HELLENiQ ENERGY S A : Item 5 Remuneration Report 2023

REMUNERATION REPORT

OF THE BOARD OF DIRECTORS OF "HELLENiQENERGY HOLDINGS S.A."

REGISTRATION NO. 000296601000

FOR THE FISCAL YEAR 01.01.2023 - 31.12.2023

FORTHE ANNUAL GENERALMEETING OF THE SHAREHOLDERS

Contents
1.	Preamble - Purpose of the Report	2
2.	Brief Presentation of the Composition & Operation of the Board of Directors of the Company	2
3.	Developments of 2023 fiscal year	3
4.	Brief presentation of the remuneration framework of the BoD members of the Company	4
5.	Total remuneration of the members of the BoD for the fiscal year 1.1.2023 - 31.12.2023	6
6.	Annual variation in the remuneration of the members of the Board of Directors	13
7.	Annual variation of the Company's and Group's financial data	17
8.	Additional remuneration of any kind from a company belonging to the same Group	17

9. Number of shares and stock option rights for shares that have been granted or offered to the

	persons covered by the Company's Remuneration Policy	17
10.	Any option rights exercised in the context of the Company's stock award programs	17
11.	Information regarding the exercise of the option of revocation of variable remuneration	17
12.	Information regarding potential deviations from the application of the Remuneration Policy	17
13.	Approval and Disclosure of the Remuneration Report	17
14.	Annex A: Evaluation of Group objectives for 2022 and 2023	19
15.	Annex B: Individual Objectives of HELLENiQ ENERGY Chief Executive Officer	20
16.	Annex C: Board Committees and the role of the BoD members in them	21
17.	Annex D: Table of Remuneration and Additional Benefits of BoD Members of the Company paid
	during the fiscal year 1.1.2023 - 31.12.2023	22

1

1. Preamble - Purpose of the Report

Dear Shareholders,

The present remuneration report includes a comprehensive overview of the total remuneration received by the members of the Board of Directors of the Company "HELLENiQ ENERGY Holdings S.A." (hereinafter: the "Company") which has been paid during the fiscal year 01.01.2023 - 31.12.2023. The report has been prepared pursuant to article 112 of L. 4548/2018 (hereinafter the "Law") and in accordance with the corporate governance framework. The remuneration included has been provided in accordance with the framework of the Remuneration Policy of the Company, which was approved on 20.12.2019 and amended by virtue of the resolution of the Annual General Meeting of Shareholders dated 30.06.2021. The specific policy as well as all the information required by Law 4548/2018 can be found here.

Subsequent to the Annual General Meeting of Shareholders, the present Remuneration Report will be available on the Company's corporate website for a period of ten (10) years, as required by the Law.

The purpose of the Report is to inform the Company's shareholders, whereas in accordance with the Law, the shareholders' vote on the Report has an advisory function.

In formulating the present Report, the Company's Board of Directors (BoD) took into consideration the outcome of the vote cast during the Annual General Meeting of Shareholders in the year 2023.. In particular, the points that were considered and include additional information, are as follows:

• the presentation and more detailed comparison ofthe fixed and variable remuneration of the Executive Members of the Company's BoD with Greek and European reference companies (peer groups),
• further information regarding the achievement of the Group objectives and the individual objectives of the Executive Members of the Company's BoD and
• additional analyses on the ratio ofAnnual Variable Remuneration to Total Annual Remuneration for the Executive Members of the Company's BoD.

In accordance with established practice and applicable legislation, the remuneration paid to the members of the Board of Directors of the Company for the fiscal year 01.01.2023 - 31.12.2023 comprises both fixed and variable remuneration paid in 2023 but linked to the performance and business development of the HELLENiQ ENERGY Group during the previous fiscal year (hereinafter referred to as the "Group").

All remuneration paid to the members of the Board of Directors of the Company complies with the approved Remuneration Policy and the legislation.

A new addition to this Report is the reporting of the variable remuneration attributable to the results of the 2023 fiscal year, which has already been approved and will be payable in 2024.

The outcome of the vote cast during the Annual General Meeting of Shareholders in the year 2024 will also be analyzed, and the way in which it will be taken into consideration will be explained in the subsequent Remuneration Report.

2. Brief Presentation of the Composition & Operation of the Board of Directors of the Company

The Company is governed by a Board of Directors comprising eleven (11) members with a three-year(3-year) term of office which expires on 30.06.2024 and may be extended until the convening of the Annual General Meeting of Shareholders, should it expire prior to that date.

