Dimensional Ireland Limited German Branch

Dimensional Ireland Limited German Branch

Berlin

Jahresabschluss zum Geschäftsjahr vom 01.01.2022 bis zum 31.12.2022

Directors' report and annual audited financial statements Year ended 31 December 2022

Company registration number: 634314

Contents

Company Information

Directors' Report for the year ended 31 December 2022

Independent auditors' report to the members of Dimensional Ireland Limited

Statement of Comprehensive Income for the year ended 31 December 2022

Statement of Changes in Equity for the year ended 31 December 2022

Statement of Financial Position as at 31 December 2022

Statement of Cash Flows for the year ended 31 December 2022

Notes to the Financial Statements

Remuneration Disclosures - Dutch branch (unaudited)

Company Information

Directors' Report for the year ended 31 December 2022

The directors (the "Directors") present their report and the annual audited financial statements of Dimensional Ireland Limited (the "Company") for the year ended 31 December 2022.

Principal activities

The Company was incorporated in Ireland on 20 September 2018 and authorised by the Central Bank of Ireland (the "Central Bank") on 27 March 2019 as a management company authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities ("UCITS")) Regulations 2011, as amended (the "Regulations") and any rules from time to time adopted by the Central Bank pursuant thereto. In addition, the Company is authorised by the Central Bank to provide individual portfolio management services and investment advice, as defined in Regulation 16 of the Regulations.

The Company shall (i) act as the management company of one or more UCITS funds (the "Funds"), (II) market the Funds to investors in the European economic area ("EEA") on a passported basis, and (iii) provide individual portfolio management services and investment advice to institutional investors and Funds.

Review of business and key performance indicators

The key performance indicator is assets under management which was €27,947m as at 31 December 2022 (2021: €231m). Profit for the financial year ended 31 December 2022 was €1,919,379 (2021 :€458,354), as the result of additional fees generated when the Company became the UCITS management company of Dimensional Funds plc and Dimensional Funds II plc.

As noted below, the business received a capital contribution during the financial year.

Significant events during the financial year

An additional €3,200,000 in the form of a capital contribution from the Company's parent company, Dimensional Fund Advisors LP (the "Parent Company"), was capitalised during the period. There is no obligation to repay the capital contribution.

On 1 April 2022, two Irish domiciled UCITS fund umbrellas, Dimensional Funds plc and Dimensional Funds II plc, to which the Company acted as a sub-distributor, ceased being self-managed UCITS investment companies and appointed the Company as their UCITS management company.

Results and dividends

Profit for the financial year is €1,919,379 (2021: €458,354).

No dividends were declared in the year (2021: nil).

See Statement of Comprehensive Income on page 11 for more detail.

Significant events after the financial year end

There were no significant events after the financial period end which require adjustment to, or disclosure in, these Financial Statements.

Directors

The Directors who were in office during the year and up to the date of signing the financial statements were:

Company secretary: Goodbody Secretarial Limited, 3 Dublin Landings, North Wall Quay, Dublin 1

Directors' and secretary's interests

As at 31 December 2022 there were 100,000,000 authorised shares in the Company of which all 7,060,000 outstanding shares were held by the Parent Company.

During the financial year ended 31 December 2022, Gerard O'Reilly, Catherine L. Newell, John Romiza, and Nathan Lacaze were not remunerated by the Company. Alexandra Stableforth, Damian Hanrahan, Peter Blessing and Peter Wood were remunerated by the Company during the year ended 31 December 2022. See note 5 to the Financial Statements for the details of director remuneration.

The Directors and secretary had no other interest in the Company for the year ended 31 December 2022. Directors O'Reilly, Newell, Romiza and Lacaze hold equity interests in the parent and/or ultimate parent of the Company. No Director had a personal material interest in any other contract of significance, during or at the end of the financial year, in relation to the business of the Company.

