Shaftesbury Capital Plc (formerly: Capital & Counties Properties Plc)

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2024 Annual Report Strategic report 2 The year in review 4 Delivering on our priorities 6 Impossible to replicate portfolio in the heart of London’s West End 8 Why we invest in London’s West End 10 Our competitive strengths 12 Chief Executive’s statement 16 Our purpose-led strategy 17 Our business model 18 Business model in action 20 Measuring performance 22 Our portfolio 30 Creating consumer experiences across our West End portfolio 32 Portfolio and operating review 44 Stakeholder engagement 50 Financial review 59 Risk management 66 Task Force on Climate-related Financial Disclosures 75 Viability statement 77 ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪ 78 Sustainability 80 Our environment, community and sustainability approach and strategy 82 Our ESC governance structure 84 Our ESC approach in action 88 Our ESC progress in 2024 100 Our people and culture 102 Health, safety and security 2024 EPRA Sustainability Data Report March 2025 Our TCFD Report 2024 March 2025 2040 Net Zero Carbon Pathway March 2025 EPRA Sustainability Data Report TCFD Report Net Zero Carbon Pathway https://www.shaftesburycapital.com/en/ responsibility/policies-and-reports.html https://www.shaftesburycapital.com/en/ responsibility/policies-and-reports.html https://www.shaftesburycapital.com/ en/responsibility/environment/net-zero- carbon-pathway.html The leading central London mixed-use REIT Corporate governance report 106 Board of Directors 110 Chairman’s introduction 113 How the Board monitors culture and employee engagement 114 The role of the Board and its Committees 116 Principal Board activities in 2024 118 Our section 172(1) statement 124 Division of responsibilities 126 Board skills, experience and background 127 Nomination Committee report 132 Audit Committee report 138 Directors’ remuneration report 162 Directors’ report Financial statements 166 Directors’ responsibilities 167 Independent auditors’ report 174 Financial statements 178 ^ŁŪýţǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţ 213 ŁķŜØĸƊǹǇĸØĸóěØıǹţŪØŪýķýĸŪţ Additional information 218 Alternative performance measures 221 EPRA measures 226 Analysis of property portfolio 227 Historical record 228 Board and advisers 229 Dividends 230 Glossary 234 Greenhouse gas emissions 235 Shareholder information 236 Cautionary statement The sections of the Annual Report which make up the Strategic Report are set out on the inside cover. The Strategic Report has been approved for issue by the Board of Directors on 26 February 2025. On behalf of the Board Ian Hawksworth Chief Executive Shaftesbury Capital PLC is the leading central London mixed-use REIT. Our property portfolio extends to 2.7 million square feet of lettable space across the most vibrant areas of London’s West End. With a diverse mix of shops, şýţŪØůşØĸŪţȀǹóØĐþţȀǹòØşţȀǹşýţěùýĸŪěØıǹØĸùǹŁǅóýţȀǹ our destinations include the high footfall, thriving neighbourhoods of Covent Garden, Carnaby, Soho and Chinatown. Our properties are close to the main West End Underground stations and transport hubs for the Elizabeth Line. At a glance Who we are Diverse mixed-use portfolio Read more on page 24 Read more on page 26 Read more on page 28 53% 32% 15% £4.8 bn £193 m £203 m £237 m £251 m £5.0 bn Property valuation (billion) Annualised gross income (million) ERV (million) 2024 2023 ]ýŪşěóţǹşýǈýóŪǹŜýşóýĸŪØđýǹŁĐǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁǹƃØıůýǿ www.shaftesburycapital.com 1Shaftesbury Capital PLC | 2024 Annual Report Strategic report The year in review ŪşŁĸđǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹ Excellent operating performance A sustainable business ȟ Growth in rents, earnings, dividends and NTA ȟ +16.2% underlying earnings driven by rental growth and cost savings ȟ +5.2% growth in EPRA NTA driven by +4.5% L-f-L valuation growth ȟ Dividend of 3.5p per share (2023: 3.15p) ȟ ýǇĸØĸóěĸđǹØóŪěƃěŪƊǹýƉŪýĸùěĸđǹŪĘýǹùýòŪǹķØŪůşěŪƊǹŜşŁǇıýǹ ȟ High footfall with +3% L-f-L customer sales growth vs 2023 ȟ ěđĸěǇóØĸŪǹđşŁƄŪĘǹěĸǹ&¨ǹØĸùǹØĸĸůØıěţýùǹóØţĘǹşýĸŪţǹ ȟ 473 leasing transactions completed, £48.7 million, +9% vs Dec 2023 ERV ȟ Converting reversion into contracted income ȟ High occupancy, 2.6% ERV available to let ȟ Active capital rotation, improving portfolio quality ȟ Commitment to become Net Zero Carbon by 2040 ȟ 9ůŪůşýǹŜşŁŁǇĸđǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǹ ȟ 88% of units have an EPC rating of A-C ȟ Ongoing stakeholder and community engagement ȟ Value the communities that make our places thrive ȟ Our people are key to our success and achieving our purpose Read more on page 32 Read more on page 78 Read more on page 50 2 Shaftesbury Capital PLC | 2024 Annual Report Financial strength Operational performance Sustainability performance EPRA NTA 200.2p (2023: 190.3p) Low vacancy 2.6% Underlying earnings per share 4.0p (Pro forma FY 2023: 3.4p) L-f-L ERV growth +7.7% 2024 ERV £250.6m Reduction in Scope 1 & 2 emissions on published 2019 baseline 34% (2023: 31%) EPRA LTV 27% (2023: 31%) Underlying earnings growth +16.2% Basic earnings per share 13.8p (2023: 45.5p) L-f-L annualised gross income +8.0% 2024 AGI £202.8m Employee engagement 82% Access to liquidity £560m (2023: £486m) Dividend growth +11.1% Property valuation £5.0bn (2023: £4.8bn) L-f-L valuation growth +4.5% 2024 valuation £5.0bn Carbon footprint reduction on published 2019 baseline 50% (2023: 45%) Read more on page 50 Read more on page 32 Read more on page 78 3Shaftesbury Capital PLC | 2024 Annual Report Strategic report Delivering on our priorities Deliver growth in rents, earnings and dividends Leasing ahead of previous passing rents and cost discipline has resulted in 16.2 per cent growth in underlying earnings and progressive dividends. Active asset rotation through capital recycling £340.6 million of disposals completed since merger, including sale of 50 per cent interest in Longmartin associate. £86 million reinvested in acquisitions, including the freehold interests in ǑǔțǒǐǹRØķýţǹŪşýýŪȀǹŁƃýĸŪǹ:ØşùýĸȀǹŜşýţýĸŪěĸđǹţěđĸěǇóØĸŪǹ ØţţýŪǺķØĸØđýķýĸŪǹŁŜŜŁşŪůĸěŪěýţǹƄěŪĘǹýƉóýııýĸŪǹşýĸŪØıǹ đşŁƄŪĘǺŜşŁţŜýóŪţǿ Maintain a strong balance sheet with access to liquidity Completion of new £75 million unsecured loan facility, extension of £350 million senior unsecured loan facility to ǑǏǑǖȀǹØĸùǹşýǇĸØĸóěĸđǹŁĐǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹ extending maturity to 2028. Realise the long-term potential of our assets Dynamic leasing and creative asset management activity has resulted in 7.7 per cent L-f-L ERV growth and 4.5 per cent L-f-L valuation growth during the year. Our medium-term priorities – Deliver growth in rents, earnings and dividends – Realise the long-term potential of our assets – óóýıýşØŪýǹóŁţŪǹţØƃěĸđţǹØĸùǹŁŜýşØŪěĸđǹýǅóěýĸóěýţ – Accretive investment into our portfolio – Active asset rotation through capital recycling – Maintain a strong balance sheet with access to liquidity – Deliver on our environmental commitments and support our local communities and stakeholders – Be a good partner for our people, customers and stakeholders 4 Accelerate cost savings and operating ýǅóěýĸóěýţ ěđĸěǇóØĸŪǹóŁţŪǹţØƃěĸđţǹØóĘěýƃýùǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹ ýǄýóŪěƃýǹØĸùǹýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ&ǹóŁţŪǹşØŪěŁǹ reduced to 37 per cent. Deliver on our environmental commitments and support our local communities and stakeholders &ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǹýŜŁşŪǹŜůòıěţĘýùǹěĸóıůùěĸđǹŪĘýǹǇşţŪǹ year of combined data as Shaftesbury Capital and achieved a Gold award for our reporting. Be a good partner for our people, customers and stakeholders Our Community Investment Forum which comprises employees from across the business oversees our programme of community investment which totalled £0.9 million of value this year. We carried out an employee survey, which had an overall engagement score of 82 per cent, ahead of the global benchmark. Accretive investment into our portfolio Active asset management and refurbishment initiatives, ěĸóıůùěĸđǹóŁķŜıýŪěŁĸǹŁĐǹŁǅóýǹţóĘýķýţǹØŪǹĘýǹAěùýȀǹ:ØĸŪŁĸǹ Street and The Floral, delivering rents in excess of £100 per square foot. 5Shaftesbury Capital PLC | 2024 Annual Report Impossible ŪŁǺşýŜıěóØŪýǹŜŁşŪĐŁıěŁǹ in the heart of London’s West End c. 635 Buildings c. 1,900 Lettable units 1 2.7m sq ft Lettable space £5.0bn Portfolio valuation Strategic report 33% Food & beverage 18% fǅóý 13% Residential 36% Retail 1. Excludes long-leasehold residential interests Represents percentage of wholly-owned portfolio valuation Carnaby Street 6 Shaftesbury Capital PLC | 2024 Annual Report Map is for indicative purposes only as at 31 December 2024 M ap i s f o r in d i cat iv e pu r poses o n ly as at 3 1 D ece m be r 2 0 24 Chinatown Covent Garden Ownership 7Shaftesbury Capital PLC | 2024 Annual Report Strategic report London is a leading global city and has long demonstrated its enduring appeal as one of the world’s greatest cities, it has the largest economy of any Western European city. Additionally, there is a substantial population in south-east England within easy commuting or visiting distance. The breadth of its economy encompasses: ȟ a leading global commercial centre ȟ a major hub for creative industries, from technology to media ȟ a globally-recognised location for education and research ȟ home to world-class visual and performing arts facilities ȟ diverse and vibrant residential communities ȟ an unrivalled variety of heritage and cultural attractions which draw large numbers of domestic and international visitors. Why we invest in London’s West End Our property portfolio, valued at £5.0 billion, extends to 2.7 million square feet of lettable space across the most vibrant areas of London’s West End. At the heart of the city, the West End is a world-class destination for innovative and accessible dining, shopping, leisure, entertainment and culture with approximately 43 ŪĘýØŪşýţǹØĸùǹØǹţěđĸěǇóØĸŪǹĸůķòýşǹŁĐǹĘŁŪýıǹĮýƊţǹØóşŁţţǹŪĘýǹ district, attracting approximately 200 million domestic and international