Compensation Report → A. Fiscal 2023 in retrospect income, was 1.17. We thus achieved a cash conversion rate that contributed strongly to the average required to reach our target of 1 minus annual comparable revenue growth rate over a cycle of three to five years. Siemens’ strong operating performance in fiscal 2023 is reflected in the Managing Board’s variable compensation, which takes into account not only financial success but also environmental and social aspects. As a result, the compensation of the Managing Board members is also oriented toward the interests of the shareholders as well as the other stakeholders of Siemens AG. Composition of the Managing Board and the Compensation Committee There were no changes in the composition of the Managing Board of Siemens AG in fiscal 2023. In fiscal 2023, the Managing Board comprised Dr. Roland Busch (President and CEO), Cedrik Neike, Matthias Rebellius, Prof. Dr. Ralf P. Thomas and Judith Wiese. Following the scheduled departure of Michael Diekmann, the previous Chairman of the Compensation Committee of the Supervisory Board of Siemens AG, from the Supervisory Board and thus also from the Compensation Committee, the Compensation Committee elected Matthias Zachert to serve as its new Chairman, effective February 10, 2023. Grazia Vittadini has been a new member of the Compensation Committee since February 2023. As of September 30, 2023, the Compensation Committee comprised Matthias Zachert (Chairman), Harald Kern, Jürgen Kerner, Jim Hagemann Snabe, Birgit Steinborn and Grazia Vittadini. Vote on the Compensation Report for fiscal 2022 at the 2023 Annual Shareholders‘ Meeting The Compensation Report for fiscal 2022 was prepared in accordance with Section 162 of the German Stock Corporation Act (AktG), and its content was also audited by the independent auditors, beyond the requirement of Section 162 para. 3 sent. 1 and 2 of the German Stock Corporation Act (AktG). The Compensation Report on the compensation individually awarded and due to the members of the Managing Board and the Supervisory Board of Siemens AG in fiscal 2022 was approved by a majority of 92.09% of the valid votes cast at the Annual Shareholders’ Meeting on February 9, 2023. In view of the high level of approval, the Compensation Report for 2023 is basically unchanged in structure and scope. In addition, no changes to the compensation system were deemed necessary for fiscal 2023. Pursuant to Section 120a para.1 sent. 1 of the German Stock Corporation Act (AktG), the compensation system for Managing Board members must be submitted for regular approval by the Annual Shareholders’ Meeting in February 2024. In this connection, the compensation system has been subjected to a comprehensive review and adjusted. The compensation system as of fiscal 2024 is available on the Company website as part of the Notice of Annual Shareholders’ Meeting. FISCAL 2023 5