Kongsberg Gruppen : Item 9 - KOG Executive Management Remuneration Report 2023

Annual General Meeting 2024, Kongsberg Gruppen ASA, Attachment to Item 9

Executive Management

Remuneration Report

2023

#protechtingpeopleandplanet

kongsberg.com

Introduction

The purpose of this report

The purpose of this report is to give an open, comprehensible, consistent and comparable overview of remunera­ tion for the Board and the corporate management team (CMT) at KONGSBERG. Furthermore, the report explains how the remuneration, which is paid out and accrued in 2023, is in accordance with the Board's guidelines for remuneration for executive management personnel (approved at the 2021 annual general meeting). The report is prepared in accordance with the Norwegian regulations on guidelines and reporting on remuneration for management personnel (effective from 1 January 2023).

This is an English translation of the original Norwegian version of this document. In case of a discrepancy between the Norwegian language original text and the English language translation, the Norwegian text prewails.

Changes in CMT

During 2023 we experienced some changes in the CMT. These are described in the table below.

Name	Change	Date/time
Hans Petter Blokkum	Left the position as Group EVP, Chief HR &	31.12.2022
Security Officer
Christian Karde	New position: Group EVP, General Counsel	01.01.2023
and Chief of Staff
Martin Wien Fjell	Appointed President, Kongsberg Discovery	01.02.2023
Gyrid Skalleberg Ingerø	Left the position as Group EVP CFO	13.04.2023
Mette Toft Bjørgen	Appointed Group EVP, CFO	14.04.2023
Iver Christian Olerud	New title: Group EVP Corporate Development	13.10.2023
	(formerly Group EVP Strategy and Business

Development)

See www.kongsberg.com for a more detailed presentation of KONGSBERG's CMT.

Contents

Chapter 1

Compensation committee	1.0 Compensation committee	4
Chapter 2
Guidelines for remuneration for	2.1 Core principles	5
executive management personell	2.2 Determine the amount of compensation	5
Chapter 3
Overview of the various	3.1 Basic salary	6
compensation elements	3.2 Pension	6
	3.3 Insurance	6
	3.4 Other benefits	6
	3.5 Early retirement	6
	3.6 Bonus scheme (STI)	7
	3.7 Share scheme (LTI)	8
	3.8 Employees' share scheme	8
Chapter 4
Results variable compensation 2023	4.1 STI results	9
	4.2 LTI results	10

Chapter 5

Individual terms and conditions	5.1 Compensation for withdrawal of defined	10
	benefit pension
	5.2 Closed pension scheme for salaries above 12G	10
	5.3 Early retirement	10
	5.4 Termination of employment	11
Chapter 6
Remuneration for CMT in 2023	6.1 The development of CMT's remuneration and the	12
	company's financial results
Chapter 7
Remuneration for	7.1 Remuneration for the Board in 2023	14
the Board in 2023
Chapter 8
Report on the 2023	8.1 Report on the 2023 financial year	15
financial year
Chapter 9
Auditor's certificate	9.1 Auditor's certificate	16

KONGSBERG • Executive Management Remuneration Report 2023

1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

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→ 4

1. Compensation committee

The Board's compensation committee functions as a preparatory body for the Board in cases relating to remuneration of the President and CEO and other members of CMT. The committee annually assesses whether the salary and remuneration schemes for the President and CEO and other members of CMT are appropriate and competitive. The committee also prepares various other cases that will be handled by the Board, such as changes to the STI scheme, compensation schemes that affect some or all employees at KONGSBERG, personal targets for the President and CEO, succession planning as well as management and talent development. The mandate for the compensation committee is available at www.kongsberg.com.

Eivind Reiten		Anne-Grethe		Merethe Hverven
Chairman		Strøm-Erichsen		Member
		Member
		Change:		Change:
		Stepped out of the compen­		Appointed to the compensation
		sation committee after the annual		committee
		general meeting
				Date/time:
		Date/time:		February 2023
		May 2023

Kristin Færøvik	Rune Fanøy
Member
Member

Change:

Appointed to the compensation committee

Date/time:

May 2023

The committee held four meetings in 2023, and attendance was 100 per cent.

