Feb. 28, 2001—Siemens Solar GmbH (Siemens) and Shell Renewables (Shell) announced today that they have reached agreement to work together in their solar energy businesses.

Shell and Siemens regard this cooperation as key for growth and necessary to execute their ambitious targets for solar energy, a report from Shell said. Subject to relevant regulatory approvals and consultations, the joint venture, Siemens and Shell Solar Gmbh, will begin operation in April 2001.

The agreement follows negotiations Siemens and Shell announced at the beginning of December 2000. Shell will, initially, contribute its German solar businesses and a considerable cash injection into the joint venture, receiving newly issued shares in return. The shareholdings in the new joint venture will be: Siemens A.G. 34% E.ON Energie AG 33% and Shell 33%. Before the end of 2002 Shell will contribute its remaining business.

The joint venture will have two managing directors: Gernot Oswald, the current Managing Director of Siemens Solar and Philippe de Renzy Martin, Chief Operating Officer of Shell Solar. Philippe de Renzy Martin said: “This co-operation shows Shell’s commitment to make solar energy work. As a leading and experienced energy company we are convinced that the best way to make solar energy a major part of the energy mix is to make it a commercial success. The combination of these two experienced solar companies makes this possible.”

Gernot Oswald said: “Bundling of the complementary strengths of the partners will improve our potential to grow even faster and to expedite the worldwide implementation of solar energy.”

About Shell
Shell is involved in the manufacturing and marketing of solar photovoltaic cells, modules, systems and services. Manufacturing facilities are operated in Germany, the Netherlands, India and Japan. Sales and marketing operations have been established in Germany, the Netherlands, India, Sri Lanka, the Philippines and South Africa.

About Siemens Solar GmbH
Siemens Solar GmbH is a joint venture of Siemens AG and E.ON Energie AG. In terms of total output installed, the company is a world leader in solar systems. Siemens Solar sells its products in over 90 countries and employs about 600 people.