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Independent Auditors’ Report 323

Independent Auditors’ Report

We have audited the consolidated ﬁ nancial statements prepared by Siemens Aktiengesell-

schaft, Berlin and Munich, comprising the balance sheet, the statements of income, income

and expense recognized in equity and cash ﬂ ow and the notes to the consolidated ﬁ nancial

statements, together with the group management report for the business year from October

1, 2006 to September 30, 2007. The preparation of the consolidated ﬁ nancial statements

and the group management report in accordance with IFRS, as adopted by the EU, and the

additional requirements of German commercial law pursuant to § 315a Abs. 1 HGB are

the responsibility of the Managing Board of the Company. Our responsibility is to express

an opinion on the consolidated ﬁ nancial statements and on the group management report

based on our audit. In addition we have been instructed to express an opinion as to whether

the consolidated ﬁ nancial statements comply with full IFRS. We conducted our audit of the

consolidated ﬁ nancial statements in accordance with § 317 HGB (Handelsgesetzbuch „Ger-

man Commercial Code“) and German generally accepted standards for the audit of ﬁ nancial

statements promulgated by the Institut der Wirtschaftsprüfer (IDW) under additional consid-

eration of International Standards on Auditing (ISA). Those standards require that we plan

and perform the audit such that misstatements materially affecting the presentation of the

net assets, ﬁ nancial position and results of operations in the consolidated ﬁ nancial state-

ments in accordance with the applicable ﬁ nancial reporting framework and in the group

management report are detected with reasonable assurance. Knowledge of the business

activities and the economic and legal environment of the Group and expectations as to possi-

ble misstatements are taken into account in the determination of audit procedures. The

effectiveness of the accounting-related internal control system and the evidence supporting

the disclosures in the consolidated ﬁ nancial statements and the group management report

are examined primarily on a test basis within the framework of the audit. The audit includes

assessing the annual ﬁ nancial statements of those entities included in consolidation, the

determination of entities to be included in consolidation, the accounting and consolidation

principles used and signiﬁ cant estimates made by the Managing Board, as well as evaluating

the overall presentation of the consolidated ﬁ nancial statements and group management

report. We believe that our audit provides a reasonable basis for our opinion. Our audit has

not led to any reservations.

In our opinion, based on the ﬁ ndings of our audit, the consolidated ﬁ nancial statements

comply with IFRS, as adopted by the EU, the additional requirements of German commercial

law pursuant to § 315a Abs. 1 HGB and full IFRS and give a true and fair view of the net

assets, ﬁ nancial position and results of operations of the Group in accordance with these

requirements. The group management report is consistent with the consolidated ﬁ nancial

statements and as a whole provides a suitable view of the Group’s position and suitably pres-

ents the opportunities and risks of future development.

Munich, November 23, 2007

KPMG Deutsche Treuhand-Gesellschaft

Aktiengesellschaft

Wirtschaftsprüfungsgesellschaft

Prof. Dr. Nonnenmacher v. Heynitz

Wirtschaftsprüfer Wirtschaftsprüfer

(Independent Auditors)