Westwing : Remuneration Report for Westwing Group SE for the fiscal year 2023

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REMUNERATION REPORT

2023

Remuneration Report for Westwing Group SE in Accordance with Section 162 of the AktG
I. Review of the Financial Year from a Remuneration Perspective	3
II. Remuneration of Management Board Members	4
A. Remuneration System in Financial Year 2023	4
1.	Fixed Remuneration Components	4
	a. Base Remuneration	4
	b. Fringe Benefits	4
2.	Variable Remuneration Components	5
	a. Short-term Variable Remuneration	5
	b. Long-term Variable Remuneration	6
3.	Other Remuneration Issues	9
	a. Compliance with Maximum Remuneration	9
	b. Malus and Clawback Rules	11
	c. Pension and Early Retirement Rules	12
	d. Post-contractualNon-compete Agreements,
	Ex Gratia Payments and Severance Payments	12
B. Amount of Remuneration Paid in Financial Year 2023	12
1.	Remuneration of Management Board Members
	Who Were Active in the Financial Year	12
	a. Remuneration Granted, and Remuneration
	Awarded and Due, in Financial Year 2023	12
	b. Market Remuneration Review for
	Management Board Remuneration	16
2.	Remuneration Paid to Former Managing Board Members	17

3. Information on Relative Changes in Management Board Remuneration, the Remuneration of the Rest of the Workforce

	and the Company's Financial Performance	17
III. Remuneration of Supervisory Board Members	18
A. Remuneration System in Financial Year 2023	18
B. Amount of Remuneration Paid in Financial Year 2023	19
1.	Remuneration Awarded and Due in Financial Year 2023	19
2.	Information on Relative Changes in Supervisory Board
	Remuneration, the Remuneration of the Rest of the Workforce
	and on the Company's Financial Performance	19
IV. Outlook for Financial Year 2024 from a Remuneration Perspective	20
V. Independent Auditors' Report on the Audit of the Remuneration Report in ­Accordance
with Section 162(3) of the German Stock Corporation Act (AktG)	21

2	WESTWING GROUP SE REMUNERATION REPORT 2023

I N T RO D U CT I O N

This Remuneration Report explains in detail the remuneration awarded and due for former and active members of the Management Board and Supervisory Board of Westwing Group SE in financial year 2023. It complies with the requirements of section 162 of the German Stock Corporation Act (Aktiengesetz - AktG) and, to the extent that no departures have been disclosed, with the German Corporate Governance Code in the version dated 28 April 2022, which took effect on publication in the Federal Gazette (Bundesanzeiger) on 27 June 2022 (the "2022 Code").

I. REVIEW OF THE FINANCIAL YEAR FROM A REMUNERATION PERSPECTIVE

Following the introduction of the German Act Implementing the Second Shareholder Rights Directive (Gesetz zur Umsetzung der zweiten Aktionärsrechterichtlinie - ARUG II), the Supervisory Board of Westwing Group SE revised the remuneration system for the members of the Management Board. This revised Management Board remuneration system (also referred to in the following as the "2021 remuneration system") was submitted to the Company's Annual General Meeting on 5 August 2021 for approval in accordance with section 120a(1) of the AktG, and was approved by a large majority (95.98%). The 2021 remuneration system applies to the Management Board service agreement for Dr Andreas Hoerning, who has been CEO of Westwing Group SE since 1 July 2022.

Following preliminary work in both cases by the Supervisory Board's Remuneration Committee, the Supervisory Board addressed the issue of updates to the Management Board remuneration system in 2022 and in the reporting period and resolved in March 2023, in accordance with section 120a(1) of the AktG, to submit a revised remuneration system to the Annual General Meeting on the 2022 financial year for approval (also referred to in the following as the "2023 remuneration system"). The 2023 remuneration system was also approved by a large majority (90.62%) at the Annual General Meeting on 16 May 2023.

In financial year 2023, the 2023 remuneration system was applied for the first time to the Management Board service agreement for Sebastian Westrich, who has been the CFO of Westwing Group SE since 1 August 2023. He succeeded the former CFO, Sebastian Säuberlich, who stepped down at the end of his term of office as at the end of 31 March 2023.

