Compensation Report → B. Compensation of Managing Board members At the end of the vesting period, the change in Siemens’ TSR as well as that of the sector index is determined by comparing the TSR reference values with the TSR performance values. Calculation of TSR reference values and TSR performance values for Stock Awards FYn FYn+1 FYn+4 NOV OCT NOV OCT 12 months 36 months TSR reference values for TSR performance values for -> MSCI World Industrials index -> MSCI World Industrials index Siemens AG -» Siemens AG The following applies for the determination of target achievement. Calculation of TSR target achievement 200% • If the change in the TSR of Siemens AG is at least r 20 percentage points above that of the sector index, target achievement is 200%. • If the change in the TSR of Siemens AG is equal to 100% that of the sector index, target achievement is 100%. achievement • If the change in the TSR of Siemens AG is at least 20 percentage points below that of the sector index, Target target achievement is 0%. 0% Relative If the change in the TSR of Siemens AG is between TSR 20 percentage points above and 20 percentage points (20) ppts. +20 ppts. below that of the sector index, target achievement is Siemens compared to MSCI World Industrials index calculated using linear interpolation. Environment, social and governance – The Siemens-internal ESG/Sustainability index is based on three equally weighted, structured and verifiable ESG key performance indicators. At the beginning of each tranche, the Supervisory Board defines the target values for each of the ESG key performance indicators. Target measurement is based on defined interim targets for each fiscal year. Target achievement for the Siemens-internal ESG/Sustainability index is finally determined at the end of the approximately four-year vesting period on the basis of the weighted average of the target achievement values calculated for each of the key performance indicators. Determination of total target achievement At the end of the approximately four-year vesting period, the Supervisory Board determines the degree of target achievement. The target achievement range for TSR and for the Siemens-internal ESG/Sustainability index is between 0% and 200%. If target achievement is less than 200%, a number of Siemens Stock Awards equivalent to the shortfall are forfeited without refund or replacement and a correspondingly smaller number of shares is transferred. The value of the Siemens shares transferred after the expiration of the vesting period is also capped at 300% of the target amount. If this cap is exceeded, a corresponding number of Stock Awards is forfeited without refund or replacement. FISCAL 2023 20