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108 A. To our Shareholders 131 B. Corporate Governance 171 C. Combined Management Report

Equity interest
in %September , 
SMart Wind SPC  Limited, London / United Kingdom 50
SMart Wind SPC  Limited, London / United Kingdom 50
SMart Wind SPC  Limited, London / United Kingdom 50
Americas ( companies)
Cia Técnica de Engenheria Eletrica Sucursal Argentina
VA TECH ARGENTINA S.A. Union transitoria de Empresas,
Buenos Aires / Argentina 30
Brockton Power Company LLC, Boston, MA / United States 23
Brockton Power Holdings Inc., Boston, MA / United States 25
Brockton Power Properties, Inc., Boston, MA / United States 25
Cyclos Semiconductor, Inc., Wilmington, DE / United States 32
PhSiTh LLC, New Castle, DE / United States 33
Power Properties Inc., Boston, MA / United States 25
Rether networks, Inc., Berkeley, CA / United States 30
Siemens First Capital Commercial Finance, LLC, Oklahoma City,
OK / United States 51
Innovex Capital En Tecnologia, C.A., Caracas / Venezuela,
Bolivarian Republic of 20, 
Asia, Australia ( companies)
Exemplar Health (NBH) Partnership, Melbourne / Australia 50
Exemplar Health (SCUH) Partnership, Sydney / Australia 50
Magellan Technology Pty. Ltd., Annandale / Australia 21
ChinaInvent (Shanghai) Instrument Co., Ltd,
Shanghai / China 30
DBEST (Beijing) Facility Technology Management Co., Ltd.,
Beijing / China 25
Equity interest
in %September , 
FCE (Beijing) Heat Treatment Technology Co., Ltd.,
Beijing / China 30
GSP China Technology Co., Ltd., Beijing / China 50
ROSE Power Transmission Technology Co., Ltd,
Anshan / China 50
Saitong Railway Electrification (Nanjing) Co., Ltd.,
Nanjing / China 50
Shanghai Electric Power Generation Equipment Co., Ltd.,
Shanghai / China 40
Shanghai Electric Wind Energy Co., Ltd., Shanghai / China 49
Siemens Traction Equipment Ltd., Zhuzhou,
Zhuzhou / China 50
Xi’An X-Ray Target Ltd., Xi’an / China 43
Zhenjiang Siemens Busbar Trunking Systems Co. Ltd.,
Yangzhong / China 50
Bangalore International Airport Ltd., Bangalore / India 26
Transparent Energy Systems Private Limited,
Pune / India 25
P.T. Jawa Power, Jakarta / Indonesia 50
PT Asia Care Indonesia, Jakarta / Indonesia 40
Kanto Hochouki Co., Ltd., Ibaragi / Japan 25
Kikoeno Soudanshitsu Co., Ltd., Tochigi / Japan 50
Koden Co., Ltd., Hiroshima / Japan 43
Yaskawa Siemens Automation & Drives Corp.,
Kitakyushu / Japan 50
Power Automation Pte. Ltd., Singapore / Singapore 49
Modern Engineering and Consultants Co. Ltd.,
Bangkok / Thailand 40
1 Control due to a majority of voting rights.
2 Control due to rights to appoint, reassign or remove members of the key
management personnel.
3 Control due to contractual arrangements to determine the direction
of the relevant activities.
4 No control due to substantive removal or participation rights held by other parties.
5 No control due to contractual arrangements or legal circumstances.
6 No significant influence due to contractual arrangements or legal circumstances.
7 Significant influence due to contractual arrangements or legal circumstances.
8 Not consolidated due to immateriality.
9 Not accounted for using the equity method due to immateriality.
10 Exemption pursuant to Section  b German Commercial Code.
11 Exemption pursuant to Section  () German Commercial Code.