Executive Variable Remuneration Plan (EVP)

Executive Variable Remuneration Plan (EVP)
Over the past nine months the Board has undertaken a review
of our current remuneration structures for our Senior Executives,
in particular reviewing our current LTI plan structure.
Our existing LTI plan is complex and we believe a simpler
remuneration model is in the interest of shareholders by more
directly supporting our strategic pillars of delivering brilliant
customer experiences, driving value and growth from the core,
and building new growth businesses close to the core.
The new EVP will combine our existing STI and LTI arrangements
into a simplified single incentive plan. The EVP will further align
executive reward to shareholder interests by extending the
overall plan from four years for our current LTI plan to five years
under the EVP. There is no change to the maximum opportunity
that Senior Executives can earn.