Biotest : Invitation / Agenda of Annual General Meeting 2024

Translation for information purposes only

Invitation to the Annual General Meeting 2024

of Biotest Aktiengesellschaft, Dreieich

- ISIN DE0005227201, DE0005227235 -

- WKN 522720, 522723 -

We hereby invite our shareholders to the

Annual General Meeting

to be held on Tuesday, 7 May 2024, 10:30 a.m. (CEST),

at the Alte Oper Frankfurt, Mozart Saal, Opernplatz, 60313 Frankfurt am Main, Germany.

Agenda

1. Presentation of the adopted annual financial statements of Biotest AG and the approved consolidated financial statements as of 31 December 2023, the management report for Biotest AG and the Group, the report of the Supervisory Board for the financial year 2023 and the explanatory report of the Management Board on the disclosures pursuant to Sections 289a para. 1, 315a para. 1 of the German Commercial Code (Handelsgesetzbuch - HGB).
   The aforementioned documents can be viewed on the internet at www.biotest.com and will be available for inspection at the Annual General Meeting.
   The Supervisory Board has approved the annual financial statements and the consolidated financial statements prepared by the Management Board; the annual financial statements are thus adopted. Therefore, the Annual General Meeting is not required to pass a resolution on this agenda item 1.
2. Resolution on the appropriation of the balance sheet profits
   The Management Board and the Supervisory Board propose that the balance sheet profits of EUR 79,454,476.61 for the financial year 2023 be appropriated as follows:

Distribution of a dividend of EUR 0.04 per preference share entitled to dividends
on 19,785,726 non-voting preference shares for the financial year 2023	EUR 791,429.04
Distribution of a dividend of EUR 0.04 per preference share entitled to dividends
on 19,785,726 non-voting preference shares for the financial year 2022	EUR 791,429.04
Distribution in total	EUR 1,582,858.08
Profit carried forward to new account	EUR 77,871,618.53
Balance sheet profits	EUR 79,454,476.61

In accordance with Section 58 para. 4 sentence 2 AktG, the entitlement to the dividend is due on the third business day following the resolution of the Annual General Meeting, i.e. on 13 May 2024. The dividend will be paid out on 13 May 2024.

1. Resolution on the discharge of the members of the Management Board for the financial year 2023
   The Management Board and the Supervisory Board propose that discharge be granted to the members of the Management
   Board for the financial year 2023.
2. Resolution on the discharge of the members of the Supervisory Board for the financial year 2023
   The Management Board and the Supervisory Board propose that discharge be granted to the members of the Supervisory
   Board for the financial year 2023.
3. Election of the auditor for the financial year 2024
   The Supervisory Board proposes
   Deloitte GmbH Wirtschaftsprüfungsgesellschaft
   Munich, Germany
   be elected as auditors for the financial year 2024.

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The Supervisory Board's election proposal is based on the recommendation of its Audit Committee. On the basis of the selection procedure carried out in accordance with Article 16 of EU Regulation 537/2014, the Audit Committee recommended that the Supervisory Board proposes to the Annual General Meeting that Deloitte GmbH, Wirtschaftsprüfungsgesellschaft, Munich, Germany be elected as auditor and group auditor for the 2024 financial year.

The Audit Committee has declared that its recommendation is free from undue influence by third parties and, in particular, that no selection limiting clause within the meaning of Article 16 para. 6 of the EU Statutory Audit Regulation has been imposed on it (Regulation (EU) No 537/2014.

