En escala internacional proyectos sustentables mediante el uso del Botón de

Amortization, depreciation and impairments presented in Seg- ment information includes depreciation and impairments of property, plant and equipment, net of reversals of impairments as well as amortization and impairments of intangible assets, net of reversals of impairment.

MEASUREMENT – CENTRALLY MANAGED PORTFOLIO ACTIVITIES AND SRE:

Centrally managed portfolio activities follow the measure- ment principles of the Sectors. SRE applies the measurement principles of SFS; Total assets of SRE nets certain intercom- pany finance receivables with certain intercompany finance liabilities.

RECONCILIATION TO SIEMENS’

CONSOLIDATED FINANCIAL STATEMENTS

The following table reconciles total Assets of the Sectors, Equity Investments and SFS to Total assets of Siemens’ Con- solidated Statements of Financial Position:

September 30,

(in millions of €) 2014 2013

Assets of Sectors 24,646 23,736

Assets of Equity Investments 2,571 2,488

Assets of SFS 21,970 18,661

Total Segment Assets 49,187 44,884

Reconciliation:

Assets Centrally managed portfolio activities (154) (234)

Assets SRE 4,697 4,747

Assets of Corporate items and pensions 1 _{(1,859) (1,987)}

Eliminations, Corporate Treasury and other reconciling items of Segment information: Asset­based adjustments:

Intragroup financing receivables

and investments 42,037 40,850

Tax­related assets 3,782 3,924

Liability­based adjustments:

Liabilities 39,232 39,244

Eliminations, Corporate Treasury, other items 1 _{(32,043) (29,492)}

Total Eliminations, Corporate Treasury and

other reconciling items of Segment information 53,009 54,525 Total assets in Siemens’ Consolidated

Statements of Financial Position 104,879 101,936 1 Includes assets and liabilities reclassified in connection with discontinued

operations.

In fiscal 2014 and 2013, Corporate items and pensions in column Profit includes €(545) million and €(419) million related to Cor- porate items, as well as €(393) million and €(416) million related to Pensions, respectively. Corporate items include effects from legal and regulatory matters. In fiscal 2014, column Profit in- cludes a one-time effect of € 186 million regarding insurance matters, which were mainly included in Eliminations.

ADDITIONAL SEGMENT INFORMATION

In fiscal 2014 and 2013, Profit of SFS includes interest income of € 966 million and € 873 million, respectively and interest expenses of € 336 million and € 317 million, respectively.

NOTE 36

Information about geographies

Revenue by location of customer

Revenue by location of companies Year ended

September 30, September 30,Year ended (in millions of €) 2014 2013 2014 2013 Europe, C.I.S.,1 _Africa,

Middle East 38,732 39,390 42,383 43,426

Americas 18,756 19,644 18,425 19,555

Asia, Australia 14,433 14,411 11,112 10,463

Siemens 71,920 73,445 71,920 73,445

thereof Germany 10,857 10,652 18,602 18,944 thereof foreign countries 61,063 62,792 53,318 54,501 thereof U.S. 12,876 13,110 13,793 14,887

1 Commonwealth of Independent States.

Non­current assets September 30,

(in millions of €) 2014 2013

Europe, C.I.S.,1 _{Africa, Middle East 17,053 17,404}

Americas 12,175 12,598

Asia, Australia 2,753 2,752

Siemens 31,981 32,755

thereof Germany 6,497 6,510

thereof foreign countries 25,484 26,245

thereof U.S. 10,861 11,205

1 Commonwealth of Independent States.

Non-current assets consist of property, plant and equipment, goodwill and other intangible assets.

NOTE 37

Related party transactions

Siemens has relationships with many joint ventures and asso- ciates in the ordinary course of business whereby Siemens buys and sells a wide variety of products and services generally on arm’s length terms. For information regarding our subsidiar-

ies, joint ventures and associated in fiscal 2014 see NOTE 5

INTERESTS IN OTHER ENTITIES and NOTE 41 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES PURSUANT TO SECTION 313 PARA. 2 OF THE GERMAN COMMERCIAL CODE. Information regarding our subsidiar- ies, joint ventures and associates for fiscal 2013 are presented in the List of subsidiaries and associated companies published separately in the German Electronic Federal Gazette (elektro- nischer Bundesanzeiger).