visitors per annum. Its huge working and residential population provides a regular, daily customer base for its hospitality, retail and leisure businesses. We are invested in the heart of London’s West End, ýţŪØòıěţĘěĸđǺØĸùǹýƉŪýĸùěĸđǹŁůşǹŁƄĸýşţĘěŜǹěĸǹĘěđĘțĐŁŁŪĐØııǹØşýØţȀǹ which are close to major employment locations, transport hubs and visitor attractions. We adopt a disciplined approach to investment to deliver long-term income and value growth through investment, curation and responsible stewardship, òýĸýǇŪŪěĸđǹØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹţůóóýţţǹ ŁĐǺŪĘýǹ©ýţŪǹ&ĸùǿ The West End, and our portfolio in particular, provides the prospect of high occupancy, low capital requirements and şýıěØòıýȀǹđşŁƄěĸđǹıŁĸđțŪýşķǹóØţĘǹǈŁƄţǿǹ©ĘěıţŪǹŪĘýǹòůěıùěĸđţǹƄýǹ buy tend to contain a mix of uses, we prefer those which either have, or have the potential for, hospitality, retail or leisure-led ůţýţǹŁĸǹŪĘýǹıŁƄýşǹǈŁŁşţǿ At the heart of London’s transport network, our properties ØşýǺóıŁţýǹŪŁǹŪĘýǹķØěĸǹ©ýţŪǹ&ĸùǹĸùýşđşŁůĸùǹţŪØŪěŁĸţȀǹƄěŪĘěĸ ǐǏǹķěĸůŪýţȬǹƄØıĮǹŁĐǹŪĘýǹŪƄŁǹ©ýţŪǹ&ĸùǹŪşØĸţŜŁşŪǹĘůòţǹĐŁşǺŪĘýǹ Elizabeth Line at Tottenham Court Road and Bond Street, ȡƄĘýşýǺŜØţţýĸđýşǹŪşØǅóǹĘØţǹěĸóşýØţýùǹţěđĸěǇóØĸŪıƊȢȀǹØĸùǹĸýØşǹ major main line transport including Charing Cross Station and Waterloo Station. Our iconic destinations provide a seven-days-a-week trading environment and exposure to an extensive and diverse local, domestic and international customer base which has proven to be resilient throughout economic cycles. There is a broad pool of domestic and international investors attracted to prime West End real estate. London’s West End c.200m 1 West End visitors c.220m 2 2024 Elizabeth Line journeys 1. NWEC 2. TfL 8 Shaftesbury Capital PLC | 2024 Annual Report 9 Our competitive strengths Strategic report Our people – High-performance, professional, inclusive and ýĸŪşýŜşýĸýůşěØıǹóůıŪůşýȀǹşýǈýóŪěƃýǹŁĐǹŁůşǹòůţěĸýţţǹ strategy where creativity and innovation are ŜşŁķŁŪýùǹØóşŁţţǹŪĘýǹòůţěĸýţţ – ŁııØòŁşØŪěƃýǹýĸƃěşŁĸķýĸŪǹƄĘýşýǹŜýŁŜıýǹØşýǹ ķŁŪěƃØŪýùǹŪŁǹđěƃýǹŪĘýěşǹòýţŪ Strong capital structure – ýţěıěýĸóýȀǹǈýƉěòěıěŪƊǹØĸùǹýǅóěýĸóƊ – óóýţţǹŪŁǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊ – Disciplined approach to capital allocation – şůùýĸŪǹØŜŜşŁØóĘǹŪŁǹǇĸØĸóěØıǹıýƃýşØđýǹ ØĸùǺşěţĮ Our portfolio – Concentrated in iconic, high-footfall destinations in the West End – ØıØĸóýǹŁĐǹůţýţǹƄěŪĘǹùěƃýşţěǇýùǹ ěĸóŁķýǺţŪşýØķţ – Long history of occupier demand ýƉóýýùěĸđǺØƃØěıØòěıěŪƊ – WŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹýƉóýŜŪěŁĸØıǹ destinations Read more on page 100 Read more on page 22 Read more on page 50 10 Shaftesbury Capital PLC | 2024 Annual Report West End mixed-use expertise – ŪşŁĸđǹŪşØóĮǹşýóŁşùǹŁĐǹùýıěƃýşěĸđǹıŁĸđț term value across the West End – &ƉŪýĸţěƃýȀǹùýŪØěıýùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹ ©ýţŪǹ&ĸùǹŜşŁŜýşŪƊǺķØşĮýŪ – Creative and active approach to asset management to meet consumers’ and ŁůşǺóůţŪŁķýşţȬǹýƃŁıƃěĸđǹĸýýùţ Customer focus and insights – Placing our customers at the heart ŁĐǹŁůşǺòůţěĸýţţǹŪŁǹŜşŁƃěùýǹòýţŪțěĸț óıØţţǺţýşƃěóý – Leveraging our deep understanding ŁĐǹŁůşǺóůţŪŁķýşţǹØĸùǹóŁĸţůķýşţǹ together with data-led insights to ěĸĐŁşķǹŁůşǹòůţěĸýţţǺţŪşØŪýđƊ Stakeholder relationships – Delivering positive environmental and social outcomes to enhance ƃØıůýǹĐŁşǹţŪØĮýĘŁıùýşţ – ŁııØòŁşØŪěƃýǹØŜŜşŁØóĘȀǹ ķØěĸŪØěĸěĸđǹđŁŁùǺşýıØŪěŁĸţĘěŜţǹ ƄěŪĘǹŁůşǹóůţŪŁķýşţǹØĸùǺıŁóØıǹ communities – ŁķķěŪķýĸŪǹŪŁǹòýóŁķěĸđǹ^ýŪǹ ¸ýşŁǹØşòŁĸǺòƊǺǑǏǓǏ Read more on page 8 Read more on page 30 Read more on page 44 11Shaftesbury Capital PLC | 2024 Annual Report Strategic report Ian Hawksworth ĘěýĐǹ&ƉýóůŪěƃý Chief Executive’s statement ȩ©ýǹØşýǹóŁĸǇùýĸŪǹƄýǹóØĸǹùýıěƃýşǹŁůşǹķýùěůķț term growth targets and are well-positioned ŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿȩǹ Overview Having set a clear and focused strategy, we have delivered ýƉóýııýĸŪǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹŪĘşŁůđĘŁůŪǹǑǏǑǓǹƄěŪĘǹşýĸŪØıǹ ěĸóŁķýǹØĸùǹƃØıůØŪěŁĸǹđşŁƄŪĘǿǹ9ŁŁŪĐØııǹØóşŁţţǹŁůşǹŜşěķýǹ©ýţŪǹ &ĸùǹŜŁşŪĐŁıěŁǹěţǹĘěđĘȀǹƄěŪĘǹóůţŪŁķýşǹţØıýţǹůŜǹǒǿǐǹŜýşǹóýĸŪǹƊýØşǹ ŁĸǹƊýØşǿǹĘýşýǹØşýǹýƉóýııýĸŪǹıýƃýıţǹŁĐǹØóŪěƃěŪƊȀǹıěķěŪýùǹƃØóØĸóƊǹ ØĸùǹØǹĸůķòýşǹŁĐǹóůţŪŁķýşţǹŪØĮěĸđǹķůıŪěŜıýǹůĸěŪţǹØóşŁţţǹŪĘýǹ ŜŁşŪĐŁıěŁǿǹĘýǹţŪşŁĸđǹıýØţěĸđǹØóŪěƃěŪƊǹØĸùǹŜěŜýıěĸýǹţůŜŜŁşŪţǹ ŁůşǹķýùěůķțŪýşķǹđşŁƄŪĘǹŪØşđýŪţǿǹ ĘěţǹƊýØşȀǹŁůşǹŜŁşŪĐŁıěŁǹƃØıůØŪěŁĸǹěţǹůŜǹòƊǹǓǿǔǹŜýşǹóýĸŪȀǹşýţůıŪěĸđǹ ěĸǹǐǏǹŜýĸóýǹěĸóşýØţýǹěĸǹ&ǹ^ǹŜýşǹţĘØşýǹŪŁǹǑǏǏǹŜýĸóýǹŜýşǹ ţĘØşýǿǹ"ýţŜěŪýǹŪĘýǹóĘØııýĸđěĸđǹķØóşŁțýóŁĸŁķěóǹòØóĮùşŁŜȀǹ ƄýǹóŁĸŪěĸůýǹŪŁǹùýıěƃýşǹŜŁţěŪěƃýǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǿǹ Leasing ahead of previous passing rents and cost discipline ĘØţǹşýţůıŪýùǹěĸǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǿǹWěĮýțĐŁşțıěĮýǹ şýĸŪØıǹđşŁƄŪĘǹƄØţǹǔǿǖǹŜýşǹóýĸŪǹØĸùǹůĸùýşıƊěĸđǹýØşĸěĸđţǹĘØƃýǹ ěĸóşýØţýùǹòƊǹǐǕǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹØĸùǹţěđĸěǇóØĸŪǹ ıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹıŪĘŁůđĘǹŪĘýǹ ƄěùýşǹóýĸŪşØıǹWŁĸùŁĸǹěĸƃýţŪķýĸŪǹķØşĮýŪǹĐŁşǹıØşđýşǹıŁŪǹţěƓýţǹĘØţǹ òýýĸǹşýıØŪěƃýıƊǹŞůěýŪȀǹŪĘýǹ©ýţŪǹ&ĸùǹķØşĮýŪǹĐŁşǹţķØııýşǹıŁŪǹţěƓýţǹ ĘØţǹòýýĸǹØóŪěƃýǿǹěĸóýǹķýşđýşȀǹŜşŁóýýùţǹŁĐǹŁƃýşǹɏǑǓǕǿǕǹķěııěŁĸǹ ĘØƃýǹòýýĸǹşýØıěţýùǹĐşŁķǹŜşŁŜýşŪƊǹùěţŜŁţØıţǹØĸùǹɏǘǓǹķěııěŁĸǹ şýØıěţýùǹĐşŁķǹýƉěŪěĸđǹŁůşǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹ ĪŁěĸŪǹƃýĸŪůşýǿǹɏǗǕǹķěııěŁĸǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸǹŪØşđýŪýùǹ ØóŞůěţěŪěŁĸţǹŁĸǹóŁşýǹţŪşýýŪţǹƄěŪĘǹýƉóýııýĸŪǹşýĸŪØıǹđşŁƄŪĘǹ ŜşŁţŜýóŪţǿǹĘýǹŜěŜýıěĸýǹŁĐǹØţţýŪǹØóŞůěţěŪěŁĸţǹěţǹýĸóŁůşØđěĸđȀǹ ƄěŪĘǹØǹĸůķòýşǹŁĐǹòůěıùěĸđţǹóůşşýĸŪıƊǹůĸùýşǹşýƃěýƄǿ We are committed to reducing the impact of our operations on ŪĘýǹýĸƃěşŁĸķýĸŪǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹŪØĮýǹØǹşýţŜŁĸţěòıýǹØŜŜşŁØóĘȀǹ ŁŜýşØŪěĸđǹěĸǹØĸǹýĸƃěşŁĸķýĸŪØııƊǹţůţŪØěĸØòıýǹķØĸĸýşǹØĸùǹ ýĸđØđěĸđǹƄěŪĘǹŁůşǹţŪØĮýĘŁıùýşţǹŪŁǹòýĸýǇŪǹŪĘýǹ©ýţŪǹ&ĸùǿ ŁĸǇùýĸóýǹěĸǹŪĘýǹţŪşýĸđŪĘǹŁĐǹŁůşǹ ©ýţŪǺ&ĸùǹŜŁşŪĐŁıěŁ London and particularly our West End portfolio continues to ùěţŜıØƊǹěŪţǹýĸùůşěĸđǹØŜŜýØıǹØţǹØǹıýØùěĸđǹđıŁòØıǹùýţŪěĸØŪěŁĸȀǹƄěŪĘǹ ěĸŪýşĸØŪěŁĸØıǹØşşěƃØıţǹĸŁƄǹØĘýØùǹŁĐǹǑǏǐǘǹıýƃýıţǿǹ¨ØóØĸóƊǹşØŪýţȀǹ ĸŁŪǹŁĸıƊǹěĸǹŁůşǹŜŁşŪĐŁıěŁǹòůŪǹØóşŁţţǹŜşěķýǹ©ýţŪǹ&ĸùǹşýŪØěıǹůĸěŪţǹ óŁĸŪěĸůýǹŪŁǹşýùůóýǹØĸùǹØşýǹØıţŁǹòØóĮǹěĸǹıěĸýǹƄěŪĘǹŜşýțŜØĸùýķěóǹ ıýƃýıţǹóşýØŪěĸđǹóŁķŜýŪěŪěƃýǹŪýĸţěŁĸǹĐŁşǹŜşěķýǹţŜØóýǿǹ9ŁŁŪĐØııǹ ĘØţǹòýýĸǹóŁĸţěţŪýĸŪıƊǹĘěđĘȀǹƄěŪĘǹŪĘýǹ&ıěƓØòýŪĘǹWěĸýǹýĸĘØĸóěĸđǹ ŪşØĸţŜŁşŪǹóŁĸĸýóŪěƃěŪƊǹĐŁşǹƃěţěŪŁşţȀǹţĘŁŜŜýşţȀǹƄŁşĮýşţǹØĸùǹ ŪŁůşěţŪţǹØıěĮýǿǹfůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁǹěţǹŪĘýǹùýţŪěĸØŪěŁĸǹŁĐǹóĘŁěóýǹ ĐŁşǹòŁŪĘǹķØşĮýŪǹýĸŪşƊǹØĸùǹýƉŜØĸţěŁĸȀǹƄěŪĘǹŁóóůŜěýşţǹţýýĮěĸđǹ ţůŜýşěŁşǹŞůØıěŪƊȀǹţůţŪØěĸØòıýǹţŜØóýǹƄěŪĘǹĘěđĘǹØķýĸěŪƊǹƃØıůýǿǹ We are well-positioned to deliver on our medium-term targets ŁĐǹǔǹŪŁǹǖǹŜýşǹóýĸŪǹ&¨ǹđşŁƄŪĘȀǹØĸùǹƄěŪĘǹţŪØòıýǹƊěýıùţȀǹǗǹŪŁǹ ǐǏǹŜýşǹóýĸŪǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹŜýşǹØĸĸůķǿǹ"ýţŜěŪýǹŪĘýǹ well-documented macro-economic uncertainty, the West &ĸùǹóŁĸŪěĸůýţǹŪŁǹŜýşĐŁşķǿǹĘşŁůđĘǹŁůşǹØóŪěƃýǹØŜŜşŁØóĘǹ to leasing and asset management, we continue to deliver &¨ǹđşŁƄŪĘǹƄěŪĘǹŁĸđŁěĸđǹŜŁţěŪěƃýǹķŁķýĸŪůķǿǹǓǖǒǹıýØţěĸđǹ ŪşØĸţØóŪěŁĸţǹóŁķŜıýŪýùǹùůşěĸđǹŪĘýǹƊýØşȀǹǘǿǐǹŜýşǹóýĸŪǹØĘýØùǹ ŁĐǹ"ýóýķòýşǹǑǏǑǒǹ&¨ȀǹěĸǹŪůşĸǹùýıěƃýşěĸđǹǖǿǖǹŜýşǹóýĸŪǹ&¨ǹ đşŁƄŪĘǿǹĘýǹěĸóşýØţýùǹţóØıýǹØĸùǹùýŜŪĘǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹŜşŁƃěùýǹ opportunities to support the growth of our customers with over ǒǏǹóůţŪŁķýşţǹĘØƃěĸđǹůŜţěƓýùǹŁşǹýƉŜØĸùýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹ ţěĸóýǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿǹ ĘýşýǹěţǹţěđĸěǇóØĸŪǹŜŁŪýĸŪěØıǹĐşŁķǹýØóĘǹŁĐǹŁůşǹıŁóØŪěŁĸţǹƄěŪĘǹ şýĸŪØıǹşýƃýşţěŁĸǹýķòýùùýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹƄěŪĘǹóůşşýĸŪǹ &¨ǹǑǓǹŜýşǹóýĸŪǹØòŁƃýǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǿǹ©ýǹØşýǹţýýěĸđǹ ŪĘýǹòýĸýǇŪǹŁĐǹěĸóŁşŜŁşØŪěĸđǹýƃýĸǹ"ěØıţǹØĸùǹfŜýşØǹůØşŪýşǹ ƄěŪĘǹŪĘýǹŁƃýĸŪǹ:ØşùýĸǹěØƓƓØȀǹůĸěĐƊěĸđǹŪĘýǹŁƃýĸŪǹ:Øşùýĸǹ ùěţŪşěóŪȀǹŪĘşŁůđĘǹŁůşǹıýØţěĸđȀǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹķØşĮýŪěĸđǹ ØóŪěƃěŪƊǿǹfůşǹóůţŪŁķýşţǹØşýǹşýţŜŁĸùěĸđǹŜŁţěŪěƃýıƊǹƄěŪĘǹùýķØĸùǹ ĐŁşǹØƃØěıØòıýǹţĘŁŜţǹØĸùǹşýţŪØůşØĸŪţǿǹ©ýǹĘØƃýǹòýýĸǹØòıýǹŪŁǹ ķØĮýǹóĘØĸđýţǹěĸǹýƃýĸǹ"ěØıţǹØŪǹŜØóýȀǹşýěĸĐŁşóěĸđǹóŁĸţůķýşǹ interest in the wider Covent Garden area and delivering leasing ŜýşĐŁşķØĸóýǹØĸùǹóůţŪŁķýşǹţØıýţǹđşŁƄŪĘǿǹǒǒǹĸýƄǹóŁĸóýŜŪţǹ ĘØƃýǹòýýĸǹěĸŪşŁùůóýùǹŪŁǹŪĘýǹùěţŪşěóŪǹŪĘěţǹƊýØşǿǹ 12 Shaftesbury Capital PLC | 2024 Annual Report ǹ ŁƃýĸŪǹ:ØşùýĸǹěØƓƓØ ĘýşýǹĘØţǹòýýĸǹđŁŁùǹŜşŁđşýţţǹŁĸǹýƃŁıƃěĸđǹŁůşǹŁǄýşǹěĸǹ ŁĘŁȀǹěĸóıůùěĸđǹØşĸØòƊǹŪşýýŪȀǹŪĘşŁůđĘǹŁůşǹŪØşđýŪýùǹıýØţěĸđǹ ŜşŁđşØķķýȀǹěĸŪşŁùůóěĸđǹùěǄýşýĸŪěØŪýùǹóŁĸóýŜŪţȀǹşýıýƃØĸŪǹŪŁǹ ŪĘýǹóŁĸţůķýşǹƄěŪĘǹǑǐǹĸýƄǹţěđĸěĸđţǹŁƃýşǹŪĘýǹƊýØşǿǹfůşǹòşØĸùǹ and category selection criteria are designed to generate ĘěđĘýşǹŜşŁùůóŪěƃěŪƊȀǹƄĘěıţŪǹŪØĮěĸđǹěĸţŜěşØŪěŁĸǹĐşŁķǹŪĘýǹØşýØȬţǹ şěóĘǹĘýşěŪØđýǿǹØţýùǹŁĸǹŁůşǹóŁĸţůķýşǹùØŪØǹØĸùǹýƉŜýşěýĸóýȀǹ ŪĘýǹØƃýşØđýǹţŜýĸùǹØĸùǹùƄýııǹŪěķýǹĘØţǹŪĘýǹŜŁŪýĸŪěØıǹŪŁǹòýǹ ţěđĸěǇóØĸŪıƊǹĘěđĘýşǿǹóóŁşùěĸđıƊȀǹƄýǹØşýǹěĸŪşŁùůóěĸđǹóŁĸóýŜŪţǹěĸǹ ØşĸØòƊǹƄĘěóĘǹţĘŁůıùǹòýǹţůŜŜŁşŪěƃýǹŁĐǹşýĸŪØıǹđşŁƄŪĘǹŁƃýşǹŪěķýǿ In Chinatown we are introducing more variety, choice and new óŁĸóýŜŪţǹŪŁǹŪĘýǹØşýØǹěĸóşýØţěĸđǹŪĘýǹŜØĸțţěØĸǹŁǄýşěĸđǹØŪǹØǹ şØĸđýǹŁĐǹŜşěóýǹŜŁěĸŪţȀǹƄĘěóĘǹěţǹùýıěƃýşěĸđǹđŁŁùǹşýĸŪØıǹđşŁƄŪĘǿǹ ĘýǹŁǅóýǹŜŁşŪĐŁıěŁǹěţǹŜýşĐŁşķěĸđǹƄýııȀǹƄěŪĘǹşŁòůţŪǹùýķØĸùǹĐŁşǹ ƄýııțǇŪŪýùǹţŜØóýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóŁķŜıýŪýùǹØǹţěđĸěǇóØĸŪǹ ŁǅóýǹşýĐůşòěţĘķýĸŪǹŜěŜýıěĸýǹØóşŁţţǹǖǖȀǏǏǏǹţŞůØşýǹĐýýŪȀǹƄěŪĘǹ şýĸŪţǹĐŁşǹƄýııțǇŪŪýùȀǹĘěđĘțŞůØıěŪƊǹţŜØóýǹşýđůıØşıƊǹØóĘěýƃěĸđǹķŁşýǹ ŪĘØĸǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǿǹfůşǹşýţěùýĸŪěØıǹŁǄýşǹóŁĸŪěĸůýţǹŪŁǹ ØŜŜýØıǹŪŁǹØǹòşŁØùǹşØĸđýǹŁĐǹŁóóůŜěýşţǹùýıěƃýşěĸđǹşýĸŪØıǹđşŁƄŪĘǹ ØĸùǹıěķěŪýùǹƃØóØĸóƊǿǹ Placing the customer at the heart of our business We continue to place the customer at the heart of our òůţěĸýţţȀǹđşýØŪǹØóóŁķķŁùØŪěŁĸǹØĸùǹţýşƃěóýȀǹĐŁóůţěĸđǹŁĸǹ ŜşŁƃěùěĸđǹıěƃýıƊȀǹùěǄýşýĸŪěØŪýùǹýƉŜýşěýĸóýţǹĐŁşǹƃěţěŪŁşţȀǹıŁóØıǹ ƄŁşĮýşţǹØĸùǹşýţěùýĸŪţǿǹfůşǹķØşĮýŪěĸđǹŜşŁđşØķķýǹØóşŁţţǹ ŪĘýǹŜŁşŪĐŁıěŁǹĐŁóůţýţǹŁĸǹŪĘýǹóŁĸţůķýşǹóØıýĸùØşȀǹòýţŪǹěĸǹóıØţţǹ ýƉŜýşěýĸóýţǹØĸùǹùěđěŪØıǹşýØóĘȀǹØııǹŁĐǹƄĘěóĘǹţůŜŜŁşŪţǹŪĘýǹĐŁŁŪĐØııǹ ØĸùǹţØıýţǹŜşŁţŜýóŪţǹěĸǹŁůşǹùýţŪěĸØŪěŁĸţǿǹĘýǹŜŁşŪĐŁıěŁǹĘØùǹØǹ very successful Christmas trading period with a programme of festive events and shopping evenings; footfall across the