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KONGSBERG • Executive Management Remuneration Report 2023

1.	Compensation committee
2.	Guidelines for remuneration for executive
management personell
3.	Overview of the various compensation elements

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2. Guidelines for remuneration for executive management personell

The Board's guidelines for remuneration for executive management personell at KONGSBERG were approved by the shareholders at the annual general meeting on 6 May 2021. The guidelines are available at www.kongsberg.com.

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Position evaluation	Analysis	Approval

4.	Results variable compensation 2023
5.	Individual terms and conditions
6.	Remuneration for the CMT in 2023
7.	Remuneration for the Board in 2023
8.	Report on the 2023 financial year
9.	Auditor's certificate

The guidelines will be submitted for consideration at the annual general meeting at least every four years, or when significant changes have been made. Because less than four years have passed since the last submission, and KONGSBERG has not made any significant changes, the guidelines will not be submitted until the 2025 annual general meeting.

2.1 Core principles

The purpose of the Board's guidelines for remuneration for executive management personell is to ensure company managers to attract and retain competent people in governing bodies and the CMT. This requires KONGSBERG to offer competitive com­ pensation and benefits packages that match the practice in comparable markets. At the same time, KONGSBERG emphasises moderation and shall not be a market leader. In order to ensure this, KONGSBERG annually benchmarks the various compensation elements individually and collectively.

The remuneration shall be composed in such a way that it motivates to make an extra effort to the continuous improvement of the business and the company's financial performance. In addition, the remuneration shall be regarded as understandable and acceptable both internally within KONGSBERG and externally. The schemes must therefore be transparent and in line with the principles of good corporate governance and company management. The remuneration shall also be flexible so that adjustments can be made when needs change. KONGSBERG also aims for a remuneration system that promotes collaboration.

2.2 Determine the amount of compensation

KONGSBERG follows a three-step process when determining the amount of compen­ sation for the members of the CMT: position evaluation, analysis and approval.

We first evaluate the weight of the position. By this we mean the responsibility, necessary knowledge and degree of problem solving that the position demands. This is performed by an external consultant to guarantee objectivity. Once the result is ready we calibrate it internally

Then a compensation analysis is performed based on the weight of the position. This analysis emphasises market data, the candidate's experience from this level, performance, the compen­ sation level of other internal employees at the same level, equal pay, the candidate's competence and access to this type of competence in the market

When the proposal has been prepared, the President and CEO consults the compensa­ tion committee for members of the CMT. The President and CEO's remuneration is submitted to the compensa­ tion committee and approved by the Board

KONGSBERG • Executive Management Remuneration Report 2023

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1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

3. Overview of the various compensation elements

Remuneration for members of CMT consists of fixed and variable compensation elements.

Fixed remuneration		Variable remuneration
•	Basic salary		•	Bonus scheme (short
•	Pension			term incentive: STI)
•	Insurance		•	Share scheme (long
		term incentive: LTI)
•	Other benefits

In addition, KONGSBERG offers a share saving scheme for all employees, including members of CMT, but not the President and CEO.

The members of CMT do not receive payment for Board roles in KONGSBERG's subsidiaries or associates (for example, joint venture companies).

The variable remuneration schemes are assessed annually by the compensation committee and the Board to ensure they function according to the purpose, and to ensure that necessary adjustments are made. KONGSBERG is permitted to reclaim variable remuneration from management personnel who have received or are owed such remuneration. KONGSBERG did not exercise this right in 2023.

A description of the various compensation elements used in KONGSBERG are described below.

3.1 Basic salary

The basic salary for the President and CEO and other members of CMT will normally be the main element of their salary. This will generally be adjusted annually in accordance with local salary adjustment for all our employees. Our aim is that basic salary is competitive in relation to market salaries for equivalent positions in relevant markets. Our goal is to have a moderate salary growth.