Sales of goods and services and other income from trans- actions with joint ventures and associates as well as purchase of goods and services and other expenses from transactions with joint ventures and associates are as follows:

Sales of goods and services and other income

Purchases of goods and services and other expenses Year ended

September 30, September 30,Year ended (in millions of €) 2014 2013 2014 2013

Joint ventures 230 336 23 12

Associates 747 1,008 165 214

977 1,345 188 226

Receivables from joint ventures and associates and liabilities to joint ventures and associates are as follows:

Receivables Liabilities September 30, September 30, (in millions of €) 2014 2013 2014 2013 Joint ventures 198 54 72 12 Associates 82 222 255 121 280 276 327 133

As of September 30, 2014 and 2013, loans given to joint ven- tures and associates amounted to € 21 million and € 17 million, respectively. In the normal course of business the Company regularly reviews loans and receivables associated with joint ventures and associates. In fiscal 2014 and 2013, the review resulted in net gains related to valuation allowances totaling € 13 million and net losses related to valuation allowances totaling € 27 million, respectively. As of September 30, 2014 and

2013, valuation allowances amounted to € 26 million and

€ 42 million, respectively.

As of September 30, 2014 and 2013, guarantees to joint ventures and associates amounted to € 2,904 million and € 2,789 million, respectively, including the HERKULES obligations of € 1,490 mil- lion and € 1,890 million, respectively. For additional information regarding the HERKULES obligations as well as for information regarding guarantees in connection with the contribution of

the SEN operations into Unify (EN) see NOTE 27 COMMITMENTS

AND CONTINGENCIES. As of September 30, 2014 and 2013, guaran- tees to joint ventures amounted to € 593 million and € 431 mil- lion, respectively. As of September 30, 2014 and 2013, the Company had commitments to make capital contributions of € 107 million and € 187 million to its joint ventures and asso- ciates, therein € 56 million and € 107 million related to joint ven- tures, respectively. For a loan raised by a joint venture, which is secured by a Siemens guarantee, Siemens granted an addi- tional collateral. As of September 30, 2014 and 2013 the out- standing amount totaled to € 129 million and € 134 million, re- spectively. As of September 30, 2014 and 2013 there were loan commitments to joint ventures and associates amounting to € 81 million and € 90 million, respectively, therein € 81 million and € 90 million, respectively related to joint ventures. PENSION ENTITIES

For information regarding the funding of our pension plans refer to NOTE 22 POST-EMPLOYMENT BENEFITS.

RELATED INDIVIDUALS

Related individuals include the members of the Managing Board and Supervisory Board.

In fiscal 2014 and 2013 members of the Managing Board received cash compensation of € 17.9 million and € 17.0 million. The fair value of stock-based compensation amounted to € 10.7 million and € 17.6 million for 170,444 and 213,394 Stock Awards, respectively, in fiscal 2014 and 2013. In fiscal 2014 and 2013 the Company granted contributions under the BSAV to members of the Managing Board totaling € 5.1 million and € 6.4 million.

Therefore in fiscal 2014 and 2013, compensation and benefits, attributable to members of the Managing Board amounted to € 33.7 million and € 41.0 million in total, respectively.

In compensation for the forfeiture of stock, pension benefits, health benefits and transitional remuneration from her former employer, the Supervisory Board granted Ms. Davis a one-time amount of € 5.5 million. This amount will be provided 20 % in cash, 30 % in the form of Siemens Stock Awards and the re- maining 50 % as a special contribution to the pension plan. In fiscal 2014, the following settlements have been agreed in connection with termination of Managing Board memberships: As Barbara Kux’s appointment to the Managing Board expired regularly on November 16, 2013, no compensatory payments were agreed upon. The 51,582 Stock Awards already granted in the past for fiscal 2011, 2012 and 2013, for which the restriction period is still running, will be absolutely maintained, in accor- dance with the terms of her contract with the Company. The respective fair value of these Stock Awards at grant date amounted to € 3.47 million.

In connection with the mutually agreed termination of Peter Y. Solmssen’s activity on the Managing Board as of December 31, 2013, it was agreed that his contract with the Company would remain in effect until March 31, 2015. The entitlements agreed under the contract will remain in effect until that date. These will not include the fringe benefits under the contract, partic- ularly the Company car and contributions toward the cost of insurance, which will be covered until the contract ends by a monthly lump-sum payment of € 11,500. The 51,582 Stock Awards already granted in the past for fiscal 2011, 2012 and 2013, for which the restriction period is still in progress, will be absolutely maintained. The respective fair value of these Stock Awards at grant date amounted to € 3.47 million. Mr. Solmssen was also reimbursed for relocation costs, in accordance with the commitment he received when he took office. The Company furthermore reimbursed Mr. Solmssen for out-of- pocket expenses of € 100,000 plus value-added tax.

