~distribute~~terminate ~~the~~its ~~information~~reporting ~~throughout~~obligations (deregistration) to the ~~European~~American ~~Union~~Securities and Exchange Commission (SEC). The Managing Board has made this decision in its meeting on January 27th, 2014.

ByThe ~~order~~goal of the ~~Managing~~delisting ~~Board~~and deregistration is to address the change in the behavior of its investors. As a consequence processes of financial reporting are simplified and efficiency is improved. The trading of Siemens shares is nowadays conducted predominantly in Germany and via electronic trading platforms (‘over-the-counter’). Trading volume of Siemens shares in the USA is low, amounting to significantly less than 5% of its global trading volume in the year 2013.

Independent from the delisting the high standards of transparency in the financial reporting and the first class corporate governance will continue to be top priority at Siemens. ~~Aktiengesellschaft~~Ralf P. Thomas, Chief Financial Officer of Siemens stated: “Our internationally oriented shareholder base continues to be a very high priority for Siemens. But Frankfurt and the electronic trading platforms over-the-counter are clearly the most important trading venues for our shares, including our US investors. Our commitment for the US and the importance of this market remains unchanged. In addition to a reduction of our trading venues, we expect the delisting to result in a significant increase of efficiency and a reduction of complexity in our financial reporting”.

~~This~~Siemens ~~version~~AG ofWittelsbacherplatz ~~the Notice of Annual Shareholders’ Meeting~~2, ~~prepared~~80333 ~~for the convenience of English-speaking readers~~Munich, isGermany aCommunications ~~translation~~and ofGovernment ~~the~~Affairs ~~German~~Head: ~~original.~~Stephan ~~For purposes of interpretation the German text shall be authoritative and final.~~ Heimbach

22Table of Contents

~~SIGNATURES~~Siemens AG Press Release

~~Pursuant~~Siemens intends to apply for the delisting ~~requirements~~shortly. Siemens will, irrespective of the ~~Securities~~delisting, ~~Exchange~~continue ~~Act~~to intensively engage in an open and direct dialogue with its US investors. Siemens plans to continue its American Depositary Receipt Program on the basis of ~~1934,~~a so-called “sponsored Level I-Program”. This program allows for investors to continue holding Siemens shares in the ~~registrant~~form of ADR. Once Siemens has ~~duly~~delisted ~~caused~~from ~~this~~the ~~report~~NYSE, toSiemens bewill ~~signed~~apply onfor deregistration with the SEC and for termination of its reporting ~~behalf~~obligations byunder the ~~undersigned,~~U.S. ~~thereunto~~Securities ~~duly~~Exchange ~~authorized~~Act of 1934.

		SIEMENS AKTIENGESELLSCHAFT
Date: December 6, 2013		/s/ DR. WERNER SCHICK
	Name:	Dr. Werner Schick
	Title:	Chief Counsel - Legal/Corporate
		/s/ KAREN A. WALTER
	Name:	Karen A. Walter
	Title:	Senior Counsel - Legal/Capital Markets

The delisting will have no effect on the strategic orientation or the presence in the US. Fifteen percent of the Siemens employees are working there. In fiscal 2013 revenue in USA accounted for around one fifth of the worldwide revenue. Siemens operates more than 100 manufacturing and more than 60 Research & Development sites in the US.

Contact for journalists:

Marc Langendorf, phone: +49 89 636 41360

E-mail: marc.langendorf@siemens.com

Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the fields of industry, energy and healthcare as well as providing infrastructure solutions, primarily for cities and metropolitan areas. For over 165 years, Siemens has stood for technological excellence, innovation, quality, reliability and internationality. The company is one of the world’s largest providers of environmental technologies. Around 43 percent of its total revenue stems from green products and solutions. In fiscal 2013, which ended on September 30, 2013, revenue from continuing operations totaled €75.9 billion and income from continuing operations €4.2 billion. At the end of September 2013, Siemens had around 362,000 employees worldwide on the basis of continuing operations. Further information is available on the Internet at: www.siemens.com.

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: January 28, 2014	/S/ DR. JOCHEN SCHMITZ
	Name:	Dr. Jochen Schmitz
	Title:	Corporate Vice President and Controller

	/S/ DR. JUERGEN M. WAGNER
	Name:	Dr. Juergen M. Wagner
	Title:	Head of Financial Disclosure and Corporate Performance Controlling

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