1. Resolution on the approval of the remuneration report for the financial year 2023 prepared and audit- ed in accordance with Section 162 of the German Stock Corporation Act (Aktiengesetz - AktG)
   In accordance with Section 162 AktG, the management board and the supervisory board of a listed company must prepare a remuneration report on the remuneration of the members of the corporate bodies in the last financial year and submit it to the Annual General Meeting for approval in accordance with Section 120a para.4 AktG.
   The remuneration report was audited by the auditor in accordance with Section 162 para. 3 AktG to determine whether the le- gally required disclosures pursuant to Section 162 para. 1 and 2 AktG were made. The report on the audit of the remuneration report is attached to the remuneration report.
   The Management Board and the Supervisory Board propose that the remuneration report for the financial year 2023, prepared and audited in accordance with Section 162 AktG, be approved.
   The remuneration report is printed at the end of the agenda under "NOTES TO ITEM 6 - Remuneration report pursuant to Section 162 AktG for the financial year 2023" and is available from the time the Annual General Meeting is convened on the Company's website at
   https://www.biotest.com/de/de/investor_relations/hauptversammlung_2024.cfm.
   Furthermore, the remuneration report will also be accessible there during the Annual General Meeting.
2. Resolution on the revision of Article 19 para. 2 sentence 3 of the Articles of Association (participation in the Annual General Meeting)
   The requirements for attending the Annual General Meeting and exercising voting rights contained in Section 123 para. 4 sentence 2 AktG were amended by the German Act on the Financing of Future-Proof Investments (ZukunftsfinanzierungsG), which came into force in December 2023. According to the amended Section 123 para. 4 sentence 2 AktG, proof of share ownership for bearer shares in listed companies pursuant to Section 67c para. 3 AktG must now refer to the close of business on the 22nd day before the Annual General Meeting and no longer, as previously, to the beginning of the 21st day before the Annual General Meeting. Article 19 para. 2 sentence 3 of the Company's Articles of Association is therefore to be adapted to the amended wording of the law. This does not involve a material change to the deadline for proof of share ownership.
   The Management Board and the Supervisory Board propose that Article 19 para. 2 sentence 3 of the Articles of Association be amended as follows:
   "The proof of share ownership must relate to the close of business on the 22nd day prior to the Annual General Meeting and must be received by the company at the address specified for this purpose in the notice convening the Annual General Meet- ing at least six days prior to the Annual General Meeting."
3. Resolution on an amendment to the Articles of Association to enable virtual Annual General Meetings in the future
   The Act on the Introduction of Virtual Annual General Meetings of Stock Corporations and Amendment of Cooperative, Insol- vency and Restructuring Law Provisions of 20 July 2022 (Federal Law Gazette of 26 July 2022, p. 1166 et seq.) makes it pos- sible to hold Annual General Meetings in the future without the physical presence of shareholders or their proxies at the venue of the Annual General Meeting (so-called virtual Annual General Meeting).
   Pursuant to Section 118a para. 1 sentence 1 of the German Stock Corporation Act, the Articles of Association may provide or authorise the Management Board for a maximum period of five years after registration of the amendment to the Articles of Association to provide for the Annual General Meeting to be held as a virtual Annual General Meeting, i.e. without the physical presence of shareholders or their proxies at the venue of the Annual General Meeting.
   Use is to be made of this option and such an authorisation of the Management Board is to be resolved. This authorisation shall be limited to five years in accordance with the statutory requirements. During the five-year term of the authorisation, the Man- agement Board will decide anew for each Annual General Meeting whether and under what conditions it should be convened as a virtual Annual General Meeting. In doing so, it will take into account the relevant specific circumstances of each individual case and make its decision according to its best judgement for the benefit of the Company and the shareholders. In the case of a virtual Annual General Meeting, the members of the Supervisory Board shall be authorised to participate in the Annual
   General Meeting by means of video and audio transmission.
   The Management Board and the Supervisory Board propose to resolve as follows: The following Article 19 para. 4 is added to the Articles of Association:
   "(4) The Management Board is authorised to provide for the Annual General Meeting to be held without the physical presence of the shareholders or their proxies at the venue of the Annual General Meeting (virtual Annual General Meeting) for Annual General Meetings to be held by the end of 6 May 2029. In the case of a virtual Annual General Meeting, members of the Supervisory Board are permitted to participate in the Annual General Meeting by means of video and audio transmission."

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9. Resolution on the creation of new authorised capital and the corresponding amendment to the Arti- cles of Association

The authorised capital resolved by the Annual General Meeting on 7 May 2019 under agenda item 6 and regulated in Article 4 para. 5 of the Articles of Association expires on 6 May 2024. In order to give the company the necessary flexibility in its future financing, a resolution on the creation of new authorised capital and the corresponding amendment to the Articles of Associa- tion will again be proposed to the Annual General Meeting.