In connection with the mutually agreed termination of Dr. Michael Süß’s activity on the Managing Board as of May 6, 2014, it was agreed that his current contract with the Company would termi- nate as of September 30, 2014. The entitlements agreed under the contract remained in effect until that date. Dr. Süß received a compensatory payment in the gross amount of € 4.3 million in connection with the mutually agreed premature termination of his activity as a member of the Managing Board, together with a one-time special contribution of € 0.8 million to the BSAV, to be credited in January 2015. It was also agreed with Dr. Süß that the

long-term stock-based compensation (8,126 Stock Awards) for fiscal 2014 will be calculated once the actual target attainment is available, and will be granted at the usual date. The 46,399 Stock Awards already granted in the past and those for fiscal 2014, for which the restriction period is still running, will be absolutely maintained (54,525 Stock Awards), in accordance with the terms of his contract with the Company, and will be settled in cash in September 2015 at the closing price of Siemens stock in Xetra trading on May 6, 2014 (€ 93.91). The respective fair value of the Stock Awards already granted in the past at grant date amounted to € 3.16 million. The Stock Awards for fiscal 2014 are included in the above mentioned stock-based compensation amount. Dr. Süß agreed not to take up activities for any of significant competitor of Siemens for a period of one year after the end of his employ- ment contract ‒ that is, until September 30, 2015. For this post-contractual non-compete commitment, he will be paid a monthly total of gross € 65,000.

In fiscal 2013, in connection with termination of Managing Board membership, compensatory payments amounting to € 20.4 million (gross) and one-time special contributions amount- ing to € 3.1 million to the BSAV were agreed. It was also agreed that these members of the Managing Board receive their long- term stock-based compensation for fiscal 2013 (41,554 Stock Awards), which will be settled in cash, and is included in the above mentioned stock-based compensation amount. The Company has furthermore agreed to reimburse out-of-pocket expenses up to a maximum of € 130,000 plus value-added tax. The 175,382 Stock Awards that were granted in the past and for which the restriction period is still in effect, will be absolutely maintained. The respective fair value of these Stock Awards at grant date amounted to € 11.5 million.

In fiscal 2014 and 2013, expense related to share-based pay- ment and to the Share Matching Program amounted to € 16.1 million (including the above mentioned Stock Awards in con- nection with the departure from members of the Managing Board) and € 23.2 million (including the above mentioned Stock Awards in connection with the departure from members of the Managing Board), respectively. For additional informa-

tion regarding the Share Matching Program see NOTE 32

SHARE-BASED PAYMENT.

Former members of the Managing Board and their surviving dependents received emoluments within the meaning of Sec- tion 314 para. 1 No. 6 b of the German Commercial Code totaling € 24.2 million (including € 7.9 million in connection with the above mentioned departure from members of the Managing Board) and € 33.1 million (including € 18.2 million in connection with the above mentioned departure from a member of the Managing Board) in fiscal 2014 and 2013.

The defined benefit obligation (DBO) of all pension commit- ments to former members of the Managing Board and their survivors as of September 30, 2014 and 2013 amounted to € 234.4 million and € 192.5 million. For additional information see NOTE 22 POST-EMPLOYMENT BENEFITS.

Compensation attributable to members of the Supervisory Board comprises in fiscal 2014 and 2013 of a base compensation and additional compensation for committee work and amounted

to € 5.1 million and € 4.9 million (including meeting fees),

respectively.

No loans and advances from the Company are provided to mem- bers of the Managing Board and Supervisory Board.

Information regarding the remuneration of the members of the Managing Board and Supervisory Board is disclosed on an indi- vidual basis in the Compensation Report, which is part of the

Combined Management Report. The chapter B.4 COMPEN-

SATION REPORT is presented within the chapter B. CORPORATE GOVERNANCE.

In fiscal 2014 and 2013, no other major transactions took place between the Company and the other members of the Manag- ing Board and the Supervisory Board.

Some of our board members hold, or in the last year have held, positions of significant responsibility with other entities. We have relationships with almost all of these entities in the ordinary course of our business whereby we buy and sell a wide variety of products and services on arm’s length terms.

NOTE 38

Principal accountant fees