Remuneration Policy (subject to shareholder approval at the 2026 AGM)

Base salary

To enable the Group to attract, retain and

motivate high-performing Executive Directors of the calibre required to meet the Group's strategic objectives.

Normally reviewed on an annual basis by the Committee, taking into account:

• Scale, scope and complexity of the role

• Skills and experience of the individual

• Wider workforce comparisons

• Market benchmarking, within defined external comparator groups. The Committee uses this information with caution, given the limited number of direct comparators and to avoid remuneration inflation as a result of benchmarking exercises with no corresponding improvement in performance

The Committee considers the impact of any base salary increase on the total remuneration package.

Reviews take into account Company and individual performance.

Ordinarily, salary increases will not exceed the average increase awarded to other Group colleagues from the same country/region.

A salary increase may be higher than the average increase awarded to colleagues in circumstances such as (i) where a new recruit or promoted Executive Director's salary has been set lower than the market level for such a role;

(ii) where there is a significant increase in the size and responsibilities of the Executive Director's role; or (iii) where the salary level has fallen below the lower quartile level against

market benchmarks.

Pension

To offer appropriate levels of pension.

For UK nationals, the Company provides a defined contribution pension arrangement (DC plan) and/or contributions to a private pension and/or a

cash allowance.

N/A

The maximum pension contribution for Executive Directors will be based on the same contribution rate as is available to the majority of colleagues in the market in which the Executive Director is based.

Incumbent Executive Directors' maximum pension is in line with the UK workforce, currently 10% of salary.

No element other than base salary is pensionable.

Common benefits

To provide market competitive benefits.

To enable the Executive Directors to undertake their roles through ensuring their wellbeing and security.

The Company provides common benefits including but not limited to:

• Company car and associated running costs or cash alternative allowance

• Private health insurance, telecommunications and computer equipment

• Life assurance

• Long-term disability insurance

N/A

The aggregate maximum cash cost of providing all common benefits will not exceed 20% of base salary.

Mobility-related benefits

To ensure that Executive Directors who have relocated nationally

or internationally are compensated for costs incurred.

• The Company will pay all reasonable expenses and applicable tax due for the Executive Director and his/her family to relocate on appointment and for repatriation to the original home country at the end of their assignment and/or employment

• Executive Directors are personally responsible for all taxes and social charges incurred in the home and host locations as a result of their appointment. The Company will pay for reasonable tax advice and filing support in relation to work-related income for international Executive Directors

• Executive Directors may be reimbursed under a Tax Treaty Adjustment for any double tax they might be liable for as a result of being subject to home country and host country taxation typically for days worked in the home location

• Executive Directors are not entitled to tax equalisation

N/A

Based on individual circumstances and subject to written agreement.

Maximum values will not exceed the normal market practice of companies of a similar size and nature at the time of relocation.

Annual bonus

To incentivise and reward performance against selected KPIs which

are directly linked to business strategy.

To recognise performance through variable remuneration and enable the Company to flexibly control its

cost base and react to events and market circumstances.

To ensure a significant proportion of Executive Director remuneration is directly linked to business performance.

Measures, targets and their relative weightings are reviewed regularly by the Committee to ensure continuing alignment with strategic objectives and will be detailed in the relevant Annual Report

on Remuneration.

Bonus is normally delivered in cash. If an Executive Director has not reached the level of 1.5x their shareholding requirement, then they may be required to use the net of tax amount of 25% of their bonus to increase the level of shareholding they have and to hold these shares for two years.

Bonus is subject to clawback and/or malus for up to three years following payment. Circumstances under which clawback and/or malus may apply include financial misstatement, erroneous calculations determining bonus payments, gross misconduct, corporate failure and reputational damage.

The Committee can adjust some performance targets to reflect certain non-operating items and retains the ability to adjust the amount of a bonus if it determines that the formulaic outcome is not reflective of the individual or business performance or the broader shareholder experience.

Any performance measure can be incorporated at the Committee's discretion provided it is aligned to the Group's strategic objectives.

At least 70% of the bonus opportunity will normally be governed by financial

performance measures.

200% of salary.

Currently the maximum award level is 150% of salary. Any increase beyond this level will only take place following consultation with leading shareholders.

No more than 60% of an individual's maximum bonus opportunity can be earned for target performance in any year.

No more than 20% of maximum will be paid for threshold performance.

