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Siemens Equity Story

Siemens – Equity Story Siemens Investor Relations Unrestricted | © Siemens 2024 | Equity Story

Notes and forward - looking statements Unrestricted | © Siemens 2024 | Equity Story Page 2 This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward - looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward - looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward - looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (siemens.com/ siemensreport ), and in the Interim Group Management Report of the Half - year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward - looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward - looking statements in light of developments which differ from those anticipated. This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non - GAAP - measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Unrestricted | © Siemens 2024 | Equity Story Page 3 Siemens – A leading technology company Strategy – Accelerating high value growth Why to own Siemens shares? 1 2 4 Our businesses 3

We are a leading technology company , addressing highly attractive growth markets with our global footprint We can empower our customers to master their digital transformation challenges with our technologies We combine the real and the digital worlds like no other company can and are clear leader in shaping the industrial metaverse We have the right strategy, the right team, at the right time We are pursuing a clear focus on value creation including profit, cash, stringent capital allocation and execution We support our customers across their key sustainability transformations Why to invest in Siemens Unrestricted | © Siemens 2024 | Equity Story Page 4 1 2 3 5 6 4

Siemens Group – a leading technology company Strong momentum to deliver value creating growth after Siemens Energy spin - off Unrestricted | © Siemens 2024 | Equity Story Free cash flow all - in (€bn) | in % of revenue 1 Revenue (€bn) Industrial Business Profit (€bn) | Margin FY 20 FY 21 FY 22 FY 23 55.3 62.3 72.0 77.8 14.3% FY 20 15.0% FY 21 15.1% FY 22 15.4% FY 23 7.6 8.8 10.3 11.4 6.4 8.2 8.2 10.0 FY 20 FY 21 FY 22 FY 23 Note: Revenue growt h comparable 1 as reported in respective fiscal year, FY 20 incl. Flender Earnings per share pre PPA (€) 5.95 5.47 9.93 3.37 FY 20 FY 21 FY 22 FY 23 8.32 8.84 Excluding Siemens Energy 11.2% 13.2% 11.3% Page 5 12.9% SE Impairment +8% +11.5% +11% +17% +17% +11%

Further profitable growth Outlook FY 2024 as of Q2 Unrestricted | © Siemens 2024 | Equity Story Page 6 This outlook excludes burdens from legal and regulatory matters Siemens Group Siemens Businesses Revenue growth Comparable Profit margin Digital Industries - 8% – - 4% 18% – 21% Smart Infrastructure 8% – 10% 16% – 17% Mobility 8% – 11% 8% – 10% Book - to - bill >1 Revenue growth Comparable 4% – 8% EPS pre PPA excl. SE Investment €10.40 – €11.00

Siemens Industrial Businesses by numbers Unrestricted | © Siemens 2024 | Equity Story Page 7 Page 7 Digital Industries 1 Publicly listed subsidiary of Siemens; Siemens’ share in Siemens Healthineers: 75% Smart Infrastructure Mobility Siemens Healthineers ¹ Revenue comp. growth Profit margin Employees 21.9 +15% 19.9 +15% 10.5 +15% 21.7 +1% 22.6% 15.4% 8.4% 11.7% 77.0k 75.0k 39.8k 71.2k FY 23 in €bn

Unrestricted | © Siemens 2024 | Equity Story Page 8 Americas Asia Pacific EMEA Purchasing volume ~€37bn (FY 23) 24% 54% 22% Revenue €77.8bn (FY 23) 29% 47% 24% Factories ~ 175 25% 48% 27% Germany 16% China 12% USA 24% Siemens Group – well balanced footprint across geographies Diversified supply chain and proactively managed risk exposure

Europe • Nucleus of digital technologies in the industrial metaverse • ~€500m investment in expansion of development and manufacturing in Siemens Industrial Campus Erlangen Americas • New high - tech plant in Dallas - Fort Worth, state - of - the - art reliable and efficient electrical equipment • Complemented by extensions in Grand Prairie, TX, and Pomona, CA Asia • New high - tech factory for DI Factory Automation in Singapore • Expansion of twin factory in Chengdu and new digital innovation center in Shenzhen Unrestricted | © Siemens 2024 | Equity Story Page 9 Note: Selected projects only Targeted investment strategy of ~€2bn to boost future growth, innovation and resilience Expanding global high - tech manufacturing, innovation labs and education centers

