Compensation Report → B. Compensation of Managing Board members B.2.2 Maximum compensation The maximum compensation of each Managing Board member is determined annually by the Supervisory Board in accordance with Section 87a para. 1 sent. 2 No. 1 of the German Stock Corporation Act (AktG). Maximum compensation is equal to the total of the maximum amounts of all compensation components that can possibly be paid out to each Managing Board member for the relevant fiscal year. It is calculated by adding base salary, maximum fringe benefits and the BSAV contribution (or the amount for free disposal) as well as two times the Bonus target amount and three times the Stock Awards target amount. Twice the Bonus target amount and triple the Stock Awards target amount also correspond to the respective limits (individual caps) on the amount of variable compensation. The following table shows the maximum compensation of each Managing Board member as approved by the Supervisory Board for fiscal 2023 in accordance with Section 87a para. 1 sent. 2 No. 1 of the German Stock Corporation Act (AktG). Maximum compensation fiscal 2023 Managing Board members in office on September 30, 2023 Dr. Roland Cedrik Matthias Prof. Dr. Ralf P. Judith (€ thousand) Busch Neike Rebellius Thomas Wiese Fixed Base salary 1,770 1,102 1,102 1,102 1,102 compensation + Fringe benefits (maximum amount) 133 83 83 83 83 BSAV contribution / + amount for free disposal 991 617 551 617 551 Variable Bonus for fiscal 2023 compensation + (two times target amount) 3,540 2,203 2,203 2,203 2,203 Stock Awards 2023 vesting: 2022 – 2026 + (three times target amount) 10,020 4,410 4,140 6,435 4,140 = Maximum compensation 16,454 8,414 8,078 10,439 8,078 The base salary and the BSAV contribution (or the amount for free disposal) are fixed amounts. In no case did the fringe benefits awarded to a Managing Board member exceed the maximum amount defined for fiscal 2023. The Bonus cap was not reached in fiscal 2023. Since the 2023 Stock Awards tranche is not due until November 2026, compliance with the maximum limit of the Stock Awards for fiscal 2023 can be finally assessed only in November 2026, when the 2023 Stock Awards tranche is settled. The final assessment of compliance with the maximum compensation for fiscal 2023 will be included in the Compensation Report for fiscal 2027. B.2.3 Appropriateness of compensation The Supervisory Board conducted the annual review of Managing Board compensation in order to determine the latter’s appropriateness and conformity with market conditions. For this purpose, the Supervisory Board assessed the compensation’s level and structure relative to the companies included in the DAX 40, the German blue-chip stock index, and relative to the companies included in the STOXX Europe 50 (horizontal comparison). In the course of its review, the Supervisory Board also assessed the development of Managing Board compensation relative to the compensation of Senior Management and Siemens’ total workforce in Germany (vertical comparison). Senior Management comprises executive employees. The total workforce comprises Senior Management as well as the Siemens employees who are covered by collective bargaining agreements and those who are not. In addition to a status quo analysis, the vertical comparison took into account the development of compensation ratios over time. Since Siemens Healthineers is a separately managed, publicly listed company, its workforce was not included in the vertical comparison. The appropriateness review of Managing Board compensation for fiscal 2023 has shown that Managing Board compensation is appropriate. FISCAL 2023 12