Presentations, in Material Delivered to Shareholders and in Press Releases

Welcome to the press call Joe Kaeser, President and CEO Lisa Davis, Member of the Managing Board Ralf P. Thomas, Chief Financial Officer Munich, May 7, 2019

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

Value

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

2019 2020 2021 2022 2023

Key: Foster Ownership Culture and strengthen entrepreneurial focus

Vision 2020+ ‒ New structure Medium-term targets

Operating Companies Strategic Companies Accelerated comp. + 2 ppts. POC2) Digital Smart Gas Mobility SHS SGRE Industries Infra- and revenue growth CAGR structure Power

IoT Margin lift at Industrial + 2 ppts. CT / Business Next47 Service Companies Global Business Real Estate Financial Services Services Services EPS > Revenue 1) Corporate Development & Governance growth growth

1) On constant minority shareholdings © Siemens 2019 2) Portfolio Companies Page 5 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Creating a unique energy and power company – Focused resource allocation offers attractive opportunities

NewCo1) 1. Focus: . ~€30 billion orders . ~4% adj. EBITA margin Optimize resource allocation . ~€70 billion order backlog . ~88,000 employees 2. Accountability: . ~€27 billion revenue Capital market and anchor investors Vertical revenue split with energy and power

Transfer of all 3. Adaptability: SGRE shares to NewCo Conventional Generation 35% Unique offering in both conventional and renewable energy Partial GP spinoff by Sept. 2020 Oil & Gas 11% 4. Transformation: Deconsolidation, >25% to <50% Grid 21% remaining and transfer of all SGRE shares . Focus . Simplification Renewable Energy 5. Value creation: 2018 2023e 33% 2) 3) . Resource allocation SGRE Revenue growth -8% 2%-3% adj. EBITA margin ~4% 8%-12%

© Siemens 2019 1) Figures FY18 pro forma 2) Comparable growth FY17-FY18 3) CAGR FY19-FY23 Page 6 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas NewCo A global pure play shaping the energy transition

1 Unique – Unparalleled value proposition spanning both energy worlds (conventional & renewable), O&G and power transmission

2 Leading – Ideally positioned with leading product portfolio in a growing energy market with high entry barriers

3 Powerful - A combined order backlog of €70 billion and a massive installed fleet globally (>100,000 units)

4 Customer-centric – Focused, fast and flexible approach to market and technology changes

5 Performing – Optimized resource allocation for value creation and profit margin upside through improved focus and impact-oriented management

– Strengthened accountability as listed company with attractive equity incentive 6 Shareholder oriented compensation

7 Empowered by Siemens – Robust backing by anchor shareholder with powerful Siemens brand, access to professional financial services and large-scale shared services, continued easy access to digital platforms

Carve-out concept Extraordinary per country shareholders’ meeting Listing - out Local asset transfer agreement signed

Carve GP carve-out effectiveness, transfer of all SGRE shares

Preparation for IFRS Audit

Spinoff Spinoff agreement and preparation report

Road- Preparation of equity story show listing Preparation of prospectus Prospectus&

Today April 2020 June 2020 July 2020 Sept. 2020 © Siemens 2019 Page 8 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Lisa Davis Member of the Managing Board

© Siemens 2019 siemens.com © Siemens 2019 Page 10 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas © Siemens 2019 Page 11 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Leading along the entire energy value chain

Key figures FY18 Position in relevant market €18.5bn €18.1bn 4% Adj. ~ 65,000 Oil and Gas Central Distributed Trans- Services Power 1 Power mission and Digital Orders Revenue EBITA Margin Employees Generation Generation > 100 MW < 100 MW

#2 #2 #1 #2 Customer groups

Oil and Gas

Utilities / IPPs

Industry

TSOs

1 Including LGTs (Large Gas Turbines) Note: Figures reflect GP OpCO setup as of April 1st , 2019 © Siemens 2019 Page 12 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Leading along the entire energy value chain (GP + SGRE Shareholding)

