Independent Auditor’s Reports (Group) In order to assess the valuation of the investment in fiscal year 2023, we also considered the effects for Siemens AG from the acquisition of the shares in Siemens Gamesa Renewable Energy S.A. by Siemens Energy AG, the capital increase of Siemens Energy AG and the contribution of shares in Siemens Energy AG to the Siemens Pension-Trust e.V. by Siemens AG. Furthermore, we evaluated the disclosures in the notes to the consolidated financial statements regarding the investment in Siemens Energy AG, and the reversal of the impairment, the effects of the other transactions described above as well as the events affecting Siemens Energy AG after the balance sheet date. Our audit procedures did not lead to any reservations regarding the valuation of the investment in Siemens Energy AG as of September 30, 2023. Reference to related disclosures: With regard to the recognition and measurement policies applied in accounting for investments in associates, refer to Note 2 Material accounting policies and critical accounting estimates in the notes to the consolidated financial statements. Details on the reversal of the impairment of the investment in Siemens Energy AG and the other described transactions are presented in Note 4 Interests in other entities. Regarding the subsequent events relating to the investment in Siemens Energy AG refer to Note 34 Subsequent events. Provisions for proceedings out of or in connection with alleged compliance violations Reasons why the matter was determined to be a key audit matter: We consider the accounting for provisions for proceedings out of or in connection with alleged compliance violations, including allegations of corruption and antitrust 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 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 Group 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 consolidated 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 consolidated financial statements is plausible. Furthermore, we evaluated the disclosures on proceedings out of or in connection with alleged compliance violations in the notes to the consolidated financial statements. 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 provisions, refer to Note 2 Material accounting policies and critical accounting estimates in the notes to the consolidated financial statements. With respect to proceedings out of or in connection with alleged compliance violations, refer to Note 22 Legal proceedings. Uncertain tax positions and deferred taxes Reasons why the matter was determined to be a key audit matter: Siemens operates in numerous countries with different local tax legislation. 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, the recoverability of deferred tax assets and the measurement and completeness of deferred tax liabilities. Auditor’s response: With the assistance of internal tax specialists who have knowledge of relevant local 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, 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. In assessing the recoverability of deferred tax assets, we above all analyzed management’s assumptions with respect to tax planning strategies and projected future taxable income and compared them to internal business plans. In the course of our audit procedures regarding deferred tax liabilities, we examined in particular the assumptions regarding reinvestment of subsidiaries’ retained profits for an indefinite period and assessed these taking into account dividend planning. Our audit procedures did not lead to any reservations relating to the accounting for uncertain tax positions and deferred taxes. 4