Presentation Joe Kaeser, Ralf P. Thomas and Michael Sen: Annual

Siemens delivers strong Q4, fiscal-year guidance fully achieved in all respects Joe Kaeser, Ralf P. Thomas and Michael Sen Annual Press Conference for fiscal 2019 Munich, November 7, 2019

This document contains statements related to our future business and financial This document includes – in the applicable financial reporting framework not performance and future events or developments involving Siemens that may clearly defined – supplemental financial measures that are or may be constitute forward-looking statements. These statements may be identified by alternative performance measures (non-GAAP-measures). These words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” supplemental financial measures should not be viewed in isolation or as “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also alternatives to measures of Siemens’ net assets and financial positions or make forward-looking statements in other reports, prospectuses, in results of operations as presented in accordance with the applicable financial presentations, in material delivered to shareholders and in press releases. In reporting framework in its Consolidated Financial Statements. Other addition, our representatives may from time to time make oral forward-looking companies that report or describe similarly titled alternative performance statements. Such statements are based on the current expectations and certain measures may calculate them differently. assumptions of Siemens’ management, of which many are beyond Siemens’ Due to rounding, numbers presented throughout this and other documents control. These are subject to a number of risks, uncertainties and factors, may not add up precisely to the totals provided and percentages may not including, but not limited to, those described in disclosures, in particular in the precisely reflect the absolute figures. chapter Report on expected developments and associated material opportunities and risks in the Annual Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Orders Revenue in billions of euros in billions of euros 1 +6% +3%1 91.3 98.0 83.0 86.8

FY 2018 FY 2019 FY 2018 FY 2019

1 On a comparable basis, adjusted for currency translation and portfolio effects

Profit margin for Industrial Businesses1 Earnings per share1 Adjusted EBITA margin in euros -50 bps 2 +15% 6.30 – 7.00 11.0% – 12.0%

6.93 12.0% 11.5% 6.013

FY 2018 FY 2019 FY 2018 FY 2019

1 Excluding severance charges 2 Basis points 3 Excluding portfolio gains of €1.87 in connection with stakes in Atos SE and OSRAM Licht AG

Guidance for Actual values Achieved FY 2019 for FY 2019 ?

Revenue Moderate growth +3%

Book-to-bill > 1 1.13

Profit margin 11% – 12% 11.5% Industrial Businesses1

Earnings per share1 €6.30 – €7.00 €6.93

1 Excluding severance charges

FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

FY 2013 FY 2019

LNG-to-power project Tube trains for London in Açu, Brazil High-speed trains for Russian Railways

Order backlog in 2013 Record order backlog in 2019 €100 billion €146 billion +46% Modernization of security systems for Agreement on implementation of Industrial Cloud for higher luggage screening at Spanish airports Energy Roadmap for Iraq productivity at all 122 VW plants

FY 2014 FY 2019 FY 2020e 1 For example SGRE, Portfolio Companies

#1 #1 2016 2017 #1 #1 2018 2019

Orders Revenue Margin for Industrial Businesses

+2%1 +6%1 12.5%2

Earnings per share Free cash flow Capital structure: Industrial net debt / EBITDA €1.902 €5.3bn 0.6x

1 On a comparable basis, adjusted for currency translation and portfolio effects 2 Excluding severance charges

+170 bps2 Digital 17–23% Industries 17.8% 19.5%

Q4 2018 Q4 2019

1 Excluding severance charges 2 Basis points

+10 bps2 Smart Infrastructure 10–15% 13.0% 13.1%

Q4 2018 Q4 2019

1 Excluding severance charges 2 Basis points

+90 bps2 Siemens Mobility 9–12% 11.3% 12.3%

Q4 2018 Q4 2019

1 Excluding severance charges 2 Basis points

+15 bps2 Gas and Power 8–12%

5.5% 5.6%

Q4 2018 Q4 2019

1 Excluding severance charges 2 Basis points

Effect of the distribution of Osram shares totaling €2.40 per share €5.40

1 €3.60 €3.70 €3.80 €3.90 €3.00 €3.30 €3.50

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

1 Proposal to the Annual Shareholders’ Meeting in 2020

Share buyback programs in billions of euros

Σ 10 Current share buyback program up to 3.0

4.0 2.9 3.0 1.0

20122012 20142014 –20152015 20162016 ––20182018 20182019 –20212021

The world needs Siemens Energy Siemens Energy As an Siemens Energy a sustainable, will be a driving will play a leading independent is Siemens. affordable and force in role in the energy company, we can reliable energy decarbonization. market. bundle our supply. strengths. 1 2 3 4 5

• Climate change is • No medium-term • ~88,000 employees • Capital allocation • Shares Siemens’ real and threatens alternative to high- • ~€30 billion focused on DNA and its proud human existence efficiency fossil business volume Siemens Energy company history • Energy demand is power generation • ~€70 billion • Flexible market • Siemens Energy growing worldwide • Long-term trend to order backlog access and set to develop • Electricity will be renewables, • Basis for 20% of regional presence further the backbone of our storage, power-to- today’s global • Optimal orientation energy supply X, grid expansion power generation for transition in the • THE partner no energy market matter where the journey begins Figures FY18 pro forma

November 7, March / April May June July September 2019 2020 2020 2020 2020 2020

Road- show Today Extraordinary Carveout Spinoff Capital Shareholders’ Meeting Portfolio setup completed report Market Day Leadership team Siemens AG in place defined Prospectus

Carveout concept Company name defined for each announced Listing country

15 Production in the machine-building industry in %, year-by-year comparison

5 CN 0 US JP -5 GER

July 1, 2017

-10 2017 2018 2019 2020e Sources: Federal Reserve, Nationale Statistische Ämter; Forecasts: ARC, IHS Markit, VDMA © Siemens 2019 Page 24 Munich, November 7, 2019 Annual Press Conference 2019 Outlook for fiscal 2020

Siemens Operating and Strategic Companies Siemens Group (non-listed) . Book-to-bill > 1 Adj. EBITA Revenue 1 margin . Moderate revenue growth growth1 expectation2 Mid-point growth + 4% Digital Industries Flat 17% ‒ 18% 6.41 7.00 6.30 Smart Moderate 10% ‒ 11% Infrastructure

Mobility Mid-single digit 10% ‒ 11%

Moderate 2% ‒ 5% EPS FY192 EPS FY20e2 Gas and Power

1 On a comparable basis, adjusted for currency translation and portfolio effects 2 As reported © Siemens 2019 Page 25 Munich, November 7, 2019 Annual Press Conference 2019 Vision 2020+

Focus Siemens Energy Industrial Core: Digital Industries, Accountability Smart Infrastructure and Mobility Adaptability Next-generation SIEMENS

Value

Ultimate value creation Leading in all businesses and Transformation shaping the transformation Anticipate markets and trends #RaisingTheBar Focus Accountability Adaptability

2019 2020 2021 2022 2023

Foster Ownership Culture and strengthen entrepreneurial focus

Customers Siemens AG

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