Unrestricted | © Siemens 2024 | Equity Story Page 10 Siemens – A leading technology company Strategy – Accelerating high value growth Why to own Siemens shares? 1 2 4 Our businesses 3

Five megatrends shape our future Unrestricted | © Siemens 2024 | Equity Story Page 11 Demographic change • Aging society impacting healthcare systems • Productivity improvements as main GDP growth driver in particular mature markets • Heterogeneous population growth among regions impacting labor development and migration Glocalization • From globalization to glocalization • Shifting center of gravity from EU27 and USMCA to RCEP and India • Demand for higher resilience Environmental change • Climate change • Biodiversity loss • Pollution • Scarcity of resources • Increasing material extraction and circular economy Urbanization • Urbanization especially in developing regions • Increasing investment in buildings and infrastructure • Growing importance of vertical farming • Increasing demand for urban transport and and logistics Digitalization • Digital value creation • Connectivity and IoT • Automation • Artificial intelligence • Industrial metaverse • Cybersecurity USMCA: United States, Mexico, Canada; RCEP: Regional Comprehensive Economic Partnership

Innovation investments as key lever ... ... to drive market leadership & profitable growth Leadership in digitalization, decarbonization and resource efficiency Stringent capital allocation in future growth fields creating business impact Unrestricted | © Siemens 2024 | Equity Story Page 12 8.0% Further increase R&D in €bn ~8% R&D in % of revenue DI SI MO SHS T/Other 1.9 0.8 2.9 0.4 0.2 FY 23 FY 24e Digital Industries • Industrial Operations X, e.g. SW defined control, next generation inverters with Digital Twin and edge connectivity • Expand SaaS offerings and EDA functionality Mobility • Lifecycle optimized Rolling Stock and Rail Infrastructure • Alternative propulsions Siemens Company Core Technologies (CCT) • >€500m annual invest to drive technology leadership • Intensified collaboration across businesses e.g. for AI, cybersecurity, advanced manufacturing & circularity Smart Infrastructure • Expand market leading F - gas - free Blue GIS portfolio • Digital offerings for building management and grids

We utilize our Siemens Company Core Technologies in all businesses Unrestricted | © Siemens 2024 | Equity Story Page 13 Simulation & Digital Twin Sustainable Energy & Infrastructure User Experience Software Systems & Processes Connectivity & Edge Cybersecurity & Trust Data Analytics & AI Integrated Circuits & Electronics Power Electronics Automation Advanced Manufacturing & Circularity

Unrestricted | © Siemens 2024 | Equity Story Page 14 Technology drives sustainability We combine the real and digital worlds to make our customers more competitive, resilient and more sustainable.

#1 in Factory Automation 45 million installed automation systems #1 in Vertical Software ~200k external developers working with DI SW solutions >10m Supplyframe marketplace members #1 in Grid Protection & Automation 3 million protection relays and 300k substation automation systems 41k Employees in tech jobs therein >1,300 Cyber Security experts #1 in Rail Automation 14,000 railway vehicles and 3,000 interlockings >1.4k AI experts >500 active AI patent families #1 in Europe We are uniquely positioned to combine the real and digital worlds Unrestricted | © Siemens 2024 | Equity Story Page 15 Domain knowhow Technology portfolio Strong ecosystem

Siemens Xcelerator Scaling sustainability impact through technology and ecosystems Unrestricted | © Siemens 2024 | Equity Story Page 16 Portfolio A comprehensive, curated portfolio that includes digital and IoT - enabled offerings from Siemens, and qualified partners Ecosystem A continuously growing, powerful ecosystem of partners Marketplace An evolving marketplace to explore, educate, exchange, and transact alongside a community of customers, partners, and experts​ Our open digital business platform Enabling our customer’s digital and sustainability transformation at scale and speed

Digital Industries Smart Infrastructure Mobility Unrestricted | © Siemens 2024 | Equity Story Digital twin technologies are one key example of combining the real and digital worlds A digital twin is a virtual representation of a physical object and so offers a way to integrate real - world objects into the digital world. Siemens has the most comprehensive digital twin which covers the entire lifecycle of assets, from their design and production to operation, servicing, and maintenance. We build digital twins for products like trains, machines, and aircraft and for complex systems like buildings, chemical plants, and electricity grids. Production Products Buildings Grids Rolling stock Rail infrastructure Page 17

