% 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