Annual General Meeting Presentations

Michael Hill International Limited ABN 25 610 937 598
34 Southgate Avenue, Cannon Hill, QLD 4170




25 October 2022



To: Company Announcements Office
ASX Limited

Company Announcements Office
NZX Limited


Annual General Meeting presentations

In accordance with the Listing Rules, enclosed are the presentations of the Chair and the Managing
Director & Chief Executive Officer, which will be delivered today at the Michael Hill International
Limited 2022 Annual General Meeting.

This announcement is authorised for release by the Company Secretary.

- ENDS -

For further information: Emily Bird
Company Secretary
0424 306 535
company.secretary@michaelhill.com.au

Michael Hill International Limited 2022 Annual General Meeting

CHAIR’S ADDRESS
Today I’d like to give you an overview of how we view the year that’s closed. Following that,
Daniel will give more detail on our 2022 results, our current and future strategic focus and a
current trading update.
Our financial year ending June 26, 2022 has been another remarkable year at Michael Hill as we
delivered record results. I am extremely proud of the commitment, resilience and creativity of
Daniel and the entire team as they continued to drive business performance, strategically
transform operations, and progressively elevate the brand to expand our addressable market.
All this has been achieved whilst navigating through the evolving Covid pandemic and complex
economic and trading conditions. Our results over the last two years, despite these challenges,
demonstrate the resilience of our business, strength of our brand, loyalty of our customers and
the agility and determination of our team. We continue to have confidence in the momentum of
the business and our ability to adapt and thrive in the face of ongoing uncertainties.
As the business continues its journey to evolve and elevate our brand, the legacy of our creative
founders remains extremely relevant as we showcase our artisanal craftsmanship, quality
products and innovative designs. These core elements along with Sir Michael Hill and Lady
Christine Hill’s values, insightful vision and infectious passion continue to be infused throughout
every facet of the business and are fundamental to the continued success of our business.
At Michael Hill, we recognise that our business is our people. We continually strive to be a
workplace where all team members feel valued, appreciated, and encouraged to be their
brilliant self. Our values:
We care, We create outstanding experiences, We are professional, and
We are inclusive and diverse
– are truly embraced by all areas of the business and are key to
attracting and retaining our high-performance team. Our employee engagement survey is a key
source of insights into our cultural wellbeing and employees’ connection with our purpose and
ambition at Michael Hill. Impressively, once again, Michael Hill recorded another exceptionally
high global engagement score of 83%, which is a credit to the strong leadership that has
inspired a collaborative and energetic culture.
We are passionate about identifying opportunities to make Michael Hill more sustainable and I
am proud of the progress we are making. In August, we published our new 2030 Environmental,
Social and Governance (ESG) vision centered around three key pillars: People, Product and
Planet. We are committed to bringing about change in how we operate in order to drive more
sustainable practices that benefit our customers, our planet and future generations. We also
want to demonstrate and share these practices with the wider jewellery industry to help all
participants move toward a more sustainable, innovative and responsible future.
Reflecting the strength of the balance sheet and strong underlying operating results, the
business undertook a detailed capital management review during FY22. One of the outputs
was the release of a new Dividend Distribution Policy which sets a target dividend payout range
of 50% to 75% of adjusted NPAT.

We were pleased to declare a final dividend of AU4.0 cents per share, bringing our total
dividend for FY22 to AU7.5 cents per share, representing ~67% of adjusted annual NPAT, at the
higher end of the target range. Subject to the Company’s ongoing trading performance and
growth plans, the Board’s intention is for dividends to remain at the higher end of the target
range.
Furthermore, we announced the launch of an on-market share buy-back of up to 5% of the
Company’s issued capital, funded from existing cash reserves. The buy-back commenced on 19
September 2022 and we are happy with the progress to date. As noted by daily updates on
both the ASX and NZX, the Company has bought back approximately 6.1 million shares to date,
representing approximately 1.5% of issued capital.
In addition to the above, the Company still retains sufficient balance sheet strength and cash
reserves for deployment into new earnings accretive organic growth initiatives and to also
pursue acquisition opportunities in the jewellery sector, which meet our strict strategic and
investment criteria.
As I reflect on FY22 and my first full year as Chair, I am honoured to be surrounded by a very
high calibre, stable Board of Directors and Executive team who are all aligned on the strategic
direction for Michael Hill. We look forward to continuing the positive momentum of the
business, and focusing on growth initiatives that will strengthen our market position and
financial performance.
I would like to close my address by acknowledging and thanking all our shareholders for their
ongoing support.
I now invite Managing Director & CEO, Daniel Bracken to address the meeting and discuss the
2022 operational performance, provide an update on the Company’s strategy and a current
trading performance update.

MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER’S ADDRESS
Thank you, Rob.
Good morning and thank you for joining us today. I will now take you through a review of the
2022 financial results and strategic and operational achievements. We will also provide you with
some insights into key strategic initiatives for the year ahead, and an update on our current
trading performance.
I’m absolutely delighted by our outstanding results, delivering record sales, gross margin, and
profit, especially with the considerable disruptions we faced across Australia and New Zealand
in the first half. For the year, our revenue was up 7%, gross profit up 10% and comparable EBIT
up 11%.
A key highlight was our ability to grow profit faster than sales, underpinned by continued gross
margin expansion. All facets of the business came together to drive this result, but I would
particularly like to highlight the evolution of our product, the outstanding performance from our
stores, the continued acceleration of our digital channels and the key role that our loyalty
program now plays in driving sales and margin growth.
These results demonstrate that we have successfully shifted the emphasis from transformation
to growth, as we continue to elevate and modernise the Michael Hill brand.
I am particularly proud of our people and the culture that we continue to build at Michael Hill – a
high performance team across all levels, with an energy and passion that underpins our growth
agenda. This culture is best evidenced by the sensational performance from our Canadian team
delivering huge lifts in productivity, sales and margin.
The Group reported comparable EBIT of $62.9m for the year ended 26 June 2022 against
$56.6m for the prior year, an increase of $6.3m year on year, driven by a combination of strong
sales growth and margin expansion.
For the year, the Company delivered same store sales growth of 8.0% and gross margin
increased by 200 bps to 64.7% for the group. Since FY19Q3, the Company has achieved twelve
quarters of same store sales growth. These continued strong results demonstrate the success
of the Company’s strategic transformation and the increasing strength of the brand during
more than two years of significant global disruption.
During the year, the Michael Hill global store network suffered 10,020 lost store trading days
against 10,447 days in the prior year, due to a combination of government mandated lockdowns
and COVID impacting store teams.
Despite these disruptions to trading conditions and to the global store network, total revenue
grew by 7.0% to $595m as the Company continues to elevate the brand and transform the
customer journey.
Prior to the key Christmas trading period, the business opened its Canadian 3PL distribution
centre in Ontario, creating a cost-efficient flow of inventory from vendors, improving speed of
delivery to customers and stores, and ensuring reliable continuity of supply and optimal stock
levels.

Supporting the Company’s ongoing growth agenda, our strategic increase in ATV and elevated
product offerings, saw the Company make considered investments in core inventory, which saw
year-end stock holdings of $181.5m.
The Company’s balance sheet has benefited from strong operating cashflows, delivering a year
end cash position of $95.8m and nil debt. During the year, the Company successfully sold its in-
house Canadian credit book, delivering cash proceeds of $14.2m, while also launching a
long-term partnership with Flexiti Financial Inc, to provide a new enhanced consumer credit
proposition.
During the year, the Company opened one new store in Australia and closed six under-
performing stores across the network, resulting in 280 stores at year end.
In terms of key performance insights, it is noted that both revenue and gross margin have lifted
significantly following initial 2020 COVID disrupted trade.
Even with approximately the same lost store trading days in FY21 and FY22, comparable EBIT
has lifted in FY22 against FY21, and is significantly up on pre-COVID FY19.
As shown on the bottom left of the slide, pleasingly, the strong lift in both revenue and EBIT has
been underpinned by increased store productivity which is borne out by the lift in average
revenue per store.
The Company’s digital businesses delivered another record year with sales of $42m, now
representing 7.1% of total sales.
Much of the Company’s strong performance can be attributed to the strategic transformation
and elevation of the brand, along with an overarching emphasis on sales and margin growth.
The strategic framework underpins the future growth of the business, is customer-led and
continually evolving, which is best demonstrated by the introduction of a new strategy pillar
dedicated to “Sustainability”.
The strategy to elevate and modernise the Michael Hill brand underpins the overarching vision
for the business. Highly engaging and emotive marketing campaigns with an emphasis on
product, quality and craft, are leading the transition away from price and promotion, towards
emotional long-term customer relationships. The success of this strategy is best evidenced by
the continued expansion of average transaction value, up 15% over the last three years.
Simultaneously, the
Brilliance by Michael Hill loyalty program is proving to be a key lever for
growth and customer engagement. The program has increased by more than 600,000
members in the year, and provides the business with essential data to drive more frequent and
more profitable customer interactions. Pleasingly, 80% of our sales are now made by members
of the Brilliance by Michael Hill loyalty program. Both brand and loyalty are key to driving
medium to long term sustainable growth in both sales and margin for the group.
Michael Hill’s digital transformation continues to gather pace delivering another record year in
FY22. Strong performances on the Company’s direct to consumer websites were driven by
improved customer experience, higher traffic and increased conversion rates. Digital now
represents over 7% of Company sales and is our highest margin channel. The successful
deployment of “click and collect” and “ship-from-store”, now available in all stores globally,
enhanced our omni-channel capabilities as the Company continues its customer-led digital
journey.

Bricks and mortar retail is at the core of the Michael Hill business, driving more than 90% of
Company sales. Elevating the in-store experience across visual presentation and customer
engagement have delivered considerable increases in gross margins, conversion rates and ATV.
An unwavering focus on people and performance, operational excellence, and effective labour
management underpin our retail productivity which has seen significant lifts in all markets. A
new senior leadership structure is now firmly in place across all countries and delivering strong
results. Additionally, the Company has now ramped up its capex program across the store
network, to ensure stores are aligned to the elevated brand journey.
Product evolution is at the centre of a customer-led retail strategy, and is critical to achieve
sales and margin growth and maintaining our leading market position as the house of
diamonds. Laboratory grown diamonds are gaining momentum in the business, delivering
increased quality and higher margins while providing customers with a certified Sustainable and
Climate Neutral choice. Elevated quality and craftmanship are essential to our aspirational
brand journey, and this will be delivered through the evolution of our supply chain, and further
investment in the artisanal capabilities of our Australian manufacturing facility. During the year,
the business commenced a phased deployment of a new comprehensive merchandise
planning platform to improve buying processes, margin optimisation, product ranging and
inventory management. The Company’s ongoing focus on product mix continues to be a key
enabler for sustained margin expansion.
As the Company pivots from transformation to growth, the opportunity to stretch the brand into
new territories and services is a key focus. Through the course of the year, the Company has
executed its marketplace strategy across its three core segments, partnering with The Iconic in
Australia and New Zealand, Westfield Direct in Australia and The Bay in Canada. Additionally,
the Company is now focused on extending its Canadian website to the currently untapped
Quebec market, and in the near future launching international shipping to all countries globally
from our websites. The business is also well underway in developing a digital eco-system with a
number of new revenue driving service offerings across bespoke design, sustainability, and
financial services.
And now moving on to our current trading update.

Pleasingly, the business has delivered strong early performance for the first 16 weeks of FY23,
with Group all store sales up 27.5% against FY22.

As this period in FY22 was impacted by store closures in Australia and New Zealand, a more
meaningful reflection of the FY23 performance is that we have increased sales by 15.8% against
the same period in FY21, even with 8 less stores.

In addition, gross margin has also remained strong, in line with FY22 and significantly up on FY21.

These results demonstrate the continuing momentum in the business and an improvement on
the results previously announced for the first eight weeks of the financial year.

AGM Presentation
25 October 2022

DISCLAIMER
Certain statements in this announcement constitute forward-looking statements. Forward-looking
statements are statements (other than statements of historical fact) relating to future events and the
anticipated or planned financial and operational performance of Michael Hill International Limited
and its related bodies corporate (the Company). The words “targets,” “believes,” “expects,” “aims,”
“intends,” “plans,” “seeks,” “will,” “may,” “might,” “anticipates,” “would,” “could,” “should,” “continues,”
“estimates” or similar expressions or the negatives thereof, identify certain of these forward-looking
statements. Other forward-looking statements can be identified in the context in which the
statements are made. Forward-looking statements include, among other things, statements
addressing matters such as the Company’s future results of operations; financial condition; working
capital, cash flows and capital expenditures; and business strategy, plans and objectives for future
operations and events, including those relating to ongoing operational and strategic reviews,
expansion into new markets, future product launches, points of sale and production facilities.
Although the Company believes that the expectations reflected in these forward-looking statements
are reasonable, such forward-looking statements involve known and unknown risks, uncertainties
and other important factors that could cause the Company’s actual results, performance, operations
or achievements or industry results, to differ materially from any future results, performance,
operations or achievements expressed or implied by such forward-looking statements.
Such risks, uncertainties and other important factors include, among others: global and local
economic conditions; changes in market trends and end-consumer preferences; fluctuations in the
prices of raw materials, currency exchange rates, and interest rates; the Company’s plans or
objectives for future operations or products, including the ability to introduce new jewellery and non-
jewellery products; the ability to expand in existing and new markets and risks associated with doing
business globally and, in particular, in emerging markets; competition from local, national and
international companies in the markets in which the Company operates; the protection and
strengthening of the Company’s intellectual property rights, including patents and trademarks; the
future adequacy of the Company’s current warehousing, logistics and information technology
operations; changes in laws and regulations or any interpretation thereof, applicable to the
Company’s business; increases to the Company’s effective tax rate or other harm to the Company’s
business as a result of governmental review of the Company’s transfer pricing policies, conflicting
taxation claims or changes in tax laws; and other factors referenced to in this presentation.
Should one or more of these risks or uncertainties materialise, or should any underlying assumptions
prove to be incorrect, the Company’s actual financial condition, cash flows or results of operations
could differ materially from that described herein as anticipated, believed, estimated or expected.
Accordingly, you are cautioned not to place undue reliance on any forward-looking statements,
particularly in light of the current economic climate and the significant volatility, uncertainty and
disruption caused by the COVID-19 pandemic.
The Company does not intend, and does not assume any obligation, to update any forward-looking
statements contained herein, except as may be required by law. All subsequent written and oral
forward-looking statements attributable to us or to persons acting on the Company’s behalf are
expressly qualified in their entirety by the cautionary statements referred to above and contained
elsewhere in this presentation.

3
From left to right: Gary Smith (Independent NED, Chair of Audit & Risk Management Committee), Jacquie Naylor (Independent NED), Sir Michael Hill (Founder),
Rob Fyfe (Independent NED, Chair), Emma Hill (Chair of People Development & Remuneration Committee), and Daniel Bracken (Managing Director & CEO).
Board of Directors

4
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5
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7
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POWERED BY

Chair’s address
Rob Fyfe

9
Sustainability: “the jeweller that cares”
Michael Hill’s ESG vision is to transform how we source & manufacture our products, impact our planet and improve people's lives.
We aim to move our business and influence the broader jewellery industry toward a more sustainable, innovative & responsible future.
Product
100% of our products will be sustainable,
responsible or circular
Planet
We will nurture nature and reduce our
negative impacts to net zero
TRANSPARENCY
By 2030
100% use of certified
sustainable or
responsibly sourced
natural diamonds,
coloured gemstones
and cultured pearls
CHAMPION
INNOVATION
By 2024
We will pioneer an
innovation hub to
champion and
integrate jewellery
circularity, product
innovation and
laboratory created
diamonds
ZERO CARBON
OPERATIONS
By 2025
Achieve net zero
carbon operations
(scopes 1 & 2)
NATURE
POSITIVE
From 2025
Contributing to the
restoration and
conservation of the
natural environment
in our key markets
ELIMINATE
WASTE
By 2027
We will send zero
waste to landfill
and eliminate
single use plastic
from our
packaging
METAL
STEWARDSHIP
By 2025
100% of Michael Hill’s
silver and gold
products will be made
from certified
recycled, responsibly
sourced, local or
artisanal sources
People
We will improve the lives of people
across our value chain
RESPONSIBLE
SUPPLIERS
By 2030
100% of all suppliers
meet our expectations
on their social and
environmental impacts
EMPOWERING
WOMEN
By 2030
Deliver initiatives and
develop partnerships
focused on
empowering and
supporting
over 100,000 women
GREAT PLACE
TO WORK
Michael Hill will
maintain a leading
workforce
engagement score of
greater than 80%

10
Capital Management Framework
Dividend Policy
50% - 75% adjusted NPAT
Current intention to deliver at
the higher end of the range
Organic Growth
~$25m to $30m annual spend
Organic
+
Investment
New markets & channels via
digital platforms
New service propositions via
digital eco-systems
Capital
Investment
Opportunities
Share buy-back
Continue to pursue acquisition
opportunities across the
jewellery sector
4.0c
1.5c
4.5c
7.5c
FY22 total dividend for the year of AU7.5 cps,
representing ~67% of adjusted annual NPAT, and at the
higher end of the target range of 50% to 75%
Launched an on-market share buy-back of up to 5% of
issued capital, funded from existing cash reserves
Cash reserves retained for deployment into new organic
growth and acquisition opportunities

Managing
Director & CEO
Presentation
Daniel Bracken

FY22 Performance Overview
12
•Record sales, gross margin and profit, despite significant
disruption during H1, losing ~15% of trading across AU & NZ
•Revenue up 7%
•Gross profit up 10%
•Comparable EBIT up 11%
•Profit growth outpaced sales growth, with continued gross
margin expansion driven by strategic initiative across:
•Product evolution
•Retail fundamentals
•Digital acceleration
•Loyalty penetration, ~80% of sales from members
•Brand elevation and reduction in promotions
•Successfully shifted from transformation to growth
•High performance team throughout the business, with
energy and passion that underpins our growth agenda
•Twelve consecutive quarters of positive same store sales
growth
(excluding FY20Q4)

FY20H1 Financial Snapshot
•Revenue and same store sales growth
•Gross profit up $36m
•Further gross margin expansion
•Comparable EBIT up 11%
•Strong cash position enhanced
•Consistently delivering targeted inventory levels
•Unwavering focus on costs across the business
•Final dividend of AU4.0 cents per share
13
FY22FY21Change
Revenue
Same store sales
$595.2m$556.5m+7.0%
+8.0%
Gross Profit$384.8m$348.9m+10.3%
Gross Margin 64.7%62.7%+200 bps
Comparable EBIT $62.9m$56.6m+11.1%
Inventory
$181.5m
$171.2m+$10.3m
Cash$95.8m$72.4m+$23.4m
Total DividendAU7.5cAU4.5c+66.7%
EPS 12.03c10.57c+13.8%
Store Network280285-5
FY22 Group Results

FY20H1 Financial Snapshot
14
Key Performance Insights

Strategy Update - Emphasis on Growth
Brand & Loyalty
Modern, differentiated, omni-channel jewellery brand
with loyal customers
New Territories &
Services
New markets, new channels & new service propositions
Retail
Fundamentals
Elevated productivity & customer experience
Digital &
Omni-channel
Omni-first, digital-led & channel agnostic
House of diamonds
Product Evolution
15
“the jeweller that cares”
Sustainability
Cost Conscious
Culture
Unwavering focus on costs

Marking the moments that create
the story of our lives
Elevated brand messaging
Focus on craftmanship, quality & sustainability
Emotive storytelling brand-led campaigns
Relentless focus on creative & visual excellence
House of diamonds
Aspirational media placements
Increasing ATV demonstrates brand
elevation, up 15% over three years
16
Elevating Brand

Over 1.4 million loyalty members
Increased focus on customer
segmentation and personalisation
Targeted AI and data insights
Loyalty members are more valuable
- ATV 83% higher
- GP% 192 bps higher
Loyalty members now represent ~80%
of sales
17
Brillianceby Michael Hill
Your love for jewellery rewarded

18
Digital & Omni-Channel
Omni-first, digital-led
& channel agnostic
Traffic conversion sales
Successful launch of click & collect
and ship-from-store globally
Highest margin channel
Omni-channel now represents
more than 40% of digital sales

19
Stores & Customer Experience
Elevating productivity & retail execution
Same store sales up 8%
Twelve quarters of SSS growth
Significant investment in store network
with more than 40 stores updated
Rejuvenated global leadership structure
Elevated instore customer experience
Retail metrics improved across the board
Dynamic rostering driving more
productive labour

House of Diamonds
Elevated quality & craftmanship
Customer-led ranging
Australian artisanal workshop
Emphasis on sustainability & LGD
Product mix driving margin expansion
Product newness critical to brand
elevation
20
Product Evolution

21
New Territories & Services
Digital marketplace strategy progressed
with more partners being considered
International shipping to all countries, live
pre-Christmas
Dual language digital expansion into
Quebec this year
Significant progress of new digital eco-
system to drive incremental revenue
streams
Pureplay brand Medley delivers $1m sales
in first full year

22
Current Trading Update
In the first 16 weeks of FY23, the Company has
delivered strong early performance across sales
and gross margin:
•In comparison to FY22, Group all store
sales were up +27.5%
•In comparison to FY21, a more meaningful
reflection of FY23 performance, Group all
store sales were up +15.8%, with 8 less
stores (total stores FY23Q1: 281 vs FY21Q1:
289)
•Gross margin remains strong, in line with
FY22 and significantly up on FY21
The above numbers are unaudited and prior to accounting adjustments.

Questions

Business of the Annual
General Meeting

25
Financial Statements and Reports
•Audited financial statements
•Directors’ report
•Auditor’s report

26
Resolution 1: Remuneration Report
To consider and, if thought fit, to pass the following advisory
resolution:
“That the Remuneration Report for the year ended 26 June 2022
(as set out in the Directors’ Report) is adopted.”
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES65,735,3753,736,25598,1272,593,906167,631,166
% OF ELIGIBLE VOTES94.49%5.37%0.14%N/AN/A
% OF ALL SECURITIES17.20%0.98%0.03%0.68%43.86%

27
Resolution 2: Re-election of Gary Smith as Director
To consider, and if thought fit, to pass the following resolution as
an ordinary resolution:
“That Mr Gary Smith who retires by rotation in accordance with
ASX Listing Rule 14.4 and Rule 38.6 of the Company’s Constitution
and, being eligible, offers himself for re-election, be re-elected as
a Director of the Company.”
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES239,421,238149,02798,127126,3920
% OF ELIGIBLE VOTES99.90%0.06%0.04%N/AN/A
% OF ALL SECURITIES62.64%0.04%0.03%0.03%0.00%

28
Resolution 3: Company Incentive Plan
To consider, and if thought fit, to pass the following resolution as an
ordinary resolution:
“That for the purposes of ASX Listing Rule 7.2 (exception 13(b)) and
for all other purposes, the Shareholders approve the Company’s
Incentive Plan (as defined in the Explanatory Notes to this Notice),
and the issue of securities under the Incentive Plan, as an exception
to ASX Listing Rule 7.1”.
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES66,113,0633,356,15598,127170,227,4840
% OF ELIGIBLE VOTES95.03%4.83%0.14%N/AN/A
% OF ALL SECURITIES17.30%0.88%0.03%44.54%0.00%

29
Resolution 4: Grant of share rights to Mr Daniel Bracken
under the Company’s long term Incentive Plan
To consider and, if thought fit, to pass the following resolution
as an ordinary resolution:
“That for the purposes of ASX Listing Rule 10.14 and for all
other purposes, approval be given to grant 906,699 share
rights to the Managing Director & Chief Executive Officer of the
Company, MrDaniel Bracken, and to issue ordinary shares in
the Company on the vesting of those share rights, under the
Incentive Plan (as defined in the Explanatory Notes to this
Notice) for FY23 as part of his long termincentive
arrangements, as described in the Explanatory Notes.”
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES238,362,9971,221,13898,127112,5670
% OF ELIGIBLE VOTES99.45%0.51%0.04%N/AN/A
% OF ALL SECURITIES62.37%0.32%0.03%0.03%0.00%

30
Resolution 5: Grant of share rights to Mr Daniel Bracken
under the Company’s short term Incentive Plan
To consider and, if thought fit, to pass the following resolution as
an ordinary resolution:
“That for the purposes of ASX Listing Rule 10.14 and for all other
purposes, approval be given to grant 480,051 share rights to the
Managing Director & Chief Executive Officer of the Company,
MrDaniel Bracken, and to issue ordinary shares in the Company on
the vesting of those share rights, under the Incentive Plan (as
defined in the Explanatory Notes to this Notice) for FY22 as part of
his short termincentive arrangements, as described in the
Explanatory Notes.”
FORAGAINSTOPENABSTAINEXCLUDED
NO. OF SHARES238,472,455802,25998,127421,9880
% OF ELIGIBLE VOTES99.63%0.33%0.04%N/AN/A
% OF ALL SECURITIES62.39%0.21%0.03%0.11%0.00%