Digital Business revenue ¹ €bn Priorities for FY 24 Combining the real and digital worlds New offerings for Siemens Xcelerator portfolio foster growth and customer value Unrestricted | © Siemens 2024 | Equity Story Page 18 ~10% CAGR 1 “Digital Business” means Siemens vertical specific software and IoT and Digital services from Smart Infrastructure, Digital I nd ustries, Mobility, Siemens Advanta; unconsolidated values Digital Industries • Continue successful SaaS transition and grow SME customer base • Build - out EDA offering • Expand cloud - based and edge - offerings across businesses Smart Infrastructure • Go - to - market synergies with Brightly • Drive Building X, new Grid Software launches • Transform on - site services to digital Siemens Xcelerator services Mobility • Accelerated scaling of Sqills • Drive connectivity to Railigent X as key for optimized Total Cost of Ownership & profitable service business FY 20 FY 21 FY 22 FY 23 FY 25e 5.3 5.6 6.5 7.3

Unrestricted | © Siemens 2024 | Equity Story By combining the real and the digital worlds, we support our customers along key impact areas Decarbonization & energy efficiency Resource efficiency & circularity People centricity & societal impact >90% of Siemens’ business enables customers to achieve a positive sustainability impact * * Calculation based on revenue. <10% is excluded as it relates to products that contain SF6 - gas, or stems from business with sectors like oil and gas, coal mining, or coal power generation. We anticipate reducing this number over time. Applies to Siemens without SHS. Page 19

Unrestricted | © Siemens 2024 | Equity Story Our DEGREE sustainability framework Foster a culture of trust, adhere to ethical standards, and handle data with care Apply state - of - the - art systems for effective and responsible business conduct Achieve circularity and dematerialization Foster diversity, inclusion, and community development to create a sense of belonging Enable our people to stay resilient and relevant in a permanently changing environment Support the 1.5 ° C target to fight global warming D ecarbonization E thics G overnance R esource efficiency E quity E mployability A 360 ° approach to our core sustainability values Page 20

Our DEGREE sustainability framework Accelerating the implementation of our ambition Unrestricted | © Siemens 2024 | Equity Story Page 21 Baseline Progress until end of FY23 Ambitions D ecarbonization 1. Net Zero Operations by 2030, with 55% reduction by 2025 and 90% by 2030 FY 19: 737 kt CO 2 e - 55% by 2025 - 90% by 2030 2. Net zero supply chain by 2050, 20% emissions reduction by 2030 FY 20: 8,098 kt CO 2 e - 20% by 2030 - 100% by 2050 E thics 3. Striving to train 100% of our people on Siemens’ Business Conduct Guidelines every three years From FY 23 100% by 2025 G overnance 4. ESG - secured supply chain based on supplier commitment to the Supplier Code of Conduct -- -- 5. Long - term incentives based on ESG criteria 1 -- -- R esource efficiency 6. Next - level Robust Eco Design for 100% of relevant Siemens product families by 2030 FY 21: 26% 100% by 2030 7. Natural resource decoupling through increased purchase of secondary materials for metals and resins 2 -- -- 8. Circularity through waste - to - landfill reduction of 50% by 2025 and toward zero landfill waste by 2030 FY 21: 0% - 50% by 2025 ~ - 100% by 2030 E quity 9. 30% female share in top management by 2025 FY 20: 22.7% 30% by 2025 10. Access to employee share plans: maintain high level and expand globally to up to 100% 3 FY 21: 98% ~100% by 2025 11. Global commitment to the New Normal Working Model 4 -- -- E mployability 12. Increase digital learning hours to “25 by ‘25” 5 FY 20: 7h 25h by 2025 13. Access to Employee Assistance Program: maintain high level and expand globally to 100% by 2025 FY 20: 82% 100% by 2025 14. 30% improvement in Siemens’ globally aggregated LTIFR 6 by 2025 FY 20: 0.31 - 30% by 2025 1 Assessment based on the Siemens internal ESG/sustainability index, which is based on customer satisfaction (Net Promoter Scor e) , CO ₂ reduction, and digital learning hours. 2 Product specifications for the use of secondary plastics are in development. 3 Where legally possible and reasonable. 4 For employees with job profiles that make this possible and reasonable. 5 Digital learning hours per headcount on average. 6 LTIFR: Lost Time Injury Frequency Rate (Siemens employees and temporary workers). Note: the DEGREE framework and its targets apply to Siemens without SHS. - 50 % 69 % Suppliers committed 31.1% - 15 % Rollout continued Metals: 35 %, Resins < 1 % 99.9% ESG criteria anchored 51 % 96 % - 26 % 23h - 1%