3.2 Pension

The purpose of the pension scheme is to contribute to the financial security of the employee when reaching retirement age. The members of CMT are members of the defined contribution pension scheme which is offered to all employees in Norway. The contribution rate of the defined contribution scheme is 5 per cent of the pensionable salary between 0 and 7.1G, and 11 per cent of the pensionable salary between 7.1 and 12G. No pension is accrued on the part of the salary that exceeds 12G. Basic salary is included in the basis for pension accrual. Some members of CMT are covered by closed pension schemes, see the section on individual terms and conditions.

3.3 Insurance

The members of CMT are subject to the same collective insurance scheme as all KONGSBERG employees in Norway. The company has also taken out an extended group and accident insurance policy for the members of CMT.

3.4 Other benefits

For members of CMT, other benefits consist of a car scheme, either a leased company car or car allow­ ance, in addition to work-related benefits such as a phone, internet, newspapers, etc. There are no special restrictions related to which benefits that can be agreed.

3.5 Early retirement agreement

KONGSBERG no longer enters into early retirement agreements, but employees who had such schemes before 1 October 2015 were able to continue such agreements. This includes two current CMT members. See the section on individual terms and conditions for a description.

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KONGSBERG • Executive Management Remuneration Report 2023

1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

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3.6 Bonus scheme (STI)

The purpose of the company's STI scheme is to motivate the participants to achieve the short-term tar­ gets that support the company's long-term strategic objectives and sustainable development. We have attempted to design the scheme so it is simple and easy to understand in order to stimulate behaviours that create the desired results for the company.

Growth and profitability are over time a necessary condition for creating share value, but KONGSBERG also places great emphasis on short-term profitability and positive cash flows in order to invest in future solutions and products, and to give the shareholders an annual return through dividends. The profit and capital components are therefore weighted heavier than the growth component in the scheme.

The Board decides annually whether the STI plan will be carried out, who will be invited to participate, and the KPIs in the scheme. The scheme will continue in 2024 with some changes described below.

The company's STI scheme is cash based with an accrual period of 12 months that follows the calendar year. The maximum achievable bonus for the President and CEO and other members of CMT is 50 per cent of basic salary, but the target is to achieve 30 per cent of basic salary over time. There is no minimum or guaranteed bonus.

It is possible to create individual STI agreements when the company is taking on special large projects, making major strategic investments, and dealing with demanding turnarounds and purchases that depend on short-term falls in profits. In such cases the regular STI scheme will be replaced by a separate agreement limited upwards to 40 per cent of basic salary. The President and CEO will report any such schemes to the compensation committee. No members of CMT were part of a special scheme with 40 per cent of basic salary in 2023.

The STI scheme does not give grounds for pension.

KONGSBERG's STI scheme consists of four key performance indexes (KPIs):

EBIT

ROACE

Growth in operating

Individual goals

40%

30%

10%

20%

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3.6.1 EBIT

EBIT will give the participants incentives to improve the company's financial performance. EBIT is measured both at Group level and business area level (for the participants that are employed in one of KONGSBERG's business areas). Group employees are measured 100 per cent at the Group's EBIT, and business area employees are measured 25 per cent at the Group's EBIT and 75 per cent at the business area's EBIT. EBIT accounts for up to 40 per cent of the full STI.

The performance metric of EBIT is the percentage change in EBIT, by comparing the current year's EBIT with that of the previous year. 1 per cent growth gives a 2 per cent target achievement. If the company's EBIT growth is more than 20 per cent, no additional achievement is given.

In the event of a reduction in EBIT, the improvement will be zero on the relevant measurement level (for example the business area level), but improvement may yet be achieved in other measurement levels (for example Group level). The EBIT used in the STI scheme is EBIT including the income from associates.

3.6.2 ROACE

ROACE will give the participants incentives to generate profit in a capital-effective way that provides positive cash flows. ROACE is measured at Group level. ROACE accounts for up to 30 per cent of the full STI.

The performance metric for ROACE is the capital cost before tax. The ROACE achievement is linear from 0-30 per cent between the threshold value which is 27 per cent and the maximum value which is 37 per cent. If the company's ROACE growth is more than 37 per cent, no additional achievement is given.

The threshold value and maximum value will be evaluated and updated annually. For 2024 the Board has decided that the threshold value for ROACE is 27 per cent, and from there a linear payment from 0 per cent to maximum achievement of 30 per cent at a ROACE of 37 per cent.

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KONGSBERG • Executive Management Remuneration Report 2023

1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

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3.6.3 Growth in operating revenues

Growth in operating revenues will give the participants incentives to create growth in KONGSBERG. Growth in operating revenues is measured at Group level. Growth in operating revenues accounts for up to 10 per cent of the full STI.

The performance metric for growth in operating revenues is the percentage growth in operating revenues by comparing this year's operating revenues with those of the previous year. 1 per cent growth gives a 1 per cent target achievement. If the company's growth in operating revenues grows by more than 10 per cent, no additional achievement is given.

For 2024 the Board has decided that 1 per cent growth will give a 0.5 per cent achievement.

3.6.4 Individual goals

The individual goals are divided into three main categories: 1) Strategy, market & innovation, 2) Operation, execution & license to operate and 3) People & innovation. Typical goals may be associated with HR, com­ pliance, HSE, strategy and technology. Because the individual goals include business-sensitive targets and individual performance targets, they are not reproduced in this report. The specific goals and number of criteria in each main category may vary from year to year depending on KONGSBERG's priorities. The process of setting the annual goals starts after the annual strategy process to ensure consistency with KONGSBERG's most important strategic and operational goals. The President and CEO's goals for the year are first presented to the compensation committee and then to the Board for final decision.

The performance criteria for individual goals are a mix of financial and discretionary, and the various performance criteria are weighted equally. The results are measured at individual level and it is the employ­ ee's manager that sets the achievement (President and CEO for the members of CMT, and the Board for President and CEO). Individual goals account for up to 20 per cent of the full STI.

3.7 Share scheme (LTI)

The purpose of the LTI scheme is to achieve long-term interests and retain and strengthen the commitment of participants to KONGSBERG.

The Board decides annually whether the LTI scheme will be carried out, who will be invited to participate, and the KPIs in the scheme. Normally, the President and CEO and other members of CMT participate. The scheme will continue in 2024 with some changes described below.

The maximum potential for the President and CEO is 30 per cent of basic salary and 25 per cent of basic salary for other members of CMT.

The participants in the LTI scheme are obliged to invest the accrued LTI amount (net after deduction of calculated marginal tax) in KONGSBERG shares. These are purchased in the market and are owned with a three-yearlock-in period.

If a member of CMT resigns from the company of their own initiative, or is made redundant by the company, they must, upon termination, pay back an amount to the company corresponding to the value of the shares that do not satisfy the three-year requirement, adjusted for tax (profit or loss) on the difference between

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the original value of the shares and the value of the shares upon termination.

The LTI scheme does not give grounds for pension accrual.

KONGSBERG's LTI scheme consists of two key performance indexes (KPIs):

EBIT	ROACE
50%	50%

3.7.1 EBIT

The threshold value for EBIT is EBIT > 0. If EBIT is higher than 0, a full payment is given for this KPI.

3.7.2 ROACE

The threshold value for ROACE is ROACE >= 10 per cent. If ROACE is equal to or higher than 10 per cent, a full payment is awarded for this KPI.

In 2024 the Board has decided that ROACE must be >= 20 per cent to award a payment for this KPI.

3.8 Employees' share scheme

The purpose of the employees share scheme is to stimulate share ownership among employees to foster mutual interests among employees and shareholders. The Board evaluates and carries out the scheme annually. The scheme has been implemented every year since 1996.

CMT, with the exception of the President and CEO, can purchase KONGSBERG shares under the same terms and conditions as all other KONGSBERG employees. In 2023, employees could purchase KONGSBERG shares worth NOK 100,000. The purchase price includes a 25 per cent discount that the company provides. The maximum discount provided is NOK 25,000.

The company gives employees the option of receiving 80 per cent of the purchase price as an interest-free salary loan over one year. 20 per cent of the purchase price has to be paid when the shares are transferred to the employee.

There is a one-yearlock-in period for shares purchased in the employees share scheme.

KONGSBERG has no arrangement for allocation of stock options or other instruments connected to the company's shares. There are no plans to introduce such schemes.

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KONGSBERG • Executive Management Remuneration Report 2023

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1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

4. Results variable compensation 2023

KONGSBERGs strong growth continued in 2023, and all KONGSBERG's business areas contributed significantly to the solid progress.

In September, Kongsberg Defence & Aerospace signed a contract with Poland to supply a coastal defence system for Naval Strike Missiles (NSM) with a value of NOK 16 billion. This is the biggest single contract in KONGSBERG's history, and an important milestone in our more than 200-year history.

KONGSBERG delivered more than NOK 40 billion in operating revenues and an operating profit of NOK

4.6 billion. In 2023 the Group's EBIT improved by 39 per cent. Kongsberg Maritime AS experienced an improvement of 64 per cent, Kongsberg Defence & Aerospace AS of 25 per cent and Kongsberg Discovery AS of 20 per cent. The Group's ROACE was 33.3 per cent and the Group's growth in operating revenues were 28 per cent. The Group's order backlog is now NOK 88.6 billion and we have never experienced stronger demand for the total KONGSBERG­ portfolio.

4.1 STI results

KONGSBERGs positive financial performance resulted in very good KPI achievement in the STI scheme in 2023.

KPI		Achievement
	EBIT	• Group: 40 per cent
	• Kongsberg Maritime: 40 per cent
	(max. 40 per cent)

• Kongsberg Defence & Aerospace: 40 per cent
• Kongsberg Discovery: 40 per cent

ROACE	•	19 per cent
(max. 30 per cent)
Growth in
operating	•	10 per cent
revenues
(max. 10 per cent)

Individual goal

(max. 20 per cent)

• Geir Håøy, President and CEO: 16 per cent
• Mette Toft Bjørgen, Group EVP and CFO: 16 per cent
• Eirik Lie, EVP KONGSBERG and President Kongsberg Defence & Aerospace: 17 per cent
• Lisa Edvardsen Haugan, EVP KONGSBERG and President Kongsberg Maritime: 17 per cent
• Martin Wien Fjell, EVP KONGSBERG and President Kongsberg Discovery: 17 per cent
• Even Aas, Group EVP Public Affairs, Communication and Sustainability:
  16 per cent
• Iver Christian Olerud, Group EVP Corporate Development: 16 per cent
• Christian Karde, Group EVP General Counsel and Chief of Staff: 16 per cent

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KONGSBERG • Executive Management Remuneration Report 2023

1. Compensation committee
2. Guidelines for remuneration for executive management personell
3. Overview of the various compensation elements
4. Results variable compensation 2023
5. Individual terms and conditions
6. Remuneration for the CMT in 2023
7. Remuneration for the Board in 2023
8. Report on the 2023 financial year
9. Auditor's certificate

1. Line 1 shows LTI­shares with a three-yearlock-in period that were transferred to the employee's account, per year. Line 2 shows the number of shares allocated through the LTI plan, shares purchased through the company's share scheme for employees, and shares otherwise purchased privately.
2. Total: Line 1 shows how many LTI shares that were transferred for the entire period in CMT. Line 2 shows the number of shares the employee has in total.

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4.2 LTI results

KONGSBERGs good financial performance resulted in the following KPI results for the LTI scheme in 2023.

KPI		Achievement
	EBIT	•	50 per cent
	ROACE	•	50 per cent

4.2.1 Share ownership

The table below shows an overview of the number of shares that have been transferred via the LTI­plan for the President and CEO and members of the CMT in 2023, and in the last four years (2019 to 2022). The total number of shares per year is also shown. This includes shares allocated through the LTI plan, shares purchased through the company's share scheme for employees, and shares otherwise purchased privately.

The total number of shares owned by the current CMT of KONGSBERG as of 31 December 2023 is NOK 140,668. This includes shares allocated through the LTI plan, shares purchased through the company's share scheme for employees, and shares otherwise purchased privately. The total value of these shares per 31 December 2023 was NOK 65,466,887.

Number of shares owned by CMT

Name	Type share1)	2019	2020	2021	2022	2023	Total2)
Geir Håøy	LTI- shares	5 746	4 678	4 760	3 043	2 404	34 220
President and CEO	Total shares (incl. LTI)	30 091	35 049	40 297	44 352	46 756	46 756
Mette Toft Bjørgen	LTI- shares					417	417
Group EVP and CFO, from 14. April 2023	Total shares					1 519	1 519
Gyrid Skalleberg Ingerø	LTI- shares	2 429	1 975	2 267	1 446	1 054	9 601
Group EVP and CFO, to 13. April 2023	Total shares (incl. LTI)	12 383	16 638	19 393	21 116	17 170	17 170
Even Aas	LTI- shares	1 542	1 359	1 383	884	646	10 964
Group EVP Public Affairs, Communication
and Sustainability	Total shares (incl. LTI)	25 805	27 444	29 315	30 476	31 295	31 295
Iver Christian Olerud	LTI- shares		835	1 041	1 192	869	3 937
Group EVP Corporate Development	Total shares (incl. LTI)		4 292	5 821	7 146	8 189	8 189
Christian Karde	LTI- shares		490	839	973	856	3 158
Group EVP General Counsel and Chief of Staff	Total shares (incl. LTI)		1 089	2 416	3 666	4 522	4 522
Lisa Edvardsen Haugan	LTI- shares				533	549	1 082
EVP KONGSBERG and President
Kongsberg Maritime	Total shares (incl. LTI)				6 850	7 585	7 585
Eirik Lie	LTI- shares	2 682	2 182	2 220	1 550	1 130	11 238
EVP KONGSBERG and President
Kongsberg Defence & Aerospace	Total shares (incl. LTI)	8 775	11 237	13 945	15 772	17 076	17 076
Martin Wien Fjell	LTI- shares					430	430
EVP KONGSBERG and President
Kongsberg Discovery	Total shares (incl. LTI)					6 556	6 556

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5. Individual terms

Due to changes in legislation or the national guidelines for executive pay in companies with direct state ownership, the President and CEO and some members of CMT have individual terms and conditions relating to pensions and early retirement agreements. These schemes are closed for new members.

5.1 Compensation for removal of defined benefit pension

On 1 January 2008, KONGSBERG switched from a defined benefit pension scheme to a defined contribution pension scheme. Employees above 52 years were allowed to continue with the closed defined benefit pension scheme, while employees under 52 years received a compensation corresponding to the esti­ mated loss in pension capital upon reaching the age of 67. The President and CEO, EVP KONGSBERG and President KDA, Group EVP Public Affairs, Communication and Sustainability and Group EVP General Counsel and Chief of Staff receive such compensation. This is adjusted annually by 2.5 per cent.

5.2 Closed pension scheme for salaries above 12G

KONGSBERG ended its pension scheme for salaries above 12G on 1 October 2015. Employees with salaries over 12G at this time were allowed to continue with the scheme and five members of CMT have done so.

The scheme is a closed defined benefit or defined contribution pension scheme for salaries above 12G. Accumulated funds, including return, will be paid out to the member at retirement age or if the member is leaving the company.

When transferring to a new position internally, the accrual in the scheme will cease, but the return on the previously accrued balance will be added.

The President and CEO's scheme for salaries above 12G has 18 per cent accrual on the part of the salary that exceeds 12G, up to a limit of NOK 2,424,200.

Group EVP Public Affairs, Communication and Sustainability has a 60 per cent defined benefit scheme on the part of the salary that exceeds 12 G, up to a limit of NOK 1,995,951.

Group EVP General Counsel and Chief of Staff, EVP KONGSBERG and President KDA and EVP KONGS­ BERG and President KD do not accrue additional contributions in the scheme, but a return on the previously accrued balance is still added.

5.3 Early retirement

KONGSBERG has different early retirement agreements, the content of which differs depending on when the agreements were entered into. The early retirement agreements have always been entered into in line with the applicable national guidelines for executive pay in companies with direct state ownership. No early retirement agreements has been entered into after 1 October 2015. Two members of CMT have early retirement agreement.

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