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Decision-Making Procedure Concerning Remuneration

The Annual General Meeting decides on the remuneration of the members of the Board of Directors. The Nomination and Compensation Committee of the Board of Directors prepares and presents proposals on the remuneration of the members of the Board and the principles on which this remuneration is determined for the Annual General Meeting. The Committee consults the largest shareholders in these matters.

The Board of Directors elects and releases the Group CEO. The Board of Directors decides, on the basis of the proposal by the Nomination and Compensation Committee, the remuneration and other terms of employment of the Group CEO as well as the principles by which the Group CEO is to be compensated.

The Board of Directors elects and releases the Group Executive Committee members. The Board of Directors decides, on the basis of the proposal by the Nomination and Compensation Committee, the remuneration and other terms of employment of the Group Executive Committee members as well as the principles by which the Group Executive Committee members are to be compensated. The Board of Directors has authorized the Nomination and Compensation Committee to decide on the fixed remuneration of the Group Executive Committee members, except for the Group CEO. The Group CEO makes proposals on the remuneration of the Group Executive Committee members, excluding himself, to the Nomination and Compensation Committee.

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Updated 03/21/2017