Independent Auditor’s Report (Siemens AG) as well as to the calculation of net realizable value, obtained an understanding of management’s evaluation and also considered external evidence in this regard, amongst others, on the development of stock market prices. We assessed the underlying valuation models for the determination of the net realizable value in terms of methodology and reperformed the calculations with the assistance of internal valuation specialists. We further obtained explanations from management regarding material value drivers of the planning and examined whether the budget planning reflects general and industry-specific market expectations. Forecast accuracy was assessed on a sample basis using budget-to-actual comparisons of historically forecast data with the actual results. The parameters used to estimate net realizable value such as the estimated growth rates and the weighted average cost of capital rates were assessed by comparing them to publicly available market data. We also performed our own sensitivity analyses to assess the impairment risk in the case of a reasonably possible change in one of the significant assumptions. With regard to the reversal of impairment of the investment in Siemens Energy AG, we have traced the development of the stock market price and assessed the calculation of the reversal of impairment as of September 30, 2023, considering the acquisition costs of the investment. Furthermore, we evaluated the disclosures in the notes to the annual financial statements regarding the subsequent events relating to the investment in Siemens Energy AG. Our audit procedures did not lead to any reservations relating to the valuation of non-current financial assets as of September 30, 2023. Reference to related disclosures: With regard to the recognition and measurement policies applied for the impairment of non-current financial assets, refer to chapter 3.2 Accounting and Measurement Principles in the notes to the financial statements and with respect to write-downs and write-ups of non-current financial assets, refer to chapter 3.3 Notes to the Income Statement, Note 3 Income (loss) from investments, net as well as chapter 3.4 Notes to the Balance Sheet, Note 10 Non-current assets and with respect to the subsequent events relating to the investment in Siemens Energy AG, refer to chapter 3.5 Other disclosures, Note 30 Subsequent events in the notes to the financial statements. Other Provisions for legal disputes, regulatory proceedings and governmental investigations Reasons why the matter was determined to be a key audit matter: We considered the accounting for other provisions for legal disputes, regulatory proceedings and governmental investigations (legal proceedings) out of or in connection with alleged compliance violations to be a key audit matter. These matters are subject to inherent uncertainties and require estimates that could have a significant impact on the recognition and measurement of the respective provision and, accordingly, on assets, liabilities and financial performance. The proceedings out of or in connection with alleged compliance violations are subject to uncertainties because they involve complex legal issues and accordingly, considerable management judgment, in particular when determining whether and in what amount a provision is required to account for the risks. Auditor’s response: During our audit of the financial reporting of proceedings out of or in connection with alleged compliance violations, we examined the processes implemented by Siemens for identifying, assessing and accounting for legal and regulatory proceedings. To determine what potentially significant pending legal proceedings or claims asserted also in connection with joint and several liability are known and to assess management’s estimates of the expected cash outflows, our audit procedures included inquiring of management and other persons within the Company entrusted with these matters, obtaining written statements from in-house legal counsels with respect to the assessment of estimated cash outflows and their probability, obtaining confirmations from external legal advisors and evaluating internal statements concerning the accounting treatment in the annual financial statements. Furthermore, we examined legal consulting expense accounts for any indications of legal matters not yet considered. We further considered alleged or substantiated non-compliance with legal provisions, official regulations (including sanctions) and internal company policies by inspecting internal and external statements on specific matters, obtaining written statements from external legal advisors, and by inquiring of the compliance organization. In this regard, among other procedures, we evaluated the conduct and results of internal investigations by inspecting internal reports and the measures taken to remediate identified weaknesses, and assessed on this basis whether management’s evaluation of any risks to be accounted for in the annual financial statements is plausible. Our audit procedures did not lead to any reservations relating to the accounting for proceedings out of or in connection with alleged compliance violations. Reference to related disclosures: With regard to the recognition and measurement policies applied in accounting for other provisions, refer to chapter 3.2 Accounting and Measurement Principles in the notes to the financial statements. With respect to the legal proceedings, regulatory proceedings and governmental investigations, refer to chapter 3.5 Other Disclosures, Note 25 Other financial obligations. Uncertain tax positions and recoverability of deferred tax assets Reasons why the matter was determined to be a key audit matter: The accounting for uncertain tax positions as well as deferred taxes requires management to exercise considerable judgment and make estimates and assumptions, and was therefore a key audit matter. In particular, this affects the measurement and completeness of uncertain tax positions as well as the recoverability of deferred tax assets. Auditor’s response: With the assistance of internal tax specialists who have knowledge of tax law, we examined the processes installed by management for the identification, recognition and measurement of tax positions. In the course of our audit procedures relating to uncertain tax positions, we evaluated whether management’s assessment of the tax implications of significant business transactions or events in fiscal year 2023, which could result in uncertain tax positions or influence the measurement of existing uncertain tax positions, was in compliance with tax law. In particular, this includes the tax implications arising from cross border matters, such as the determination of transfer prices, the results of tax field audits, the acquisition or disposal of company shares and corporate (intragroup) restructuring activities. In order to assess measurement and completeness of uncertain tax positions, we also obtained confirmations from external tax advisors. Further, we evaluated management’s assessments with respect to the prospects of success of appeal and tax court proceedings by inquiring of the employees of the Siemens tax department and by considering current tax case law. 3