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PTC and Siemens Business Services Partner to Deliver Collaborative Product Commerce Solutions Globally

World-leading Consultant to Offer Windchill

NEEDHAM, Mass., - October 29, 2001 - PTC (Nasdaq: PMTC), the product development company(tm), and Siemens Business Services (SBS), a world-leading e-business consultant and Implementation Company, today announced that the two companies have entered into an agreement to jointly deliver Collaborative Product Commerce (CPC) solutions as part of SBS' Collaborative Lifecycle Management (CLM) practice.

SBS has signed a global Enterprise Consulting Partnership (ECP) Agreement with PTC, the world's largest software company focused on product development. The agreement, based on the PTC(r) Windchill(r) software solutions suite, is intended to deliver a robust, Net-native environment for connecting engineers, suppliers, manufacturers and customers to collaborate via the Internet on product development.

Managing the product development process in a collaborative manner is becoming critically important as functions such as manufacturing and design are increasingly outsourced, and suppliers and customers are often globally dispersed. PTC's Windchill addresses those needs putting companies on the fast track to operational excellence, greater customer intimacy and higher levels of product innovation.

Mr. Donat Schlemer, general manager of SBS's German Business Information Management division, stated, "We are committing to certifying a large group of consultants on Windchill as we expect this technology platform to become one of the clear market leaders in this rapidly evolving business."

Mr. Trenton Brown, PTC's executive vice president added, "With SBS as an partner in the CPC space, we have formed a strategic alliance for a strong driving force that will start in Germany."

The partnership between PTC and SBS formalizes an existing successful relationship between the two companies. The companies plan to target customers in the communication, high-tech and discrete manufacturing markets.

About PTC
PTC (Nasdaq: PMTC) develops, markets, and supports software solutions and services that help manufacturers get superior products to market before their competitors. PTC is the world's largest software company with a total commitment to product development. The company services more than 32,000 customers worldwide. Further information on PTC is available at http://www.ptc.com.

About Siemens
Siemens Business Services is one of the world's leading suppliers of electronic and mobile business. With its comprehensive know-how and specific sector knowledge, SBS offers Solutions and services from a single source - from consulting through system integration to responsibility for the customers' entire business process, and management of IT infrastructures. In fiscal 2000 (ended 30 September 2000), SBS achieved sales of EUR 5.8 billion. The company has 33,500 employees worldwide. Further information at: http://www.sbs.siemens.com.

Except for the historical information contained herein, matters discussed in this news release may constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include: the ability of PTC and SBS to anticipate and adequately respond to evolving customer requirements, to successfully develop, integrate and support their respective technologies in order to deliver products and services that meet those requirements and to coordinate activities (such as sales, marketing, implementation and support); the effects of a weakening economy which may impact the overall demand for software and related services; as well as such other risks and uncertainties as are detailed from time to time in reports filed by PTC with the Securities and Exchange Commission, including PTC's most recent reports on Form 10-K and 10-Q.