The Management Board and the Supervisory Board, therefore, propose to resolve as follows:

1. The Management Board is authorised, with the approval of the Supervisory Board, to increase the Company's share capi- tal by up to EUR 19,785,726.00 (Authorised Capital) by issuing new ordinary bearer shares and/or issuing new non-voting preference bearer shares against cash contributions and/or contributions in kind on one or more occasions until 6 May 2029. The authorisation includes the authority to issue further non-voting preference shares that are equivalent to the previously issued non-voting preference shares in the distribution of profits or company assets. The shareholders have a subscription right. The subscription right may also be organised in whole or in part as an indirect subscription right within the meaning of Section 186 para. 5 sentence 1 AktG. The Management Board is also authorised to determine the further details of the implementation of capital increases from authorised capital.
2. Art. 4 para. 5 of the Articles of Association is cancelled and replaced as follows:
   "(5) The Management Board is authorised, with the approval of the Supervisory Board, to increase the Company's share capital by up to EUR 19,785,726.00 (Authorised Capital) by issuing new ordinary bearer shares and/or issuing new non-voting preference bearer shares against cash contributions and/or contributions in kind on one or more occasions until 6 May 2029. The authorisation includes the authority to issue further non-voting preference shares that are equiva- lent to the previously issued non-voting preference shares in the distribution of profits or company assets. The sharehold- ers have a subscription right. The subscription right may also be organised in whole or in part as an indirect subscription right within the meaning of Section 186 para. 5 sentence 1 AktG. The Management Board is also authorised to determine the further details of the implementation of capital increases from authorised capital."
3. The Supervisory Board is authorised to amend the Articles of Association following the full or partial implementation of the increase in share capital from Authorised Capital in accordance with the scope of the capital increase.

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NOTES TO THE AGENDA ITEM 6 - Remuneration report pursuant to Section 162 AktG for the financial year 2023

REMUNERATION REPORT

This Remuneration Report deals with the remuneration system for the members of the Board of Management and the Supervisory Board of Biotest and explains the amounts paid and the structure of the remuneration of the members of the executive bodies in financial year 2023.

The Remuneration Report is based on the recommendations of the German Corporate Governance Code (GCGC) and contains disclosures in accordance with the provisions of the German Commercial Code (HGB), the German Accounting Standards (GAS) and the International Financial Reporting Standards (IFRS). Furthermore, it contains the required disclosures pursuant to Section 162 of the German Stock Corporation Act (AktG) for the implementation of the Second Shareholders' Rights Directive (ARUG II). At the Annual General Meeting on 9 May 2023, the Remuneration Report 2022 was approved by 99.92%.

Explanatory notes on the remuneration system for the members of the Board of Management

The Supervisory Board determines the remuneration and remuneration system for the members of the Board of Management. The previously applicable regulations have been adjusted due to the entry into force of the Act Implementing the Second Shareholders' Rights Directive (ARUG II) and were approved by the Annual General Meeting on 11 May 2021. Due to the fact that no changes have been made in the remuneration system an approval in 2023 was not required based on Sections 113,

120a German Stock Corporation Act. In designing the remuneration system and determining the structure and amount of remuneration for individual members of the Board of Management, the Supervisory Board took particular account of the following principles:

• The structure of the remuneration of the members of the Board of Management makes a significant contribution to promoting the business strategy by attaching particular importance to profitable growth while at the same time observing sustainability objectives.
• The structure of the remuneration of the members of the Board of Management ensures that the respective performance is appropriately rewarded and that possible target failures lead to a noticeable reduction in remuneration.
• The remuneration system sets incentives for a sustainable and long-term increase in the value of the Company while avoiding disproportionate risks.
• The remuneration system makes a key contribution to linking the interests of the Board of Management with those of share- holders and other stakeholders by linking variable remuneration to the development of the Company and the achievement of strategically important short- and long-term targets.
• The remuneration of the members of the Board of Management is transparent and comprehensible, and its amount and structure are in line with the market. It takes into account the size and economic situation of the Company.
• The remuneration of the members of the Board of Management also takes into account the remuneration structure that generally applies within the Company. For this purpose, the remuneration of the Board of Management is compared with the remuneration of employees in order to ensure proportionality within Biotest AG.

The remuneration of the members of the Board of Management of Biotest AG consists of non-performance-based (fixed) and performance-based (variable) remuneration components. The fixed remuneration components comprise a fixed salary and benefits in kind.

The variable remuneration consists of short-term variable remuneration (Short-Term Incentive, STI) and long-term variable remuneration (Long-Term Incentive, LTI). The variable target remuneration (paid out if 100% of targets are met) corresponds in total to around 55% of the total target remuneration of a member of the Board of Management.