Taking into account the increasing complexity of operations and the expansion of the Company in new sectors, the Board of Directors of the Company decided to appoint the Executive Member of the Board of Directors of the Company, and member of the Top Management Team, Mr. G. Alexopoulos, as Deputy Chief Executive Officer of the Company, with effect from 3.5.2023. Also, with effect from the same date, in accordance with the best practice

2

provided for by the Greek Corporate Governance Code, which the Company adopts, Mr. I. Aivazis was appointed as a Senior Independent Director of the Board of Directors of the Company.

The composition of the BoD for 2023 was as follows:

• Ioannis Papathanasiou, Chairman, Non-Executive Member ofthe BoD,
• Andreas Shiamishis, Chief Executive Officer, Executive Member ofthe BoD,
• Georgios Alexopoulos, Deputy Chief Executive Officer (as of 03.05.2023), Executive Member of the BoD,
• Iordanis Aivazis, Senior Independent Director (as of 03.05.2023)
• Theodoros-AchilleasVardas, Non-Executive Member of the BoD,
• Nikolaos Vrettos, Independent, Non-Executive Member of the BoD,
• Anastasia Martsekis, Non-Executive Member ofthe BoD,
• Alexandros Metaxas, Non-Executive Member of the BoD,
• Lorraine Scaramangas, Independent, Non-Executive Member ofthe BoD,
• Panagiotis Tridimas, Independent, Non-Executive Member ofthe BoD,
• Alkiviades - Constantinos Psarras, Non-Executive Member of the BoD.

The selection of the BoD members that were elected by virtue of the resolution of the Annual General Meeting of Shareholders dated 30.6.2021 took place in compliance with the new corporate governance framework which the Company implements, as defined in L. 4706/2020 and the decisions of the Hellenic Capital Market Commission issued as delegated by the said law and in the Corporate Governance Code (edition June 2021) of the Hellenic Corporate Governance Council (ESED). In particular, the individual and collective suitability criteria, which are provided in the Suitability Policy of the BoD members of the Company, as approved by the Extraordinary General Meeting of Shareholders dated 28.05.2021 and entered into force as of 09.06.2021, in compliance with said Law, were taken into account.

The BoD convened eighteen (18) times during the year 2023.

3. Developments of 2023 fiscal year

The Group concluded 2023 as yet another successful year, with the first phase of the Vision 2025 strategic plan almost completed and having a positive impact in terms of operational performance and profitability. Specifically, Adjusted EBITDA reached €1.2 billion, surpassing the average of the initial projections outlined in the Group's business plan, representing, the second-best result in the Group's history. Results were mainly driven by strong international industry backdrop, higher refinery availability and increased exports, improved performance from our international portfolio as well as higher contribution from RES.

During 2023, the Group recorded progress in all strategic areas and has implemented significant initiatives that will deliver value upon their completion in the coming years.

In particular:

• In the core business, the objective is to further enhance financial performance and accelerate energy transition. In this context, we are progressing projects at the refineries that improve energy efficiency and increase energy autonomy, aiming for both improved economics as well as better environmental footprint. In addition, investments are being evaluated to support the reduction of the Group's carbon footprint and help transition the transportation fuels sector, including projects in biofuels, CO2 capture and storage, as well as production of green hydrogen and synthetic fuels at our facilities in Elefsina and Thessaloniki. Finally, the expansion of the polypropylene production plant is already in progress.
• In Fuels Marketing, the continuous expansion of the international network, the promotion of e-mobility and the ongoing improvement of our service stations, which are key to the delivery of our value proposition to the

3

end-consumer, remain a key priority.

• In the RES business, HELLENiQ Renewables has significantly accelerated the expansion of its portfolio in 2023, positioning itself as a leading player in both the Greek market and selected international markets. Specifically, through the completion of a series of agreements in Greece, Cyprus and Romania, it had achieved an installed capacity of 356 MW by the end of 2023, along with projects under construction or in advanced stages of development with a total capacity of 0.7 GW. The current pipeline has increased further to 4.3 GW, with the Group targeting operational capacity of over 1 GW by 2025 and more than 2 GW by 2030.
• Furthermore, HELLENiQ Renewables signed a financing framework agreement of up to €766m for the implementation of multiple financing arrangements (project finance) in relation to existing and new projects for RES electricity generation in Greece.
• In the E&P business, the acquisition of seismic data in the offshore areas of the Ionian Sea and Crete was successfully completed. Data processing and evaluation is in progress and is expected to contribute to further evaluation and the final decisions for next steps.
• Furthermore, the implementation of the digital transformation program is currently in progress, with an investment of €50m to date and a substantial financial benefit for the Group, making this program one of the most effective investments, but also one of the most essential in changing the way we operate.

