Düsseldorf | Frankfurt | London, 18 August 2006 — Shearman & Sterling LLP represented the underwriters, led by Deutsche Bank Securities and JPMorgan, as Joint Global Coordinators and Joint Bookrunners, and Citigroup and Morgan Stanley, as Joint Bookrunners, in connection with a $5 billion guaranteed note offering by Siemens under Rule 144A and Regulation S that closed on 16 August 2006.  Shearman & Sterling LLP advised as to both German and US law.

The offering included $750 million in floating rate notes due 2009, $750 million in 5 1/2% notes due 2012, $1.75 billion in 5 3/4% notes due 2016 and $1.75 billion in 6 1/8% notes due 2026.

The underwriters were advised by a Shearman & Sterling team in Düsseldorf, Frankfurt and London.  The following capital markets attorneys were involved in the transaction: Hans Diekmann (partner, Düsseldorf), Roger Kiem (partner, Frankfurt), Jim Bartos (partner, London), and Peter Young and Shelley Edwardson (associates, London).  The transaction also involved lawyers from the Firm’s international tax group, Johannes Frey (partner, Frankfurt) and Sara Clevering (associate, London).

For additional information contact:
Jim Bartos | Partner | London | +44 20 7655 5019 |
Hans Diekmann | Partner | Düsseldorf | +49 211 1788 8818 |
Roger Kiem | Partner | Frankfurt | +49 69 9711 1672 |
Marcus Brans | Spokesperson | Düsseldorf |  +49 211 17888 907 |
Kate Sinclair | Media & Marketing | London | +44 20 7655 5986 |