Siemens Financial Framework Targets over 3 – 5 year cycle Unrestricted | © Siemens 2024 | Equity Story Page 22 Siemens 1 Excluding defined acquisition - related effects for Varian 2 Cash conversion rate: FCF/Net income 3 “Profit” represents EBITA adjusted for amortization of intangible assets not acquired in business combinations; margin range for Siemens Healthineers reflects Siemens’ expectation 4 Return on Equity after tax Targets as presented at CMD 2021 Businesses Digital Industries Smart Infrastructure Mobility Siemens Healthineers Financial Services 17 – 23 % 11 – 16% 10 – 13% 17 – 21% RoE ⁴ 15 – 20% 1 – comp. revenue growth rate ARR Service Service Profit margin range ³ Cash conversion rate Resilience KPI Revenue comparable growth Capital efficiency ROCE 1 Cash Cash conversion rate (all in) 2 Earnings EPS pre PPA Capital structure Industrial net debt/EBITDA Dividend 5 – 7% 15 – 20% 1 – comp. revenue growth rate High single - digit growth up to 1.5x Progressive dividend policy

Unrestricted | © Siemens 2024 | Equity Story Page 23 Siemens – A leading technology company Strategy – Accelerating high value growth Why to own Siemens shares? 1 2 4 Our businesses 3

Factory Automation Digital Industries Portfolio Unrestricted | © Siemens 2024 | Equity Story Page 24 Software Motion Control • Product Lifecycle Mgmt. (PLM) • Electronic Design Automation (EDA) • Digital Manufacturing • Xcelerator cloud architecture • Industrial IoT and low - code • Automation products • Engineering and SCADA software • Systems for production machines • Industrial Edge • Drives and motors • Machine tool systems • Additive manufacturing • Analytics, AI, Management & Engineering SW for machine tools and drive technology Process Automation • Automation systems and software for process industries • Process instrumentation and analytics • Power supply systems, industrial communication & identification 23% 70% Percent of revenue FY 23 Customer Services • Lifecycle services & contracts • Artificial Intelligence & Predictive maintenance software services • Industrial IoT infrastructure & connectivity serv ices 7% • Circularity & resource efficiency services • Training software & services Solutions for focus industry verticals

Customers drive their successful digital transformation and become a Digital Enterprise Creating sustainable industrial innovation Unrestricted | © Siemens 2024 | Equity Story Page 25 Digital Enterprise combines the real and digital worlds for continuous improvement of product and production in a data - driven industry. IT/OT convergence is the fundament for data - driven decision making and transparency in a Digital Enterprise. Siemens Xcelerator is our open digital business platform that accelerates the digital transformation of companies of all sizes to become a Digital Enterprise faster. Cybersecurity for a holistic security approach to protect your IP and data with a multi - layered “Defense in Depth” concept, strengthened by Zero Trust principles. Digital Threads are the maps for the digital journey based on specific business workflows and support in becoming a true Digital Enterprise. Digital Twins for precise simulation and validation of products, machines, lines and complete plants. Digital Twins are the foundation for flexible and efficient product development and manufacturing. Digital Enterprise Services help you master today’s challenges with service experts who accompany and support you along the entire digitalization journey. Artificial Intelligence augments humans in engineering processes. It fosters automation while increasing flexibility. With GenAI , humans can interact with machines in new ways.

Digital Industries Revenue split Software Revenue split €5.1bn FY 23 €21.9bn FY 23 Automation incl. Service Software EDA Mendix PLM Transition to SaaS since 2022 Digital Industries A unique powerhouse combining the real and digital worlds Unrestricted | © Siemens 2024 | Equity Story Page 26

Software as a Service (SaaS) and Cloud create opportunities for Siemens Unrestricted | © Siemens 2024 | Equity Story Page 27 New users New markets New ways of working Customer perspective Low entry price and risk Reduction of hardware and IT operations Scalability and collaboration across regions and organizations Easy deployment and continuous enhancements Siemens perspective More predictable, resilient revenue Capture key customer insights Better cash conversion than on premise model Easier access to SMEs, yet scalable land and expand for enterprises

