Remuneration Committee

The Group’s remuneration policy aims to promote a strong and sustainable performance culture, to incentivise high growth and to align the interests of Executive Directors and other senior managers with those of shareholders. In promoting these objectives, the Directors' Remuneration Policy has been structured so as to adhere to the principles of good corporate governance and appropriate risk management.

In determining remuneration levels, the Committee has taken account of market conditions, the performance of the Group and its responsibility to shareholders.

Shareholder feedback

The Committee consulted with its major shareholders and the main shareholder
representatives in respect of the new Remuneration Policy which will be
submitted to shareholders for approval at the 2020 AGM. That said, the Committee
welcomes any feedback on this report and the proposed Remuneration Policy
and its implementation in general.

On behalf of the Board, I would like to
thank shareholders for their continued support, and I look forward to your approval
of our updated Remuneration Policy at the 2020 AGM.

Jemima Bird

Chairman of the Remuneration Committee
16 December 2020

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