The main changes made during the revision of the 2023 remuneration system related to the following aspects:

• a rolling LTI cycle (i.e. one that starts at the beginning of each year instead of a sequential system)
• changes to the weighting of the remuneration parameters
• more detailed specifications for the performance criteria (including clear alignment of the ESG targets with Westwing's Sustainability Strategy)
• the inclusion of ways for the Supervisory Board to provide for adaptation mechanisms (caps/floors) during the annual LTI tranche awards, and
• a reduction in the maximum remuneration amount

The 2021 Management Board remuneration system and the 2023 Management Board remuneration system (also referred to collectively in the following as the "ARUG II Management Board remuneration system") take into account the statutory requirements and the recommendations of the German Corporate Governance Code, as amended, regarding the remuneration system, and support Westwing Group SE's long-term, sustainable development.

The ARUG II Management Board remuneration system supports the Company's goal of achieving profitable growth by providing performance criteria for variable remuneration and by creating incentives for sustainable, forward-looking activity, while also aiming to add value for Westwing's customers, employees and shareholders and for the environment in general. Enabling the Management Board

3	WESTWING GROUP SE REMUNERATION REPORT 2023

members to participate in both Westwing's short-term success and - with a much higher weighting - its long-term success creates incentives for ensuring the Company's sustainable long-term development. What is more, the variable, performance-driven remuneration components are largely awarded in the form of share-based payments, aligning Management Board members' actions with the interests of Westwing's shareholders.

The structure of the ARUG II Management Board remuneration system as submitted to the 2021 and 2023 annual general meetings continues to be publicly available on Westwing Group SE's website. Please see that source for further details of the 2021 and 2023 remuneration system.

The Remuneration Report for financial year 2022 was jointly prepared by the Management Board and the Supervisory Board, audited by the auditors and submitted to the Annual General Meeting on 16 May 2023, for approval. The Annual General Meeting approved the Remuneration Report with 91.56% of the votes cast. The discussion and the resolution itself did not result in any need to adjust the method of remuneration reporting.

I I. REMUNERATION OF MANAGEMENT BOARD MEMBERS

A. Remuneration System in Financial Year 2023

The following sections describe the existing methodologies governing the remuneration components that were material for the Management Board members in financial year 2023. These are based on the remuneration awarded and due in accordance with section 162(1) sentence 1 of the AktG. The remuneration awarded and due represents the remuneration received by members of the Management Board in financial year 2023, plus the remuneration that fell due in financial year 2023 but has not (yet) been received. In addition, information is provided voluntarily on the variable remuneration granted in financial year 2023. The remuneration granted is the prospective remuneration for the Management Board members for financial year 2023, regardless of when it is paid out.

1 . FIXED REMUNERATION COMPONENTS

The fixed remuneration is the total of the base remuneration and the fringe benefits. Taken together, these two remuneration components form the basis for attracting and retaining highly qualified Management Board members to develop and implement Westwing's strategy.

A . BASE REMUNERATION

The members of Westwing's Management Board received a fixed annual salary that is paid out in cash in 12 equal monthly instalments. If a Management Board member's service agreement begins or ends in the course of a financial year, the fixed annual salary for that financial year is awarded pro rata.

B . FRINGE BENEFITS

All Management Board members also receive non-cash and other benefits (fringe benefits). The old Management Board service agreement for former CFO Sebastian Säuberlich awarded him the right to receive a contribution to his health insurance and pension plan. Under it, Westwing paid every month half of the maximum contribution to the statutory pension insurance plan, plus half of his private health and long-term care insurance premiums, but no more than the maximum employer contribution payable in cases of compulsory inclusion in a statutory health and long-term care insurance program. This rule also applies, with the necessary modifications, to contributions to statutory or private health and long-term care insurance in the new Management Board service agreements entered into in 2022 and 2023.

Above and beyond remuneration-related fringe benefits, the Company has taken out D&O insurance with a standard market level of cover and a deductible in line with the relevant provisions of the AktG, plus legal expenses insurance cover for top management, for all members of the Management Board.

4	WESTWING GROUP SE REMUNERATION REPORT 2023

2 . VARIABLE REMUNERATION COMPONENTS

Variable remuneration comprises short-term variable remuneration (also referred to as the "short-term incentive" or "STI") and long-term variable remuneration (the "long-term Incentive" or "LTI"). The amount of variable remuneration is determined on the basis of the Management Board members' performance.

A . SHORT-TERM VARIABLE REMUNERATION

The STI for financial year 2022 (which was paid out in the 2023 reporting period) is a performance-based variable remuneration component with a one-year assessment period and is designed to create an incentive to implement the Company's strategy in practice in that financial year. The short-term variable remuneration comprises three financial performance criteria plus an ESG performance target, each of which is responsible for 1/4 of the STI's target achievement.

