Joint Venture Termination

Oxford Instruments PLC
11 November 2003

11 November 2003

 Oxford Instruments plc sells its stake in Oxford Magnet Technology Limited to
                                  Siemens plc

Oxford Instruments plc ("Oxford Instruments"), the advanced instrumentation
company, announces today that it has agreed to sell its 49% share of the Oxford
Magnet Technology Limited (OMT) joint venture to Siemens plc for a total cash
consideration of £9.1 million, representing the value of Oxford Instruments'
shareholding and ongoing use of certain intellectual property.   OMT
manufactures superconducting magnets for the magnetic resonance imaging (MRI)
bodyscanners used in hospitals throughout the world for medical diagnosis.   The
transaction is subject to formal approval under German competition law. The
funds will be held on deposit by Oxford Instruments pending reinvestment.

In the year to 31 March 2003, Oxford Instruments' share of the pre-tax profits
of OMT was £1.2 million and the balance sheet value of its 49% shareholding in
OMT amounted to £1.8 million as at 31 March 2003.

As reported previously, Siemens had indicated an intent to exercise its right
under the joint venture agreement to increase its shareholding when the initial
15-year term of the joint venture ended in September 2004.  Following a review
of the priorities for future development of their respective activities, both
shareholders have decided that it is in the best interests of all parties to
agree to an early termination of the joint venture, which now becomes a wholly
owned subsidiary of Siemens plc.

As part of the agreement, key trading relationships between Oxford Instruments,
OMT and Siemens will continue, covered by extended long-term contracts.
Consequently, Oxford Instruments will continue to supply Siemens with
superconducting wire, specialised field support in the USA and distribution
services in Japan relating to MRI magnets, such that Siemens will remain a
significant customer for Oxford Instruments.    Siemens retains the right to use
certain pre-existing Oxford Instruments' technology and know-how for MRI
applications.  Oxford Instruments retains the right to use intellectual property
developed by OMT during the period of the joint venture.

Andrew Mackintosh, Chief Executive of Oxford Instruments plc, said:   "Over its
14 year lifetime, the OMT joint venture, founded on Oxford Instruments'
technology, has generated significant shareholder value for both Oxford
Instruments and Siemens.   I am delighted that we have now reached an agreement
with Siemens going forward that preserves and enhances our trading
relationships, as well as allowing Oxford Instruments to pursue the full range
of market opportunities for superconducting magnets - an area where we are
recognised as the technology world leader."

Enquiries:

Oxford Instruments plc                           Tel: [phone]
Andrew Mackintosh, Chief Executive
Martin Lamaison, Finance Director

Siemens plc
Anne Keogh, Media Relations Manager              Tel : [phone]
Rob Simpson, Press Officer                       Tel: [phone]

Hogarth Partnership Limited
(PR advisers to Oxford Instruments plc)          Tel: [phone]
Rachel Hirst
Andrew Jaques

Notes to editors

Oxford Instruments plc

Oxford Instruments is a global leader in advanced instrumentation with group
turnover of £187m for the year ended 31st March 2003 and 1,560 employees
globally.  It is a recognised world leader in several technologies, including
the application of superconductivity, the creation of low temperatures, the
production and detection of X-rays and in neurological measurements.  The
company's products are used around the world in healthcare, semiconductor
processing, scientific research, industrial chemical analysis and quality
control.  Its customers include most of the world's major international
companies as well as the leading hospitals and research institutes.

Born out of Oxford University, with over 40 years of continuous product
development, Oxford Instruments today comprises three businesses: Analytical,
Medical and Superconductivity.

Oxford Magnet Technology Limited

Oxford Magnet Technology was founded in 1982 by Oxford Instruments to
commercialise its proprietary superconducting technology for magnets and
accessories used in magnetic resonance imaging (MRI) bodyscanners.  In 1989 it
became a joint venture between Siemens (51%) and Oxford Instruments (49%).
Customers include both Siemens and other third-party customers.

Siemens plc

With an annual turnover of £2.6 billion and 18,000 employees, Siemens in the
United Kingdom provides innovative, high quality services and solutions to
customers in a diverse range of industry sectors comprising: power, automation
and control, information and communication, medical, transportation, lighting
and household. Established in the UK in 1843, Siemens operates through a
de-centralised structure and its headquarters is in Bracknell, Berkshire. The
company made a significant contribution to the economy through its export
performance, which totalled £424 million in 2001-02.




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