In parallel with all the above actions, during 2023, further significant steps were taken towards the improvement of corporate governance. In particular:

• The Senior Independent Director of the Company's BoD and the Deputy Chief Executive Officers of both the
  Company and HELLENIC PETROLEUM D.E.P.P.P. S.A. were appointed, as stated above.
• An evaluation of the BoD of the Company and its Committees at a collective level as well as the individual evaluation of their members was carried out by an external consultant.

With regard to Human Resources and the organization of the Group's activities, a series of initiatives have been launched and are currently in progress, aiming at creating a culture of high performance throughout the Group. These initiatives include:

• renewal and strengthening of the Group's human resources, through the integration of qualified executives from the market, including the repatriation of executives from abroad,
• adoption of more efficient organizational structures, based on best practices, appropriate to the scale and complexity of activities,
• implementation of a structured succession plan for Top Executives and critical roles,
• strengthening the link between performance and remuneration and development opportunities and
• implementing development programs and upskilling and reskilling of the Group's employees.

In conclusion, significant Corporate Social Responsibility initiatives were undertaken, thereby enhancing the Group's social impact in the countries where it operates.

For a detailed financial overview of the fiscal year that ended on 31st December 2023, please refer to the 2023 Annual

Financial Report, which is published on the Company's website, at www.helleniqenergy.gr/en/investor-

relations/financial-annual-reports.

4. Brief presentation of the remuneration framework of the BoD members of the Company

With respect to the level and structure of remuneration, the remuneration received by the Chairman of the BoD, the Chief Executive Officer as well as the members of the BoD, executive or non-executive, for their participation in the meetings of the BoD and the Committees thereof, is determined and paid on the basis of the provisions of the

Remuneration Policy of the Company's BoD Members, which is approved by the General Meeting of Shareholders,

following relevant recommendation of the Remuneration & Succession Planning Committee of the BoD.

The Remuneration Policy of the BoD Members of the Company was approved by the Extraordinary General Meeting of Shareholders dated 20.12.2019, following proposal of the Remuneration and Succession Planning Committee of the BoD and respective proposal of the BoD in the General Meeting of the shareholders, according to the provisions

4

of article 110 of law 4548/2018, taking into consideration corporate governance best practices as well as the size and activities of the Group. Further, the Remuneration Policy of the BoD Members of the Company was amended by virtue of the resolution of the Annual General Meeting of Shareholders dated 30.06.2021.

The Remuneration Policy has a four-year term, unless revised or amended by virtue of a new resolution of the General Meeting due to a substantial change in the conditions based on which it was adopted.

It is noted that, in the context of the implementation of the new corporate governance framework adopted by the Company, according to the stipulations of the law on corporate governance (L. 4706/2020), the Remuneration and Succession Planning Committee has a determining role in the development and supervision of the remuneration framework, as well as in the submission and approval of proposals for the provision of certain remuneration, operating based on the competences described in the Rules of Procedure of the Remuneration and Succession Planning Committee of the BoD of the Company dated 15.07.2021.

Below are summarized the most important provisions of the Remuneration Policy of the BoD Members.

Remuneration of BoD Members

The remuneration of all BoD Members, under their said capacity, is determined by the approved Remuneration Policy of BoD Members of the Company and consists of the following:

• Part of the remuneration is paid on a regular monthly basis, as fixed compensation.
• The remaining part of the remuneration is paid per Board Meeting, so that the remuneration is also connected with the degree of occupation. It is noted that the Remuneration Policy provides a maximum number of paid meetings per year.

The following table shows the gross remuneration (before taxes and other deductions) of the BoD members as approved at the last G.M. of the Company on 30.06.2021.

