The remuneration of current and former EB members is in accordance with the remuneration policy. Neither a.s.r. nor any undertaking belonging to the group provides any loans, advances or guarantees on behalf of a member of the EB.

• ¹ Variations arise as a result of the fiscal treatment of lease vehicles depending on the price and private use of the car, personal allowance and social security.
• ² The post-employment defined benefit plan of a.s.r. ended 31 December 2020. A new defined contribution plan started from 1 January 2021. The defined benefit obligation will continue to exist, but no further regular annual premium contributions will be paid to the plan. All members of the Executive Board participate in the defined contribution plan. The annual pension expenditure is based on a premium table. Further changes in the cost of pension benefits are mainly due to the impact of age. The pension costs include defined contribution pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion in total), and VPL.
• ³ Ewout Hollegien was appointed as CFO and member of the EB of a.s.r. on 1 December 2021. The remuneration figures for 2021 reflect a partial year as a member of the EB.
• ⁴ Annemiek van Melick stepped down as member of the EB of a.s.r. on 12 October 2021 and left a.s.r. on 1 December 2021. The remuneration figures for 2021 reflect a partial year as a member of the EB.

• ¹ Variations arise as a result of the fiscal treatment of lease vehicles depending on the price and private use of the car, personal allowance and social security.
• ² After the successful IPO in 2016, The SB and EB decided in 2017 to make a one-off extra payment to all employees in the form of a gross monthly salary. By order of the supervisor (DNB), the distribution had to be paid in installments to the identified staff (the members of the EB and other identified staff). The extraordinary items 2020 relate to this final distribution (40%) of the one-off payment.
• ³ The commitment on pensions did not change in 2020. The increase in annual pension expenses was due to a decrease in interest rates. The calculation of annual pension expenditure was based on the total pension rights granted during the term of service at a.s.r. Further changes in the cost of pension benefits were mainly due to the impact of age, terms of service, gender and age-differentiated disability, mortality and other actuarial assumptions. The pension costs included pensions based on maximum pensionable salary cap, compensation for the maximum pensionable salary cap (to be used for pensions at the employees’ discretion) amounting to € 345,000 (2019: € 285,000) in total, and VPL. The pension benefits, excluding compensation for the maximum pensionable salary cap, represent post-employment benefits.
• ⁴ The extraordinary items 2020 regarding Jos Baeten relates to a one-off 40-year anniversary payment (2020: € 136.000) and the final distribution of the one-off payment in the form of a monthly salary in 2017 (2020: 15,000), also mentioned above (see 6). All employees receive an anniversary payment of two fixed monthly salaries in the event of a 40-year employment contract (one gross and one net monthly salary).
• ⁵ The extraordinary items 2020 regarding Karin Bergstein and Michel Verwoest relates to the final distribution (40%) of the one-off payment in the form of a monthly salary in 2017 to all employees (2020: 10,000). Karin Bergstein and Michel Verwoest left the EB on 1 February 2019 and left a.s.r. on 1 August 2019, observing the applicable cancellation period of 6 months.
• ⁶ The extraordinary items 2020 regarding Chris Figee relates to the final distribution (40%) of the one-off payment in the form of a monthly salary in 2017 to all employees (2020: 10,000). Chris Figee left the EB and a.s.r. on 1 February 2020. The remuneration figures for 2020 reflect a partial year as a member of the EB of a.s.r.

Comparative chart over the remuneration and company performance over the last five reported financial years

A comparative chart is included above concerning the remuneration and company performance over the last five reported financial years. Company performance is expressed in terms of operating result per share. The median remuneration of employees (who are not EB members) is also shown, and this is also used for the aforementioned pay ratio. Finally, the average EB remuneration (CEO and CFO) is presented.

The full remuneration policy can be found at www.asrnl.com.

Pensions

The calculation of annual pension expenses is based on the total pension rights granted during a term of service at a.s.r. pension costs include:

• Pensions based on a maximum pensionable salary cap (€ 112,189, fiscal maximum).

• Compensation for the maximum pensionable salary cap (to be used for pensions at the employee’s discretion).

• Pension benefits related to historically awarded pension rights.

• VPL (early retirement and life cycle; ‘VUT, Prepensioen en Levensloop’).

All components of the remuneration of the EB are included in the base used for calculating the pension benefits. EB members have the same pension scheme as a.s.r. employees.

Remuneration in 2022

Based on the benchmark and the mitigation principle, the salary of the CEO is currently at a level of between € 682,000 and € 1,026,845. A salary scale of € 530,000 to € 796,200 applies for the CFO. For the COO, a scale of € 505,000 to € 760,392 applies. The maximum for the salary scale of the CEO is currently set at approximately 10% below the median for the reference group. The maximum for the salary scale of the CFO and COO are currently set at about 5% below the median for the reference group. The benchmark is set every two years. The positioning, the scale maximum and the resulting bandwidth of the scale are then assessed and may be adjusted in relation to the resulting median.

The reference group 2021, which consists of 20 companies, is shown hereafter.

Those employees who have not yet reached the end of their salary scale are paid a yearly guaranteed increase of 3% until they reach the maximum of their salary scale. EB members who have not reached the maximum of their salary scale can be paid a yearly increase of between 0% and 6% (not guaranteed) until they reach the maximum of their scale. Although market conditions have changed due to COVID-19, the results of a.s.r. are undiminished good. The financial results for 2021 are excellent and in addition, all externally published medium-term targets for the period 2019-2021 have been achieved. With exception of the target on employee contribution through the a.s.r. foundation, but this is due to COVID-19 related lockdowns and contact restrictions. As far as the shareholders are concerned, the interim dividend for 2021 has been paid regularly and a solid total dividend for 2021 will also be paid. In the view of the SB there are also (currently) no negative consequences for other stakeholders of a.s.r., such as customers or employees. A very thorough process was completed last year in the context of the updated strategy and careful preparation for the targets 2022-2024, which were presented during a successful Investor Update on 7 December 2021. On the advice of the Remuneration Committee, it was therefore decided to grant a salary increase of 6% to all members of the EB as of 1 January 2022 (with the exception of Ewout Hollegien due to his appointment as of 1 December 2021).

Also under the current (2021-2022) CLA, a.s.r. employees are given an indexation of their salary of 2.25% (as per 1 March 2021 and as per 1 March 2022). This increase due to the CLA would also apply to the EB. For 2022, this means that all members of the EB will receive an increase of 2.25% as per 1 March 2022.

Participation in a.s.r. shares

In addition to the remuneration policy, EB members have committed themselves to taking a percentage of their remuneration in the form of a.s.r. shares. Each member has signed an individual agreement committing to purchase these shares. As of 2020, the EB members have committed themselves to a shareholding of 75% for the CEO and 50% for the other members, of their latest gross salary. The share interest will be achieved within a maximum of seven years. The shares must be held for a minimum of five years (blocking period). This percentage may be considered low in relation to other companies, but the fact that EB members use their own financial resources to purchase these shares must be taken into account. The shares do not form part of a variable remuneration or a remuneration in shares. The SB has concluded agreements with the EB members that the intended target (a shareholding of 75% for the CEO and 50% for the other members of the EB, of their latest gross salary) will be achieved by 2026 at the latest.

As of 1 March 2022, the current EB members will hold the following shares:

• Jos Baeten 7,655 (42.6% of latest gross salary)

• Ewout Hollegien 472 (5.7% of latest gross salary)

• Ingrid de Swart 3,078 (31.0% of latest gross salary)