If the Management Board service agreement in question starts or ends in the course of a financial year, the target amount is reduced pro rata in line with the date on which it starts or ends.

Financial year 0

x

Financial year 1				Financial year 2
One-year performance period
Target achievement in %		=

STI

target

(in EUR)

	Financial						Non-financial
				+
	performance criteria			peformance criterion
	Revenue		25%
							ESG performance
	Adjusted EBITDA		25%				25%
					target
	Free cash flow		25%

STI

payout

(in EUR)

Cap:

200% of target

amount

Financial Performance Criteria - Revenue, Adjusted EBITDA and Free Cash Flow

The STI for financial year 2022 was measured using the target achievement levels for three financial performance criteria - revenue, Adjusted EBITDA and free cash flow - plus, for the first time, an ESG STI target. Revenue and Adjusted EBITDA, plus the Adjusted EBITDA margin, are the most important financial performance indicators for Westwing's business operations.

• Revenue: Revenue is defined as the approved and audited figure for revenue disclosed in the consoli- dated financial statements. It is the key indicator of demand for Westwing's products and hence an important factor for implementing Westwing's ambitious growth strategy. Consequently, aligning remuneration with the Company's revenue helps promote the Company's business strategy and long-term development.
• Adjusted EBITDA: Westwing defines EBITDA as the sum total of earnings before interest and taxes (EBIT) plus depreciation, amortisation and impairment losses. Adjusted EBITDA is calculated by adjusting EBITDA by income/expenses for share-based remuneration and non-recurring factors (such as restructuring expenses). Adjusted EBITDA represents Westwing's operating performance and hence helps promote the Company's business strategy.
• Free cash flow: Free cash flow is defined as the sum of the cash flows from operating and investing activities. This expresses the liquidity performance of the Company's operating business, taking investing activities into account, and hence serves as the basis for the Company's sustainable, long-term development.

5	WESTWING GROUP SE REMUNERATION REPORT 2023

The Supervisory Board specified the first ESG STI target for the Management Board as follows in financial year 2022:

The definition of, and obligation to set, science-based emissions reduction targets in cooperation with ClimatePartner, so as to identify the correct scope and target definition.

The target would be met in full with the imposition of the obligation on the Management Board and the Supervisory Board's approval of the science-based emissions reduction targets. It was decided that no floors (50%) or caps (200%) could be applied since a "yes/no" target had been defined.

The ESG target was considered to have been met in full since the Management Board had developed such science-based emissions reduction targets together with ClimatePartner as part of its Sustainability Strategy, adopted them and submitted them to Supervisory Board, and the Supervisory Board had then agreed with them.

The financial performance criteria were applied as follows in financial year 2022:

Thresholds		Revenue		Adjusted EBITDA	Free cash flow
Cap		EUR 540 million		EUR 16 million	EUR 5 million
Target		EUR 500 million		EUR 3.5 million	EUR - 12 million
Floor		EUR 460 million		EUR - 9 million	EUR - 29 million

The following applies to all of the performance criteria above: where the performance achieved is less than the floor, the target achievement for the performance target concerned is 0%; where the performance reaches or exceeds the cap, it is 200%.

Performance criterion

Actual figures for 2022

Target achievement

ESG target achievement

Overall target achievement

Payout for Dr Andreas Hoerning1

Payout for Stefan Smalla2

Payout for Sebastian Säuberlich

Revenue		Adjusted EBITDA	Free cash flow
EUR 430.8 million		EUR - 4.2 million	EUR - 18.8 million
0%	69%		80%
	100%
	62%
		EUR 47k
		EUR 31k
		EUR 31k

1. The amount reflects the fact that Dr Andreas Hoerning only became a member of the Management Board (CEO) with effect from 1 July 2022.
2. Stefan Smalla received the STI 2022 for full-year 2022 in line with the termination agreement that was entered after his term of service ended as at 31 December 2022.