Long-term incentives

To incentivise and reward Executive Directors

for delivery against long-term Group performance.

To align Executive Directors' interests to those of shareholders.

To drive sustainable Company performance.

The Committee makes conditional awards of rights over shares to Executive Directors.

Annual participation is subject to Committee approval.

Measures, targets and their relative weightings are reviewed regularly by the Committee to ensure continuing alignment with strategic objectives and will be detailed in the relevant Annual Report

on Remuneration.

Performance is typically measured over a three-year period, normally starting at the beginning of the financial year in which awards are granted.

Vesting for awards to be granted in 2026 will be based on three performance measures, which have been chosen as they are clearly aligned with our strategic objectives:

• EPS growth

• TSR

• Sustainability

To ensure continued alignment with the Company's strategic priorities, the Committee may, at its discretion, vary the measures and their weightings for future grants from time to time including the consideration of financial and nonfinancial measures.

At least 70% of the award will normally be based on financial and/or share price-related metrics.

300% of the annual rate of salary at the time of award.

The threshold vesting level will be no higher than 18% of maximum.

To retain key Executive talent.

An additional two-year post-vesting holding period will usually apply.

Awards can vest in the form of shares, a nil-cost option or, exceptionally, cash.

Share awards are subject to clawback and/or malus for up to five years following initial award.

Circumstances under which clawback and/or malus may apply include financial misstatement, erroneous calculations determining payments, gross misconduct, corporate failure and reputational damage.

The Committee reserves the right to adjust targets or the calculation of performance achieved, for example for the effects of divestments or major acquisitions, to ensure that they are in line with the principles that supported the targets when they were originally set. The Committee also retains the ability to adjust awards if it determines that the formulaic outcome is not reflective of the individual or business performance or broader shareholder experience.

The Committee will be able to add dividend equivalents accrued during vesting and holding periods (which will normally be delivered in shares) to any award granted under this policy.

Employee Share Ownership Plan (ESOP)

To offer all eligible UK-based colleagues

the opportunity to build a shareholding in a tax-efficient way.

To align Executive Director interests to those of shareholders.

Eligible UK Executive Directors are entitled to participate in an HMRC-approved Share Incentive Plan known as the ESOP.

Whilst not currently operated, if in the future colleague share plans are offered outside the UK, or if alternative or additional plans are operated within the UK, eligible Executive Directors will be entitled to participate on the same basis as all other eligible colleagues.

Awards granted under the ESOP are not subject to clawback or malus.

The ESOP operates over a five-year period.

N/A

Executive Directors will be subject to the same limitations as all other participants.

Share ownership guidelines

To provide alignment

with shareholder interests.

Executive Directors are generally required to accumulate a shareholding in the Company.

The Committee will determine the operation of the guidelines from time to time and has determined that the level for the Group Chief Executive is 300% of salary and that the level for other Executive Directors is 200% of salary.

N/A

N/A

On ceasing to be an Executive Director, the required shareholding (or level of holding achieved by the date of ceasing) normally has to be retained for two years.

Fees

To attract and retain high-calibre individuals, with appropriate experience or

industry-related skills, by offering market competitive fee levels.

The Chair is paid a single fee for all responsibilities.

The Non-Executive Directors are paid a basic fee. Additional fees may be paid for additional responsibilities and time commitment (e.g. the Chairs of the main Board Committees, the Senior Independent Director and any individual with other separate responsibilities are paid an additional fee to reflect their extra responsibilities).

Fees for the Chair and the Non-Executive Directors are normally reviewed annually by the Remuneration Committee and Board respectively, with reference to any change in the time commitment required, UK market levels and the average base salary increase across the wider workforce.

The Group retains the flexibility to pay Chair and Non-Executive Director fees in a form other than cash if deemed appropriate.

The Chair and the Non-Executive Directors do not participate in any annual bonus or incentive plans, pension schemes, healthcare benefit arrangements or the Company's share plans. They are not prohibited from participating in other benefit arrangements that are available to substantially

all UK-based colleagues so long as there is no additional cost to the Company in them doing so.

The Company repays the reasonable expenses (including any tax due thereon) that the Chair and the Non-Executive Directors incur in carrying out their duties as Directors.

N/A

The aggregate value of fees paid to the Chair and

Non-Executive Directors will not exceed the amount set out in the Articles of Association.