Statement of directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with generally accepted accounting standards in Ireland, including Financial Reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" ("FRS 102"), and the Companies Act 2014.

Irish company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the assets, liabilities and financial position for the Company and of the profit or loss of the Company for that financial year. In preparing the financial statements, the Directors are required to:

The Directors confirm that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for the Company keeping adequate accounting records which disclose, with reasonable accuracy at any time, the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and that they comply with the Companies Act 2014. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The measures taken by the Directors to secure compliance with the Company's obligations to keep adequate accounting records include the use of appropriate systems and procedures and employment of competent persons.

Relevant audit information

So far as the Directors are aware, there is no relevant audit information of which the Company's auditors are unaware and the Directors have taken all the steps that should have been taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Principal risks and uncertainties

The Company operations expose it to a variety of unavoidable risks which include funding risk, legal and regulatory risk and operational risk. In management's opinion, the Company's risk in such areas is not unusual relative to similar companies.

Regulatory risk

The Company maintains its arrangements for regulatory compliance through in-house resources and external counsel.

Operational risk

Operational risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or resulting from external events beyond the Company's control. These risks are mitigated by efforts to recruit and retain suitably qualified staff with remuneration set at an appropriate level. Additionally, the Company has instituted internal controls and a risk management framework to manage operational risk. The Company has reviewed its business continuity and regulatory capital provisions and is satisfied that they are sufficient.

Credit risk

Credit risk is the risk of financial loss if a client, fund or counterparty fails to meet its contractual obligations. Nonpayment or delayed payment of fees exists as a possibility, particularly for separate account clients and other debtors. All debtors are reviewed on a regular basis by the Company's finance department and aged balances are appropriately addressed.

Liquidity risk

Liquidity risk is the risk that assets are insufficiently liquid to meet liabilities as they fall due. Cash is held on deposit with recognised credit institutions. The Company's finance department regularly monitor the Company's cash position.

Compliance statement

The Directors acknowledge that they are responsible for securing the Company's compliance with its relevant obligations.

These include all requirements of the Company under Section 225 of the Companies Act 2014, as amended, and all tax law within the Republic of Ireland (the "relevant obligations").

In keeping with this responsibility:

Independent auditors

PricewaterhouseCoopers have been appointed as auditor and will continue to hold office until a resolution terminating their service is passed by the Company as provided by the Companies Act 2014.

Corporate governance

The board of Directors of the Company (the "Board") is committed to maintaining a high standard of corporate governance and is accountable to its shareholders for the governance of the Company's affairs. The Board has put in place a framework for corporate governance which it believes is appropriate for a UCITS management company and which will enable the Company to comply with relevant provisions of the Irish Funds Industry Association Corporate Governance Code for Collective Investment Schemes and Management Companies (the "Code").

As at 31 December 2022, the Company had voluntarily adopted the Code and applied the Code to the Company. As at 31 December 2022, the Board considers that the Company has complied with each of the provisions contained within the Code.

On behalf of the Board

Registered office:

3 Dublin Landings North Wall Quay

Dublin 1

Report on the audit of the financial statements

Opinion

In our opinion, Dimensional Ireland Limited's financial statements:

We have audited the financial statements, included within the Directors' report and annual audited financial statements, which comprise:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) ("ISAs (Ireland)") and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Directors' report and annual audited financial statements other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors' Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of directors' responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected.

A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a982O2dc9c3a/Description of auditors responsibilities for audit.pdf

This description forms part of our auditors' report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2014 opinions on other matters

Other exception reporting

Directors' remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors' remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

Statement of Comprehensive Income for the year ended 31 December 2022

Statement of Changes in Equity for the year ended 31 December 2022

Statement of Financial Position as at 31 December 2022

The Financial Statements on pages 11 to 26 were approved by the Board on 27 April 2023.

Statement of Cash Flows for the year ended 31 December 2022

^* Cash and cash equivalents consist entirely of cash at bank and in hand.