ŜŁşŪĐŁıěŁǹěĸǹŪĘýǹıØţŪǹŞůØşŪýşǹƄØţǹůŜǹǕǿǕǹŜýşǹóýĸŪǹóŁķŜØşýùǹŪŁǹ ǓǹǑǏǑǒǿǹfůşǹùěđěŪØıǹýĸđØđýķýĸŪǹØĸùǹĐŁııŁƄýşţǹóŁĸŪěĸůýǹŪŁǹ grow across all destinations, and we have launched new Soho ØĸùǹØşĸØòƊǹŪşýýŪǹòşØĸùěĸđǹƄĘěóĘǹĘØţǹòýýĸǹƄýııǹşýóýěƃýùȀǹ ØıěđĸěĸđǹŪĘýţýǹıŁóØŪěŁĸţǹķŁşýǹóıŁţýıƊǿǹfůşǹóŁııØòŁşØŪěƃýǹ ØŜŜşŁØóĘǹŜşŁƃěùýţǹòşØĸùţǹƄěŪĘǹØĸǹŁŜŜŁşŪůĸěŪƊǹŪŁǹŜØşŪěóěŜØŪýǹ ěĸǹŪĘýǹķØşĮýŪěĸđǹŁĐǹŪĘýǹýţŪØŪýţȀǹŜØşŪěóůıØşıƊǹŪĘşŁůđĘǹùěđěŪØıǹ óĘØĸĸýıţǹØĸùǹØóŪěƃØŪěŁĸţǿǹĘşŁůđĘǹýƃýĸŪţǹØĸùǹòşØĸùǹ óŁııØòŁşØŪěŁĸţȀǹƄýǹĘØƃýǹěĸóşýØţýùǹşýƃýĸůýǹĐşŁķǹŁůşǹĸŁĸț ıýØţýùǹěĸóŁķýǹØóŪěƃěŪěýţȀǹƄĘěıţŪǹòýĸýǇŪěĸđǹţŪØĮýĘŁıùýşţǹØóşŁţţǹ ŪĘýǹƄěùýşǹ©ýţŪǹ&ĸùǿǹ As well as maintaining close contact and presence on our estates, during the year, we launched a customer survey to identify improvements across our operating platform to ŜşŁƃěùýǹýĸĘØĸóýùǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǿǹ©ýǹĘØƃýǹěķŜşŁƃýùǹ our data environment and are now proactively utilising our ùØŪØǹţŁůşóýţǹØĸùǹěĸţěđĘŪţǹŁĸǹóůţŪŁķýşǹŪşýĸùţǹķŁşýǹýǄýóŪěƃýıƊǹ to support leasing activity and identify opportunities across ŪĘýǹŜŁşŪĐŁıěŁǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŁůşǹŜşŁóýţţýţǹØĸùǹ ýƉŜıŁşýǹŪĘýǹůţýǹŁĐǹDǹØĸùǹýķýşđěĸđǹŪýóĘĸŁıŁđƊǿǹ 13Shaftesbury Capital PLC | 2024 Annual Report 7.6% ŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸ 7.0% ŁŪØıǹØóóŁůĸŪěĸđǹşýŪůşĸ Strategic report ɁǹĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪ Leasing and asset management translating into valuation growth ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěĸóşýØţýùǹ òƊǹǓǿǔǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹěĸǹŪĘýǹƊýØşǹŪŁǹɏǔǿǏǹòěııěŁĸȀǹěķŜıƊěĸđǹ ØǹóØŜěŪØıǹƃØıůýǹýŞůěƃØıýĸŪǹŪŁǹɏǐȀǗǒǒǹŜýşǹţŞůØşýǹĐŁŁŪǹŁĸǹ ØƃýşØđýȀǹƄýııǹòýıŁƄǹşýŜıØóýķýĸŪǹóŁţŪǿǹ&¨ǹěĸóşýØţýùǹØóşŁţţǹ ØııǹůţýţǹòƊǹǖǿǖǹŜýşǹóýĸŪǹòıýĸùýùǹȡıěĮýțĐŁşțıěĮýȢǹƄěŪĘǹŜØşŪěóůıØşıƊǹ ţŪşŁĸđǹşýĸŪØıǹđşŁƄŪĘǹěĸǹŜşěķýǹşýŪØěıǿǹ ĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýǈýóŪěĸđǹǐǒǹòØţěţǹ ŜŁěĸŪţǹŁĐǹıěĮýțĐŁşțıěĮýǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁƃýşǹŪĘýǹƊýØşǹȡɓǘǹ òØţěţǹŜŁěĸŪţǹAǐǹǑǏǑǓȀǹɓǓǹòØţěţǹŜŁěĸŪţǹAǑǹǑǏǑǓȢǿǹĘýǹýŞůěƃØıýĸŪǹ ƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹȡýƉóıůùěĸđǹşýţěùýĸŪěØıȢǹěţǹ ØŜŜşŁƉěķØŪýıƊǹǓǿǕǹŜýşǹóýĸŪǿǹŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹ ƄØţǹǖǿǕǹŜýşǹóýĸŪǹƃýşţůţǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹDĸùýƉǹƄĘěóĘǹ şýóŁşùýùǹǖǿǏǹŜýşǹóýĸŪǿǹ DĸŪýşýţŪǹşØŪýţǹØşýǹķŁùýşØŪěĸđȀǹØıòýěŪǹķŁşýǹţıŁƄıƊǹƄĘěóĘǹĘØţǹ ěķŜØóŪýùǹŪĘýǹòşŁØùýşǹěĸƃýţŪķýĸŪǹķØşĮýŪȀǹĘŁƄýƃýşǹěĸƃýţŪķýĸŪǹ yields in prime West End, which comprise predominantly ĐşýýĘŁıùǹŜşŁŜýşŪěýţǹØĸùǹŁĐŪýĸǹţķØııýşǹıŁŪǹţěƓýţȀǹşýķØěĸǹ şýıØŪěƃýıƊǹţŪØòıýǿǹĘýşýǹěţǹØǹòşŁØùǹŜŁŁıǹŁĐǹùŁķýţŪěóǹØĸùǹ international investors attracted to prime West End real estate, where investment can provide the prospect of high occupancy, đŁŁùǹùýķØĸùǹĐŁşǹţŜØóýǹØĸùǹşýıěØòıýǹđşŁƄŪĘǹěĸǹıŁĸđțŪýşķǹóØţĘǹ ǈŁƄţǹØţǹùýķŁĸţŪşØŪýùǹòƊǹşýóýĸŪǹţØıýţǹØŪǹŁşǹØòŁƃýǹƃØıůØŪěŁĸǿǹ Investment activity fůşǹěĸƃýţŪķýĸŪǹØóŪěƃěŪƊǹěţǹĐŁóůţýùǹŁĸǹŁůşǹŪĘşýýǹóŁşýǹıŁóØŪěŁĸţȀǹ ŁƃýĸŪǹ:ØşùýĸȀǹØşĸØòƊǹɁǹŁĘŁǹØĸùǹĘěĸØŪŁƄĸǿǹ©ýǹķØěĸŪØěĸǹ an active and disciplined approach to capital allocation and ıŁŁĮǹØŪǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹýƉŜØĸùǹţýıýóŪěƃýıƊȀǹØùùěĸđǹŪŁǹŁůşǹ đşŁƄŪĘǹŜşŁţŜýóŪţǿǹfůşǹØŜŜşŁØóĘǹěţǹŪŁǹØţţýţţǹŪĘýǹķýşěŪţǹŁĐǹ all capital decisions including investment in our portfolio and şýŜŁţěŪěŁĸěĸđǹŁŜŜŁşŪůĸěŪěýţȀǹØóóşýŪěƃýǹØóŞůěţěŪěŁĸţȀǹŪĘýǹùěţŜŁţØıǹ of non-strategic assets and the return of surplus capital to ţĘØşýĘŁıùýşţǹØţǹØŜŜşŁŜşěØŪýǿǹ ©ýǹØşýǹƄýııțŜŁţěŪěŁĸýùǹƄěŪĘǹØóóýţţǹŪŁǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊǹ ŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹƄěııǹşŁŪØŪýǹ óØŜěŪØıǹØţǹØŜŜşŁŜşěØŪýȀǹýĸĘØĸóěĸđǹŪĘýǹŞůØıěŪƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǿǹ ěĸóýǹķýşđýşȀǹƄýǹĘØƃýǹşýØıěţýùǹɏǑǓǕǿǕǹķěııěŁĸǹØŪǹØǹŜşýķěůķǹ ŁƃýşØııǹŪŁǹƃØıůØŪěŁĸȀǹķýýŪěĸđǹŁůşǹŁòĪýóŪěƃýǹŪŁǹěĸěŪěØııƊǹşýóƊóıýǹ ØŜŜşŁƉěķØŪýıƊǹǔǹŜýşǹóýĸŪǹŁĐǹŜŁşŪĐŁıěŁǹƃØıůýǿǹDĸǹØùùěŪěŁĸȀǹ ƄýǹóŁķŜıýŪýùǹŪĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹŪĘýǹ Longmartin investment to the joint venture partner for net óØţĘǹóŁĸţěùýşØŪěŁĸǹŁĐǹɏǘǓǹķěııěŁĸǿǹ ŁǹùØŪýǹƄýǹĘØƃýǹùýŜıŁƊýùǹɏǗǕǹķěııěŁĸǹěĸǹØóŞůěţěŪěŁĸţȀǹØĸùǹŪĘýǹ ŜěŜýıěĸýǹŁĐǹØţţýŪǹØóŞůěţěŪěŁĸţǹěţǹýĸóŁůşØđěĸđȀǹƄěŪĘǹØǹĸůķòýşǹ ŁĐǹòůěıùěĸđţǹóůşşýĸŪıƊǹůĸùýşǹşýƃěýƄǿǹfůşǹĐŁóůţǹěţǹŁĸǹØóŞůěşěĸđǹ ŜşŁŜýşŪěýţǹƄĘěóĘǹýĸĘØĸóýǹØĸùǹóŁķŜıýķýĸŪǹŁůşǹýƉěţŪěĸđǹ ŁƄĸýşţĘěŜǹØĸùǹĘØƃýǹŪĘýǹŜŁŪýĸŪěØıǹŪŁǹđýĸýşØŪýǹţůţŪØěĸØòıýǹ ıŁĸđțŪýşķǹđşŁƄŪĘǹěĸǹěĸóŁķýǹØĸùǹóØŜěŪØıǹƃØıůýţǿǹ óŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹşýĐůşòěţĘķýĸŪǹěĸěŪěØŪěƃýţǹ óŁĸŪěĸůýǹƄěŪĘǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǐǹŜýşǹóýĸŪǹ of portfolio value per annum on average to enhance value and ýĸƃěşŁĸķýĸŪØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹŪĘýǹýţŪØŪýǿǹ Growth in rents, underlying earnings, dividends and EPRA NTA ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŪŁŪØıǹØóóŁůĸŪěĸđǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹƄØţǹ ǖǿǏǹŜýşǹóýĸŪǿǹ^ǹěĸóşýØţýùǹòƊǹǔǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǹ ŪŁǹǑǏǏǹŜýĸóýǹŜýşǹţĘØşýǹȡ"ýóǹǑǏǑǒȁǹǐǘǏǹŜýĸóýǹŜýşǹţĘØşýȢǿǹ ĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹěĸóşýØţýùǹòƊǹǗǿǏǹŜýşǹóýĸŪǹŪŁǹɏǑǏǑǿǗǹ ķěııěŁĸǿǹ&¨ǹěĸóşýØţýùǹòƊǹǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹ ķěııěŁĸȀǹǑǓǹŜýşǹóýĸŪǹØòŁƃýǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǿǹ9ŁşǹŪĘýǹ ǇşţŪǹŪěķýǹŜŁşŪĐŁıěŁǹ&¨ǹěţǹØĘýØùǹŁĐǹŜşýțŜØĸùýķěóǹıýƃýıţǹěĸǹ ØòţŁıůŪýǹŪýşķţȀǹĘŁƄýƃýşǹşýŪØěıǹ&¨ţǹşýķØěĸǹǕǹŜýşǹóýĸŪǹòýıŁƄǹ ǑǏǐǘǹıýƃýıţǿǹ&ǹƃØóØĸóƊǹĘØţǹşýùůóýùǹŪŁǹǒǿǘǹŜýşǹóýĸŪǹȡ"ýóǹ ǑǏǑǒȁǹǓǿǘǹŜýşǹóýĸŪȢǹƄěŪĘǹǑǿǕǹŜýşǹóýĸŪǹØƃØěıØòıýǹŪŁǹıýŪǹØĸùǹŪĘýǹ òØıØĸóýǹůĸùýşǹŁǄýşǿǹ ĘýşýǹĘØƃýǹòýýĸǹţěđĸěǇóØĸŪǹóŁţŪǹţØƃěĸđţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ ØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýǄýóŪěƃýǹØĸùǹýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹ ţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýǿǹĘýǹ&ǹóŁţŪǹşØŪěŁǹěţǹǒǖǹŜýşǹóýĸŪǹ ȡ"ýóǹǑǏǑǒȁǹǓǏǹŜýşǹóýĸŪȢȀǹĘØƃěĸđǹşýùůóýùǹĐşŁķǹŁƃýşǹǔǏǹŜýşǹóýĸŪǹ at merger and we are targeting a reduction towards 30 per óýĸŪǿǹĸùýşıƊěĸđǹØùķěĸěţŪşØŪěŁĸǹóŁţŪţǹƄýşýǹɏǒǘǿǓǹķěııěŁĸǹĐŁşǹ ŪĘýǹƊýØşȀǹĘØƃěĸđǹşýùůóýùǹţěđĸěǇóØĸŪıƊǹţěĸóýǹķýşđýşǿǹĸùýşıƊěĸđǹ ýØşĸěĸđţǹĐŁşǹŪĘýǹƊýØşǹØşýǹɏǖǒǿǏǹķěııěŁĸȀǹýŞůěƃØıýĸŪǹŪŁǹǓǿǏǹŜýĸóýǹ ŜýşǹţĘØşýǹØĸùǹŪĘýǹŁØşùǹĘØţǹŜşŁŜŁţýùǹØǹǇĸØıǹùěƃěùýĸùǹŁĐǹ ǐǿǗǹŜýĸóýǹŜýşǹţĘØşýǹŪØĮěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹĐŁşǹŪĘýǹƊýØşǹŪŁǹ ǒǿǔǹŜýĸóýǹŜýşǹţĘØşýȀǹůŜǹǐǐǹŜýşǹóýĸŪȀǹşýǈýóŪěĸđǹŪĘýǹŜşŁđşýţţěŁĸǹ ěĸǹůĸùýşıƊěĸđǹØĸùǹóØţĘǹýØşĸěĸđţǿ 14 Shaftesbury Capital PLC | 2024 Annual Report ©ýǹķØěĸŪØěĸǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹƄěŪĘǹØǹĐŁóůţǹŁĸǹǈýƉěòěıěŪƊǹ ØĸùǹýǅóěýĸóƊǿǹ&ǹW¨ǹěţǹǑǖǹŜýşǹóýĸŪǹØĸùǹŪĘýǹěĸŪýşýţŪǹóŁƃýşǹ şØŪěŁǹěţǹǑǿǘǹŪěķýţȀǹƄěŪĘǹØķŜıýǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǿǹ "ůşěĸđǹŪĘýǹƊýØşȀǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊǹƄØţǹ ýĸŪýşýùǹěĸŪŁȀǹŪĘýǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ ţýĸěŁşǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹĘØţǹòýýĸǹýƉýşóěţýùǹØĸùǹƄýǹ óŁķŜıýŪýùǹŪĘýǹşýǇĸØĸóěĸđǹŁĐǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹ ĐØóěıěŪƊǹýƉŪýĸùěĸđǹŪĘýǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǿǹDĸǹóŁķòěĸØŪěŁĸǹƄěŪĘǹ óØţĘǹùýŜŁţěŪţȀǹŪĘýǹ:şŁůŜǹĘØţǹØóóýţţǹŪŁǹɏǔǕǏǹķěııěŁĸǹıěŞůěùěŪƊǹ ýĸţůşěĸđǹěŪǹěţǹƄýııțŜŁţěŪěŁĸýùǹŪŁǹØóŪǹŁĸǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹ Our people, values and culture fůşǹŜýŁŜıýǹØşýǹŁĸýǹŁĐǹŁůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţǿǹDǹØķǹ ŜşŁůùǹŁĐǹŪĘýǹóşýØŪěƃěŪƊǹØĸùǹýĸŪĘůţěØţķǹţĘŁƄĸǹòƊǹŪĘýǹŪýØķǹ demonstrating our corporate values whilst delivering high ŜýşĐŁşķØĸóýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóØşşěýùǹŁůŪǹØĸǹýķŜıŁƊýýǹ ţůşƃýƊȀǹƄěŪĘǹØǹƃýşƊǹĘěđĘǹŜØşŪěóěŜØŪěŁĸǹşØŪýǹŁĐǹǘǑǹŜýşǹóýĸŪǹØĸùǹ ØĸǹŁƃýşØııǹýĸđØđýķýĸŪǹţóŁşýǹŁĐǹǗǑǹŜýşǹóýĸŪȀǹØĘýØùǹŁĐǹŪĘýǹ đıŁòØıǹòýĸóĘķØşĮǿǹfƃýşØııȀǹŪĘýǹýķŜıŁƊýýǹĐýýùòØóĮǹşýóýěƃýùǹ within the survey was positive and where areas of improvement ĘØƃýǹòýýĸǹěùýĸŪěǇýùȀǹØóŪěŁĸţǹØşýǹòýěĸđǹŪØĮýĸǹŪŁǹěķŜıýķýĸŪǹ óĘØĸđýǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹěĸƃýţŪǹěĸǹŪĘýǹŜýşţŁĸØıǹùýƃýıŁŜķýĸŪǹ ŁĐǹŁůşǹŜýŁŜıýǹØĸùǹĘØƃýǹěĸŪşŁùůóýùǹØǹĸůķòýşǹŁĐǹěĸěŪěØŪěƃýţǹŪŁǹ support our colleagues, providing greater career development ŁŜŜŁşŪůĸěŪěýţǹŁƃýşǹŪěķýǿǹ Our sustainable approach fůşǹ&ĸƃěşŁĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹţŪşØŪýđƊǹ ùýıěƃýşţǹƃØıůýǹĐŁşǹŁůşǹţŪØĮýĘŁıùýşţǹŪĘşŁůđĘǹŁůşǹıŁĸđțŪýşķȀǹ şýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǿǹfůşǹţůţŪØěĸØòěıěŪƊǹ ţŪşØŪýđƊǹěţǹĐŁůĸùýùǹěĸǹĐůŪůşýǹŜşŁŁǇĸđǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǹØĸùǹ óşýØŪěĸđǹţůţŪØěĸØòıýǹØĸùǹĘýØıŪĘƊǹŜıØóýţǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹ ƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿǹ©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹķýýŪěĸđǹŁůşǹ ǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹĘØƃýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹŪØşđýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŪĘýǹóěýĸóýǹØţýùǹØşđýŪţǹ ěĸěŪěØŪěƃýǹȡȩěȪȢǹıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţȀǹØóĘěýƃěĸđǹ ěǹƃØıěùØŪěŁĸǹěĸǹRØĸůØşƊǹǑǏǑǔǿ ©ýǹĘØƃýǹØışýØùƊǹķØùýǹđşýØŪǹŜşŁđşýţţǹěĸǹşýùůóěĸđǹŁůşǹóØşòŁĸǹ ýķěţţěŁĸţǹØĸùȀǹƄŁşĮěĸđǹƄěŪĘǹŁůşǹóůţŪŁķýşţȀǹƄěııǹóŁĸŪěĸůýǹŪŁǹ ùýóØşòŁĸěţýǹýĸýşđƊǹƄĘýşýǹŜşØóŪěóØıǹòƊǹşýŜıØóěĸđǹđØţǹƄěŪĘǹ ýıýóŪşěóěŪƊǿǹfůşǹóůţŪŁķýşǹţůşƃýƊǹØıţŁǹóŁƃýşýùǹţůţŪØěĸØòěıěŪƊȀǹěĸǹ ŁşùýşǹŪŁǹŜşŁƃěùýǹóůţŪŁķýşǹěĸţěđĘŪţǹŁĸǹŁůşǹţůţŪØěĸØòěıěŪƊǹØóŪěŁĸţǹ ØĸùǹòýŪŪýşǹůĸùýşţŪØĸùǹŪĘýěşǹŜşěŁşěŪěýţǿǹ ©ýǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹŪŁƄØşùţǹŁůşǹØěķǹŪŁǹòýǹØǹıýØùýşǹ ěĸǹţůţŪØěĸØòıýǹĘýşěŪØđýǹòůěıùěĸđţǿǹĘşŁůđĘǹŁůşǹŁĸđŁěĸđǹ şýĐůşòěţĘķýĸŪǹŜşŁđşØķķýȀǹƄýǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹ ýǅóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǹòƊǹ &¨ǹĘØţǹ&ǹşØŪěĸđţǹŁĐǹțǹØĸùǹǖǏǹŜýşǹóýĸŪǹŁĐǹóŁķķýşóěØıǹ ØţţýŪţǹĘØƃýǹ&ǹşØŪěĸđǹŁĐǹțǿǹUýƊǹţůţŪØěĸØòěıěŪƊǹØóŪěƃěŪěýţǹ ěĸóıůùýǹěĸƃýţŪķýĸŪǹěĸǹŁůşǹòůěıùěĸđţȀǹŜşěŁşěŪěţěĸđǹŜýùýţŪşěØĸţǹ ƄĘýşýǹŜŁţţěòıýǹŪĘşŁůđĘǹěĸěŪěØŪěƃýţǹŪŁǹýĸĘØĸóýǹŪĘýǹŜůòıěóǹşýØıķȀǹ ěķŜşŁƃěĸđǹØěşǹŞůØıěŪƊǹØĸùǹŁůşǹýƉŪýĸţěƃýǹđşýýĸěĸđǹŜşŁđşØķķýǿǹ ţǹƄýǹıŁŁĮǹØĘýØùȀǹƄýǹƄěııǹůŪěıěţýǹŪýóĘĸŁıŁđƊǹØĸùǹěĸĸŁƃØŪěŁĸǹ ŪŁǹýĸĘØĸóýǹŁůşǹØóŪěƃěŪěýţǹØĸùǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹ óůţŪŁķýşţǹØĸùǹŁŪĘýşǹţŪØĮýĘŁıùýşţǹŪŁǹĘýıŜǹùýıěƃýşǹţĘØşýùǹ ţůţŪØěĸØòěıěŪƊǹđŁØıţǿǹ Community engagement ţǹØǹşýţŜŁĸţěòıýȀǹıŁĸđțŪýşķǹěĸƃýţŪŁşȀǹóŁķķůĸěŪƊǹýĸđØđýķýĸŪǹ ØĸùǹóŁııØòŁşØŪěŁĸǹØşýǹěĸŪýđşØıǹŪŁǹŁůşǹţŪşØŪýđƊǹØĸùǹØóŪěƃěŪěýţǿǹ ţǹØĸǹØóŪěƃýǹŜØşŪǹŁĐǹŪĘýǹóŁķķůĸěŪƊȀǹòýěĸđǹØǹđŁŁùǹĸýěđĘòŁůşǹ ěţǹěķŜŁşŪØĸŪǹŪŁǹůţǿǹ©ýǹƃØıůýǹŪĘýǹóŁķķůĸěŪěýţǹŪĘØŪǹķØĮýǹŁůşǹ ŜıØóýţǹŪĘşěƃýǿǹfůşǹóŁķķůĸěŪƊǹŜşŁđşØķķýǹŜşěŁşěŪěţýţǹěĸěŪěØŪěƃýţǹ ØĸùǹóĘØşěŪƊǹŜØşŪĸýşţǹěĸǹŪĘýǹòŁşŁůđĘţǹŁĐǹ©ýţŪķěĸţŪýşǹØĸùǹ ØķùýĸǿǹĘěţǹěĸóıůùýţǹǇĸØĸóěØıǹţůŜŜŁşŪȀǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹ ţŜØóýǹØĸùǹýķŜıŁƊýýǹƃŁıůĸŪýýşěĸđǹŪěķýǿǹfůşǹØŜŜşŁØóĘǹěĸóıůùýţǹ supporting charities focused on education and employment opportunities, addressing issues of homelessness and food hardship, veterans and connecting older people in the local óŁķķůĸěŪƊǿǹ©ýǹĘØƃýǹŜØşŪĸýşţĘěŜţǹƄěŪĘǹĘŁţŜěŪØıěŪƊȀǹóůıŪůşØıǹØĸùǹ şýŪØěıǹĐŁůĸùØŪěŁĸţǿǹ ©ěŪĘǹŁůşǹýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùȀǹƄýǹķØĮýǹ ØĸǹěķŜŁşŪØĸŪǹóŁĸŪşěòůŪěŁĸǹŪŁǹţØĐýđůØşùěĸđǹěŪţǹıŁĸđțŪýşķǹØŜŜýØıǹ ØĸùǹŜşŁţŜýóŪţǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹƄŁşĮǹƄěŪĘǹŁůşǹıŁóØıǹØůŪĘŁşěŪěýţǹ ØĸùǹşýţěùýĸŪţǹŪŁǹķØĮýǹŜůòıěóǹşýØıķǹýĸĘØĸóýķýĸŪţǹŪŁǹěķŜşŁƃýǹ ŪĘýǹýƉŜýşěýĸóýǹØĸùǹØŜŜýØıǹŁĐǹŁůşǹƃěòşØĸŪǹùýţŪěĸØŪěŁĸţǹĐŁşǹ ƃěţěŪŁşţȀǹƄŁşĮýşţȀǹşýţěùýĸŪţȀǹòůţěĸýţţýţǹØĸùǹóŁķķůĸěŪěýţǿǹ Outlook ©ýǹØşýǹóŁĸǇùýĸŪǹěĸǹŪĘýǹđşŁƄŪĘǹŜşŁţŜýóŪţǹŁĐǹŁůşǹ©ýţŪǹ&ĸùǹ ŜŁşŪĐŁıěŁǹƄĘěóĘǹóŁĸŪěĸůýţǹŪŁǹùýķŁĸţŪşØŪýǹěŪţǹýĸùůşěĸđǹØŜŜýØıǿǹ Despite the well-documented macro-economic uncertainty, the ©ýţŪǹ&ĸùǹóŁĸŪěĸůýţǹŪŁǹŜýşĐŁşķǿǹ9ŁŁŪĐØııǹěţǹĘěđĘȀǹƄěŪĘǹóŁĸŪěĸůýùǹ customer sales growth, limited vacancy and a strong leasing ŜěŜýıěĸýǿǹ©ýǹĘØƃýǹùýıěƃýşýùǹđşŁƄŪĘǹěĸǹóØţĘǹşýĸŪţȀǹ&¨ǹØĸùǹ ƃØıůØŪěŁĸȀǹØĸùǹƄýǹýƉŜýóŪǹóŁĸŪěĸůýùǹŜýşĐŁşķØĸóýǹƄěŪĘǹŁůşǹşýĸŪţǹ and valuation well underpinned and are positioned for further đşŁƄŪĘǿǹţǹıŁĸđțŪýşķǹşýţŜŁĸţěòıýǹŁƄĸýşţȀǹƄýǹØşýǹóŁķķěŪŪýùǹŪŁǹ ěķŜıýķýĸŪěĸđǹŁůşǹýĸƃěşŁĸķýĸŪØıȀǹţůţŪØěĸØòěıěŪƊǹØĸùǹóŁķķůĸěŪƊǹ ţŪşØŪýđƊǿǹ Prime central London real estate continues to attract capital, ØĸùǹƄýǹţýýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹěĸƃýţŪķýĸŪǹØĸùǹýƉŜØĸţěŁĸǹƄěŪĘěĸǹ ØĸùǹØıŁĸđţěùýǹŁůşǹŜŁşŪĐŁıěŁǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹţŪşŁĸđǹ òØıØĸóýǹţĘýýŪǹØĸùǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹ ķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹĘýǹŞůØıěŪƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹŁůşǹØóŪěƃýǹ ØŜŜşŁØóĘǹØĸùǹŪĘýǹŜŁţěŪěƃýǹķØşĮýŪǹĐůĸùØķýĸŪØıţǹŁĐǹŪĘýǹ©ýţŪǹ &ĸùǹđěƃýǹůţǹóŁĸǇùýĸóýǹěĸǹŁůşǹŪØşđýŪǹŁĐǹǔǹŪŁǹǖǹŜýşǹóýĸŪǹşýĸŪØıǹ đşŁƄŪĘȀǹƄĘěóĘǹƄěŪĘǹţŪØòıýǹƊěýıùţȀǹƄŁůıùǹùýıěƃýşǹŪŁŪØıǹØóóŁůĸŪěĸđǹ şýŪůşĸţǹŁĐǹǗǹŪŁǹǐǏǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹķýùěůķțŪýşķǿǹĘşŁůđĘǹ ØóŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹŁĐǹŁůşǹěşşýŜıØóýØòıýǹŜşěķýǹ©ýţŪǹ End portfolio together with the competitive advantage of our ŁŜýşØŪěĸđǹŜıØŪĐŁşķȀǹƄýǹØşýǹĐŁóůţýùǹŁĸǹùýıěƃýşěĸđǹţůţŪØěĸØòıýǹ ıŁĸđțŪýşķǹşýĸŪØıǹěĸóŁķýȀǹƃØıůýȀǹýØşĸěĸđţǹØĸùǹùěƃěùýĸùǹđşŁƄŪĘǿǹ Ian Hawksworth ĘěýĐǹ&ƉýóůŪěƃýǹ ǑǕǹ9ýòşůØşƊǹǑǏǑǔ 15Shaftesbury Capital PLC | 2024 Annual Report Strategic report Our purpose-led strategy ŁǹùýıěƃýşǹıŁĸđțŪýşķǹěĸóŁķýǹØĸùǹƃØıůýǹđşŁƄŪĘǹĐşŁķǹŁůşǹůĸěŞůýǹŜŁşŪĐŁıěŁǹ ŁĐǹŜşŁŜýşŪěýţǹŪĘşŁůđĘǹěĸƃýţŪķýĸŪȀǹóůşØŪěŁĸǹØĸùǹşýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜȀǹ òýĸýǇŪŪěĸđǹØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿ Our values ØĮýǹØǹşýţŜŁĸţěòıýȀǹ long-term view Act with integrity ØĮýǹØǹóşýØŪěƃýǹ approach Listen and óŁııØòŁşØŪý ]ØĮýǹØǹùěǄýşýĸóý Place our customers at the heart of ŪĘýǺòůţěĸýţţ – "ýıěƃýşǹòýţŪǹěĸǹóıØţţǹţýşƃěóýǹŪŁǹŁůşǹ customers – Leverage deep understanding of consumers ØĸùǺóŁķķýşóěØıǹùØŪØ "ěţóěŜıěĸýùǹǇĸØĸóěØıǹķØĸØđýķýĸŪ – şůùýĸŪȀǹóŁĸţýşƃØŪěƃýǹØŜŜşŁØóĘǹŪŁǹǇĸØĸóěØıǹ ıýƃýşØđýǺØĸùǺşěţĮ – ]ØěĸŪØěĸǹóŁţŪǹØĸùǹóØŜěŪØıǹùěţóěŜıěĸý Creative and active approach – DĸƃýţŪǹěĸǹØĸùǹĸůşŪůşýǹşýķØşĮØòıýǹùýţŪěĸØŪěŁĸţ ěĸǹWŁĸùŁĸȬţǺ©ýţŪǹ&ĸù – Dynamic leasing strategy – ýțůţýȀǹşýțŜůşŜŁţýǹØĸùǹěķŜşŁƃýǹŁůşǹòůěıùěĸđţ – &ĸĘØĸóýǹŜůòıěóǹşýØıķ Sustainable and community-minded – şŁØùǹóŁķķůĸěŪƊǹØĸùǹţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ – ýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜ – Commitment to the environment and clear ţůţŪØěĸØòěıěŪƊǺđŁØıţ Our strategy Underpinned by our talented team and dynamic culture Investing to create thriving destinations in London’s West End ƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿ Our purpose 16 For more on our stakeholder engagement: see pages 44 to 49 Our business model Creating value for our stakeholders O u r r e s o u r c e s Impossible-to- replicate portfolio ǹùěƃýşţýǹķěƉýùțůţýǹ portfolio of scale in ŪĘýǹĘýØşŪǹŁĐǹWŁĸùŁĸɻţǹ West End Experienced, creative team With a deep understanding of ŁůşǹķØşĮýŪţǹØĸùǹ ŪşØóĮǹşýóŁşùǹŁĐǹ value creation Strong capital structure Resilient and ǈýƉěòıýǹóØŜěŪØıǹ structure with a prudent approach to ǇĸØĸóěØıǹıýƃýşØđýǹ ØĸùǹşěţĮ &ǄýóŪěƃýǹđŁƃýşĸØĸóýǹ and risk management A governance structure that supports and helps the delivery of strategic ŁòĪýóŪěƃýţǹƄěŪĘǹŪşØĸţŜØşýĸóƊ How we deliver D i sc i p l i n e d Ǉ n a n c i a l m a n a g e m e nt S u s t a inab l e a n d c o m m u n i t y m i n d e d C r e a t i v e a n d a c t i v e a p p r o a c h H o w w e m e a s u r e Value Creation Create, grow and deliver long- ŪýşķǹţůţŪØěĸØòıýǹ economic and social value People Attract, develop and retain talented people Sustained long- term growth Deliver long-term growth in portfolio value, earnings, cash ǈŁƄǹØĸùǹùěƃěùýĸùţ Impact ǹ]ěĸěķěţýǹŪĘýǹ environmental impact of our operations and engage with ţŪØĮýĘŁıùýşţ P l a c e o u r c u s t o m e r s a t t h e h e a r t o f t h e b u s i n e s s 17Shaftesbury Capital PLC | 2024 Annual Report Strategic report Place our customers at the heart of the business As well as maintaining close contact and presence on our estates, we launched a customer survey with a focus on delivering improvements across our ŁŜýşØŪěĸđǹŜıØŪĐŁşķǹŪŁǹŜşŁƃěùýǹýƉóýııýĸŪǹ ţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǿǹ©ýǹØıţŁǹ enhanced our data environment, ƄĘěóĘǹĘØţǹýĸØòıýùǹŪĘýǹØůŪŁķØŪěŁĸǹŁĐǹ data processing and reporting of our óůţŪŁķýşǹţØıýţǿǹĘýǹķŁĸŪĘıƊǹşýŜŁşŪěĸđǹ ŪěķýţǹĘØƃýǹěķŜşŁƃýùǹţěđĸěǇóØĸŪıƊȀǹ providing more timely insights to our óŁķķýşóěØıǹùýóěţěŁĸțķØĮěĸđǿǹ Sustainable and community minded ©ýǹĘØƃýǹØóĘěýƃýùǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹ ƃØıěùØŪěŁĸǹĐŁşǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţȀǹ increased the proportion of assets rated EPC A-C ȡòƊǹ&¨ȢǹŪŁǹǗǗǹŜýşǹóýĸŪǹØĸùǹţěđĸěǇóØĸŪıƊǹěķŜşŁƃýùǹ ŁůşǹùØŪØǹóŁııýóŪěŁĸǹƄěŪĘǹǕǖǹŜýşǹóýĸŪǹŁĐǹıØĸùıŁşùǹ ķýŪýşţǹĸŁƄǹşýŜŁşŪěĸđǹØůŪŁķØŪěóØııƊǿǹ©ýǹóŁĸŪěĸůýǹ ŁůşǹýƉŪýĸţěƃýǹţůŜŜŁşŪǹĐŁşǹØĸùǹěĸƃŁıƃýķýĸŪǹěĸǹıŁóØıǹ óŁķķůĸěŪěýţȀǹØĸùǹýĸđØđýǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǿǹ EPC rating of A-C 88% Business model in action 18 Shaftesbury Capital PLC | 2024 Annual Report "ěţóěŜıěĸýùǹǇĸØĸóěØıǹķØĸØđýķýĸŪ ©ýǹóŁĸŪěĸůýǹŪŁǹķØěĸŪØěĸǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪȀǹ ƄěŪĘǹØóóýţţǹŪŁǹɏǔǕǏǹķěııěŁĸǹıěŞůěùěŪƊǹØĸùǹ&ǹ W¨ǹŁĐǹǑǖǹŜýşǹóýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹØǹĸýƄǹɏǖǔǹ million unsecured term loan was entered into, ŪĘýǹǇşţŪǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ ţýĸěŁşǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹƄØţǹýƉýşóěţýùǹ ØĸùǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýǇĸØĸóěĸđǹŁĐǹŪĘýǹşýƃŁıƃěĸđǹ óşýùěŪǹĐØóěıěŪƊǹƄØţǹóŁķŜıýŪýùȀǹýƉŪýĸùěĸđǹŪĘýǹ ùýòŪǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǹěĸěŪěØııƊǿǹ Creative and active approach Dynamic approach to ıýØţěĸđȀǹƄěŪĘǹǓǖǒǹıýØţěĸđǹ transactions completed during the year, representing ɏǓǗǿǖǹķěııěŁĸǹŁĐǹóŁĸŪşØóŪýùǹ şýĸŪȀǹǘǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹ "ýóýķòýşǹǑǏǑǒǹ&¨ǹØĸùǹǐǓǹ per cent ahead of previous ŜØţţěĸđǹşýĸŪţǿǹ ERV growth +7.7% 19 ©ýǹķýØţůşýǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹĮýƊǹŜýşĐŁşķØĸóýǹěĸùěóØŪŁşţǹƄĘěóĘǹØşýǹ ţýıýóŪýùǹŪŁǹşýǈýóŪǹ:şŁůŜǹţŪşØŪýđƊǿǹ]ØĸƊǹŁĐǹŪĘýţýǹķýŪşěóţǹØşýǹŜýşĐŁşķØĸóýǹ measures under Group remuneration arrangements, ensuring alignment with ţĘØşýĘŁıùýşǹěĸŪýşýţŪţǿ Measuring performance Total property return ]ýØţůşýţǹđØěĸţǹØĸùǹıŁţţýţǹŁĸǹŜŁşŪĐŁıěŁǹ valuation including disposals, and rents şýóýěƃýùǹıýţţǹØţţŁóěØŪýùǹóŁţŪţǿǹýĸóĘķØşĮýùǹ ØđØěĸţŪǹŪĘýǹ]DǺŁŪØıǹýŪůşĸǹııǹşŁŜýşŪƊǹ DĸùýƉǹȡóŁķŜØşØŪŁşǺđşŁůŜȢǿ "ůşěĸđǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹđýĸýşØŪýùǹǹŁĐǹ ǖǿǕǺŜýşǺóýĸŪȀǹŁůŪŜýşĐŁşķěĸđǹěŪţǹòýĸóĘķØşĮǹ ŁĐǹǖǿǏǺŜýşǹóýĸŪǹòƊǹǏǿǕǹŜýşóýĸŪØđýǹŜŁěĸŪţǿǹ ȡØşđýŪȁǺǏǿǔǹŪŁǹǐǿǔǹŜýşǹóýĸŪǹŜýşǹØĸĸůķǹ ŁůŪŜýşĐŁşķØĸóýǿȢ ]ýØţůşýţǹđşŁƄŪĘǹěĸǹ&ǹ^ǹŜýşǹţĘØşýǹŜıůţǹ ùěƃěùýĸùţǹŜýşǹţĘØşýǹŜØěùǹùůşěĸđǹŪĘýǹƊýØşǿǹ ýĸóĘķØşĮýùǹØđØěĸţŪǹŪĘýǹ9&ǹǒǔǏǹýØı &ţŪØŪýǹóŁķŜØĸěýţǹȡóŁķŜØşØŪŁşǹđşŁůŜȢǿ Ęýǹ:şŁůŜǹđýĸýşØŪýùǹØǹŪŁŪØıǹØóóŁůĸŪěĸđǹ şýŪůşĸǹŁĐǹǖǿǏǹŜýşǹóýĸŪǹěĸǹŪĘýǹƊýØşǹŁůŪŜýşĐŁşķěĸđǹ ŪĘýǹķýùěØĸǹŁĐǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹòƊǹ ǑǿǕǹŜýşóýĸŪØđýǹŜŁěĸŪţǿ Total accounting return Total shareholder return ]ýØţůşýţǹţĘØşýĘŁıùýşǹƃØıůýǹóşýØŪěŁĸǹȡţĘØşý price movement plus dividend per share ŜØěùǹùůşěĸđǹŪĘýǹƊýØşȢǿǹýĸóĘķØşĮýùǹØđØěĸţŪǹ ŪĘýǹ9&ǹǒǔǏǹýØıǹ&ţŪØŪýǹóŁķŜØĸěýţǹ ȡóŁķŜØşØŪŁşǹđşŁůŜȢǿ Ęýǹ:şŁůŜǹđýĸýşØŪýùǹŪŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹ ŁĐǹțǕǿǘǹŜýşǹóýĸŪǹěĸǹŪĘýǹƊýØşȀǹŁůŪŜýşĐŁşķěĸđǹ ŪĘýǹķýùěØĸǹŁĐǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹòƊǹ ǕǿǏǹŜýşóýĸŪØđýǹŜŁěĸŪţǿ +7.6% +7.0% -6.9% Strategic report 1 year +4.4% +7.0% +2.6% Comparator group Outperformance Shaftesbury Capital +7.6% +7.0% +0.6% Comparator group Outperformance Shaftesbury Capital 1 year 1 year -6.9% -12.9% +6.0% Comparator group Outperformance Shaftesbury Capital ĘýǹĐŁııŁƄěĸđǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØşýǹŜØşŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţĘŁşŪțŪýşķǹŁşǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØşşØĸđýķýĸŪţǿǹ ýØùǺķŁşýǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹşýŜŁşŪǹĐşŁķǹŜØđýǹǐǒǗǹŪŁǹǐǕǐǿ 20 Shaftesbury Capital PLC | 2024 Annual Report Other measures ©ýǹØıţŁǹķýØţůşýǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹşØĸđýǹŁĐǹŁŪĘýşǹǇĸØĸóěØıǹØĸùǹĸŁĸțǇĸØĸóěØıǹķýØţůşýţǹěĸóıůùěĸđǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹ ŜýşĐŁşķØĸóýȀǹAǹţŪØŪěţŪěóţǹØĸùǹýĸƃěşŁĸķýĸŪØıǹŪØşđýŪţǿǹĘěţǹěĸóıůùýţǹķýØţůşěĸđǹŪĘýǹ&ǹşØŪěĸđţǹŁĐǹŁůşǹŜşŁŜýşŪěýţǿ Read more within our Sustainability reporting from page 78. EPRA net tangible assets per share 