Page 28 DI SW – Annual Recurring Revenue (ARR) Q2 22 18% Q1 23 24% Q2 23 27% Q3 23 30 % Q2 24 37% 3.1 3.5 3.6 3.7 4.0 3.9 4.1 Q1 24 33% Q4 23 9% +14% 1) +15% 1 ) SaaS transition with high momentum 1 ARR: FX comparable Share of Cloud ARR €bn Cloud ARR: • Up 1.8x y - o - y to €1.5bn 60% Q2 22 79% Q1 23 81% Q2 23 82% Q3 23 84% Q4 23 84% Q1 24 85% Q2 24 ~ 1,250 ~ 5,450 ~ 7,520 ~ 9,260 ~11,300 ~ 12,590 ~14,760 # Customers (accumulated): Customer transformation rate to SaaS: 69% 84% 59% 94% 87% 87% 89% 80% 75% 78% 79% 81% 89% Q2 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Cloud invest: • €120m in H1 FY24 | FY24: targeted invest ~€250m Share of renewals based on total contract value (TCV) Therein 75% new customers SME customers Rolling 4Q Unrestricted Unrestricted | © Siemens 2024 | Equity Story Combining the real and digital worlds Strong underlying growth momentum with SaaS transformation at high pace TARGET 4 0 % C l o u d A R R b y F Y 2 0 2 4

Digital Industries Unrestricted | © Siemens 2024 | Equity Story RESOURCE EFFICIENCY & CIRCULARITY Hugo Beck Machine Building A sustainable packaging machine thanks to the Digital Twin • 30% less packaging material vs. conventional machine and 10% lower packaging volume • 50% shorter commissioning time • 20% less energy consumption • Replaced plastic film with more easily recyclable paper DECARBONIZATION & ENERGY EFFICIENCY Stoelzle Glass Group Reducing carbon emissions and energy use in glass manufacturing • Achiev e 20% reduction in natural gas through better temperature control • Reduce municipal water use by 50% • Energy management system providing full transparency of energy use • SiGREEN provides full transparency of carbon footprint PEOPLE CENTRICITY & SOCIETAL IMPACT Greek city of Larissa Holistic water management and smart water solutions • Clean water to 300,000 citizens, wastewater treatment and irrigation networks operation • Reduced water and energy consumption by ~50% • Operational efficiency maximized and operational cost reduced Page 29

Digital Industries Financial commitments Targets over 3 – 5 year cycle Unrestricted | © Siemens 2024 | Equity Story Page 30 5 – 7% Comparable revenue growth >10% CAGR for Software ARR 1 - growth Profit margin 17 – 23% Cash conversion rate (CCR) Targets as presented at CMD 2021

Smart Infrastructure Portfolio Unrestricted | © Siemens 2024 | Equity Story Page 31 Electrification Buildings Electrical Products 28% 41% 31% • Power distribution systems • Distributed energy technology • Grid simulation and management • Micro grids • Charging infrastructure for e - vehicles • Integrated building management systems and software • Management of heating, air conditioning and ventilation • Fire safety and security • Energy and performance services • Safe power supply for buildings and communities • Low voltage power distribution • Power monitoring & optimization 1 Unconsolidated revenue % of revenue ¹ FY 23

Smart Infrastructures covers Description Unrestricted | © Siemens 2024 | Equity Story Page 32 Buildings Electrification Energy market solutions Virtual power plant Load - generation balancing Electrical vehicle charging infrastructure Renewable integration Microgrid Distributed energy solutions Demand flexibility Building performance and sustainability Energy monitoring and optimization Solutions Equipment and products Software Digital services Services Smart Infrastructure combines the real and digital worlds across energy systems, buildings and industries to become more sustainable, energy - efficient and resilient

Enabling the digital transformation of infrastructure – moving towards increasingly autonomous grids and buildings Unrestricted | © Siemens 2024 | Equity Story Page 33 Realizing future - proof electrical grids • Managing the complexity from the energy transition and ensuring reliability and resilience • Grid digital twin to resolve today’s data siloes in processes, departments and software and to facilitate decision making across all phases Creating self - adaptive smart buildings • To reduce emissions, minimize operating costs and deliver human - centric experience • Building X, a smart building suite, and digital twin as key enablers across domains to improve building operations and allow all stakeholders to seamlessly interact with the building Grids 100m+ contracted meters 1,300 grid control centers Buildings >3.7m connected devices 5bn datapoints collected and analyzed daily ~ €1.4 bn Digital revenue in FY 23

