Report of the Supervisory Board Company’s sustainability strategy. We concerned our and sustainability, as of the first quarter. We were in- - formed about the current business position of Siemens selves with the Company’s strategic orientation and with Healthineers and that of its Diagnostics Business Area, in progress in its sustainability-related transformation. We particular. discussed the Company’s business opportunities con- nected with sustainability-related factors and concerned Due to the regular election of ten employee representa - ourselves with business potential particularly in the ar- tives and seven shareholder representatives on the eas of decarbonization, energy efficiency and resource Supervisory Board, a constituent meeting of the Super- efficiency. Regulatory requirements – in particular, the visory Board was held immediately after the Annual EU taxonomy and the Corporate Sustainability Reporting Shareholders’ Meeting on February 9, 2023. At this meet- Directive (CSRD) – and their impact on Siemens were ing, the Supervisory Board confirmed Birgit Steinborn also topics of our discussions. In addition, we discussed as the Supervisory Board’s First Deputy Chairwoman and the Siemens Energy investment and the format of the Dr. Werner Brandt as the Supervisory Board’s Second 2024 Annual Shareholders’ Meeting. Finally, we dealt Deputy Chairman, effective the beginning of their re- with Managing Board compensation and approved a pro- spective new electoral periods. The Supervisory Board posal regarding the engagement of the auditors of the also elected the members of its committees. Compensation Report for fiscal 2023. At the beginning of May 2023, the members of the The Supervisory Board meeting on September 22, 2023, Managing and Supervisory Boards met several times in was held in Berlin, where we gained an insight into the smaller groups (so-called multilateral strategy sessions) future-oriented project Siemensstadt Square and, on a tour to consider and discuss in detail topics of strategic of the Röhrenwerk tube plant, familiarized ourselves with importance to the Company. the advanced production and manufacturing methods at the long-standing location. At the meeting, the Managing At our meeting on May 16, 2023, the Managing Board Board reported on the state of the Company. The person- reported on the Company’s current business and finan- nel strategy of Siemens AG was again a focus of the meet- cial position, including personnel-related matters and ing. Following up on its reporting on December 7, 2022, sustainability, as of the second quarter. As part of a stra- the Managing Board informed us about the strategic tegic focus, we concerned ourselves at this meeting – on approach to systematic workforce training, which aimed the basis of the strategy discussions held in the previous to drive the organization’s transformation and empower weeks in smaller groups with the Managing Board – ex- its employees to continuously learn and grow. We dis- tensively and in detail with the growth targets and the cussed the Managing Board’s considerations regarding the further implementation of Siemens’ strategy as a focused 2024 budget. A further focus of the meeting was Manag- technology company. For Siemens Xcelerator, our open ing Board compensation, whose appropriateness had digital business platform, growth targets for the portfolio been confirmed by an internal review. After preparation by at the Siemens and business level were presented in de- and on a recommendation of the Compensation Commit- tail and the status of the two pillars “ecosystem” and tee, we approved an adjustment of the compensation “marketplace” were discussed. We were also informed system for the Managing Board as of fiscal 2024. As part of about the current business position of Siemens Healthi- the annual review of Managing Board compensation and neers and about progress in the integration of Varian. We after preparation by and on a recommendation of the approved amendments to the Bylaws for the Managing Compensation Committee, we determined each Manag- Board, for the Supervisory Board and for the Chairman’s ing Board member’s individual total target compensation Committee, the Audit Committee, the Innovation and and maximum compensation and defined the perfor- Finance Committee, and the Compensation Committee mance criteria for variable compensation for fiscal 2024. In of the Supervisory Board. addition, we dealt with matters relating to corporate gov- ernance – in particular, the Declaration of Conformity with At our meeting on August 9, 2023, the Managing Board the German Corporate Governance Code. We approved reported on the Company’s current business and finan- amendments to the Bylaws for the Managing Board and cial position and on personnel-related matters as of the changes to the diversity concept for the Managing Board. third quarter. One focus of the meeting was the We also concerned ourselves with the independence of FISCAL 2023 4