1 ĘýǹĸýŪǹØţţýŪţǹØţǹØŪǹŪĘýǹýĸùǹŁĐǹŪĘýǹƊýØşǹ ěĸóıůùěĸđǹŪĘýǹýƉóýţţǹŁĐǹŪĘýǹĐØěşǹƃØıůýǹŁĐǹ trading property over its cost and revaluation ŁĐǹŁŪĘýşǹĸŁĸțóůşşýĸŪǹěĸƃýţŪķýĸŪţȀǹýƉóıůùěĸđǹ ŪĘýǹĐØěşǹƃØıůýǹŁĐǹǇĸØĸóěØıǹěĸţŪşůķýĸŪţǹØĸùǹ ùýĐýşşýùǹŪØƉǹŁĸǹşýƃØıůØŪěŁĸţȀǹùěƃěùýùǹòƊǹŪĘýǹ ùěıůŪýùǹĸůķòýşǹŁĐǹŁşùěĸØşƊǹţĘØşýţǿ &ǹ^ǹŜýşǹţĘØşýǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹ ƄØţǹǑǏǏǿǑǹŜýĸóýȀǹØǹǔǿǑǹŜýşǹóýĸŪǹěĸóşýØţýǹ ĐşŁķǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿ ]ýØţůşýţǹŪĘýǹĸůķòýşǹŁĐǹŁůşǹŜşŁŜýşŪěýţǹƄěŪĘ ØĸǹǹŪŁǹǹ&ǹşØŪěĸđǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹŁůşǹ ŜşŁŜýşŪěýţǹòƊǹ&¨ǹĘØƃýǹØĸǹ&ǹşØŪěĸđǹŁĐǹǹŪŁǹ ȀǹØĸǹěĸóşýØţýǹŁĐǹǗǹŜýşóýĸŪØđýǹŜŁěĸŪţǹĐşŁķǹ ǒǐǺ"ýóýķòýşǹǑǏǑǒǿ ǐǿ Underlying earnings per share for 2023 reflects the standalone performance of Capco for the period 1 January to 5 March 2023 and the performance of the merged business, Shaftesbury Capital, from the completion date to 31 December 2023. The 2022 comparative information for underlying earnings per share and EPRA NTA per share relates to Capco pre-merger. Properties with an EPC rating of A to C We are proud of the following environmental benchmarks and accreditations: 200.2p Underlying earnings per share 1 ]ýØţůşýţǹěĸóŁķýǹđýĸýşØŪěŁĸǹØĸùǹóŁţŪǹóŁĸŪşŁıǿ During 2024, the Group generated ůĸùýşıƊěĸđǹ&ǹŁĐǹǓǿǏǹŜýĸóýǹŜýşǹţĘØşýǿ 4.0p ǐǿ ǑǏǑǑǹķýØţůşýǹşýǈýóŪţǹŪĘýǹóŁķòěĸýùǹŜŁşŪĐŁıěŁǹòØţýùǹ Łĸǹ&¨ǿ 2023 2022 2024 2.2p 3.7p 4.0p 2023 2022 2024 182.1p 190.3p 200.2p 68% 80% 88% 2023 2022 1 2024 21Shaftesbury Capital PLC | 2024 Annual Report Our portfolio Strategic report 22 Summary: – Total property valuation growth of +4.5 per cent L-f-L to £5.0 billion (2023: £4.8 billion) – 8.0 per cent growth in annualised gross income to £202.8 million (2023: £192.8 million) – 7.7 per cent L-f-L ERV growth to £250.6 million (2023: £236.9 million) – 473 leasing transactions completed 9.1 per cent ahead of December 2023 ERV and 14.4 per cent ahead of previous passing rent – High occupancy, 2.6 per cent of ERV available to let – £246.6 million property disposals since merger, with £86 million reinvested in acquisitions – In addition, sale of 50 per cent interest in Longmartin joint venture for £94 million Strategy: – Deliver long-term sustainable rental income and value growth – Creative and active approach to asset management across the portfolio – Place our customer at the heart of the business to deliver best in class service to our customers – Leverage deep understanding of consumers and commercial data – Attract the best brands and concepts to meet evolving consumer demand – Invest in and nurture our remarkable destinations in London’s West End – Dynamic leasing strategy – Re-use, re-purpose and improve our buildings – Enhance public realm – Responsible stewardship; minimising our environmental impact – Broad community and stakeholder engagement 53% 32% 15% ]ýŪşěóţǹşýǈýóŪǹŜýşóýĸŪØđýǹŁĐǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁǹƃØıůýǿ 23Shaftesbury Capital PLC | 2024 Annual Report A world-class mixed-use destination Covent Garden is a world-class global destination in the heart of the West End, steeped in history with a rich heritage, made up of unique neighbourhoods including the iconic Piazza, Market Building and surrounding streets, together with Seven Dials, a seventeenth-century network of streets and courtyards. ŁƃýĸŪǹ:ØşùýĸǹŁǄýşţǹůĸěŞůýǹţĘŁŜŜěĸđǹØĸùǹùěĸěĸđǹýƉŜýşěýĸóýţǹ óŁķŜıýķýĸŪýùǹòƊǹŁǅóýţǹØĸùǹØǹĘěđĘțŞůØıěŪƊǹşýţěùýĸŪěØıǹ neighbourhood. These sit alongside historic architecture and cultural institutions including the world-renowned Royal Opera House and more than half of London’s West End theatres, attracting both domestic and international visitors alike. ĘěţǹýƉóýŜŪěŁĸØıǹķěƉýùțůţýǹŜŁşŪĐŁıěŁǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǐǿǓǹķěııěŁĸǹ square feet provides a broad range of unit sizes, attracting a wide spectrum of retail and hospitality customers. Strategic report | Our portfolio 42% Retail 32% Food and beverage 13% fǅóýţǹ 13% Residential Percentage of portfolio valuation as at 31 December 2024 24 Shaftesbury Capital PLC | 2024 Annual Report 1.4m Sq. ft. of lettable space +3.7% Valuation £2.7bn +9.1% ERV £134m +7.2% Annualised gross income £104m 25Shaftesbury Capital PLC | 2024 Annual Report A globally recognised, vibrant district Carnaby Street is a true London original. Constantly evolving, it continues to challenge convention with its world-class culture, game-changing culinary scene, and trendsetting style, courtesy ŁĐǹķŁùýşĸǹĐØţĘěŁĸǹǈØđţĘěŜţǹØĸùǹŁĸýțŁĐțØțĮěĸùǹŜşýķěůķǹ boutiques. The diverse and vibrant character of Carnaby Street ěţǹţĘŁƄóØţýùǹěĸǹěŪţǹķěƉǹŁĐǹĐØķŁůţǹţĘŁŜŜěĸđǹýƉŜýşěýĸóýǹıěĸýțůŜǹ paired with the pedestrianised streets. Our portfolio in central Soho focused on Berwick, Beak and şŁØùƄěóĮǹţŪşýýŪţǹŁǄýşţǹØǹùěƃýşţýǹØşşØƊǹŁĐǹóşýØŪěƃýǹØĸùǹ independent businesses, iconic restaurants and entertainment ƃýĸůýţǿǹfůşǹØşĸØòƊǹɁǹŁĘŁǹŜŁşŪĐŁıěŁǹóŁķŜşěţýţǹØŜŜşŁƉěķØŪýıƊǹ 0.9 million square feet with over 100 hospitality concepts across which are a key ingredient to the vibrancy within the area. Strategic report | Our portfolio 35% Retail 23% Food and beverage 9% Residential 33% fǅóýţǹ Percentage of portfolio valuation as at 31 December 2024 26 Shaftesbury Capital PLC | 2024 Annual Report 0.9m Sq. ft. of lettable space +6.4% Valuation £1.6bn +7.1% ERV £82m +12.1% Annualised gross income £66m 27 Strategic report | Our portfolio Europe’s premier Chinatown Europe’s premier Chinatown is in the heart of the West End’s entertainment district. Its twelve predominately pedestrianised ØĸùǹěĸŪýşóŁĸĸýóŪýùǹţŪşýýŪţȀǹıěĸýùǹƄěŪĘǹěóŁĸěóǹşýùǹıØĸŪýşĸţȀǹŁǄýşǹ ØĸǹýƉóýŜŪěŁĸØıǹóŁĸóýĸŪşØŪěŁĸǹŁĐǹşýţŪØůşØĸŪţǹƄěŪĘǹØǹƄěùýǹşØĸđýǹ of Chinese and East Asian dining choices. Equally thriving day and night, the area’s restaurants, bars, shops ØĸùǹóØĐþţȀǹØţǹƄýııǹØţǹěŪţǹůĸěŞůýǹķěƉǹŁĐǹŁşěýĸŪØıǹţůŜýşķØşĮýŪţǹ and authentic Asian retail stores, attract large numbers of WŁĸùŁĸýşţȀǹŪŁůşěţŪţȀǹĘěĸýţýǹţŪůùýĸŪţǹØĸùǹıŁóØıǺƄŁşĮýşţǿǹ 16% Retail 3% fǅóýţ 61% Food and beverage 20% Residential Percentage of portfolio valuation as at 31 December 2024 28 Shaftesbury Capital PLC | 2024 Annual Report 0.4m Sq. ft. of lettable space +3.7% Valuation £0.7bn +4.1% ERV £34m +2.8% Annualised gross income £32m 29Shaftesbury Capital PLC | 2024 Annual Report Creating consumer experiences across our West End portfolio Strategic report 125k new followers in 2024 We enliven and enhance our vibrant, predominantly pedestrianised, thriving destinations through a thoughtful programme of events, campaigns and engaging consumer experiences. Creating unique consumer experiences across our predominantly pedestrianised destinations throughout the year enhances operating metrics such as footfall, conversion and spend which, through close collaboration with our customers, in turn supports our rental growth prospects. ©ýǹóŁĸŪěĸůýǹŪŁǹţýýǹţěđĸěǇóØĸŪǹđşŁƄŪĘǹØóşŁţţǹ our digital platforms including social media, email newsletters and website. During the year, our level of engagement and number of followers increased by 9 per cent in aggregate across all destinations. We have direct engagement with over 1.3 million consumers across our channels and in November 2024 launched a new consumer website for Carnaby Street and Soho. 1.3m total social audience 260k email subscribers 30 Shaftesbury Capital PLC | 2024 Annual Report In 2024 we launched new Christmas lighting schemes for Carnaby Street and for Covent Garden’s Seven Dials neighbourhood. Across the portfolio, a series of festive shopping evening and pop up performances were held, including charity partnerships with ØƃýǺĘýǹĘěıùşýĸǹØĸùǹ:ıŁòØıȬţǹ]ØĮýǹ Some Noise. Chinatown continues to see strong engagement and growth across both its Chinese and Western social media óĘØĸĸýıţǿǹĘýǺØĸĸůØıǹĘěĸýţýǹ^ýƄǹ¯ýØşǹ ŜØşØùýȀǹŪĘýǹıØşđýţŪǹŁůŪţěùýǹŁĐǹţěØȀǹŪŁŁĮǹ place in February 2025 celebrating the ƊýØşǹŁĐǹŪĘýǹĸØĮýǿ 31Shaftesbury Capital PLC | 2024 Annual Report Strategic report ŁşŪĐŁıěŁǹòƊǹůţýǺØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓ ýŪØěı 9ŁŁùǹØĸùǹòýƃýşØđýǺ fǅóýţ ŁķķýşóěØı ýţěùýĸŪěØı Wholly-owned portfolio Valuation (£m) 1 1,784.2 1,664.8 877.9 4,326.9 644.7 4,971.6 Valuation (%) 36% 33% 18% 87% 13% 100% WțĐțWǹƃØıůØŪěŁĸǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +7.5% +4.7% +3.1% +5.5% -1.6% +4.5% L-f-L valuation movement (H2 2024) +6.5% +2.2% +1.2% +3.7% -1.0% +3.1% Annualised gross income (£m) 73.2 73.0 33.6 179.8 23.0 202.8 Annualised gross income (%) 36% 36% 17% 89% 11% 100% WțĐțWǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹđşŁƄŪĘǹȡ9¯ǹǑǏǑǓȢ +9.1% +4.2% +18.3% +8.6% +3.9% +8.0% L-f-L annualised gross income growth (H2 2024) +5.3% - +12.0% +4.2% +2.9% +4.1% ERV (£m) 90.2 85.0 50.5 225.7 24.9 250.6 ERV (%) 36% 34% 20% 90% 10% 100% WțĐțWǹ&¨ǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +11.2% +7.2% +6.1% +8.4% +1.4% +7.7% L-f-L ERV movement (H2 2024) +8.8% +3.4% +1.5% +5.0% +1.6% +4.7% ERV psf (£) 126 91 79 98 60 92 Net initial yield 3.8% 4.0% 3.3% 3.8% 2.9% 3.6% ŁŜŜýùǹůŜǹĸýŪǹěĸěŪěØıǹƊěýıù 4.0% 4.3% 3.8% 4.1% N/A 3.9% Equivalent yield 4.5% 4.7% 4.9% 4.6% 3.1% 4.4% ©W 3.0 8.1 2.7 4.8 1.1 4.4 Floor Area (sq ft m) 2 0.7 1.0 0.6 2.3 0.4 2.7 Unit Count 2 415 394 404 1,213 656 1,869 1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary). 2. Excluding long-leasehold residential interests. ŁşŪĐŁıěŁǹòƊǹıŁóØŪěŁĸǺØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓ ŁƃýĸŪǹ:Øşùýĸ ØşĸØòƊǹɁǹŁĘŁǺ ĘěĸØŪŁƄĸ 9ěŪƓşŁƃěØ Wholly-owned portfolio Valuation (£m) 1 2,652.7 1,597.1 716.3 5.5 4,971.6 Valuation (%) 53% 32% 15% - 100% WțĐțWǹƃØıůØŪěŁĸǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +3.7% +6.4% +3.7% -7.1% +4.5% L-f-L valuation movement (H2 2024) +2.8% +4.3% +2.0% -6.1% +3.1% Annualised gross income (£m) 104.3 66.2 32.0 0.3 202.8 Annualised gross income (%) 51% 33% 16% - 100% WțĐțWǹØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹđşŁƄŪĘǹȡ9¯ǹǑǏǑǓȢ +7.2% +12.1% +2.8% -5.3% +8.0% L-f-L annualised gross income growth (H2 2024) +2.7% +8.4% +0.4% -6.0% +4.1% ERV (£m) 134.0 81.9 34.4 0.3 250.6 ERV (%) 53% 33% 14% - 100% WțĐțWǹ&¨ǹķŁƃýķýĸŪǹȡ9¯ǹǑǏǑǓȢ +9.1% +7.1% +4.1% - +7.7% L-f-L ERV movement (H2 2024) +5.5% +4.5% +2.0% - +4.7% ERV psf (£) 96 92 81 58 92 Net initial yield 3.6% 3.6% 4.0% 5.0% 3.6% ŁŜŜýùǹůŜǹĸýŪǹěĸěŪěØıǹƊěýıù 3.8% 4.0% 4.1% 5.0% 3.9% Equivalent yield 4.5% 4.5% 4.3% 4.4% 4.4% ©W 4.4 4.0 5.6 6.1 4.4 Floor Area (sq ft m) 2 1.4 0.9 0.4 - 2.7 Unit Count 2 853 660 350 6 1,869 1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary). 