Notes to the Financial Statements

1. General information

The Company is a limited company incorporated in Ireland and authorised by the Central Bank as a management company authorised pursuant to the Regulations and any rules from time to time adopted by the Central Bank of pursuant thereto. In addition, the Company is authorised by the Central Bank to provide individual portfolio management services and investment advice, as defined in Regulation 16 of the Regulations.

The Company shall (i) act as the management company of the Funds, (ii) market the Funds to investors in the EEA on a passported basis, and (iii) provide individual portfolio management services and investment advice to institutional investors.

2. Statement of compliance

The financial statements have been prepared in compliance with generally accepted accounting standards in Ireland, including FRS 102, and the Companies Act 2014.

3. Accounting policies

These financial statements are prepared on a going concern basis, under the historical cost convention and in accordance with the Companies Act 2014 and generally accepted accounting standards in Ireland, including FRS 102. The principal accounting policies, which have been applied consistently throughout the year, are set out below.

Going concern

After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company has adopted the going concern basis in preparing its financial statements.

Critical accounting judgements and estimation uncertainty

Cash at bank and in hand

Cash at bank and in hand includes cash and other deposits that can be readily converted to cash in a period of 24 hours or less without penalty.

Restricted deposits

Restricted deposits are recorded at cost. They are assessed for impairment at each reporting date. If the asset's recoverable amount is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Any resulting loss is recognised in profit and loss.

Tangible assets

Tangible fixed assets are stated at historic purchase cost less accumulated depreciation. The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Assets are assessed for impairment at each reporting date. If the asset's recoverable amount is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Any resulting loss is recognised in profit and loss. No assets have been impaired in 2022.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:

Financial Instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Current debtors and creditors

Current debtors and creditors are recorded at cost, which due to their short-term nature approximate fair value. Current debtors and creditors are assessed for impairment at each reporting date. If the asset's recoverable amount is estimated to be less than its carrying amount, the carrying amount is reduced to its recoverable amount. Any resulting loss is recognised in profit and loss.

Turnover

Turnover, which excludes value added tax, is recognised when it can be measured reliably, and it is probable that the economic benefits associated with the transactions will flow to the Company. Turnover is recognised over the period which it relates on an accruals basis. Turnover consists of:

Expenses

Expenses are accounted for on an accruals basis when they become payable.

Taxation

i. Current tax

Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted by the period end. Tax provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities.

ii. Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.

A net deferred tax asset is recognised as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Foreign currencies

Monetary assets and liabilities expressed in foreign currencies are translated into euro at rates of exchange ruling at the date of the balance sheet or at the agreed contractual rate. Transactions in foreign currency are converted to euro at the rate ruling at the date of the transaction. All differences on exchange are taken to the profit and loss account. The Company's functional and presentation currency is euro.

Capital and reserves

Ordinary shares are classified as equity. Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the Company's shareholder(s), these amounts are recognised in the Statement of Changes in Equity.

4. Employee information

At the end of the year, there were €13,212 unpaid pension contributions outstanding (2021: no unpaid pension contributions outstanding).

The number of employees employed by the Company at the year ended 31 December 2022 was 16 (2021: 15 employees).

5. Turnover

On 1 April 2022, two Irish domiciled UCITS fund umbrellas, Dimensional Funds plc and Dimensional Funds II plc, to which the Company acted as a sub-distributor, ceased being self-managed investment companies and appointed the Company as their UCITS management company. The Company receives additional revenue from this new arrangement.

Turnover represents fees receivable for investment management and advisory services and service fees receivable in accordance with a service agreement with the Parent Company and its affiliate Dimensional Fund Advisors Ltd. All turnover relates to continuing operations.

6. Administrative expenses

7. Director's emoluments

The long-term incentive paid in 2022 was €317 (2021: €nil).