AI demand is a significant inflection for accelerated data center investment Leverage strong portfolio and capacity expansion to gain market share Unrestricted | © Siemens 2024 | Equity Story Page 34 Electrification Infrastructure, MV&LV Building Management Digital Operations Financial Services Decarbonization Services Siemens Xcelerator Fire Safety Physical Security Comprehensive portfolio • Unprecedented AI growth drives massive build out of data centers globally • Supply chains for long - lead electrical infrastructure under pressure, power & grid capacity a potential constraint • Emerging EU and US legislation will require more transparent operations reporting , drives digital & sustainability demand • Expansion of new global colocation operators as hyperscalers look for more third - party capacity Key market trends • Key customer priority – secure supply for build planning • Ongoing capacity expansion for electrification equipment in U.S. will strengthen our market position • Growth trajectory points at market share gains H1 FY 24: Orders sharply up ; Revenue up by ~25% y - o - y

Smart Infrastructure Unrestricted | © Siemens 2024 | Equity Story RESOURCE EFFICIENCY & CIRCULARITY Northumbrian Water Group Data platform to tackle household leaks and reduce water consumption • Reducing leakages and per capita water consumption for 4.5 million people • Identifying household leaks with cloud - based system to help reduce water consumption • Connecting >1 million smart water meters to a data management platform by 2030 DECARBONIZATION & ENERGY EFFICIENCY Greenergy Estonia Data center with highest levels of energy efficiency, safety and reliability • Data center consumes approximately 30% less energy than a comparable facility • AI - supported management system to improve energy consumption via thermal optimization • Visualization of electrical infrastructure to monitor and optimize power consumption PEOPLE CENTRICITY & SOCIETAL IMPACT St. Joseph Hospital Berlin Modernization of hospital systems to ensure safe patient care while increasing energy efficiency • Update of building control system for reliable operation e.g., via fast reaction to malfunctions • Modernization of energy distribution system for safe and efficient power distribution • Energy optimization via transparency of power distribution and consumption in real - time Page 35

Smart Infrastructure Financial commitments Targets over 3 – 5 year cycle Unrestricted | © Siemens 2024 | Equity Story Page 36 4 – 6% Comparable revenue growth 6 – 9% Resilient service revenue growth p.a. 11 – 16% Profit margin 1 - growth Cash conversion rate (CCR) Targets as presented at CMD 2021

Mobility Portfolio Unrestricted | © Siemens 2024 | Equity Story Page 37 Rolling Stock Rail Infrastructure Customer Services Short - distance, regional and long - distance rolling stock, product and system solutions for passenger and freight transport e.g. Velaro high speed, Vectron locomotive, Mireo commuter platforms Services for rolling stock and rail infrastructure, throughout the entire lifecycle e.g. maintenance services, digital services with Railigent X Software Software solutions for Train Planning, Inventory, Reservation and Ticketing, Mobility as a Service ( MaaS ) e.g. apps and backend systems from Hacon , Sqills, Padam Products and solutions for rail automation and electrification for Mainline, Freight and Mass Transit e.g. interlocking systems, European train control systems 49% 36% 16% Included 1 1 Revenue included in the other businesses 2 Revenue included in Rail Infrastructure Complete rail solutions integrating the entire rail portfolio and beyond e.g. turnkey projects for high - speed rail, commuter and regional rail Turnkey Included 2 % of revenue ¹ FY 23

Mobility Software Suite X: e.g. Sqills S3 Passenger for inventory, reservation, ticketing; Train Planning System (TPS); Mobility - as - a - Service ( MaaS ) Transforming infrastructure with IoT and cloud technologies: e.g. signaling in the cloud, Automatic Train Operation (ATO) over ETCS 2 Mobility drives customer value based on technology leadership Unrestricted | © Siemens 2024 | Equity Story Page 38 LCC ¹ optimized rail infra - structure & rolling stock Optimized customer experience & processes Maximized network capacity 100% system availability Best - in - class rolling stock platforms, such as Mireo, Vectron, Velaro Portfolio examples New platforms allow • Up to 25% less energy consumption • 30% less maintenance • Reduced one - time efforts Customer benefits Railigent X application suite for digital solutions and services, such as predictive maintenance • Maintenance intelligence with up to 30% reduction of unscheduled depot stops • Digital asset management for rail systems with up to 10% service reliability improvement • Unlimited scalability • Increased capacity by up to 30% on existing networks • 15% enhanced punctuality • Up to 30% more energy - efficiency • Software solutions enabling increased seat utilization, optimized network/timetable and capacity planning • MaaS platforms enabling seamless door to door travel 1 LCC: Life Cycle Cost 2 ETCS: European Train Control System