2. Excluding long-leasehold residential interests. Portfolio and operating review +4.5% Valuation +7.7% ERV +8.0% Annualised gross income 473 Leasing transactions 2.6% ERV available to let ŁĸǇùýĸóýǹěĸǹŪĘýǹţŪşýĸđŪĘǹŁĐǹŁůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁǹ Overview Shaftesbury Capital owns an impossible to replicate portfolio that extends to 2.7 million square feet of lettable space across ŪĘýǹķŁţŪǹƃěòşØĸŪǹØşýØţǹŁĐǹWŁĸùŁĸȬţǹ©ýţŪǹ&ĸùǿǹĘýǹ:şŁůŜȬţǹ ŜŁşŪĐŁıěŁǹŁĐǹØùØŜŪØòıýǹķěƉýùțůţýǹòůěıùěĸđţǹŜşŁƃěùýţǹùěƃýşţěǇýùǹ income streams with a long history of occupier demand exceeding availability of space. With a diverse mix of shops, şýţŪØůşØĸŪţȀǹóØĐþţȀǹòØşţȀǹşýţěùýĸŪěØıǹØĸùǹŁǅóýţȀǹŁůşǹùýţŪěĸØŪěŁĸţǹ include the high footfall, thriving neighbourhoods of Covent Garden, Carnaby Street, Soho and Chinatown. Our properties are located at the heart of the West End’s entertainment and óůıŪůşØıǹØŪŪşØóŪěŁĸţȀǹòýĸýǇŪŪěĸđǹĐşŁķǹýƉóýııýĸŪǹóŁĸĸýóŪěƃěŪƊǹ through close proximity to the main West End Underground stations and transport hubs for the Elizabeth Line. 32 Shaftesbury Capital PLC | 2024 Annual Report ȩĘýǹ&¨ǹØĸùǹěĸóŁķýǹđşŁƄŪĘǹ delivered is underscored by the óşýØŪěƃýǹØĸùǹØóŪěƃýǹØŜŜşŁØóĘǹƄýǹŪØĮýǹ when managing our portfolio which alongside our ability to invest in and recycle capital from select assets has positioned us for long term success.” Michelle McGrath Executive Director Delivering valuation growth ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěĸóşýØţýùǹ òƊǹǓǿǔǹŜýşǹóýĸŪǹŁĸǹØǹıěĮýțĐŁşțıěĮýǹòØţěţǹŪŁǹɏǔǿǏǹòěııěŁĸȀǹýŞůěƃØıýĸŪǹ to £1,833 per square foot on average (Dec 2023: £1,680 per ţŞůØşýǹĐŁŁŪȢǿǹĘýǹƃØıůØŪěŁĸǹđØěĸǹĘØţǹòýýĸǹùşěƃýĸǹòƊǹıýØţěĸđǹØĸùǹ asset management activity particularly in the retail portfolio. Leasing activity was on average 9 per cent ahead of Dec 23 ERV, resulting in an overall increase in portfolio ERV by 7.7 per óýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹȡ"ýóǹǑǏǑǒȁǹɏǑǒǕǿǘǹķěııěŁĸȢǿǹ ĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýǈýóŪěĸđǹØǹķØşđěĸØıǹ ŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹŜŁěĸŪţǹıěĮýțĐŁşțıěĮýȀǹƄĘěıţŪǹŪĘýǹ portfolio net initial yield is 3.6 per cent. Including rent from leases currently in rent free periods, the topped-up initial yield of the portfolio at 31 December 2024 was 3.9 per cent (Dec 2023: ǒǿǗǹŜýşǹóýĸŪȢǿǹĘýǹýŞůěƃØıýĸŪǹƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹ (excluding residential) is 4.6 per cent (Dec 2023: 4.6 per cent). ĘýǹĸýŪǹěĸěŪěØıǹƊěýıùǹĐŁşǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹȡýƉóıůùěĸđǹ residential) is 3.8 per cent. Prime West End property yields have stabilised supported òƊǹŁóóůŜØŪěŁĸØıǹØĸùǹěĸƃýţŪķýĸŪǹŪşØĸţØóŪěŁĸØıǹýƃěùýĸóýǿǹĘýǹ ěĸƃýţŪķýĸŪǹķØşĮýŪǹóŁĸŪěĸůýţǹŪŁǹòýǹķŁşýǹØóŪěƃýǹĐŁşǹţķØııýşǹ lot sizes in the West End, with transactions demonstrating demand for high quality, prime central London real estate. ĘěţǹķØşĮýŪȀǹƄĘěóĘǹěţǹóĘØşØóŪýşěţýùǹòƊǹĘěđĘǹŁóóůŜØĸóƊȀǹıŁƄǹ óØŜěŪØıǹşýŞůěşýķýĸŪţǹØĸùǹşýıěØòıýǹđşŁƄěĸđǹıŁĸđțŪýşķǹóØţĘǹǈŁƄţȀǹ óŁĸŪěĸůýţǹŪŁǹØŪŪşØóŪǹţěđĸěǇóØĸŪǹěĸŪýşýţŪǹĐşŁķǹòŁŪĘǹěĸŪýşĸØŪěŁĸØıǹ and domestic investors. Overall portfolio ERV is 3 per cent ahead of 2019 levels on a ıěĮýțĐŁşțıěĮýǹòØţěţǿǹýŪØěıǹ&¨ţǹěķŜşŁƃýùǹòƊǹǐǐǿǑǹŜýşǹóýĸŪǹŁƃýşǹ the year and are now 6 per cent below pre-pandemic levels, ƄĘěıţŪǹĐŁŁùǹȺǹòýƃýşØđýȀǹŁǅóýǹØĸùǹşýţěùýĸŪěØıǹ&¨ţǹØşýǹØĘýØùǹ of pre-pandemic levels in nominal terms. Covent Garden generated ERV growth of 9.1 per cent driven by leasing and asset management activity across the retail and food & beverage space, with 33 new brands introduced to the district during the year. 76 new commercial leases and renewals were agreed during the year, 7.3 per cent ahead of ERV. Across Carnaby | Soho, ERV growth was 7.1 per cent during the year, as a result of 83 new commercial leases and renewals agreed 12.7 per cent ahead of ERV, primarily driven òƊǹŁǅóýǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹıýŪŪěĸđţǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹ activity. During the year, 15 new commercial leases and renewals were agreed in Chinatown, 22.5 per cent ahead of ERV. ERV growth in Chinatown was 4.1 per cent over the year, driven by food & beverage letting activity. ŁŪØıǹŜşŁŜýşŪƊǹşýŪůşĸǹĐŁşǹŪĘýǹƊýØşǹƄØţǹǖǿǕǹŜýşǹóýĸŪǹóŁķŜØşýùǹ ƄěŪĘǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹDĸùýƉǹƄĘěóĘǹşýóŁşùýùǹǖǿǏǹŜýşǹóýĸŪǿǹ Independent valuations of the wholly-owned portfolio are ůĸùýşŪØĮýĸǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹŁƊØıǹDĸţŪěŪůŪěŁĸǹŁĐǹĘØşŪýşýùǹ ůşƃýƊŁşţǹđůěùýıěĸýţǹòƊǹ&ǹØĸùǹůţĘķØĸǹȺǹ©ØĮýǇýıùǿǹĘýǹ valuations represent the aggregated value of predominantly ĐşýýĘŁıùǹŜşŁŜýşŪěýţǿǹĘýşýǹěţǹĸŁǹşýǈýóŪěŁĸǹŁĐǹØĸƊǹŜşýķěůķǹŁşǹ discount which some potential investors may ascribe to the comprehensive ownership of a combination of some, or all, parts of the portfolio. Our interests comprise a combination of properties which ØşýǺƄĘŁııƊțŁƄĸýùǹØĸùǹØǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŁĐǹŜşŁŜýşŪƊǹĘýıùǹěĸǹ the Lillie Square joint venture, and Longmartin associate until fóŪŁòýşǹǑǏǑǓǿǹĘýǹóŁĸţŁıěùØŪýùǹǇĸØĸóěØıǹţŪØŪýķýĸŪţȀǹŜşýŜØşýùǹ under IFRS, include the Group’s interest in the joint venture as one-line items in the Income Statement and Balance Sheet. Investment in joint ventures account for an additional £65 million of property interests (our 50 per cent share). 33Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Portfolio and operating review “Our refurbishment initiatives óŁĸŪěĸůýǹŪŁǹůĸıŁóĮǹěĸóŁķýǹØĸùǹ value growth as well as enhance environmental performance of our buildings.” Andrew Price Executive Director Well-positioned to act on investment ŁŜŜŁşŪůĸěŪěýţǺ We aim to maximise the potential from investment opportunities in our existing portfolio and acquisition opportunities which deliver attractive long-term rental growth and total returns. Capital expenditure of approximately 1 per cent of portfolio value is expected per annum. We are well-positioned with ØóóýţţǹŪŁǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹ opportunities and will rotate capital as appropriate enhancing the quality of our portfolio. Since merger, proceeds of £246.6 million have been realised from property sales. ERV and contracted rent of disposals were both £14.8 million. £158.4 million of property sales completed during 2024, including the Fitzrovia portfolio. ɏǗǕǹķěııěŁĸǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸǹŪØşđýŪýùǹØţţýŪţǿǹDĸǹ]ØşóĘǹ 2024, we completed the acquisition of 25-31 James Street, ŁƃýĸŪǹ:ØşùýĸǹĐŁşǹɏǖǔǿǐǹķěııěŁĸǹȡòýĐŁşýǹóŁţŪţȢǿǹĘýǹŜşŁŜýşŪěýţǹ had a contracted rent of £3.9 million, and comprise 21,000 square feet of lettable area, including 12,000 square feet ŁĐǹşýŪØěıǹØĸùǹǘȀǏǏǏǹţŞůØşýǹĐýýŪǹŁĐǹşýţěùýĸŪěØıǹØĸùǹŁǅóýǹ ØóóŁķķŁùØŪěŁĸǿǹĘěţǹØóŞůěţěŪěŁĸǹŜşýţýĸŪţǹØţţýŪǹķØĸØđýķýĸŪǹ and rental growth opportunities as well as complementing our existing ownership on James Street, a prime retail street and ĮýƊǹđØŪýƄØƊǹěĸŪŁǹŪĘýǹŁƃýĸŪǹ:ØşùýĸǹěØƓƓØǿǹ©ýǹĘØƃýǹØóŞůěşýùǹ ŪƄŁǹØţţýŪţǹŁĸǹşŁØùƄěóĮǹŪşýýŪǹØĸùǹ]ØşţĘØııǹŪşýýŪǹĐŁşǹ £7.8 million (before costs). In February 2025, we completed the acquisition of a small property on Neal Street for £6.0 million (before costs). Alongside organic investments inherent in the portfolio, the pipeline of asset acquisitions is encouraging, with a number of buildings currently under review. In addition, in October 2024 the Company completed the sale of its 50 per cent interest in the Longmartin investment to its joint venture partner. Completion of the merger between Capital & Counties Properties PLC and Shaftesbury PLC triggered the right for the partner to require the Company ŪŁǹŁǄýşǹŪŁǹţýııǹěŪţǹţĘØşýţǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹěĸƃýţŪķýĸŪǿǹĘýǹ partner elected to acquire the Company’s shares for net cash consideration of £94 million. Excellent leasing activity across all uses ĘýǹŜŁşŪĐŁıěŁǹşýŜşýţýĸŪţǹǑǿǖǹķěııěŁĸǹţŞůØşýǹĐýýŪǹŁĐǹıýŪŪØòıýǹ space, comprising 1.7 million square feet of retail, food and òýƃýşØđýǹţŜØóýǹŪŁđýŪĘýşǹƄěŪĘǹǏǿǕǹķěııěŁĸǹţŞůØşýǹĐýýŪǹŁĐǹŁǅóýţǹ and 656 residential apartments. During the year, 473 leasing transactions were concluded with a combined rental value of £48.7 million, comprising: ȟ 175 commercial lettings and renewals: £37.5 million, 10.7 per cent ahead of 31 Dec 2023 ERV and 17.8 per cent ahead of previous passing rents; and ȟ 298 residential lettings: £11.2 million, 4.2 per cent ahead of 31 Dec 2023 ERV and 7.1 per cent ahead of previous passing rents. In addition, 71 commercial rent reviews with a rental value of £18.1 million were concluded on average 8.3 per cent ahead of previous passing rents. Leasing transactions by use concluded during the year ţýǺ şØĸţØóŪěŁĸţǺ ^ýƄǹ óŁĸŪşØóŪýùǹ şýĸŪǹȡɏķȢǺ ɬǹØòŁƃýǹ "ýóțǑǏǑǒǹ &¨Ǻ ɬǹØòŁƃýǹ ŜşýƃěŁůţǹ ŜØţţěĸđǹşýĸŪ ýŪØěıǺ 69 14.5 9.3 20.2 Food and beverage 39 8.2 14.8 19.3 fǅóýţǺ 67 14.8 9.8 13.2 ýţěùýĸŪěØıǺ 298 11.2 4.2 7.1 ŁŪØıǺ 473 48.7 9.1 14.4 Leasing transactions by destination óŁĸóıůùýùǹùůşěĸđǹŪĘýǺƊýØş "ýţŪěĸØŪěŁĸǹ şØĸţØóŪěŁĸţǺ ^ýƄǹ óŁĸŪşØóŪýùǹ şýĸŪǹȡɏķȢǺ ɬǹØòŁƃýǹ "ýóțǑǏǑǒǹ &¨Ǻ ɬǹØòŁƃýǹ ŜşýƃěŁůţǹ ŜØţţěĸđǹşýĸŪ Covent Garden 219 23.5 6.4 16.3 Carnaby | Soho 163 19.7 11.4 11.2 Chinatown 87 5.3 13.2 15.8 Fitzrovia 4 0.2 7.4 4.4 ŁŪØıǺ 473 48.7 9.1 14.4 34 Shaftesbury Capital PLC | 2024 Annual Report Annualised gross income and ERV At 31 December 2024, annualised gross income had increased òƊǹǗǿǏǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǏǑǿǗǹķěııěŁĸǿǹ&¨ǹƄØţǹ ɏǑǔǏǿǕǹķěııěŁĸȀǹůŜǹǖǿǖǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşǹȡıěĮýțĐŁşțıěĮýȢǿǹ Our creative approach enables the business to deliver rental growth through converting the portfolio’s reversionary potential ěĸŪŁǹóŁĸŪşØóŪýùǹěĸóŁķýǹØĸùǹóØţĘǹǈŁƄȀǹƄĘěıţŪǹýţŪØòıěţĘěĸđǹĸýƄǹ şýĸŪØıǹŪŁĸýţȀǹŪĘýǹòýĸýǇŪǹŁĐǹƄĘěóĘǹěţǹŁĐŪýĸǹóŁķŜŁůĸùýùǹØóşŁţţǹ nearby buildings. As at 31 December 2024, the portfolio’s reversion was £47.8 million, with the opportunity to