Assuming target achievement of 100% in each case (target total remuneration), the following structure results for the ratio of fixed to variable components in the current remuneration system:

• Fixed remuneration excluding a pension: 45%

•	One-year variable remuneration STI:	22%
•	Multi-year variable remuneration LTI:	33%

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The following diagram shows the main components and other design elements of the remuneration system:

Figure 1: Elements of the remuneration system

Pursuant to Section 87a (2) Sentence 2 of the German Stock Corporation Act (AktG), the Supervisory Board is entitled to deviate temporarily from the remuneration system in exceptional cases, however.

Non-performance-based remuneration components

Fixed remuneration

The non-performance-based basic remuneration of the members of the Board of Management consists of a fixed salary and customary benefits in kind. The amount is based on the experience, area of activity and responsibility of the Board of Management member as well as on the economic situation and future prospects of Biotest and the level of remuneration in the competitive environment. The annual fixed salary is set for the entire term of the respective employment contract and is payable in twelve monthly instalments.

Ancillary services

In addition to the fixed salary, the members of the Board of Management receive benefits in kind. The members of the Board of Management are insured both professionally and privately under the collective accident insurance scheme of Biotest AG. The members of the Board of Management also receive an allowance for social security and direct insurance.

Biotest AG has taken out a financial loss liability insurance policy (D&O insurance) with an appropriate deductible for the members of the Board of Management, taking the statutory requirements into account. The deductible amounts to 10% of the insured event and is limited to 150% of the fixed annual remuneration of the respective Board of Management member and thus meets the requirements of Section 93 (2) sentence 3 AktG.

If the Company does not take out criminal legal expenses insurance and baggage insurance for the Executive Board members, then the Executive Board members are to be placed in the same position as if such insurance had been taken out.

All members of the Board of Management are provided with a company car of the luxury class free of charge, which may also be used privately. If no company car is used, the member of the Board of Management receives a payment of € 1 thousand per month instead.

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Performance-based remuneration components

Annual variable remuneration

The performance-based remuneration component is calculated based on the achievement of corporate and personal targets. EBIT, operating cash flow and sales (all key figures according to IFRS) each account for 20% of the Company-related targets. EBIT is earnings before interest and taxes. Operating cash flow is the cash flow from operating activities including the change in working capital excluding interest and taxes.

Figure 2: The STI programme at a glance

For Company-related targets, reference points are set that define target achievement levels between 50% and 150%. Achievement of a single target of less than 50% counts as 0% target achievement.

If values are achieved that lie between the defined reference points, target achievement is determined by linear interpolation according to the following figure.

Figure 3: Measurement of the annual variable remuneration (annual values)

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Remuneration component with a long-term incentive effect and risk features

The remuneration component with a long-term incentive effect and risk features is based on Biotest AG's Long-Term Incentive Programme (LTIP). In addition to the members of the Board of Management, this programme also includes senior executives and the Managing Directors of Group companies who have a significant impact on the success of the Company through their positions with the Group, their decisions, leadership and actions.

For the LTIP 2021, 2022 and 2023 an amount was defined for each programme that is to be paid out according to the percentage target achievement. These programmes started in May of the respective year of their issue and end on 31 December of the fourth year of the respective programme.

The LTIP 2021, 2022 and 2023 are characterised by the fact that the target definition is based on the 10-year strategic planning and Company-specific targets reflect the Company's development over four years. In addition, targets are also set in these programmes to ensure the strengthening of sustainability performance and implementation of the strategy.

The measurement bases are on the one hand the Company-related targets EBITDA margin (EBITDA/revenue in %) according to IFRS and on the other hand ROCE (EBIT/capital employed in %) according to IFRS, each weighted at 30 percent. EBITDA is defined as earnings before interest, taxes, depreciation and amortisation; ROCE is a measure of return on capital employed, in which EBIT is compared with capital employed as average capital employed.

The achievement of sustainability and strategic goals accounts for 40% of the LTIP

Figure 5: The LTIP 2021, 2022 and 2023 at a glance

Reference points are set for the respective targets, defining target achievement levels between 0% and 200%.

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If values are achieved that lie between the defined reference points, target achievement is determined by linear interpolation in accordance with the system shown below.