US-based Directors - Remuneration was received by Catherine Newell and Gerard O'Reilly from their employer, Dimensional Investment LLC or the Parent Company. They were not paid in their capacity as directors of the Company for the year ended 31 December 2022 and as such no amounts are presented in these financial statements.

UK-based Directors - Remuneration was received by John Romiza and Nathan Lacaze from their employer, Dimensional Fund Advisors Ltd. a subsidiary of the Parent Company. They were not paid in their capacity as directors of the Company for the year ended 31 December 2022 and as such no amounts are presented in these financial statements.

Retirement benefits, which reflect defined contribution plans, accrued for the Directors as at 31 December 2022 was €3,018.

8. Audit fees

The remuneration payable to the auditors by the Company for the financial year ended 31 December 2022 and 31 December 2021 are as follows:

The audit fees shown above are exclusive of VAT and inclusive of out of pocket expenses.

There were no other assurance, tax, advisory or non-audit fees other than the fees disclosed above paid to PricewaterhouseCoopers Ireland as the Statutory Auditors of the Company as no other services were provided.

9. Interest expense

10. Tax on profit

a) Tax Expense included in profit or loss

b) Reconciliation of tax charge:

The tax assessed for the year ended 31 December 2022 is in line with the standard rate of corporation tax in Ireland for the year ended 31 December 2021. The standard rate for 2022 is 12.50% (2021: 12.50%).

The differences are explained below:

The Company has a balance of carried forward Irish corporate tax losses of approximately €3,388,000 as at 31 December 2022 (2021: €5,100,000). The Company has not recognised a deferred tax asset in respect of any future tax benefit that could be realised as it is not probable at this time that future taxable profits will definitely be available.

11. Restricted deposits

Restricted deposits represented rental security deposits as at 31 December 2022.

12. Tangible fixed assets

13. Debtors

14. Cash at bank and in hand

The cash balances were held at Bank of America as at 31 December 2022 and 2021.

15. Creditors: amounts falling due within one year

16. Called up share capital

17. Reserves

18. Net cash from operating activities

Reconciliation of operating profit to net cash inflow/(outflow) from operating activities

19. Related party transactions

The Company acts as management company to two Irish UCITS umbrella funds with segregated liability: Dimensional Funds plc which has 26 active sub funds and Dimensional Funds II plc, which has one sub fund. The Company received a management fee from these entities during the year. The precise fee arrangements for the different entities are disclosed within the financial statements of each entity or within other information which is publicly available.

The amounts received in respect of (i) gross management charges were €55,291,857, (ii) Irish management company fees were €711,338 from Dimensional Funds plc and Dimensional Funds II plc.

At the end of the year, the amount outstanding for annual (i) management charges were €12,229,832, (ii) Irish management company fees were €309,193 from Dimensional Funds plc and Dimensional Funds II plc.

A detailed disclosure regarding the remuneration of key management personnel is provided within note 6 entitled "Directors' emoluments".

At the end of the year the payable amount owed for services provided between the Parent Company and the Company was €17,513,189 (2021: €364,675).

At the end of the year the receivable amount due for services provided between the Parent Company and the Company was €3,016,858 (2021: €269,362).

At the end of the year the payable amount owed for services between Dimensional Fund Advisors Ltd. a subsidiary of the Parent Company and the Company was €7,235,043 (2021: €673,173).

At the end of the year the receivable amount due for services between Dimensional Fund Advisors Ltd. a subsidiary of the Parent Company and the Company was €889,343 (2021: €1,979,261).

A detailed disclosure regarding the group reconstruction between Dimensional Fund Advisors Ltd. and the Company is provided within note 21.