Table 4.1: Gross Remuneration of BoD members

	Monthly remuneration per	Remuneration per meeting	Maximum number of
BoD and Committees(1)	remunerated meetings
member	per member
	per Committee
BoD members (meetings)	2,500€	1,000€	12
Audit Committee	1,500€	1,000€	12
Other Committees	1,000€	500€	12

1. The remuneration of the Chairman of each Committee is set at 1.5 times the remuneration of the member

Remuneration for Committee Members of the BoD

Accordingly, the fees related to the participation in Board Committees are connected to both the time of occupation and the increased diligence obligations required for the members of the BoD while fulfilling their duties as members of its Committees. For this reason, the provision for the payment of a fixed annual compensation is established also for the Board Committees, which is paid on a monthly basis, as well as of remuneration based on the meetings held.

The table in Annex C shows the Board Committees and the role of the BoD members in them, which is determined taking into account their relevant experience and knowledge on the subjects examined by each Committee.

Remuneration to Executive Members of the BoD

The Executive Members of the BoD receive for their participation in the BoD and/or any Board Committees the exact

5

same remuneration as the non-Executive Members.

As regards the Executive Members who are associated with the Company by way of dependent employment agreements preceding their election as members of the BoD, and act as executives and members of the Top Management Team, their remuneration is determined in accordance with the Remuneration Policy for Executive Level Officers and includes:

• Fixed remuneration
• Variable remuneration
• Optional additional benefits in cash or in kind to all Executives depending on their hierarchical level.

This Remuneration Policy applies to Executive Level Officers of the Group, regardless of their participation or not in the BoD of the Company and takes into account the position of responsibility of each executive, their experience and years of service in the specific position of responsibility and the performance in their duties. Given that the business environment varies, the policy is reviewed on an annual basis, taking into account prevailing market conditions and developments and any significant changes are considered as required. The total of the above remuneration resulting from the employment relationship that the Executive Members of the BoD have is included in the present Remuneration Report, as separate information.

Remuneration of the Chairman of the BoD

The non-executive Chairman of the BoD, for his participation in Board meetings, receives the same remuneration (fixed or per meeting) as all members of the BoD. In addition, he receives remuneration which is provided in a contract concluded with the Company and approved by the G.M. in accordance with the provisions of article 109 par. 1 of the L. 4548/2018. It is noted that in 2019, following the upgrade of the Company's corporate governance framework in relation to international practices, the remuneration of the non-executive Chairman of the BoD ceased to include any variable part, and retained only the fixed amount, which remained at the same level of fixed remuneration that pre- existed. The respective remuneration was determined for their entire term of office, i.e. from 7.8.2019 until today and has remained unchanged since then.

It is noted that that the Non-Executive Chairman of the BoD also participates in a group level health care plan as provided for the Top Management Team.

5. Total remuneration of the members of the BoD for the fiscal year 1.1.2023 - 31.12.2023

Non-Executive Members of the BoD

The annual remuneration of the Non-Executive Members of the Company's BoD was paid for the fiscal year 01.01.2023 - 31.12.2023 on a regular basis and relates only to remuneration (fixed or per meeting) due to their participation in the meetings of the BoD and its Committees, in accordance with the Remuneration Policy for BoD members. It is noted that the remuneration received by the Non-Executive Members of the BoD as provided for by the Company's Remuneration Policy for BoD Members, is evaluated on a systematic basis and is set at market levels.

Executive Members of the BoD

The annual remuneration of the Executive Members of the BoD of the Company (who are associated with the Company by way of dependent employment agreements preceding their election as members of the BoD) that were paid for the fiscal year 01.01.2023 - 31.12.2023, as previously mentioned, concern:

• Fees (fixed or per meeting) for the participation of the BoD Members in Board meetings and Board Committees.
• Annual fixed and variable remuneration, and additional benefits in accordance with the Company's Remuneration Policy for Executive Level Officers, such as group health care plans, pension plans and any other benefits provided for in the relevant corporate policies for executives.

6

With regard to variable remuneration, in the Remuneration Reports until the 2022 fiscal year in accordance with the respective provisions of article 112 of the L. 4548/2018, the Company presented in each fiscal year the amounts approved and paid in the fiscal year of submission of the Remuneration Report. For this reason, the variable remuneration related to the achievement of the objectives of the previous fiscal year (for instance, the 2022 Remuneration Report reflected the variable remuneration paid in 2022 but related to the 2021 performance). For the purposes of preparing the present Remuneration Report (concerning the results of the 2023 fiscal year) and in order to align the reporting of the objectives achieved in the reference year (2023) with the variable remuneration relating to the same year, the amounts of variable remuneration paid for the 2023 achievements are depicted. This also takes into account the best practice that, to the extent possible, until the publication of the Remuneration Report and the General Meeting, the amounts relating to the reference fiscal year shall be fully disclosed, regardless of whether they have been paid or not. However, at the same time, for reasons of legal compliance, completeness of information and direct comparability with previous reports, variable remuneration amounts that concern the 2022 fiscal year (and were paid in 2023) are also depicted separately.

An important point worth mentioning is the fact that for a long period of time the remuneration (fixed and variable) of the Group's Top Executives (including the Executive Members of the BoD) remained at levels well below the market. As a result of the divergence of remuneration from the market, there were limited opportunities to attract and retain experienced executives while at the same time total remuneration had limited dependence on the achievement of corporate objectives. For this reason, the Remuneration & Succession Planning Committee of the Company's BoD has approved the design and implementation of an appropriate remuneration and benefits framework for Top Executives leading to a gradual adjustment and convergence of their remuneration and benefits with the market in line with their respective level of responsibility. Thus, in cases where a significant deviation from the market has been identified, the Remuneration & Succession Planning Committee has opted for a scheme where, in addition to the annual adjustment that would be made to the executives concerned, a "convergence adjustment" is applied with the aim of aligning their remuneration with market levels within a reasonable period of time.

In this context, for the determination of the amount of fixed as well as the variable remuneration of the Top Executives including those who hold also the capacity of Executive Members of the BoD, the following are taken into account: (a) the general market research data of qualified consultants for corresponding positions, as determined by developments and applicable conditions of the relevant labour market and (b) the remuneration received by Top Executives of comparable companies, as reflected in the published Remuneration Reports of said companies.

In particular, the sample of companies considered for determining the level of remuneration (fixed and variable) of Top Executives includes:

• Greek listed companies of similar size and organization.
• European companies with similar business activity and complexity with the Group (peer group), which have a similar position in the local markets in which they operate.

The small number of similar and fully comparable companies leads to the selection of a sample of companies taking into account their financial size, their relative position in the industry in which they operate and the complexity in their organization and operation. The companies selected do not include organisations under special status, e.g. banks. It is obvious that the companies are not strictly comparable with each other but through the processing of the data the Remuneration & Succession Planning Committee is able to provide a broader framework for reference and comparison.

Table 5.1.: Indicative reference companies (peers)

	Indicative Greek companies	Indicative European companies
∙	OTE	∙	NESTE OIL
∙	OPAP	∙	SARAS
∙	TITAN	∙	ERG
∙	MOH	∙	OMV
∙	MYTILINEOS	∙	GALP ENERGIA

7

The schemes below show the comparison in relation to the respective positions of the indicative Greek and European reference companies based on the most recent data of the Remuneration Reports (the reference year of the Remuneration Report is recorded in brackets):

1. of the total fixed and variable gross remuneration of the Chief Executive Officer of the Company (scheme 5.1) and
2. of only his gross fixed remuneration (scheme 5.2)

It is noted that as shown for most reference companies, the figures refer to the previous year - 2022 as the final results for the 2023 fiscal year have not yet been published.

Scheme 5.1: Comparison of the Company's Chief Executive Officer's total fixed and variable gross remuneration with indicative Greek and European reference companies

• Μillion

European Reference Companies

Greek Reference Companies

10,02
				6,08
	4,39				4,95
		2,83				2,86	2,82	2,22
			1,95
									1,10	1,01
Eur. Peer	Eur. Peer	Eur. Peer	Eur. Peer	Gr. Peer	Gr. Peer	Gr. Peer	Gr. Peer	Gr. Peer	HELLENiQ	HELLENiQ
(2023)	(2023)	(2022)	(2023)	(2022)	(2022)	(2023)	(2023)	(2022)	CEO (2023) CEO (2022)

Scheme 5.2: Comparison of the Company's Chief Executive Officer's gross fixed remuneration with indicative Greek and European reference companies

	Greek Reference Companies		European Reference Companies
k€		k€
1.500		1.500
		1.200
		1.100
800	Peer Median	1.000	Peer Median
700	HELLENiQ CEO 2023	900
	HELLENiQ CEO 2022	800
600
	700
		HELLENiQ CEO 2023
500		500	HELLENiQ CEO 2022

8

Similarly, the fixed remuneration of Mr. G. Alexopoulos for 2023 was also adjusted, taking into account his extended responsibilities as Deputy Chief Executive Officer of the Company, as well as the level of respective positions in Greek and European reference companies.

