Akciju sabiedriba "VEF"

Remuneration Information • Sep 1, 2021

Joint Stock Company "VEF"

BOARD AND SUPERVISORY COUNCIL

REMUNERATION REPORT

For 2020

( Appendix to Annual Report for 2020 )

Riga, 2021

CONTENTS

1. INTRODUCTIONpage 3
2. REMUNERATION OF BOARD AND SUPERVISORY COUNCILpage 4
3. CLOSING INFORMATION…………………………………………………………page	7

INTRODUCTION

Remuneration Report of Board and Supervisory Council of JSC "VEF" for 2020 (hereinafter also the "Remuneration Report") has been prepared in accordance with the Remuneration Policy of Board and Supervisory Council approved by the decision of the Company's shareholders meeting of 27 July 2020. Directive EU 2017/828 as regards the encouragement of long-term shareholder engagement, as well as Article 59.3 of the Financial Instrument Market Law of the Republic of Latvia, which implements the provisions of the said Directive.

Remuneration Report has been prepared by the Board of the Company and reviewed by the Supervisory Council of the Company. The Remuneration Report is reviewed by a certified auditor and it is reviewed and approved at the shareholders' meeting together with other components of the annual report.

Remuneration Report is published in Latvian and English at the same time as the annual report, as a separate part of the annual report, in the Official Centralized Storage System of the Financial and Capital Market Commission, on the Company's website: http://www.asvef.lv in the section "Remuneration Policy ", as well as on the NASDAQ RIGA website: http://www.nasdaqbaltic.com

The Company closed 2020 with a profit of 12 953 EUR

The Company's net turnover in 2020 was 1 095 956 EUR.

REMUNERATION OF BOARD AND SUPERVISORY COUNCIL MEMBERS

The remuneration of the Chairman of the Board of the Company is determined by the Supervisory Council of the Company decision and fixed in the employment contract as a fixed monthly salary rate.

The remuneration of the Members of the Board of the Company is determined by the Supervisory Council as a fixed monthly remuneration for the performance of the duties of a member of the Board.

In addition, the Members of the Board who are employed by the Company, the salary determined by the employer is calculated and paid.

	Fixed remuneration, EUR				Total
	Salary	Board, Council member remuneration	Health insurance	Vacation pay	remuneration EUR
Board	28407.21	125393.78	1801.44	4246.38	159848.81
Supervisory council	11203.42	0	1801.44	3092.53	16097.39
Total 2020	39610.63	125393.78	3602.88	7338.91	175946.20

BOARD AND SUPERVISORY COUNCIL REMUNERATION

BOARD MEMBERS REMUNERATION

	Fixed remuneration,		EUR		Total
					remunera
	Salary	Board	Vacation pay	Health	tion
		member		insurance	EUR
		remunera
		tion
Gints Feņuks,	0	66000.00	0	600.48	66600.48
Chairman of
the Board
Tamāra
Kampāne,
Member of the
Board, Chief
Accountant	17318.18	49074.54	2880.00	600.48	69873.20
Mārtiņš Cauna,
Member of the
Board,
Project
Manager	11089.03	10319.24	1366.38	600.48	23375.13
Total 2020	28407.21	125393.78	4246.38	1801.44	159848.81

SUPERVISORY COUNCIL MEMBERS REMUNERATION

		Fixed remuneration,	EUR		Total
					remunera
	Salary	Council	Vacation	Health	tion
		member	pay	Insuran-	EUR
		remuneration		ce
Guntis Lipiņš,	0	0	0	600.48	600.48
Chairman of the
Council
Ervīns Kampāns,
Member of the
Council	0	0	0	0	0
Modris
Zommers,
Member of the
Council, Man.
Tech.unit	11203.42	0	3092.53	600.48	14896.43
Egils Arājs,
Member of the
Council	0	0	0	0	0
Laila Līduma,
Member of the
Council				600.48	600.48
Total 2020	11203.42	0	3092.53	1801.44	16097.39

Two members of the Board of the Company's subsidiary "VEF Projekts" received remuneration for the year 2020 a total of 10 800 EUR: Gints Feņuks , Member of the Board - 5 400 EUR ;

Tamāra Kampāne, Member of the Board - 5 400 EUR .

CLOSING INFORMATION

The remuneration of the Board and the Supervisory Council complies with the Remuneration Policy approved by the shareholders' meeting.

In determining the remuneration of the Board and the Supervisory Council in 2020, the conditions and criteria of costs (variable part and / or other costs) that are directly related to the Company's performance criteria, were not applied.

No shares or share options were granted or offered.

There were no exceptional cases of temporary derogations from the remuneration policy.

Chairman of the Board Gints Feņuks

Member of the Board Tamāra Kampāne

Member of the Board Mārtiņš Cauna