B. LONG-TERM VARIABLE REMUNERATION

Stock Options Granted in Financial Year 2023

The following stock options were granted to members of the Management Board in financial year 2023:

CEO Dr Andreas Hoerning will receive long-term variable remuneration ("LTI") in accordance with the 2021 remuneration system as from 1 January 2023. The LTI was granted with effect from 1 January 2023 by way of a one-time award for the entire further term of his service agreement, i.e. for a total period of three years. The LTI for the CEO will be granted on the basis of the 2021 remuneration system and comprises a performance share plan ("LTI component 1") and a stock option plan ("LTI component 2"). LTI component 1 has been designed as a performance share plan under which virtual shares in the Company ("virtual performance shares") are granted conditionally. The term of these LTI tranches is at least four years and consists of a performance period, which basically corresponds to the term of the

6	WESTWING GROUP SE REMUNERATION REPORT 2023

service agreement but is at least three years long, plus a potential subsequent one-yearlock-up period in individual cases. The number of conditionally granted virtual performance shares ("VPSs") is determined by dividing the target amount of LTI component 1 by the average XETRA closing price of Westwing's shares for the 90 trading days immediately preceding the grant. After the performance period has expired, the final number of VPSs will be determined using the target achievement for the performance criteria defined by the Supervisory Board. If the performance criteria have not been met in full, the number of VPSs will be reduced. If the performance criteria have been exceeded, the number of VPSs will be increased. The final number of VPSs is capped at the end of the performance period at 200% of the number of VPSs conditionally granted at the beginning of the performance period. After the term has expired, Westwing shares will be granted for the final number of VPSs; these shares are then available to the Management Board member without restriction. If, at the Supervisory Board's discretion, the performance share plan is settled and paid out in cash instead, the payout following the end of the term is determined by multiplying the final number of VPSs by the average XETRA closing price of Westwing's shares for the last 90 trading days of the term.

LTI component 2 has been designed as a stock option plan under which virtual performance stock options issued by the Company ("VPSOs") are granted conditionally. As with LTI component 1, the LTI tranches have a term of at least four years. After this, the VPSOs can be exercised within three years (three-year exercise period). The Supervisory Board determines the strike price (exercise price) before the VPSOs are granted. The number of VPSOs granted is determined by dividing the target amount for LTI component 2 by the fair value at grant per VPSO. The fair value is calculated using a recognised measurement method. After the performance period has expired, the final number of VPSOs will be determined using the target achievement for the performance criteria defined by the Supervisory Board. If the performance criteria have not been met in full, the number of VPSOs will be reduced. If the performance criteria have been exceeded, the number of VPSOs will be increased. The final number of VPSOs is capped at the end of the performance period at 200% of the number of VPSOs conditionally granted at the beginning of the performance period. Once the term has ended, the VPSOs can be exercised within three years. If the VPSOs are exercised in whole or in part and serviced using shares, the Management Board member concerned is entitled to receive shares of the Company at the strike price. If the VPSOs are exercised in whole or in part and serviced in cash, the payout for LTI component 2 is determined by multiplying the number of VPSOs by the difference between the XETRA closing price for Westwing's shares on the exercise date and the strike price.

CFO Sebastian Westrich receives a long-term incentive ("LTI") that is granted under a rolling LTI cycle (i.e. a cycle that starts every year) in accordance with the 2023 remuneration system. The LTI for Sebastian Westrich was granted for the first time pro rata for the 2023 - 2026 LTI cycle with effect from 1 August 2023. The LTI for the CFO is based on the 2023 remuneration system and comprises a performance share plan ("LTI component 1") and a stock option plan ("LTI component 2"). LTI component 1 has been designed as a performance share plan under which virtual shares in the Company ("virtual performance shares") are granted conditionally. The term of these LTI tranches is at least four years and consists of a performance period of at least three years, plus a potential subsequent lock-up period of up to one year in individual cases. The number of conditionally granted virtual performance shares ("VPSs") is determined by dividing the target amount of LTI component 1 by the average volume-­ weighted XETRA closing price of Westwing's shares for the 90 trading days immediately preceding the grant in each case. If the Supervisory Board has, at its reasonable discretion, set a floor, this is used when calculating the number of VPSs to be granted instead of the average volume-weighted XETRA closing price of Westwing's shares for the 90 trading days immediately preceding the grant in each case. If the Supervisory Board has, at its reasonable discretion, set a cap, the payout per VPS is limited to this in those cases in which the share price for Westwing shares that would otherwise be used to determine the payout on exercise would exceed the cap. If the VPSs are serviced in shares, the number of shares will be reduced if necessary to do justice to the effect of the cap. After the relevant performance period has expired, the final number of VPSs will be determined using the target achievement for the performance criteria defined by the Supervisory Board. If the performance criteria have not been met in full, the number of VPSs will be reduced. If the performance criteria have been exceeded, the number of VPSs will be increased. The final number of VPSs is capped at the end of the performance period at 200% of the number of VPSs conditionally granted at the beginning of the performance

7	WESTWING GROUP SE REMUNERATION REPORT 2023

period. After the term has expired, Westwing's shares will normally be granted for the final number of VPSs; these shares are then available to the Management Board member without restriction. If, at the Supervisory Board's discretion, the performance share plan is settled and paid out in cash instead, the payout at the end of the term is determined by multiplying the final number of VPSs by the average volume-­ weighted XETRA closing price of Westwing's shares for the last 90 trading days of the term, or the cap.