Figure 6: Measurement of the multi-year variable remuneration of the LTIP 2021, 2022 and 2023 (annual values)

Remuneration for the achievement of performance targets is paid in cash to the participating Board of Management members after a period of four years. The LTIP, which was launched in 2021, will therefore be paid out in 2025, the LTIP 2022 will be paid out in 2026 and the LTIP 2023 will be paid out in 2027.

All LTI programmes include a hold-back clause for members of the Board of Management. At the reasonable discretion of the Supervisory Board, the incentive payment may be adjusted downward by up to 100% if Biotest has suffered significant damage despite the achievement of the performance factor or performance targets, even through no fault or negligence of the Board of Management member.

Pension commitments

Individual commitments exist for Dr Ramroth and Dr Floß within the framework of the pension plan applicable at Biotest AG. The amount of the entitlements depends on the number of years of service and the eligible remuneration. Up to 25 years of service are taken into account to increase the pension, whereby the retirement pension is limited to 30% of the eligible remuneration. This is determined by averaging the last five years. No waiting periods have been agreed for the current Board of Management members. The pension can be called up upon reaching the age of 63. The non-forfeiture of entitlements is in line with the statutory provisions. Furthermore, the pension plan for Board of Management members also provides for lifelong disability and widow's pensions as well as orphans' pensions for specific periods.

Dr Schüttrumpf, Mr. Janssen and Ms Mendizabal Zubiaga have defined contribution pension commitments, the annuity of which is calculated from the sum of the annual pension contribution saved at retirement age. The annual pension contribution is calculated from an individually agreed percentage of the basic salary and the associated STI for the respective calendar year. Furthermore, the pension plan for Board of Management members also provides for lifelong disability and widow's pensions as well as orphans' pensions for a specific period of time. For all benefit entitlements, there is a lump-sum option to pay out the pension benefit in up to 10 instalments. Waiting periods have not been agreed for the current members of the Board of Management. The pension can be called up upon reaching the age of 65 or, with deductions, upon reaching the age of 63 at the earliest. The vesting of the claims is in accordance with the statutory provisions.

The valuation of both pension plan models is based on actuarial reports prepared by an independent actuary that use the projected unit credit method.

Maximum remuneration

The maximum remuneration is the maximum amount that may be paid to a member of the Board of Management in total for a financial year. This is ensured by capping the variable remuneration components.

When the respective basic remuneration is added in, the maximum remuneration for the Chairman of the Board of Management is € 2,800 thousand and € 2,000 thousand for a member of the Board. These amounts include a maximum share of 15% for the respective pension plan. The amount of the maximum remuneration was approved by the shareholders at the 2021 Annual General Meeting. The maximum remuneration is based on the remuneration components granted and owed in the respective fiscal year.

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Commitments in connection with the termination of a Board member's activities

The employment contracts also include customary severance provisions in the event of a change of ownership or control, as well as in the event of premature termination of employment at the instigation of Biotest AG. Both types of severance payments are limited to twice the annual remuneration, with an additional cap in the event of premature termination of employment due to expected remuneration until the regular end of the service period plus remuneration for a company car.

Severance payment claims are excluded in the event of termination of the service contract for good cause, illness or incapacity to work, or if the Board of Management member receives payments or benefits of value from third parties in connection with the change of ownership or control. Similarly, there are no severance payment claims in the event that a service contract is terminated prematurely at the instigation of the respective Board of Management member.

There are no other one-time or recurring commitments with the exception of the above-mentioned pension commitments in the event of regular and premature termination of a Board of Management member's mandate.

Claw-back clauses/rights of recovery

No rights to reclaim remuneration components already granted or claw-back clauses have been agreed. In exceptional cases, the Supervisory Board may deviate from this in individual contracts.

Other contractual provisions

The assumption of Supervisory Board or comparable mandates as well as other activities/secondary activities by members of the Board of Management within or outside Biotest requires the approval of the Supervisory Board.

Non-competition clauses have been agreed for the duration of the employment relationship; there are no post-contractual non- competition clauses. There are also no provisions for remuneration for waiting periods.

Objective and strategic reference of the components of the remuneration system

Components of the remuneration system

General principle

Fixed salary

Benefits in kind and other non-cash benefits

Annual variable remuneration (STI)

Multi-year variable remuneration (LTI)

Pension commitments

Maximum total remuneration

Benefits upon termination of contract

Change of ownership or control regulation

Objectives and strategy relevance

Highly qualified members of the Board of Management are to be recruited and retained for the development and implementation of the corporate strategy. These benefits must therefore be competitive in the limited market for highly qualified top performers.