grow annualised gross ěĸóŁķýǹòƊǹǑǓǹŜýşǹóýĸŪǹòýĐŁşýǹŪØĮěĸđǹěĸŪŁǹØóóŁůĸŪǹØĸƊǹĐůşŪĘýşǹ &¨ǹđşŁƄŪĘǿǹĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘěţǹşýƃýşţěŁĸǹØşýǹţýŪǹŁůŪǹ as follows. Components of the reversion ǑǏǑǓ ɏķ ǹǑǏǑǒ ɏķ Annualised gross income 202.8 192.8 Contracted 14.9 17.3 ĸùýşǹŁǄýş 3.0 6.2 Available-to-let 6.3 4.7 Under refurbishment 13.5 13.9 Net under-rented 10.1 2.0 ERV 250.6 236.9 35Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Portfolio and operating review High occupancy Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹ&ǹƃØóØĸóƊǹȡěĸóıůùěĸđǹůĸěŪţǹůĸùýşǹŁǄýşȢǹ was 3.9 per cent of portfolio ERV (2023: 4.9 per cent); 1.3 per óýĸŪǹƄØţǹůĸùýşǹŁǄýşǹØĸùǹǑǿǕǹŜýşǹóýĸŪǹƄØţǹØƃØěıØòıýțŪŁțıýŪǿ ĸùýşǹŁǄýş ţýǺ % of portfolio ERV &¨ǹȡɏķȢǺ şýØǹ ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ ýŪØěıǺ 0.2 0.3 6 Food and beverage 0.6 1.5 16 fǅóýţǺ 0.2 0.5 5 ýţěùýĸŪěØıǺ 0.3 0.7 12 Total 1 1.3 3.0 39 1. Includes 12 units let on a temporary basis with an ERV of £1.5 million (Dec 2023: £0.7 million). Available-to-let space ţýǺ % of portfolio ERV &¨ǹȡɏķȢǺ şýØǹ ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ ýŪØěıǺ 0.3 0.8 8 Food and beverage 0.6 1.5 37 fǅóýţǺ 1.4 3.3 39 ýţěùýĸŪěØıǺ 0.3 0.7 13 ŁŪØıǺ 2.6 6.3 97 Refurbishment activity Active asset management and refurbishment initiatives continue ŪŁǹůĸıŁóĮǹěĸóŁķýǹØĸùǹƃØıůýǹØţǹƄýııǹØţǹýĸĘØĸóýǹýĸƃěşŁĸķýĸŪØıǹ ŜýşĐŁşķØĸóýǿǹĘýǹ&¨ǹŁĐǹţŜØóýǹůĸùýşǹşýĐůşòěţĘķýĸŪǹØķŁůĸŪţǹ to £13.5 million across 161,000 square feet, representing 5.4 per cent of portfolio ERV (2023: 5.9 per cent) which will be delivered over the next 12-18 months. 47 per cent is already pre let representing £6.4 million rental income. Normalised refurbishment activity is expected to represent approximately 5 per cent of the portfolio by ERV. During the year, £43.1 million of capital expenditure has been incurred, and capital commitments amounted to £24.1 million ØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘěţǹěţǹěĸǹıěĸýǹƄěŪĘǹŁůşǹđůěùØĸóýǹŁĐǹ approximately 1 per cent of portfolio value expected to be invested per annum in refurbishment, asset management and repositioning opportunities, including actions to improve energy performance. Under refurbishment ţýǺ % of portfolio ERV &¨ǹȡɏķȢǺ şýØǹ ȡȫǏǏǏǹţŞǿǹĐŪǿȢǺ ýŪØěıǺ 1.2 3.1 25 Food and beverage 1.4 3.5 44 fǅóýţǺ 2.5 6.1 77 ýţěùýĸŪěØıǺ 0.3 0.8 15 ŁŪØıǺ 5.4 13.5 161 Joint Venture Shaftesbury Capital owns 50 per cent of the Lillie Square joint venture, a residential estate and consented land located in ©ýţŪǹWŁĸùŁĸǿǹııǹǇđůşýţǹşýŜşýţýĸŪǹŁůşǹǔǏǹŜýşǹóýĸŪǹţĘØşýǿǹĘýǹ property valuation as at 31 December 2024 was £65.3 million, in line with the 31 December 2023 valuation of £65.2 million. In addition, Shaftesbury Capital owns £1.9 million of other related assets adjacent to the Lillie Square estate. In total, 355 Phase 1 and 2 residential apartments have been sold. Over 60 apartments have been leased on a short-term basis generating annual contracted rental income of £3.8 million. ĘýǹĪŁěĸŪǹƃýĸŪůşýǹěţǹěĸǹØǹóØţĘǹŜŁţěŪěŁĸǹŁĐǹɏǘǿǖǹķěııěŁĸǹȡɏǓǿǘǹķěııěŁĸǹ Shaftesbury Capital share). During the year £4.0 million was distributed to each partner. Commitment to sustainability and environmental stewardship We are committed to reducing the impact of our operations on the environment, whilst engaging and collaborating with ŁůşǹƄěùýǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹĐůŪůşýǹŜşŁŁĐǹ our West End heritage buildings recognising our buildings they represent substantial long-term carbon stores. We reduce ĐůŪůşýǹŁŜýşØŪěŁĸØıǹóØşòŁĸǹòƊǹěķŜşŁƃěĸđǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹ minimising embodied carbon emissions through the retention and re-use of structure, façade and materials. We have reset our comprehensive Net Zero Carbon target ŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŁůşǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹ ȡȩěȪȢǹƃØıěùØŪýùǹıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǿǹfůşǹ şŁııěĸđǹŜşŁđşØķķýǹŁĐǹýĸýşđƊǹýǅóěýĸŪǹşýĐůşòěţĘķýĸŪţǹùýıěƃýşţǹ ěĸóşýķýĸŪØıǹýĸýşđƊǹŜýşĐŁşķØĸóýǹòýĸýǇŪţǿǹǗǗǹŜýşǹóýĸŪǹŁĐǹ properties are EPC grade A to C by ERV, representing an 8 percentage points increase from the prior year. Furthermore, 70 per cent of commercial EPCs are A or B, which is up 14 percentage points in the year. We continue to focus on ıŁƄțóØşòŁĸǹşýĐůşòěţĘķýĸŪȀǹØŪǹķŁùýţŪǹǇĸØĸóěØıǹŁůŪıØƊǹƄĘěóĘǹ ěķŜşŁƃýţǹýĸýşđƊǹýǅóěýĸóƊȀǹØĸùǹØěķǹĐŁşǹØǹķěĸěķůķǹşØŪěĸđǹŁĐǹǹ on all new commercial refurbishment projects. "ýŪØěıýùǹØıěđĸýùǹýĸýşđƊǹýǅóěýĸóƊǹØĸØıƊţěţǹĘØţǹòýýĸǹóŁķŜıýŪýùǹ on a selection of our assets, representative of the portfolio. Findings have then been used to assess performance against ØşòŁĸǹěţĮǹýØıǹ&ţŪØŪýǹ]ŁĸěŪŁşǹȡȩ&]ȪȢǹùýóØşòŁĸěţØŪěŁĸǹ trajectories and identify actions that will be required to reduce óØşòŁĸǹýķěţţěŁĸţǹěĸóıůùěĸđǹýıýóŪşěǇóØŪěŁĸǹŁĐǹŁůşǹòůěıùěĸđţǿǹ©ýǹ have continued to improve the coverage and accuracy of our sustainability data, with 67 per cent of landlord supplies on smart meters, an increase from 19 per cent at the end 2023. 36 Shaftesbury Capital PLC | 2024 Annual Report ©ýǹŜØşŪěóěŜØŪýǹěĸǹØǹşØĸđýǹŁĐǹýƉŪýşĸØıǹòýĸóĘķØşĮţǹØĸùǹěĸùěóýţǹ ŪŁǹŜşŁƃěùýǹěĸùýŜýĸùýĸŪǹƃýşěǇóØŪěŁĸǹŁĐǹŁůşǹţůţŪØěĸØòěıěŪƊǹ progress and help identify opportunities. During the year, we ŜůòıěţĘýùǹŁůşǹǇşţŪǹ&ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǹýŜŁşŪǹěĸóıůùěĸđǹ ŁůşǹǇşţŪǹƊýØşǹŁĐǹóŁķòěĸýùǹùØŪØǹØţǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹ achieved a gold award for our reporting. Recognised indices şØŪěĸđţǹěĸóıůùýǹ"ǹŁĐǹǹĐŁşǹŁůşǹóıěķØŪýǹùěţóıŁţůşýȀǹ]DǹŁĐǹ BBB and GRESB of 66. Active community engagement As an active member of the community, we are committed to ýĸđØđěĸđǹƄěŪĘǹţŪØĮýĘŁıùýşţǹØóşŁţţǹŪĘýǹ©ýţŪǹ&ĸùǿǹ"ůşěĸđǹŪĘýǹ ƊýØşȀǹƄýǹůĸùýşŪŁŁĮǹØǹŪĘŁşŁůđĘǹýƃØıůØŪěŁĸǹŁĐǹŁůşǹóŁķķůĸěŪƊǹ ěĸƃýţŪķýĸŪǹØóŪěƃěŪƊȀǹùýƃýıŁŜěĸđǹŁůşǹţŪşØŪýđƊǹŪŁǹşýǈýóŪǹıŁóØıǹ ĸýýùţǹØĸùǹòýŪŪýşǹţůŜŜŁşŪǹŪĘýǹƃěòşØĸŪǹóŁķķůĸěŪěýţǹŪĘØŪǹķØĮýǹ our places thrive. Our impact extends beyond our buildings, and we continue to enhance the public realm within and ØşŁůĸùǹŁůşǹŜŁşŪĐŁıěŁǿǹĘşŁůđĘǹŜıØóýţĘØŜěĸđǹƄýǹĘýıŜǹóşýØŪýǹ ĘýØıŪĘƊȀǹƄýıóŁķěĸđǹØĸùǹŪĘşěƃěĸđǹıŁóØŪěŁĸţǿǹĘýţýǹěĸóıůùýǹ pedestrianisation, streetscape improvements, providing ŁůŪùŁŁşǹţýØŪěĸđǹØĸùǹţóĘýķýţǹŪŁǹşýùůóýǹŪşØǅóǹóŁĸđýţŪěŁĸǹ and pollution. ©ýǹţůŜŜŁşŪǹóŁķķůĸěŪƊțıýùǹěĸěŪěØŪěƃýţǹƄĘěóĘǹƄŁşĮǹƄěŪĘǹıŁóØıǹ people contributing to a diverse range of charitable and community initiatives across Camden and Westminster, with ØǹţŜýóěǇóǹĐŁóůţǹŁĸǹţůŜŜŁşŪěĸđǹýùůóØŪěŁĸØıǹØĸùǹýķŜıŁƊķýĸŪǹ opportunities for young people and addressing the issues of homelessness and food hardship. Our support includes sponsorship of a student at Westminster University through our óĘŁıØşǹşŁđşØķķýȀǹ¯Łůĸđǹ©ýţŪķěĸţŪýşǹ9ŁůĸùØŪěŁĸȬţǹşěđĘŪýşǹ 9ůŪůşýţǹ9ůĸùȀǹØĸùǹ¯ŁůĸđǹØķùýĸǹ9ŁůĸùØŪěŁĸȬţǹAýØùţǹŜǹ ]ýĸŪØıǹAýØıŪĘǹ9ůĸùǿǹýıýòşØŪěĸđǹDĸŪýşĸØŪěŁĸØıǹ©ŁķýĸȬţǹ"ØƊȀǹ ŜŁŜǹůŜǹţŜØóýǹƄØţǹŜşŁƃěùýùǹŁĸǹØşĸØòƊǹŪşýýŪǹŪŁǹķØşŪǹ©ŁşĮţȀǹ ØǹUǹóĘØşěŪƊȀǹĐŁóůţěĸđǹŁĸǹđýŪŪěĸđǹŁůŪǹŁĐǹƄŁşĮǹƄŁķýĸǹòØóĮǹěĸŪŁǹ ŪĘýǹƄŁşĮŜıØóýǿ We have a Community Investment Forum (“CIF”) comprising employees from across the business which is responsible for overseeing our programme of community investment. It enables us to review our community investments and consider applications for our community grants. ©ýǹØıţŁǹĘØƃýǹØĸǹýţŪØòıěţĘýùǹđşØĸŪţǹĐůĸùǹŪĘØŪǹŁǄýşţǹıŁóØıǹ charities and groups the opportunity to apply for funding for initiatives which align with our community investment focus ØşýØţǿǹ:şØĸŪǹşýóěŜěýĸŪţǹěĸóıůùýǹŪĘýǹWŁĸùŁĸǹ¯ŁůŪĘǹĘýØŪşýǹØĸùǹ ^ØŪěƃýǹóěýĸŪěţŪţǹƄĘěóĘǹƄěııǹţůŜŜŁşŪǹýùůóØŪěŁĸØıǹƄŁşĮţĘŁŜţǹ at three Camden schools, connecting pupils with scientists. We continue our support of culture and the arts, including ŪĘýǹŜØŪşŁĸØđýǹŁĐǹŪĘýǹ"ŁĸķØşǹĘýØŪşýǹěĸǹýƃýĸǹ"ěØıţȀǹØţǹƄýııǹ ØţǹŜØşŪĸýşţĘěŜţǹƄěŪĘǹŪĘýǹŁóěýŪƊǹŁĐǹWŁĸùŁĸǹĘýØŪşýţȀǹşěŪěţĘǹ Fashion Council and London & Partners. Supporting local community initiatives 37Shaftesbury Capital PLC | 2024 Annual Report Occupational demand continues to polarise to the best locations, with retailers placing greater emphasis on global location, consumer experience, service and ǈØđţĘěŜǹşýŪØěıěĸđǿǹ Valuation growth driven by +11.2 per cent ERV đşŁƄŪĘǹŁǄţýŪǹòƊǹţŁķýǹ yield movement. ýǈýóŪěĸđǹţŪşŁĸđǹùýķØĸùǹ during the year, we completed 69 new lettings and renewals with a rental value of £14.5 million, 9 per cent ahead of 31 "ýóýķòýşǹǑǏǑǒǺ&¨ǿ 24 retail rent reviews with rental value of £5.1 million were concluded, 14 per cent ahead of previous passing rents. Retail Our retail portfolio of 0.7 million square feet is primarily located in Covent Garden, ØşĸØòƊǹØĸùǹŁĘŁǹƄěŪĘǹØǹòşŁØùǹşØĸđýǹŁĐǹůĸěŪǹţěƓýţǹØĸùǹşýĸŪØıǹŪŁĸýţǹŁĸǹŁǄýşǿ Strategic report | Portfolio and operating review 415 Shops +7.5% Valuation £1.8bn +9.1% Annualised gross income £73m +11.2% ERV £90m Flagship retail in Covent Garden Occupational retail demand continues to gravitate to the best locations with the West End’s vibrancy and consumer óĘØşØóŪýşěţŪěóţǹķØĮěĸđǹěŪǹØǹĘěđĘıƊǹţŁůđĘŪǹØĐŪýşǹķØşĮýŪǿǹşØùěĸđǹ conditions across our portfolio are positive, with customer sales in aggregate up 3 per cent versus 2023 with particularly strong performance in luxury, lifestyle and accessories. ýŪØěıýşţǹØşýǹØŪŪşØóŪýùǹòƊǹŪĘýǹţýƃýĸțùØƊţțØțƄýýĮǹĐŁŁŪĐØııǹØĸùǹ trading environment. Our portfolio includes 415 shops with an average ERV of £126 per square foot, up from £108 per square foot in December 2023. fůşǹŜŁşŪĐŁıěŁǹşýķØěĸţǹØǹŜşýĐýşşýùǹùýţŪěĸØŪěŁĸǹĐŁşǹķØşĮýŪǹýĸŪşƊǹ and retail expansion with 47 new openings during the year. Our broad range of unit sizes and rental tones provide scope for óůţŪŁķýşţǹŪŁǹđşŁƄǹƄěŪĘěĸǹŁůşǹŜŁşŪĐŁıěŁǿǹķŁĸđţŪǹŪĘýǹòýĸýǇŪţǹŁĐǹ our portfolio of scale is our ability to provide additional space for our customers as they expand and grow. DĸǹŁƃýĸŪǹ:ØşùýĸȀǹŁůŪùŁŁşǹòşØĸùǹýØĮǹýşĐŁşķØĸóýǹŁŜýĸýùǹěŪţǹ debut UK store on Long Acre, following the upsizing of its sister òşØĸùǹşóȬŪýşƊƉȀǹŪŁǹØǹǈØđţĘěŜǹŁĸǹUěĸđǹŪşýýŪǿǹWůƉůşƊǹķØĮýůŜǹ ØĸùǹţĮěĸóØşýǹóŁĸóýŜŪǹĘØşıŁŪŪýǹěıòůşƊǹůŜţěƓýùǹţěđĸěǇóØĸŪıƊǹŪŁǹ ØǹĸýƄǹǈØđţĘěŜǹţŪŁşýǹŁƃýşıŁŁĮěĸđǹŪĘýǹ]ØşĮýŪǹůěıùěĸđȀǹĐŁııŁƄěĸđǹ the success of its James Street store. Nespresso will open a ĸýƄǹǈØđţĘěŜǹŁĸǹŪĘýǹóŁşĸýşǹŁĐǹAýĸşěýŪŪØǹŪşýýŪǹěĸǹŪĘýǹţŜØóýǹ ŜşýƃěŁůţıƊǹŁóóůŜěýùǹòƊǹ^ØŪ©ýţŪǹòØĸĮǿǹƄěţţǹƄØŪóĘķØĮýşǹ Longines