LTI component 2 has been designed as a stock option plan under which virtual performance stock options issued by the Company ("VPSOs") are granted conditionally. As with LTI component 1, the LTI tranches have a term of at least four years. After this, the VPSOs can be exercised within three years (three-year exercise period). The Supervisory Board determines the relevant strike price (exercise price) before the VPSOs are granted. The number of VPSOs to be granted is determined by dividing the target amount for LTI component 2 by the fair value at grant per VPSO, unless the Supervisory Board has set a floor at its reasonable discretion. If a floor has been set, the calculation of the fair value at grant is adjusted by using the floor determined by the Supervisory Board instead of the share price that would otherwise apply to calculate an "adjusted fair value". If the Supervisory Board has, at its reasonable discretion, set a cap, the payout per VPSO is limited to the difference between the cap and the strike price in those cases in which the share price for Westwing shares that would be used to determine the payout on exercise would exceed the cap. If the VPSOs are serviced in shares, the number of shares will be reduced if necessary to reflect the effect of the cap. However, the cap is ignored when calculating the "adjusted fair value", which is used to determine the number of VPSOs at grant, so as not the increase the number of VPSOs. After the relevant performance period has expired, the final number of VPSOs will be determined using the target achievement for the performance criteria defined by the Supervisory Board. If the performance criteria have not been met in full, the number of VPSOs will be reduced. If the performance criteria have been exceeded, the number of VPSOs will be increased. The final number of VPSOs is capped at the end of the performance period at 200% of the number of VPSOs conditionally granted at the start of the performance period. Once the relevant term has ended, the VPSOs can be exercised within three years. If the VPSOs are exercised in whole or in part and serviced using shares, the Management Board member concerned is entitled to subscribe for shares of the Company at the strike price. If the VPSOs are exercised in whole or in part and serviced in cash, the payout for LTI component 2 is determined by multiplying the number of VPSOs by the difference between the average volume-weighted XETRA closing price for Westwing's shares for the last 30 trading days before the exercise date, or the cap, and the strike price.

Stock Options Exercised in Financial Year 2023

In financial year 2023, stock options were exercised by Management Board members who had left the Board as at the end of the financial year (Stefan Smalla and Sebastian Säuberlich); all of these options are related to the VSOP 2019" virtual programme. This programme granted executives and other top managers virtual shares from August 2018 onwards. All options under this programme were vested as at 31 December 2022 but can only be exercised four years after they were granted. The options have an average share price cap of EUR 23.90 and an average exercise price of EUR 2.89. The exercise price for the stock options exercised in 2023 was EUR 1.00. The details per person are as follows:

Former CFO Sebastian Säuberlich exercised a portion (12,500 shares) of his VSOP 2019 on 23 Novem- ber 2023. To meet this obligation, the Company paid out EUR 90,750 gross (before deduction of taxes) to Sebastian Säuberlich in the 2023 reporting period in line with the terms and conditions for the VSOP 2019.

Former CEO Stefan Smalla exercised his claim to 188,000 shares under the VSOP 2019 in full on 14 August 2023; these had already fully vested on the date when his service agreement ended. To meet this obligation, the Company paid out EUR 1,407,604.59 gross (before deduction of taxes) to Stefan Smalla in the 2023 reporting period in line with the terms and conditions for the VSOP 2019.

8	WESTWING GROUP SE REMUNERATION REPORT 2023

The exercise price of EUR 1.00 was deducted from the relevant share price and the resulting figure multiplied by the number of options exercised so as to determine the remuneration awarded to Sebastian Säuberlich from the options exercised in financial year 2023:

	20231
Options exercised in the reporting period	12,500
Relevant share price (EUR)	8.26
Exercise price (in EUR):	1.00
Remuneration awarded for exercising the options (EUR):	90,750.00

1 The amounts disclosed relate to stock options exercised in financial year 2023 with a choice of settlement options on Westwing's part that had already been granted in past financial years (prior to Sebastian Säuberlich's appointment to the Management Board). In addition, the disclosures only relate to programmes attributable to his Management Board activities. Programmes that had fully vested before his appointment to the Management Board are not disclosed.

