Ann: Results of Meeting, page-4

Page 23 of the 2023 Annual Report covers some of this with regard to consistent votes against rem policy...as seen in yesterdays results again.

"Proxy advisors and shareholder feedback indicated concern with the uncapped nature of the profit share plan,
the absence of a long-term incentive plan and the lack of equity payments and/or deferral on the profit share
plan. This feedback probably does not reflect the views of most shareholders, given the majority support for
our remuneration, but is probably a fair reflection of the minority that voted against the remuneration report.
We do not agree with placing a cap on how much incentive an executive can earn providing it can be funded
and is proportional to profit, as this would be a misalignment with the interests of shareholders, and act as a
disincentive for better performance. It would be akin to saying to our team to stop making profit when they
reach a prescribed level and that we as directors would be happy with this. To do so would be artificially
capping the dividends that our shareholders could receive. Directors, and we believe our shareholders, would
not be happy with this. Tolerance of modest performance is not part of our culture. We have risk bounds,
including gearing and working capital. We share risk with executives, whose pay varies with profit. Within these
risk bounds we want maximum performance."