opened on James Street and English heritage brand ţŜěĸØıǹĘØţǹŪØĮýĸǹţŜØóýǹěĸǹŪĘýǹ]ØşĮýŪǹůěıùěĸđǿǹ Excellent progress has been made evolving the customer ŁǄýşǹØŪǹýƃýĸǹ"ěØıţǹØţǹŜØşŪǹŁĐǹŁůşǹţŪşØŪýđƊǹŪŁǹůĸěĐƊǹŪĘýǹŁƃýĸŪǹ :ØşùýĸǹùěţŪşěóŪǿǹĘýşýǹĘØţǹòýýĸǹØǹţýşěýţǹŁĐǹĮýƊǹØùùěŪěŁĸţǹŪŁǹŪĘýǹ neighbourhood, with 33 new brands introduced this year, with ØǹƃýşƊǹýĸóŁůşØđěĸđǹŜěŜýıěĸýǿǹWůƉůşƊǹØóŪěƃýƄýØşǹòşØĸùȀǹıŁǹ¯ŁđØǹ has been introduced at the entrance of Neal Street which is a ĮýƊǹđØŪýƄØƊǹěĸŪŁǹýƃýĸǹ"ěØıţǹĐşŁķǹŁƃýĸŪǹ:ØşùýĸǿǹƄýùěţĘǹ ĐŁŁŪƄýØşǹòşØĸùȀǹƉýıǹşěđØŪŁǹĘØţǹŁŜýĸýùǹěŪţǹţŪŁşýǹŁƃýşıŁŁĮěĸđǹ ŪĘýǹ"ěØıǹěŪţýıĐȀǹķØşĮěĸđǹěŪţǹţýóŁĸùǹĘØĐŪýţòůşƊǹØŜěŪØıǹıŁóØŪěŁĸǿǹ 38 Further to redevelopment of a combination of sites, Vivobarefoot has doubled the size of its store, relocating on Neal Street, and outdoor retailer, Finisterre has upsized from its store on Earlham Street. Sustainable menswear brand NN.07, boutique retailer ØěĸŪǹɓǹŁǇØǹØĸùǹØŜŜØşýıǹóŁĸóýŜŪǹ:ØĸùƊȬţǹDĸŪýşĸØŪěŁĸØıǹĘØƃýǹ all recently opened. ĘýşýǹĘØţǹòýýĸǹđŁŁùǹŜşŁđşýţţǹŁĸǹýƃŁıƃěĸđǹŪĘýǹŁǄýşǹŁĸǹØĸùǹ around Carnaby Street through our targeted leasing activity, with 13 retail signings over the year. Global lifestyle brand PANGAIA, has opened on the southern end of Carnaby Street ķØşĮěĸđǹěŪţǹǇşţŪǹ&ůşŁŜýØĸǹţŪØĸùØıŁĸýǹţŪŁşýǹŁǄýşěĸđǹØŜŜØşýıǹ from innovative tech and bio-engineered materials. Brazilian fashion brand Farm Rio and top-rated Korean beauty store Pure Seoul will open shortly strengthening the customer line up on ØşĸØòƊǹŪşýýŪǿǹ9ŁůòýşŪȬţǹıØóýǹƄýıóŁķýùǹØǹĸýƄǹǈØđţĘěŜǹţŪŁşýǹ ĐşŁķǹóŁĸŪýķŜŁşØşƊǹĪýƄýııýşǹţŪşěùǹȺǹ]ěƊůȀǹýƊýƄýØşǹòşØĸùȀǹ RěķķƊǹ9ØěşıƊǹØĸùǹ]ØĸđŁǹýýĸǿǹĘýşýǹĘØƃýǹòýýĸǹØǹĸůķòýşǹ of introductions across Soho including outdoor sportswear òşØĸùǹØıŁķŁĸǹŁŜýĸěĸđǹŁĸǹşŁØùƄěóĮǹŪşýýŪǿǹŜŜØşýıǹòşØĸùǹ ØşĘØşŪŪǹ©DǹŁŜýĸýùǹØǹĸýƄǹǈØđţĘěŜǹŁĸǹşýƄýşǹŪşýýŪǿǹŁĘŁǹĘØţǹ ØıţŁǹƄýıóŁķýùǹĐØţĘěŁĸǹşýŪØěıýşȀǹŁĸĸěĸđȀǹØĸùǹóşØĐŪǹĪýØĸǹķØĮýşǹ ıØóĮĘŁşţýǹWØĸýǹŪýıěýşţȀǹòŁŪĘǹŁĸǹýşƄěóĮǹŪşýýŪǿ ýǈýóŪěĸđǹţŪşŁĸđǹùýķØĸùǹùůşěĸđǹŪĘýǹƊýØşȀǹƄýǹóŁķŜıýŪýùǹǕǘǹşýŪØěıǹ lettings and renewals with a rental value of £14.5 million. Rents, on average, were 9.3 per cent above December 2023 ERV and 20.2 per cent ahead of previous passing rents. ȟ H1 2024: 40 lettings and renewals: £9.3 million, 5.4 per cent ahead of 31 Dec 2023 ERV; and 17.7 per cent ahead of previous passing rents ȟ H2 2024: 29 lettings and renewals: £5.2 million, 11.1 per cent ahead of 30 June 24 ERV; and 26.7 per cent ahead of previous passing rents 24 retail rent reviews with rental value of £5.1 million were concluded, 14 per cent ahead of previous passing rents. 63%31% 6% ERV by village Covent Garden Carnaby | Soho Chinatown 39Shaftesbury Capital PLC | 2024 Annual Report Food and beverage Strategic report | Portfolio and operating review Diverse range of food concepts, from accessible casual to premium with òşýØĮĐØţŪǹŪŁǹıØŪýǹĸěđĘŪǹ ùěĸěĸđǹŁǄýşěĸđǿ Valuation growth driven by 7.2 per cent ERV đşŁƄŪĘǹŁǄţýŪǹòƊǹţŁķýǹ yield movement. 39 food and beverage leasing transactions completed with a rental value of £8.2 million, 14.8 per cent ahead of December 2023 ERV. 45 rent reviews totalled £11.6 million, 6.5 per cent above previous passing rents. fůşǹĐŁŁùǹØĸùǹòýƃýşØđýǹŁǄýşǹýƉŪýĸùţǹŪŁǹǐǿǏķǹţŞůØşýǹĐýýŪǹŁĐǹţŜØóýǹěĸǹŪĘýǹ©ýţŪǹ &ĸùȀǹƄěŪĘǹĘěđĘțŜşŁǇıýǹùýţŪěĸØŪěŁĸţǹţůóĘǹØţǹŁƃýĸŪǹ:ØşùýĸȀǹĘěĸØŪŁƄĸȀǹUěĸđıƊǹ Court and Soho. 394 Restaurants, cafés, bars and pubs +4.7% Valuation £1.7bn +4.2% Annualised gross income £73m +7.2% ERV £85m Kingly Court It has been an active year for food and beverage leasing with 39 leasing transactions completed, 14.8 per cent ahead of December 2023 ERV. In 2024, our West End portfolio ƄýıóŁķýùǹǑǓǹĸýƄǹŁǄýşěĸđţȀǹşØĸđěĸđǹĐşŁķǹěĸùýŜýĸùýĸŪǹŪŁǹ ěĸŪýşĸØŪěŁĸØıǹŁŜýşØŪŁşţǿǹĘýţýǹŁŜýşØŪŁşţǹŜşŁƃěùýǹØǹƃØşěýŪƊǹŁĐǹ óůěţěĸýţǹØĸùǹŜşěóýǹŜŁěĸŪţȀǹòşěĸđěĸđǹţŁķýŪĘěĸđǹùěǄýşýĸŪǹŪŁǹŪĘýǹ evolving dining mix, across our popular dining destinations. ĘýǹĐŁŁùǹȺǹòýƃýşØđýǹŜŁşŪĐŁıěŁǹýƉŪýĸùţǹŪŁǹǒǘǓǹůĸěŪţǿǹţǹěţǹŪƊŜěóØıȀǹ there have been a small number of failures during the year, however ongoing leasing demand has resulted in the available ţŜØóýǹòýěĸđǹǇııýùǹŞůěóĮıƊǿǹƃØěıØòěıěŪƊǹŁĐǹşýţŪØůşØĸŪǹØĸùǹıýěţůşýǹ space is very limited given the vibrancy of these locations together with constrained planning and licensing policies. ĘýşýǹěţǹŜØşŪěóůıØşıƊǹŜŁţěŪěƃýǹŜýşĐŁşķØĸóýǹĐşŁķǹŁůşǹŁĘŁǹĐŁŁùǹ & beverage portfolio. Kingly Court continues to attract interest ĐşŁķǹķůıŪěŜıýǹĐŁŁùǹȺǹòýƃýşØđýǹŁŜýşØŪŁşţǿǹĘýǹŪýØķǹòýĘěĸùǹ renowned Soho concept, Blanchette, have launched Goldies, ŪĘýěşǹıØŪýţŪǹóŁĸóýŜŪǹěĸǹUěĸđıƊǹŁůşŪǿǹ]ýùěŪýşşØĸýØĸǹóŁĸóýŜŪǹ Alta has signed following the redevelopment of units across two ǈŁŁşţȀǹóşýØŪěĸđǹØǹıØşđýşǹùýţŪěĸØŪěŁĸǹùěĸěĸđǹŁŜŜŁşŪůĸěŪƊǿǹUěĸđıƊǹ ŪşýýŪǹĘØţǹòŁıţŪýşýùǹěŪţǹýƃýĸěĸđǹŁǄýşȀǹƄěŪĘǹŪĘýǹŁŜýĸěĸđţǹŁĐǹĘýǹ ŁůĸŪýşǹØĸùǹĘýǹWěŪŪıýǹ¨ěŁıýŪǹ"ŁŁşǹĪŁěĸěĸđǹĐŁŁùǹȺǹòýƃýşØđýǹ óŁĸóýŜŪǹƄŁǹ9ıŁŁşţǹƄĘěóĘǹĘØţǹýƉŜØĸùýùǹěŪţǹŜşýţýĸóýǹĐŁııŁƄěĸđǹ şýĐůşòěţĘķýĸŪǿǹĘýýţýóØĮýǹţŜýóěØıěţŪǹWØǹ]ØşěŪƉůǹţěđĸýùǹ on Kingly Street, while the opening of Donutelier has been introduced on Carnaby Street at the gateway to Kingly Court. 10 new concepts have been introduced to Covent Garden ěĸóıůùěĸđǹ&ØţŪýşĸǹ]ýùěŪýşşØĸýØĸǹóŁĸóýŜŪǹ"ýıØķěĸØǹŁŜýĸýùǹŁĸǹ ØƃěţŪŁóĮǹŪşýýŪǹƄĘěıýǹ:şýýĮǹòŁůŪěŞůýǹĘŁŪýıȀǹ&:f^ǹAŁůţýǹěţǹ set to open in a newly refurbished heritage building, anchoring King Street over the coming months. Luxury French pâtisserie òşØĸùȀǹWØùůşþýǹĘØţǹýƉŜØĸùýùǹěŪţǹŪýØşŁŁķǹěĸǹěŪţǹǈØđţĘěŜǹţŪŁşýǹěĸǹ ŪĘýǹ]ØşĮýŪǹůěıùěĸđǿǹ&WȺ^ǹ"ýıěǹȺǹØĮýşƊȀǹĐşŁķǹóØĐþǹØĸùǹıěĐýţŪƊıýǹ òşØĸùǹ&WȺ^ȀǹĘØţǹØıţŁǹŁŜýĸýùǹěĸǹŪĘýǹ]ØşĮýŪǹůěıùěĸđȀǹƄĘěıýǹ đůØķěýıȀǹWŁĸùŁĸɻţǹǇşţŪǹȩóĘůşşýşěØȪȀǹŁǄýşěĸđǹŪşØùěŪěŁĸØıǹ]ýƉěóØĸǹ dessert opened on Wellington Street. 40 Chinatown is a highly sought-after location in the heart of the West End’s entertainment district. Last month, Chinatown WŁĸùŁĸǹƄØţǹØŪǹŪĘýǹóýĸŪşýǹŁĐǹŪĘýǹĘěĸýţýǹ^ýƄǹ¯ýØşǹĐýţŪěƃěŪěýţǹ ĐŁşǹŪĘýǹ¯ýØşǹŁĐǹŪĘýǹĸØĮýȀǹŪĘýǹıØşđýţŪǹóýıýòşØŪěŁĸǹěĸǹŪĘýǹƄŁşıùǹ outside of China, welcoming thousands of visitors over the 15-day celebration period. Interest in Chinatown, especially from new international entrants is healthy and demand from existing customers is active. Signings include Pan-Asian şýţŪØůşØĸŪǹóŁĸóýŜŪȀǹØĸAØŁǹŁǄýşěĸđǹĘØĸùțŜůııýùǹĸŁŁùıýţǹ and soups. Suzhou Noodle and Noodle & Beer will open new restaurants in the coming months. 39 food and beverage leasing transactions completed with a rental value of £8.2 million, 14.8 per cent ahead of December 2023 ERV. 45 rent reviews totalled £11.6 million, 6.5 per cent above previous passing rents. ȟ H1 2024: 20 lettings and renewals: £4.0 million, 8.6 per cent ahead of 31 Dec 2023 ERV; and 20.2 per cent ahead of previous passing rents ȟ H2 2024: 19 lettings and renewals: £4.2 million, 21.1 per cent ahead of 30 June 2024 ERV; and 18.0 per cent ahead ŁĐǺŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪţǿǹ 22% 53% 25% ERV by village Covent Garden Carnaby | Soho Chinatown Flagship hospitality concepts 41Shaftesbury Capital PLC | 2024 Annual Report 57% 41% 2% fǅóýţ ©ýǹØşýǹØǹŜşŁƃěùýşǹŁĐǹóĘØşØóŪýşĐůıǹŁǅóýǹţŜØóýǹŪŁŪØııěĸđǹǏǿǕǹķěııěŁĸǹţŞůØşýǹĐýýŪǹ ěĸǹŪĘýǺ©ýţŪǺ&ĸùǿǹfǅóýǹŁóóůŜěýşţǹŜşŁƃěùýǹØǹşýđůıØşǹţŁůşóýǹŁĐǹóŁĸţůķýşţǹŪŁǹ ŁůşǺùýţŪěĸØŪěŁĸţǿ Strategic report | Portfolio and operating review ěĸǹýƉóýţţǹŁĐǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǹØşýǹǇşķıƊǹýţŪØòıěţĘýùǹØóşŁţţǹ ŁůşǹŜşěķýǹŜŁşŪĐŁıěŁǿǹĘěţǹěĸóıůùýţǹǕǗțǖǑǹşŁØùƄěóĮǹŪşýýŪǹ ØĸùǹĘýǹ9ıŁşØıǹƄĘěóĘǹĘØƃýǹØĸǹØƃýşØđýǹǈŁŁşǹŜıØŪýǹŁĐǹǐǏȀǏǏǏǹ ţŞůØşýǹĐýýŪǿǹĘýǹ9ıŁşØıȀǹěţǹ&&]ǹ&ƉóýııýĸŪǹØĸùǹěţǹĘěđĘıƊǹ ýĸýşđƊǹýǅóěýĸŪǿǹDŪǹěţǹĐůııƊǹŜşýțıýØţýùǹěĸǹǹǹóŁĸùěŪěŁĸȀǹØĘýØùǹ ŁĐǹóŁķŜıýŪěŁĸǹŪŁǹŪƄŁǹŁóóůŜěýşţǹěĸǹŪĘýǹǇĸØĸóěØıǹţýóŪŁşǿǹfŪĘýşǹ şýóýĸŪǹţěđĸěĸđţǹěĸóıůùýǹǹǹşýĐůşòěţĘķýĸŪţǹØŪǹǑǑǹ:ØĸŪŁĸǹ ŪşýýŪǹØĸùǹĘýǹAěùýȀǹØŪǹşýĸŪţǹěĸǹýƉóýţţǹŁĐǹɏǐǏǏǹŜýşǹţŞůØşýǹĐŁŁŪǿǹ "ůşěĸđǹŪĘýǹƊýØşȀǹǕǖǹŁǅóýǹıýØţěĸđǹŪşØĸţØóŪěŁĸţǹƄěŪĘǹØǹşýĸŪØıǹ value of £14.8 million were concluded 9.8 per cent ahead of December 2023 ERV and 13.2 per cent ahead of previous passing rents. Rent reviews with rental value of £1.4 million completed, 4.0 per cent ahead of previous passing rents. ȟ H1 2024: 39 lettings and renewals: £10.5 million, 10.3 cent ahead of 31 Dec 2023 ERV; and 17.6 per cent ahead of previous passing rents ȟ H2 2024: 28 lettings and renewals: £4.3 million, 5.6 per cent ahead of 30 June 24 ERV; and 8.6 per cent ahead of previous passing rents fůşǹùěƃýşţýǹŁǅóýǹ ŜŁşŪĐŁıěŁǹŁǄýşţǹØǹşØĸđýǹŁĐǹ ǈŁŁşǹŜıØŪýţǹŜşŁƃěùěĸđǹŪĘýǹ opportunity for occupier expansion. ƊŜěóØııƊȀǹŁǅóýǹ accommodation is occupied by media, creative, technology and professional services businesses. We are continuing to increase the range ŁĐǹǇŪŪýùțŁůŪǹţŜØóýǹŪŁǹ maximise rental income. Long history of high occupancy and good retention rates. 404 Suites +3.1% Valuation £0.9bn +18.3% Annualised gross income £34m +6.1% ERV £51m ERV by village Covent Garden Carnaby | Soho Chinatown 22 Ganton Street 27 Wardour Street Leasing momentum for our prime West End space continues, ƄěŪĘǹŁóóůŜěýşţǹØŪŪşØóŪýùǹŪŁǹĘěđĘǹŞůØıěŪƊȀǹƄýııțǇŪŪýùǹŜşŁùůóŪȀǹ supported by good building and estate amenity. When refurbishing our buildings we aim to meet the evolving requirements of occupiers across a broad variety of sectors, ĐşŁķǹòýţŪțěĸțóıØţţǹŁǅóýţǹØŪǹŪĘýǹıØşđýşǹýĸùȀǹŪŁǹǈýƉěòıýǹţĘŁşŪýşț ŪýşķȀǹǇŪŪýùǹţŜØóýǹØŪǹŪĘýǹţķØııýşǹýĸùǿǹ©ěŪĘǹŪĘýǹƄěùýǹşØĸđýǹŁĐǹ ŁǅóýǹţůěŪýţǹŁĸǹŁǄýşȀǹƄýǹóØŪýşǹŪŁǹØǹòşŁØùǹşØĸđýǹŁĐǹóůţŪŁķýşǹ needs and provide opportunity for expansion. fůşǹŁǅóýǹŜŁşŪĐŁıěŁǹòýĸýǇŪţǹĐşŁķǹůĸşěƃØııýùǹŜůòıěóǹŪşØĸţŜŁşŪǹ óŁĸĸýóŪěŁĸţȀǹØǹţĘŁşŪǹƄØıĮǹŪŁǹØǹĸůķòýşǹŁĐǹ©ýţŪǹ&ĸùǹŪůòýǹ stations including Covent Garden, Charing Cross, Oxford Circus ØĸùǹŁŪŪýĸĘØķǹŁůşŪǹŁØùǿǹfóóůŜěýşţǹƄěţĘǹŪŁǹòýǹţůşşŁůĸùýùǹ by the buzz of London together with important leisure, retail, and dining amenities adding to employee well-being. ĘýşýǹěţǹıýØţěĸđǹùýķØĸùǹĐŁşǹŁůşǹŜşěķýǹ©ýţŪǹ&ĸùǹţŜØóýǹ with increasing levels of customers relocating from other óýĸŪşØıǹWŁĸùŁĸǹıŁóØŪěŁĸţȀǹØţǹŁǅóýǹŁóóůŜěýşţǹşýóŁđĸěţýǹŪĘýǹ importance of a vibrant atmosphere in attracting and retaining ţŪØǄǿǹØşĸØòƊǹØĸùǹŁƃýĸŪǹ:ØşùýĸǹØşýǹóØŜŪůşěĸđǹŪĘěţǹùýķØĸùȀǹ ƄěŪĘǹşýóýĸŪǹıýŪŪěĸđţǹŪŁǹŁóóůŜěýşţǹĐşŁķǹŪĘýǹǇĸØĸóěØıǹØĸùǹşýØıǹ estate sectors, with occupiers attracted to the space with high amenity value and excellent environmental credentials. Rents 42 Residential Residential homes, across 0.4m square feet, are an important part of our ùýţŪěĸØŪěŁĸţȀǹòşěĸđěĸđǹŜýