德意志銀行（DeutscheBank）2022薪酬報(bào)告樣本+2022+Compensation+Report

DeutscheBank

CompensationReport2022

DeutscheBank

CompensationReport2022

1

CompensationReport

Introduction 2

CompensationReportfortheManagementBoardandtheSupervisoryBoard 2

EmployeeCompensationReport 2

CompensationoftheManagementBoard 3

PrinciplesforManagementBoardCompensation 3

ResponsibilityandproceduresforsettingandreviewingManagementBoardcompensation 3

Guidingprinciple:AlignmentofManagementBoardcompensationtocorporatestrategy 3

Compensationprinciples 4

Compensation-relateddevelopmentsin2022 4

DevelopmentofbusinessandalignmentofManagementBoardcompensationtocorporatestrategyin2022 4

ManagementBoardChangesandCompensationDecisionsin2022 5

ApprovaloftheCompensationReport2021bytheAnnualGeneralMeeting2022 6

ImprovementscomparedtotheCompensationReport2021 6

Principlesgoverningthedeterminationofcompensation 7

StructureoftheManagementBoardcompensationsystem 7

Compositionofthetargettotalcompensationandmaximumcompensation 8

Applicationofthecompensationsysteminthefinancialyear 10

Fixedcompensation 10

Variablecompensation 10

AppropriatenessofManagementBoardcompensationandcompliancewiththesetmaximumcompensation 25

Deferralsandholdingperiods 26

Backtesting,malusandclawback 27

Informationonsharesandfulfillingtheshareownershipobligation(ShareholdingGuidelines) 28

Benefitsasoftheendofthemandate 29

Benefitsuponearlytermination 30

Otherservicecontractprovisions 30

Deviationsfromthecompensationsystem 31

ManagementBoardcompensation2022 32

CurrentManagementBoardmembers 32

FormermembersoftheManagementBoard 36

Outlookforthe2023financialyear 37

Totaltargetcompensationandmaximumcompensation 37

2023objectivestructureandtargets 37

CompensationofmembersoftheSupervisoryBoard 39

SupervisoryBoardCompensationforthe2022and2021financialyears 39

Comparativepresentationofcompensationandearningstrends 42

Independentauditor’sreport 44

Responsibilitiesoftheexecutivedirectorsandthesupervisoryboard 44

Auditor’sresponsibility 44

Opinion 44

Othermatter–formalauditoftheremunerationreport 44

Limitationofliability 45

Compensationoftheemployees(unaudited) 46

Regulatoryenvironment 46

Compensationgovernance 47

CompensationandBenefitsStrategy 48

GroupCompensationFramework 49

Employeegroupswithspecificcompensationstructures 50

Determinationofperformance-basedvariablecompensation 51

Variablecompensationstructure 52

Ex-postriskadjustmentofvariablecompensation 53

Compensationdecisionsfor2022 54

MaterialRiskTakercompensationdisclosure 55

DeutscheBank

CompensationReport2022

Introduction

CompensationReportfortheManagementBoardandtheSupervisoryBoard

2

Introduction

TheCompensationReportfortheyear2022providesdetailedinformationoncompensationinDeutscheBankGroup.

CompensationReportfortheManagementBoardandtheSupervisoryBoard

TheCompensationReportfortheManagementBoardandtheSupervisoryBoardforthe2022financialyearwaspreparedjointlybytheManagementBoardandtheSupervisoryBoardofDeutscheBankAktiengesellschaft(hereinafter:DeutscheBankAGorthebank)inaccordancewithSection162oftheGermanStockCorporationAct.TheCompensationReportdescribesthefundamentalfeaturesofthecompensationsystemsforDeutscheBank’sManagementBoardandSupervisoryBoardandprovidesinformationonthecompensationgrantedandowedbyDeutscheBankinthe2022financialyeartoeachincumbentorformermemberoftheManagementBoardandSupervisoryBoard.

TheCompensationReportfulfillsthecurrentlegalandregulatoryrequirements,inparticularofSection162oftheGermanStockCorporationActandtheRemunerationOrdinanceforInstitutions(InstitutsVergV)andtakesintoaccounttherecommendationssetoutintheGermanCorporateGovernanceCode(GCGC).Itisalsoincompliancewiththeapplicablerequirementsoftheaccountingrulesforcapitalmarket-orientedcompanies(GermanCommercialCode(HGB),InternationalFinancialReportingStandards(IFRS))aswellastheguidelinesissuedbytheworkinggroupGuidelinesforSustainableManagementBoardRemunerationSystems.