Mobility Unrestricted | © Siemens 2024 | Equity Story RESOURCE EFFICIENCY & CIRCULARITY S - Bahn Hamburg First highly automated, digitally controlled S - Bahn in regular operation • Increased network capacity of up to 30% by allowing higher density of trains in the network • Energy savings of up to 30% based on energy - optimized driving profiles • High resource efficiency by enabling existing infrastructure to manage increasing demand DECARBONIZATION & ENERGY EFFICIENCY Wheels of progress - India 1,200 locomotives of 9,000 horsepower (HP), including 35 years of full - service maintenance • India rail transport and logistics networks used daily by 24 million passengers • Expanding railway network is tipped to grow 400% by 2030 • Creating world’s largest green rail network • Locomotives save 800m+ tons of CO ₂ emissions over their lifecycle PEOPLE CENTRICITY & SOCIETAL IMPACT Brightline Florida Latest inventory and reservation system driving the shift to sustainable modes of transport • System will allow Brightline to optimally manage and maximize seat utilization, for higher capacity and yields • High - quality passenger experience in booking and managing train travel will lead to more people switching to sustainable public transportation Page 39

Mobility Financial commitments Targets over 3 – 5 year cycle 5 – 8% Comparable revenue growth >8% Service backlog growth 10 – 13% Profit margin 1 - growth Cash conversion rate (CCR) Page 40 Unrestricted | © Siemens 2024 | Equity Story Targets as presented at CMD 2021

Siemens Healthineers Structural and innovation driven growth paired with attractive margins and resilience Unrestricted | © Siemens 2024 | Equity Story Page 41 Pioneering breakthroughs in Healthcare • Leading medical technology company • Bringing breakthrough innovations to market • Helping healthcare professionals to deliver high - quality care • Achieving the best possible outcome for patients Strong investment case • Attractive structural and innovation driven growth • Sector - leading margins with further upside • Expanding portfolio into adjacent growth markets • Resilient performance – high share of recurring revenues and regional diversification Siemens is committed to remain long - term majority shareholder ¹ and participate in strong value generation 1 Shareholding of 75% as of September 30, 2023

SFS as key enabler within the Siemens ecosystem Unrestricted | © Siemens 2024 | Equity Story Page 42 Proof of existing concept SFS as captive financing arm of Siemens Contribute to Siemens growth Manage Siemens’ financial risk Contribute with SFS profit SFS is fostering accelerated value creation for Siemens with increased focus on a joint go - to - market approach, new business models and financing sustainable innovation Profound domain know - how Early involvement and better insight for credit risk valuation Highly experienced team ~50% of SFS employees have a tenure >8 years at Siemens, which is significantly higher compared to industry standard Strongly diversified portfolio High risk - bearing capacity to serve financing demand of all Siemens Businesses Strong sustainability DNA and footprint Driving sustainability at Siemens through investing in clean technologies and sustainable innovation Siemens Financial Services – Strong long - term track record of supporting Siemens business with profound in - house industrial business expertise

POC assets optimized, best owners found Best owner principle for remaining POC units Closed FY 21 Closed FY 22 Closed FY 22 Closed Q1 - 23 Portfolio Companies Successful execution of PE value creation approach, so far delivered >€3.5bn value Unrestricted | © Siemens 2024 | Equity Story Page 43 €2.0bn €0.3bn €1.1bn €0.2bn Commercial Vehicles Mail & Parcel Logistics 1 FY 23 comparable revenue in new structure (full Innomotics reported in POC). Profit margin FY 23 also on comparable basis, ex cl . €148m divestment gain from Commercial Vehicles disposal in FY 23 2 Siemens Energy Assets (SEA): certain remaining regional business activities not carved out to Siemens Energy in FY 20 due to co untry - specific regulatory restrictions or economic considerations Profit margin FY 23 ¹ 6.6% FY 23 revenue split: • Innomotics ~€3.3bn • Siemens Energy Assets ² ~€0.9bn • Airport Logistics ~€0.5bn Leading motors and large drives company Next Steps Listing of Siemens Energy India Ltd. within 2025, separation process progressing Divestment signed • Innomotics brand well received; positive customer feedback • Divestment to KPS signed, purchase price of € 3.5bn (EV) Next Steps Closing expected in H1 FY 25 with b ook gain of ~€ 2bn post tax Revenue FY 23 (comp.) ¹ €4.7bn Profit margin guide FY 24 >5% India Algeria Pakistan Greece Indonesia Assets Enterprise value in €bn, Gain from Valeo JV exit Assets transferred to Siemens Energy

