31.2.2 Securities market Side Trade Confirmation

PHP-250802, 02-APR-1998

Pierson, Heldring en Pierson, New York

# 45/28, Hanover House,

Coopers Avenue,

Amsterdam,

Holland.

ZIP 5907-2502.

Subject: Securities Trade Confirmation

Kind Attention: Mr. William Richards,

Securities Trade Officer,

Securities Department.

Dear Sir/Madam,

We hereby confirm the Securities Deal Transaction that we have entered into with yourselves, with details as listed below:

Table 31-5 Header

Header	Details
Our Reference	000SSPT980070021
Confirmation Preparation Date & Time	02-APR-1998 10:30:20 HRS
Financial Instrument Attributes	-
Identification of Financial Instrument	ISIN DE0007236002 Siemens AG 7.5 PCT Bonds
Financial Instrument Currency	DEM
Method of Interest Computation	Actual/Actual
Next Coupon Date	01-JUL-1998
Maturity Date	01-JAN-2001
Current Interest Rate	7.5 Percent Per Annum
Next Coupon Number	05
Financial Instrument Narrative	Siemens Semi Annual Interest Bearing Five Year Bonds
Confirmation Details	-
Trade Date	01-MAR-1998
Place of Trade	New York Stock Exchange
Settlement Date	05-APR-1998
Deal Price	102.5 PCT
Number of Days Accrued	59
Settlement Amount	1,032,750.00 DEM
Quantity of Financial Instrument Confirmed	1,000,000.00 Face Amount
Trade Priority Indicator	Normal
Trade Transaction Type	Cum Coupon
Payment Mode	Against Payment
Trade Settlement conditions	Unexposed Delivery
NA	Partial Settlement of Securities is not allowed
Confirmation Parties	-
Buyer	-
Name	Goldman, Sachs & Company
Address	# 602, South End Towers, JFK Avenue, New York, U.S.A.
Seller	-
Name	Pierson, Heldring en Pierson,
Address	# 45/28, Hanover House, Coopers Avenue, Amsterdam, Holland.
Step-in Broker	-
Name	Brown Brothers Harriman
Brown Brothers Harriman	Brown Brothers Harriman
Address	Sheraton House, Jefferson Avenue, New York, USA.
Settlement Parties	-
Buyer (Receiver)	-
Name	Goldman, Sachs & Company
Address	# 602, South End Towers, JFK Avenue, New York, U.S.A.
Safekeeping Account	4820-2180
Cash Account	728412
Seller (Deliverer)	-
Name	Pierson, Heldring en Pierson,
Address	# 45/28, Hanover House, Coopers Avenue, Amsterdam, Holland.
Safekeeping Account	90568-32
Cash Account	386098-24
Receiver’s Custodian
Name	XYZ Bank AG, Frankfurt.
Address	DRESDEFF
Deliverer’s Custodian	-
Name	XYZ Bank AB, Frankfurt
Address	DEUTDEFF

Other Information:

Please acknowledge the receipt of this Trade Confirmation Message and affirm the above trade confirmation. In case of any discrepancies, please revert back to us immediately.

Please always quote Our Reference in all further correspondence with respect to above securities market-side trade confirmation.

Thanking you,

For Goldman Sachs. & Company,

New York,

USA.