Scheme 5.3 shows the comparison of the total fixed and variable gross remuneration of the Deputy Chief Executive Officer of the Company in relation to respective positions of the indicative Greek and European reference companies.

It is noted that due to the limitation of respective roles, only companies in which these roles exist are included from the total number of reference companies.

Annual Variable Remuneration

• Million 3,01

1,46

0,65	0,58

Eur. Peer	Gr. Peer	HELLENiQ	HELLENiQ
(2022)	(2022)	Deputy	Deputy
		CEO (2023)	CEO (2022)

Scheme 5.3: Comparison of total fixed and variable gross remuneration of the Deputy CEO of the Company

The way ofcalculation ofthe annual variable remuneration is illustrated indicatively in the scheme below:

Group Targets	Business Unit /	Personal
	Corporate Function	Targets
	Targets		% of Bonus	Annual
			based on	Gross Fixed
			Position	Remune-
Achievement	Achievement	Achievement	Grade	ration
Relative weight	Relative weight	Relative weight

As shown, variable remuneration aims to connect part of the remuneration of the beneficiaries, both to the individual performance and to the overall achievement of the objectives set by the Group and the operational/ executive unit they are employed in, as well as to the contribution that each executive has in the achievement of these objectives due to their position. It is noted that the Chief Executive Officer of the Company has only Group and Individual Objectives.

For the 2023 performance year, the key factors used to calculate the variable remuneration of Executive Level Officers are described below:

Percentage of achievement of Group objectives and Objectives of Operational & Executive Units

Group objectives are determined each year based on the business plans of each Operational and Executive Unit and the Group as a whole. They take into account prevailing conditions and forecasts for developments during the year and include objectives in areas of importance to each unit. The evolution of the objectives is reviewed in the course of the year and in case the circumstances require it, their weight may be varied or even modified as new facts arise. The possibility of controlled and justified partial differentiation serves the main objective of the program, which is to achieve the best results based on the priorities each time set by the Management as well as the prevailing conditions and applies to both annual and longer-term targets. This has proven to be particularly useful and appropriate when the energy market is facing significant changes and new circumstances, such as those that have arisen since the invasion of Ukraine.

9

The key priorities for which quantitative or qualitative targets are defined at Group level and their relative weight are shown as sections in the adjacent chart, while the table in Annex A shows the main targets per priority and their evaluation for 2022 and 2023.

A similar methodology to the above and based on the same priority axes is followed for the definition and assessment of the objectives of each Operational or Executive Unit, adjusted of course to the each time specific circumstances.

			Safety
	25%		Competitiveness / Efficiency
35%		Profitability / Financial performance

Transformation Plan Vision 2025

20%

20%

For the granting of the variable remuneration, specific achievement limits (maximum and minimum) have been determined, as indicated in the table below, which are applied to calculate the exact achievement of each target and to weight the total variable pay.

Table 5.2.: Objective achievement limits

		Maximum		Full achievement		Minimum
		achievement limit		limit		achievement limit
	Percentageof achievement of each objective andweightingof	125%		100%		70%
	the total variable remuneration

Percentage of achievement of Individual objectives

Managing the performance of executives is a key condition for achieving the objectives set by the Company. For this reason, for each Executive Level Officer who participates in the Variable Remuneration Program, at the beginning of the performance year, a set of objectives is determined that are relevant to their responsibilities and the respective business plan and that support the achievement of Operational/ Executive and Group Objectives. This process promotes a more holistic culture of performance and participation in achieving improved results. The table below reflects the percentage of achievement of the 2022 and 2023 individual targets, based on the current Policy, for the two executives who are executive members of the BoD. As reflected for both performance years (2022 and 2023) the individual objectives were valued at respective achievement ranges.

Table 5.3.: Achievement of Individual Objectives for 2022 and 2023

							Achievement Degree
	Administrative Grade			Overachievement			Full Achievement			Underachievement
			(100%-125%)			(70%-100%)			(<70%)
	Chief Executive Officer		✓
	Deputy Chief Executive Officer and General
	Manager of Strategic Planning & New Group		✓
	Activities

It is noted that the individual objectives of the CEO are derived from the average of the individual objectives of the Group's General Managers which include the separate objectives for each operational/executive unit in order to be representative of the Group as a whole, as illustrated in the scheme in Annex B.

10