Table of contents A. Fiscal 2023 in retrospect 4 B. Compensation of Managing Board members 6 B.1 The compensation system at a glance 6 B.2 Principles of the determination of compensation 10 B.2.1 Target compensation and compensation structure 10 B.2.2 Maximum compensation 12 B.2.3 Appropriateness of compensation 12 B.3 Variable compensation in fiscal 2023 13 B.3.1 Short-term variable compensation (Bonus) 14 B.3.2 Long-term variable compensation (Stock Awards) 19 B.3.3 Malus and clawback regulations 25 B.4 Share Ownership Guidelines 26 B.5 Pension benefit commitment 26 B.6 Compensation awarded and due 27 B.6.1 Active Managing Board members in fiscal 2023 27 B.6.2 Former members of the Managing Board 30 B.7 Outlook for fiscal 2024 31 C. Compensation of Supervisory Board members 32 D. Comparative information on profit development and annual change in compensation 34 E. Other 37 Independent auditor’s report 38