Ann: Notice of Annual General Meeting/Proxy Form, page-4

No LTI proposed for FY 2024 !

LTI metrics are TSR and ROCE.

TSR was negative in 2024 so no LTI for that component which has a 50% weighting for LTI determination.

A ROCE target of 20% was set and ROCE in 2024 was 2.79% . As ROCE was less than 50% of target ( less than 10%) this meant no LTI for that component which has a 50% weighting.

So a fair and proper result of no LTI issues for FY2024 IMO.

Interestingly, for 2022 and 2023, ROCE was 30.21% and 20.57% respectively. For 2022 and 2023, TSR was -45% and -9.09% respectively.

So under the current LTI incentive structure, for 2022, with a negative TSR, there would have been no LTI issues for that component. As ROCE hurdle was significantly exceeded, between 50% and 75% of the base salary would have been issued as LTI equity rights to participants..

For 2023, again with a negative TSR, no LTI's would have been issued for that component. As ROCE met the 20% hurdle, 50% of the base salary would have been issued as LTI rights to participants.

I'm not sure folks would have been happy with part LTI's issued a year where TSR was -45%, ( especially when the LTI allocation would have been greater than in the following year, where TSR was -9%) and in all honesty , I would not have been happy either. LTI's need be TSR based, a combination of absolute and relative would be fairer IMO. If a company outperforms it's peers in a negative TSR environment, then that usually means external factors like market sentiment, recession etc . In such as case a relative TSR benchmark would allow for some LTI issuance.

Cheers

Dan

Note TSR and ROCE number from C$MS&C