Key figures FY18 Position in relevant market ~€30bn ~€27bn ~4% Adj. ~ 88,000 Oil and Central Distri- Trans- Services Renew- Gas Power 1 buted mission and able Orders Revenue EBITA Employees > 100 Power Digital Energy Margin MW < 100 MW

#2 #2 #1 #2 #2 Customer groups

Oil and Gas

Utilities / IPPs / Developers

Industry

TSOs

1 Including LGTs (Large Gas Turbines) Note: Figures reflect GP OpCO setup as of April 1st , 2019 + SGRE © Siemens 2019 Page 13 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Energy market challenges and opportunities

Key trends, 2018 – 2023 (Source: IHS Autonomy 2018) GP market in €bn and % p.a. 1-2% Energy demand (Mtoe) + 4% 92.3 CAGR 87.1 FY18-23 Electrification (TWh) + 10% Transmission + 3% Coal Renewables Decarbonization (TWh) - 4% + 34% Oil & Gas Central Distributed + 3% Decentralization Distributed Power (#GTs) - 24% + 18% Generation + 1% Central Power Generation - 3% Digitalization (Share of connected LGTs in GP fleet) ~ 90% FY18 FY23

LGT: Large Gas Turbine © Siemens 2019 Page 14 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Energy market challenges and opportunities (GP + SGRE Shareholding)

Key trends, 2018 – 2023 (Source: IHS Autonomy 2018) GP market in €bn and % p.a. 1-2% 2-3% Energy demand (incl. Renewable Energy) (Mtoe) + 4% 92.3 CAGR 87.1 FY18-23 Electrification (TWh) + 10% Transmission + 3% Coal Renewables Decarbonization (TWh) - 4% + 34% Oil & Gas Central Distributed + 3% Decentralization Distributed Power (#GTs) - 24% + 18% Generation + 1% Central Power Generation - 3% Digitalization (Share of connected LGTs in GP fleet) ~ 90% FY18 FY23

LGT: Large Gas Turbine © Siemens 2019 Page 15 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Gas and Power Prepared for the future! Leading Experienced portfolio team

More control of Strong ownership our business culture

Clear priorities Committed and targets to delivering

1 Our target is to grow 25% faster than the market.1) We commit to sustain an adjusted EBITA margin of 2 17% to 23% over the cycle. We will deliver a cash conversion rate of 1 – growth rate over the 3 cycle.

1) based on market growth of ~4.5% CAGR “over the cycle” © Siemens 2019 Page 18 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Smart Infrastructure Commitment of global leadership team

1 Our target is to grow 4% to 5% annually1) We commit to sustain adjusted EBITA margin of 2 11% to 13% by FY 2021 and 13% to 15% by FY2023. 3 We will deliver a cash conversion rate of 1 – growth rate in FY2019.

1) based on market growth of ~3% CAGR 2018-24 © Siemens 2019 Page 19 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Strong businesses and lean Corporate Functions to generate efficiency increases of €2.2 billion Personnel changes by 2023 ~20,500+ MO, Services & TBD New Businesses IoT ~2,500 ~10,000

SI ~6,000 ~10,400+ GP TBD SI ~3,000 DI ~12,000 DI ~4,900 Corporate Functions ~2,500 Workforce increase Planned efficiency Growth plan: Net adjustments workforce increase © Siemens 2019 Page 20 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Further transformation on the path to ultimate value creation

Medium-term target Performance 2021 Long-term target

Comparable 1) revenue growth 1.6% 4%–5%

Adjusted IB EBITA 1) margin 10.6% 11%–15% 14%–18%

ROCE 13.3%1)2) 15%–20%

EPS €6.30–€7.00 ∆EPS>Growth Outlook FY19, excluding severance charges

1) Ø5 yr. © Siemens 2019 2) w/o gains FY15 Audiology, BSH; FY18 Osram, Atos Page 21 Munich, May 7, 2019 Press call Joe Kaeser, Lisa Davis, Ralf P. Thomas Questions & Answers Joe Kaeser, President and CEO Lisa Davis, Member of the Managing Board Ralf P. Thomas, Chief Financial Officer

Financial and business media

Robin Zimmermann +49 89 636-22804

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