Shell Renewables to Acquire Siemens Solar

source: press release 2002.1.23

Shell Renewables (Shell), Siemens AG (Siemens) and E.ON Energie
AG (E.ON) announced today that Shell intends to acquire all the shares held by Siemens
and E.ON in their solar photovoltaic (PV) joint venture company, Siemens und Shell Solar
GmbH. The combined business, to be 100% owned by Shell, will be known as Shell Solar
with full corporate integration taking place over the next six months. The deal is subject to
relevant regulatory approvals.

Shell’s Philippe de Renzy-Martin, who will be Executive Vice President of the new company,
said: “This is good news for our customers, our staff and partners, and for the whole solar
industry. Our integrated company will have the people, the reach and the resources to build
a sustainable, commercially successful solar PV business around the world.”

The integration of the Shell and Siemens solar PV businesses brings together world-class
operations in both research & development and manufacturing and will employ around 1100
people. “Solar PV is one of the fastest-growing of all the technologies in a rapidly
developing part of the global energy market,” commented Mr de Renzy-Martin. “Shell has a
strategic commitment to making renewable energy a commercial reality, and this move is a
key step in building a strong, global solar business.”

At present, shareholdings in the joint venture are: Siemens AG 34%, E.ON Energie AG 33%
and Shell 33%. The new entity will have a fifteen per cent share of the global PV market.

The deal reaffirms the Royal Dutch/Shell Group’s commitment to new energies - solar,
wind, hydrogen and geothermal. The Group announced last year that, subject to ongoing
economic review, it would invest $0.5 billion to $1 billion over the next five years to continue
developing these businesses, concentrating primarily on solar and wind energy.

About Siemens Solar

Siemens Solar Industries L.P, headquartered in Camarillo, California., is a leading
manufacturer of photovoltaic cells and modules. SSI, an award-winning developer of
photovoltaic technology, is one of the largest suppliers of solar panels in the U.S. For sales
information, contact ssi.sales@solar.siemens.com.