20. Phantom stock payments and Long-Term Incentive Plan

The Parent Company established the Dimensional Fund Advisors Equity Incentive Plan (the "LTIP") effective 1 April 2008, for the purpose of attracting, motivating and retaining key employees who are primarily responsible for the long-term performance of the Parent Company and its affiliates and to align the interest of such key employees with that of the Parent Company and its affiliates. The LTIP is a deferred compensation plan which provides for the creation of phantom units which entitle the participants, under the terms and conditions of the LTIP document, to share in the growth in value of equity units of the Parent Company, to receive current payments based on distributions made to the equity owners of the Parent Company, and upon vesting to receive payment of the value of the phantom units by issuance of actual units in the Parent Company. The phantom units vest in 3 tranches, 1/3 in the 2nd calendar year after the units are granted, 1/3 in the 3rd calendar year after the units are granted and 1/3 in the 4th calendar year after the units are granted.

Subject to certain limited exceptions, all unvested phantom units are forfeited if the participant's employment is terminated prior to normal retirement for a reason other than death, disability or job elimination, as defined in the LTIP document. Under the terms of the LTIP, participants will generally have the option of receiving cash value of vested phantom units, or by applying such cash payment, to acquire from the Parent Company actual Parent Company equity units.

The total amount deferred for 2022 for the Company was €179,158 (2021: €109,565) being the fair value of the phantom units issued on grant date. Under the terms of the LTIP, these amounts vest on a straight-line basis from award date to vesting date. The Company is amortising these amounts into expenses on a straight-line basis over the vesting period. The amortisation expense for 2022 was €88,624 (2021: €99,797). There were 849 phantom units forfeited during the year ended 31 December 2022 (2021 :nil).

21. Group reconstruction

As at 1 January 2021, the business (including all assets, contracts and employees) of Dimensional Fund Advisors Ltd.'s German branch and Netherlands branch were sold to the Company's Dutch and German branches. As this represents a group reconstruction, the merger accounting method has been applied to the transactions.

The net assets transferred amounted to €1,347,846 for a total consideration of €2,280,988. The €933,142 excess consideration has been recognised as a merger reserve by the Company.

22. Ultimate parent company

The Parent Company is Dimensional Fund Advisors LP.

The ultimate parent company is Dimensional Holdings Inc., a company incorporated in the United States of America.

The Parent Company is the parent undertaking of the smallest group of undertakings to consolidate these financial statements.

23. Post balance sheet events

There were no post balance sheet events after the year end which require adjustment to, or disclosure in, these Financial Statements.

Remuneration Disclosures - Dutch branch (unaudited)

Summary of Remuneration Policy

The Company maintains a remuneration policy and practice that is designed to be in a manner that (i) is consistent with, and promotes, sound and effective risk management and (ii) neither encourages risk taking which is inconsistent with the policies, risk profiles or articles of association of the Company and the investment funds it manages nor impair compliance with the Company's duty to act in the best interests of the investment funds. In addition to this remuneration policy (which also applies to the Company's Dutch branch employees), the Company is required to comply with the additional remuneration rules of the Dutch Financial Supervision Act, in respect of its Dutch branch employees.

There are two types of remuneration for Dutch branch employees:

Variable remuneration of Dutch branch employees is required to be proportionate to their fixed remuneration. Variable remuneration awards are discretionary and therefore bonus amounts may or may not be awarded, at the discretion of the Company.

The performance review of each Dutch branch employee is assessed based on his/her contributions and performance. Factors to be taken into account for the annual performance review may include, among other things, client engagement activity, prospecting of clients, contribution to the firm and strategic priorities, conduct and behaviour, and individual and regional net new assets. For the purposes of the Dutch Financial Supervision Act, at least 50% of the variable remuneration of the Company's Dutch branch employees is based on non- financial criteria.

As part of the variable remuneration, Dutch branch employees may, subject to eligibility criteria, participate in the LTIP (as referred to above under section 14) whereby a portion of their variable remuneration is deferred and will be used to purchase phantom units of stock, subject to forfeiture provisions.

Remuneration of Dutch branch employees in 2022

Variable remuneration totalling €212,376 was awarded to Dutch branch employees in 2022 (2021: €141,021).

No Dutch branch employees received total annual remuneration of over €1 million in 2022 (2021:nil).