Intended to secure the basic income through an appropriate level and thereby also prevent the taking of inappropriate risks. The amount reflects the role on the Board of Management, the respective area of responsibility, and market conditions.

Represents remuneration for costs or economic disadvantages associated with the Board of Management activity; intended to promote the exercise of the Board mandate.

To ensure the achievement of the Company's objectives in the current financial year; is aimed at promoting the continuous and sustainable development of the operating business; to support profitable growth taking into account the overall responsibility of the Board of Management and the individual performance of the Board member.

To promote the Company's sustainable development and the enhancement of the Company's value; seeks to link the interests of shareholders with those of the members of the Board of Management; designed to incorporate the requirements of further stakeholders.

To provide adequate basic income/retirement security and protection in the event of death and disability.

Intended to avoid inappropriately high pay-outs relative to performance and market practice.

To ensure a fair balance of interests while maintaining a defined ceiling.

Intended to ensure the independence of Board of Management members in takeover situations.

Figure 7: Objectives and strategic relevance of the components of the remuneration system

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Remuneration for the current financial year

Total remuneration of the members of the Board of Management in office in 2023 according to IFRS/GAS17

Mr. Janssen took over the position of Chief Operations Officer (COO) from Dr Floß after he left the company and Ms Mendizabal Zubiaga was appointed Chief Financial Officer (CFO) with effect from February 15, 2023. Since September 2023 Dr Schüttrumpf has also been Chief Scientific Innovation Officer (CSIO) at the Spanish parent company of Biotest AG, Grifols S.A. In this role, he drives the strategic focus on growth as a provider of innovative medicines also for the company group.

This overview shows the calculation of the total remuneration for each member of the Board of Management together with the amounts of the various remuneration components actually earned in financial year 2023. The figure for the variable remuneration with long-term incentive (LTIP) includes the entitlements earned through the end of 2023 under the three programmes from 2021, 2022 and 2023.

in € thousand		Dr. Michael		Dr. Georg Floß		Dr. Jörg		Peter Janssen		Ainhoa
		Ramroth				Schüttrumpf				Mendizabal
										Zubiaga

	2022
Non-performance-based
Fixed remuneration		555
Benefits in kind	802
Total of non-performance-based
components	1,357
Performance-based
Excluding long-term incentive effect
(not share-based):
Annual variable remuneration (STI) -	342
cash component
Including long-term incentive effect
(not share-based):
Variable remuneration (LTIP) -	759
cash component
Total of performance-based
components		1,101
Pension expenses (service cost)		347
Total remuneration	2,805
(earned in financial year)*
Less pension expenses (service cost)		347
Total remuneration (GAS17)		2,458

2023

555

42

597

231

546

777

243

1,617

243

1,374

2022

492

41

533

310

674

984

348

1,865

348

1,517

2023

11

2

13

4

424

428

244

685

244

441

2022

294

49

343

185

156

341

53

737

53

684

2023

294

30

324

123

184

307

76

707

76

631

2022

147

21

168

90

45

135

30

333

30

303

2023

440

55

495

174

162

336

95

926

95

831

2022

-

-

-

-

-

-

-

-

-

-

2023

315

63

378

120

35

155

72

605

72

533

Figure 8: Total remuneration of Board of Management members in office in 2023 according to IFRS/GAS17

* The maximum remuneration is not determined by the compensation earned but by the compensation granted and owed in the respective financial year.

The service cost includes the employer-funded pension entitlements earned by the respective Board of Management members.

The calculation shown above results in vested total remuneration in accordance with GAS17 of all members of the Board of Management for financial year 2023 in the amount of € 3,810 thousand (previous year: € 4,962 thousand). The total remuneration earned including service cost for all members of the Board of Management amounted to € 4,540 thousand (previous year: € 5,740 thousand). The amount was so high in 2022 because the Company reimbursed Dr Ramroth for costs of the Russian proceedings in the amount of € 763 thousand. This one-off amount was shown as a fringe benefit. The remuneration of the Board of Management is divided into a non-performance-based component in the amount of € 1,807 thousand (previous year: € 2,401 thousand) and a performance-based component in the amount of € 2,003 thousand (previous year: € 2,561 thousand). Pension expenses are not to be included in total remuneration in accordance with GAS17.

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