EmployeeCompensationReport

ThispartofthecompensationreportdisclosesinformationwithregardtothecompensationsystemandstructurethatappliestotheemployeesinDeutscheBankGroup.ThereportprovidesdetailsontheGroupCompensationFrameworkanditoutlinesthedecisionsonVariableCompensationfor2022.Furthermore,thispartcontainsquantitativedisclosuresspecifictoemployeesidentifiedasMaterialRiskTakers(MRTs)inaccordancewiththeRemunerationOrdinanceforInstitutions(Institutsvergütungsverordnung–InstVV).

DeutscheBank

CompensationReport2022

CompensationoftheManagementBoard

PrinciplesforManagementBoardCompensation

3

CompensationoftheManagementBoard

PrinciplesforManagementBoardCompensation

ResponsibilityandproceduresforsettingandreviewingManagementBoardcompensation

TheSupervisoryBoardasawholeisresponsibleforthedecisionsonthedesignofthecompensationsystemaswellasforsettingtheindividualcompensationamountsandproceduresforawardingthecompensation.TheCompensationControlCommitteesupportstheSupervisoryBoardinitstasksofdesigningandmonitoringtheimplementationofthesystemandpreparesproposalsforresolutionsfortheSupervisoryBoard.Asnecessary,theCompensationControlCommitteeissuesrecommendationsfortheSupervisoryBoardtomakeadjustmentstothesystem.Inthecaseofsignificantchanges,butatleasteveryfouryears,thecompensationsystemfortheManagementBoardissubmittedtotheGeneralMeetingforapprovalinaccordancewithSection120a(1)oftheGermanStockCorporationAct.ThecompensationsystemwaslastapprovedbytheGeneralMeeting2021byamajorityof97.76%.

Onthebasisoftheapprovedcompensationsystem,theSupervisoryBoardsetsthetargettotalcompensationforeachManagementBoardmemberfortherespectivefinancialyear,whiletakingintoaccountthescopeandcomplexityoftherespectiveManagementBoardmember’sfunctionalresponsibilities,thelengthofserviceoftheManagementBoardmemberontheManagementBoardaswellasthecompany’sfinancialsituation.Intheprocess,theSupervisoryBoardalsoconsidersthecustomarymarketcompensation,alsobasedonbothhorizontalandverticalcomparisons,andsetstheupperlimitfortotalcompensation(maximumcompensation)(additionalinformationisprovidedinthesection“AppropriatenessofManagementBoardcompensationandcompliancewiththesetmaximumcompensation”).

Guidingprinciple:AlignmentofManagementBoardcompensationtocorporatestrategy

DeutscheBankaimstomakeapositivecontributiontoitsclients,employees,investorsandsocietyingeneralbyfosteringeconomicgrowthandsocialprogress.DeutscheBankwouldliketoofferitsclientssolutionsandprovideanactivecontributiontofosterthecreationofvaluebyitsclients.ThisapproachisalsointendedtoensurethatDeutscheBankiscompetitiveandprofitableandcanoperateonthebasisofastrongcapitalandliquidityposition.DeutscheBankiscommittedtoacorporateculturethatappropriatelyalignsrisksandrevenues.

Buildingonastableandpromisingfoundationwithabalancedbusinessmodel,prudentriskmanagementandastrongbalancesheet,DeutscheBankhasoutlineditsstrategyfortheGroupfortheperiodupto2025attheInvestorDeepDiveinMarch2022aimingforsustainableprofitablegrowth.Theaimisanaverageannualrevenuegrowthof3.5to4.5%.Atthesametime,thereisacommitmenttoremaindisciplinedoncoststofreeupcapacityforinvestmentsandimprovingtheoperationalleverage.Theaimistopushthecost/incomeratiobelow62.5%by2025whileatthesametimegeneratinganattractivereturnontangibleequityabove10%.Thecapitaldistributionobjectivesaretobeachievedthroughacombinationofdividendsandsharerepurchases,withapayoutratioof50%from2025onwards.Thebankwillcontinuetofocusonconductandcontrolsandfollowaclearmanagementagendatochangethewayofworking,tobecomeevenmoreinnovativeandtoremainanemployerofchoice.

Intheinterestsoftheshareholders,theManagementBoardcompensationsystemisalignedtothebusinessstrategyaswellasthesustainableandlong-termdevelopmentofDeutscheBankandprovidessuitableincentivesforaconsistentachievementofthesettargets.Throughthecompositionoftotalcompensationcomprisingfixedandvariablecompensationcomponents,throughtheassessmentofperformanceacrossshort-termandlong-termperiodsandthroughtheconsiderationofrelevant,challengingperformanceparameters,theimplementationoftheGroupstrategyandthealignmentwiththesustainableandlong-termperformanceoftheGrouparerewardedinaclearandunderstandablemanner.Thestructureofthetargetsandobjectivesthereforecomprisesabalancedmixofbothfinancialandnon-financialparametersandindicators.

Throughthestructuringofthecompensationsystem,themembersoftheManagementBoardaremotivatedtoachievethetargetsandobjectiveslinkedtoDeutscheBank’sstrategy,toworkindividuallyandasateamcontinuallytowardsthelong-termpositivedevelopmentofDeutscheBank,withouttakingondisproportionatelyhighrisks.TheSupervisoryBoardthusensuresthereisalwaysastronglinkbetweencompensationandperformanceinlinewithshareholderinterests(“payforperformanceconnection”).

DeutscheBank

CompensationReport2022

CompensationoftheManagementBoard

Compensation-relateddevelopmentsin2022

4

Compensationprinciples

Thedesignofthecompensationsystemandthustheassessmentofindividualcompensationamountsarebasedonthecompensationprinciplesoutlinedbelow.TheSupervisoryBoardtakesthemintoconsiderationwhenadoptingitsresolutionsinthiscontext:

Corporatestrategy

Shareholders’interests

Individualandcollectiveobjectives

Long-termperspective

Sustainability

Appropriatenessandupperlimits(caps)

Transparency

Governance

ThecompensationsystemfortheManagementBoardmembersiscloselylinkedtoDeutscheBank’s

strategy,therebyfocusingtheirworkonitsimplementationandthelong-termpositivedevelopmentoftheGroup,withouttakingdisproportionaterisks.

Theinterestsofshareholdersarealwaystakenintoaccountwhendesigningthespecificstructureofthecompensationsystem,determiningindividualcompensationamountsandstructuringthemeansof

compensationallocationanddelivery.

Settingindividual,divisionalandcollectiveobjectivesfostersnotonlythesustainableandlong-term

developmentofeachofthebusinessdivisions,infrastructureareasorregionstheManagementBoardmembersareresponsiblefor,butalsotheperformanceoftheManagementBoardasacollective

managementbody.

Along-termlinktoDeutscheBank’sperformanceissecuredbysettingagreaterpercentageoflong-termobjectivesincomparisontoshort-termobjectivesandbygrantingvariablecompensationexclusivelyin

deferredformandmostlyasshare-basedcompensationwithvestingandholdingperiodsofuptosevenyears.

ObjectivesinaccordancewithDeutscheBank’sEnvironmental,SocialandGovernance(ESG)strategy

provideincentivesforactingresponsibly,alsointhecontextofsustainability,andthusmakeanimportantcontributiontoDeutscheBank`slong-termperformance.

Theappropriatenessofthecompensationamountsisensuredthroughthereviewofthecompensationbasedonahorizontalcomparisonwithpeersandaverticalcomparisonwiththeworkforceaswellassuitablecompensationcapsontheachievablevariablecompensationandmaximumcompensation.

Byavoidingunnecessarycomplexityinthestructuresandthroughclearandunderstandablereporting,thetransparencyofthecompensationsystemisincreasedinaccordancewiththeexpectationsof

investorsandthepublicaswellastheregulatoryrequirements.

Thestructuringofthecompensationsystemandtheassessmenttodeterminetheindividual

compensationtakeplacewithintheframeworkofthestatutoryandregulatoryrequirements.

Compensation-relateddevelopmentsin2022

DevelopmentofbusinessandalignmentofManagementBoardcompensationtocorporatestrategyin2022

ManagementBoardcompensationiscloselyalignedtoDeutscheBank’sstrategictargets.AlltheindividualandcollectiveobjectivesagreedwiththeManagementBoardmembersaswellastheirassessmentparametersforthe2022financialyearwerediscussedbytheCompensationControlCommitteeatthebeginningoftheyearandsubsequentlyresolvedonbytheSupervisoryBoard.TheobjectivesserveoverallinfosteringthestrategictransformationoftheGroup.Theachievementlevelsdeterminedfortheobjectivesforthe2022financialyearatthebeginningoftheyear2023reflecttheextenttowhichtheindividualobjectiveswereachievedandthuscontributedtotheBank’sperformance.

OverthepastthreeandahalfyearsDeutscheBankhasmanagedtotransformitselfunderthemanagementteam.Byrefocusingthebusinessaroundcorestrengths,thebankhasbecomesignificantlymoreprofitable,betterbalancedandmorecost-efficient.Thankstodisciplinedexecutionofthestrategy,thebankhasbeenabletosupportitsclientsthroughhighlychallengingconditions,provingitsresiliencewithstrongriskdisciplineandsoundcapitalmanagement.

Profitbeforetaxamountedto€5.6billionattheendof2022.Thisisanincreaseof65%overthepreviousyearandthehighestresultforfifteenyears.Post-taxreturnontangibleequityroseto9.4%.Revenuesincreasedby7%to€27.2billiononthebackofincreasedclientbusiness.Atthesametime,DeutscheBankhasfurtherreducedcostsby5%to€20.4billion.Thecost/incomeratiofellfrom85to75%forthefullyear.

Reflectingtheprofitabilityofallbusinesssegmentsin2022,theCorporateBankandthePrivateBankwerethemostimportantgrowthdriverswithrevenueincreasesof23%and11%respectively.Bothdivisionsalsoachievedrecordprofits.CorporateBanknetrevenueswere€6.3billionin2022,up23%yearonyear,with39%growthinnetinterestincomeand7%growthincommissionandfeeincome.PrivateBanknetrevenueswere€9.2billion,up11%yearonyear.TheInvestmentBank'scontinuedsuccessinFixedIncomeandCurrenciesmorethancompensatedfortheslowdowninOrigination&Advisorylastyear,andrevenuesincreasedby4%.InAssetManagement,revenuesfellby4%to€2.6billion,lesssharplythaninalmostallmajormarkets.

DeutscheBank

CompensationReport2022

CompensationoftheManagementBoard

Compensation-relateddevelopmentsin2022

5

The2022resultsdemonstratethebenefitsofDeutscheBank’stransformationefforts.Thebankdeliveredrevenuegrowthinitscorebusinessesandcontinuedcostreductions.Theriskprovisionsareinlinewithguidance,despitechallengingconditions.Focusedde-riskingofthebalancesheethascontributedtothesolidcapitalratioandthecompletionoftheCapitalReleaseUnit’sjourneymarksamajormilestoneinitstransformationexecution.

Theindividualobjectivesarebundledintheshort-termcomponent(Short-TermAward(STA))andaccountforashareof40%ofthetargettotalvariablecompensation.TheSupervisoryBoarddeterminedanachievementlevelforthesecomponentsforthe2022financialyearofbetween105.69%and127.54%.TheperformanceoftheManagementBoardasacollectivebodyisreflectedinthelong-termcomponent(Long-TermAward(LTA)),whichaccountsforashareof60%ofthetargettotalvariablecompensation.Overall,theachievementlevelofthecollectiveobjectivesbasedsolelyonthe2022financialyearwas86.29%.Thisachievementlevelaccountsfor60%oftheLong-TermAwardtobegrantedforthe2022financialyear.30%willbeforthe2023financialyearand10%forthe2024financialyear.Asachievementlevelsforprioryears(at30%from2021and10%from2020)alsoaffectedtheLong-TermAwardforthe2022financialyear,theachievementlevelofthiscomponentforthe2022financialyearwas79.60%basedontheweightedachievementlevelsofthethreefinancialyears.Detailsontheindividualachievementlevelsarepresentedasanoverviewinthisreportundertheheading“Applicationofthecompensationsysteminthefinancialyear”.

ManagementBoardChangesandCompensationDecisionsin2022

StuartLewisresignedasmemberoftheManagementBoardandChiefRiskOfficerwitheffectfromthedayoftheGeneralMeetingonMay19,2022.Theappointmentofhissuccessor,OlivierVigneron,tookplacewitheffectfromMay20,2022.OlivierVigneroninitiallyworkedforDeutscheBankasSeniorGroupDirector(Generalbevollm?chtigter),startingasofMarch1,2022.Asaresult,asmoothtransitionoftasksandresponsibilitiesoftheChiefRiskOfficercouldbeensured.

TheManagementBoardcomprised10membersthroughout2022withaproportionofwomenof20%.

TheSupervisoryBoardreviewsthecompensationlevelsofthemembersoftheManagementBoardannuallyandregularlyengagesexternalcompensationadvisorstosupportthereview,whileassuringthattheseadvisorsareindependentfromtheManagementBoardandDeutscheBank.In2022,theSupervisoryBoardconductedareviewofthecompensationlevelstakingintoaccountcomparablecompanies(peergroups)withthesupportoftheexternalcompensationadvisor.OnthebasisoftheresultsofthisreviewandtakingintoaccountotheraspectssuchasthedurationofmembershipintheManagementBoardorchangesintheareaofresponsibilitywithintheManagementBoard,theSupervisoryBoardhastakenthefollowingcompensationdecisionsin2022:

TheoveralltargetcompensationforOlivierVigneroninhiscapacityasmemberoftheManagementBoardandChiefRiskOfficerwassetatthelevelofcompensationofotherManagementBoardmemberswithresponsiblyforaninfrastructureareaoraregion.Thiscorrespondstoatargetvalueof€6.5millionp.a.Thetotaltargetcompensationistherefore7.14%belowthetotaltargetcompensationofhispredecessor.

InMarch2022,JamesvonMoltkewasappointed′President′ofDeutscheBankAGinadditiontohisdutiesasChiefFinancialOfficer(CFO).ThisappointmentleadstoanextensioninhisareaofresponsibilitywithintheManagementBoardandadditionaltasks.TakingintoaccounttheextendedareaofresponsibilityandhisseniormembershipintheManagementBoardalreadyinthesixthyear,theSupervisoryBoarddecidedtoincreasehistotaltargetcompensationby€400kp.a.to€7.4millionp.a.witheffectfrom1July2022.Thisrepresentsanincreaseof5.71%.

FabrizioCampellisuccessfullytookoverresponsibilityfortheCorporateBankandtheInvestmentBankfromChristianSewingon1May2021inasmoothtakeover.ThereviewofthecompensationlevelsbytheexternalcompensationadvisorshowedthathispositioningwithinthetwopeergroupsoftheInternationalandEuropeanBankswithanoveralltargetcompensationof€6.5millionp.a.islowercomparedtothepositioningoftheotherManagementBoardmembers.Inaddition,hisappointmentasamemberoftheManagementBoardwasextendedforafurtherthreeyears.Forthesereasons,theSupervisoryBoarddecidedtoincreasethetotaltargetcompensationto€7millionp.a.whichrepresentsanincreaseof7.69%.Theincreasetookeffectatthesametimeastheextensionofhisappointmentwitheffectfrom1November2022.

In2022theManagementBoardacknowledgedthattheuseofnon-authorizedcommunicationchannelsamongstaffrepresentsaculturalshortcomingatDeutscheBank.Therefore,theManagementBoardwantedsosetaculturalsignalandproposedtotheSupervisoryBoardthat,aspartofperformancemanagement,thisshouldhaveanimpactonindividualcompensation.Thus,allManagementBoardmembersactiveon31December2021agreedtoreducevariablecompensationforthefinancialyear2021byeachEUR75,000.ThereductionwillbeachievedthroughthereductionoftheRestrictedIncentiveAwardsdueon1March2023intheamountabove.

DeutscheBank

CompensationReport2022

CompensationoftheManagementBoard

Compensation-relateddevelopmentsin2022

6

Whendeterminingthevariablecompensationforthefinancialyear2022,theSupervisoryBoardtookpositiveaccountofthefinancialmilestonesachievedandthecontributionsoftheindividualmembersoftheManagementBoardtothissuccessintheirperformanceevaluation.Inaddition,theManagementBoardhascontinueditsremediationactivitieswithstrongcommitmentandwithvariousmeasurestakentomeetthehighexpectationsoftheregulators;however,despiterecentprogress,theSupervisoryBoardbelievesthattheoverallextendedtimelineonwhichtheremediationhastakenplaceandthere-planningand/ormissedmilestonesincertainareasneedtoberecognizedintheManagementBoard'scompensation.Forthisreason,theSupervisoryBoard,actingonaproposalfromtheCompensationControlCommittee,reducedtheindividualachievementlevelwithregardstotheShort-TermAwardcalculatedonthebasisoftheindividualperformancesby5%forallmembersoftheManagementBoardactiveinthefinancialyear.DetailsonhowtocalculatetheShort-TermAwardarepresentedinthisreportundertheheading“Applicationofthecompensationsysteminthefinancialyear”.

ApprovaloftheCompensationReport2021bytheAnnualGeneralMeeting2022

TheCompensationReport2021formembersoftheManagementBoardandSupervisoryBoardofDeutscheBankaspublishedonMarch11,2022,wassubmittedtotheordinaryGeneralMeetingonMay19,2022,forapprovalinaccordancewithSection120a(4)oftheGermanStockCorporationAct.TheGeneralMeetingapprovedtheCompensationReportwithamajorityof88.03%.

ImprovementscomparedtotheCompensationReport2021

Whilelastyear’sCompensationReportwasinprinciplewellreceivedbyshareholders,weconstantlystrivetoimprovethequalityoftheGroup’sreporting.Intheinterestsofourshareholders,thebankprovidesmoreinformationthisyearandthusincreasestransparencyby

–ProvidingfurthercomprehensiverationalefordecisionsonchangesrelatedtoManagementBoardcompensation

–EnhancinginformationonindividualobjectivesincludingtheoverallachievementlevelsforeachManagementBoardmember

–DisclosingBalancedScorecardKeyPerformanceIndicators(KPIs)fortheChiefExecutiveOfficer(CEO)andtheChiefFinancialOfficer(CFO)includingoverallachievementlevels

–IntroducingsummariesoftheperformanceassessmentfortheCEOandCFOfortheShort-TermAward(STA)componentsoftheindividualobjectivesandtheannualpriorities

–ExtendingtheLong-TermAward(LTA)tablefortheGroupComponenttoincludetarget/actualvaluesandachievementlevels

–Providingadetailedoverviewofthe3-yearassessmentperiodshowingtheindividualachievementgradestoevaluatetheoverallachievementlevelforeachLTAcomponent

–Providinganoutlookonobjectivestobesetfor2023,includingimprovementsonthecompensationstructuresfortheManagementBoardwitheffectfrom2023

DeutscheBank

CompensationReport2022

CompensationoftheManagementBoard

Principlesgoverningthedeterminationofcompensation

7

Principlesgoverningthedeterminationofcompensation

StructureoftheManagementBoardcompensationsystem

Thecompensationsystemconsistsoffixedandvariablecompensationcomponents.ThefixedcompensationandvariablecompensationtogetherformthetotalcompensationforaManagementBoardmember.TheSupervisoryBoarddefinestargetandmaximumamounts(caps)forallcompensationcomponents.

ManagementBoardCompensationSystem2022

Components

Objective

Implementation

FixedCompensation

Basesalary

ThebasesalaryrewardstheManagement

Boardmemberforperformingtherespective

-

Monthlypayment;Annualbasesalaryofbetween€2.4millionand€3.6million

Fringebenefits

roleandresponsibilities.Thefixed

compensationisintendedtoensureafairand

market-orientedincomeandtoensurethatunduerisksareavoided.Inaddition,

ManagementBoardmembersaregranted

-

Companycaranddriverservicesaswell,ifapplicablemovingexpenses,housing

allowance,insurancepremiumsand

reimbursementofbusinessrepresentation

expenses

Pension

recurrent,fringebenefitsandcontributionsforpensionbenefits.

-

Asingleandcontractuallyagreedannuallypensionplancontributionorallowanceof€650,000foradequatepensionprovision

VariableCompensation

ShortTermAward(STA)

TheSTArewardstheindividualvaluecontributionofeachmemberofthe

ManagementBoardtoachievingshort-and

medium-termobjectivesinaccordancewiththecorporatestrategy.Itconsistsofthree

elements,whicharetailoredtotheroleand

responsibilitiesoftheManagementBoard

memberandcanbeindividuallyinfluencedbythelevelofachievementbytheManagementBoardmember.

-

-

-

-

-

40%ofthetotalvariablecompensationwith3elementsrelatedtoindividualperformance

(1)Individualobjectives(20%);

(2)IndividualBalancedScorecard(10%);(3)Annualpriorities(10%)

Maximumtargetlevel150%

Assessmentperiod1year

Earliestpossibledisbursementin4tranchesinRestrictedIncentiveAwards(cash-based)-1,3,5and7yearsafterbeinggranted

Targetamountfor100%achievementlevel:Between€1.640millionand€2.160million

LongTermAward(LTA)Withinthedeterminationofthevariable

-

60%oftotalvariablecompensationwith4

compensation,thefocusisonachievinglong-

grouptargets

termobjectiveslinkedtothestrategy.To

(1)ESGfactor(20%);

underlinethis,theSupervisoryBoardhasset

(2)Relativetotalshareholderreturn(15%);

thefocusonthiscomponentwithashareofthe

(3)Organiccapitalgrowth(15%);

LTAof60%ofthetotalva