The exercise price of EUR 1.00 was deducted from the relevant share price and the resulting figure multiplied by the number of options exercised so as to determine the remuneration awarded to Stefan Smalla from the options exercised in financial year 2023:

	20231
Options exercised in the reporting period	188,000
Relevant share price (EUR)	8.49
Exercise price (in EUR):	1.00
Remuneration awarded for exercising the options (EUR):	1,407,604.59

1 The amounts presented relate to stock options exercised in financial year 2023 with a choice of settlement options on Westwing's part that had already been granted in past financial years (prior to Stefan Smalla's appointment to the Management Board).

In addition, the disclosures only relate to programmes attributable to his Management Board activities. Programmes that had fully vested before his appointment to the Management Board are not disclosed.

3. OTHER REMUNERATION ISSUES

A. COMPLIANCE WITH MAXIMUM REMUNERATION

The Supervisory Board has set out a maximum remuneration amount in the ARUG II remuneration system for newly appointed members of the Management Board and future reappointments of existing members, as required by section 87a(1) sentence 2 no. 1 of the AktG. The maximum remuneration in each case applies to the existing Management Board service agreements between Westwing Group SE on the one hand and CEO Dr. Andreas Hoerning/CFO Sebastian Westrich on the other. The maximum remuneration takes into account the base remuneration, fringe benefits and the variable remuneration (STI and LTI).

Under the 2021 remuneration system that is used for CEO Dr Andreas Hoerning, the maximum remuneration amounts to EUR 15 million for CEOs and EUR 10 million for ordinary Management Board members. Under the 2023 remuneration system that has been used for the first time for CFO Sebastian Westrich, it amounts to EUR 10 million for CEOs and EUR 6 million for ordinary Management Board members.

9	WESTWING GROUP SE REMUNERATION REPORT 2023

The parameters needed to finally calculate the maximum remuneration for the CEO for financial year 2022 have now been determined in full. The following table contains the remuneration allocable to CEO Dr Andreas Hoerning for the 2022 reporting period:

Allocation for financial year 20221
Dr Andreas Hoerning, Chief Executive Officer	In EUR k
	Base remuneration	175
+	Fringe benefits2	3
=	Total non-performance-related remuneration	178

• One-yearvariable remuneration (total)

	STI for financial year 2022	47
+	Multi-year variable remuneration (total)3	-
=	Total remuneration	225
	Maximum remuneration	15,000

1. The remuneration disclosed for financial year 2022 reflects the fact that Dr Andreas Hoerning only joined the Management Board with effect from 1 July 2022 and the remuneration has therefore been prorated.
2. The D&O and legal expenses insurance are not relevant to the remuneration since both are group insurance contracts that include Management Board members.
3. No options were granted to Dr Andreas Hoerning in financial year 2022 because existing programmes from previous financial years were still in the vesting stage.

The parameters needed to finally calculate the maximum remuneration for financial year 2023 had not been fully determined as at 31 December 2023. How the maximum remuneration for the reporting year 2023 was complied with can only finally be explained once the variable remuneration for financial year 2023 has finally been determined. The value at the time the remuneration is received must then be considered.

The following tables contain the remuneration allocable to CEO Dr Andreas Hoerning and CFO Sebastian Westrich for the 2023 reporting period as at 31 December 2023; these will be successively extended:

Allocation for financial year 2023

Dr Andreas Hoerning, Chief Executive Officer

Base remuneration

• Fringe benefits1

• Total non-performance-related remuneration + One-year variable remuneration (total)
  STI for financial year 2023

• Multi-yearvariable remuneration (total)2

• Total remuneration as at 31 December 2023 Maximum remuneration

In EUR k

350

6

356

To be received in 2024

356

15,000

1. The D&O and legal expenses insurance are not relevant to the remuneration since both are group insurance contracts that include Management Board members.
2. In financial year 2023, CEO Dr Andreas Hoerning was granted long-term variable remuneration components in the form of a performance share plan ("LTI component 1") and a stock option plan ("LTI component 2") for three years, in line with the
   sequential­ 2021 remuneration system. Remuneration can only be received under these plans when the relevant performance and vesting periods have expired/during the exercise periods.

10	WESTWING GROUP SE REMUNERATION REPORT 2023