Unrestricted | © Siemens 2024 | Equity Story Page 44 Siemens – A leading technology company Strategy – Accelerating high value growth Why to own Siemens shares? 1 2 4 Our businesses 3

Fully committed to accelerating value creation Unrestricted | © Siemens 2024 | Equity Story Page 45 Accelerating Value Creation Profitable growth Stringent capital allocation Strong cash generation ... based on strong investment grade rating C o m p l i a n c e E x e c u t i o n T r a n s p a r e n c y 1 Stringent capital allocation priorities balancing investments and shareholder returns 2 Leveraging innovation power and continuing transformation to drive profitable growth 3 Entire organization geared toward strong cash generation Accelerating value generation for strong and sustainable shareholder return Focus on execution, transparency and compliance boosting competitiveness 4

Stringent capital allocation balancing investments and shareholder return Unrestricted | © Siemens 2024 | Equity Story Page 46 Focused investments FY 19 – FY 23 Strong and sustainable shareholder return FY 19 – FY 23 €1 1 bn Capex €26bn R&D €20bn ¹ Acquisitions €6bn Share buyback €16bn Dividends 1 Therein acquisition of Varian ( $16.4 bn in FY 21) Note: Siemens c/o excluding Siemens Energy; cash - based view • Organic growth at attractive returns • Balanced global footprint • Strengthened portfolio Strategic Imperatives Areas of growth? 1 Potential profit pool? 2 Why Siemens? 3 Synergetic value? 4 Paradigm shift? 5 Sustainability impact? 6 • Progressive dividend policy • Expanded share buyback €57bn €22bn

% Siemens as a leading technology company creates shareholder value Unrestricted | © Siemens 2024 | Equity Story Page 47 DAX + 52 % SHS + 101 % MSCI World Ind. + 72 % Siemens +122% Oct 1, 2020 Start of new chapter as a technology company IPO Spin - off Start of re - rating Total shareholder return (TSR) | March 15, 2018 – May 16, 2024 Source : Refinitiv Note: Share prices rebased for Siemens Energy spin - off

Continued share buyback, current program finished Multi - year perspective: Progressive dividend development Stringent capital allocation for very attractive total shareholder returns Dividend yield of 2.8% 1 , share buyback expanded by up to €6bn Unrestricted | © Siemens 2024 | Equity Story Page 48 New share buyback of up to €6bn for up to 5 years commenced on February 12, 2024 1 Dividend / XETRA closing price on the day of the AGM of €169.78 2 FY 20 representing stable dividend compared to FY 19, adjusted for the 10% market value of the Siemens Energy spin - off Note: Dividend yield based on share price of €135.66 on Sept. 29, 2023  Siemens Energy Spin - off 2 €3.00 €3.30 €3.50 €3.60 €3.70 €3.80 €3.90 €3.50 €4.00 €4.25 €4.70 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 2012 2014 - 2015 2016 - 2018 2018 - 2021 2021 - 2024 €2.9bn €4.0bn €3.0bn €3.0bn €3.0bn

A strong management team Page 49 Page 49 Unrestricted | © Siemens 2024 | Equity Story Dr. Roland Busch President and CEO Cedrik Neike CEO Digital Industries Matthias Rebellius CEO Smart Infrastructure Judith Wiese CHRO and CSO Prof. Dr. Ralf P. Thomas CFO

Why to invest in Siemens Unrestricted | © Siemens 2024 | Equity Story Page 50 We are a leading technology company , addressing highly attractive growth markets with our global footprint We can empower our customers to master their digital transformation challenges with our technologies We combine the real and the digital worlds like no other company can and are clear leader in shaping the industrial metaverse We have the right strategy, the right team, at the right time We are pursuing a clear focus on value creation including profit, cash, stringent capital allocation and execution We support our customers across their key sustainability transformations 1 2 3 5 6 4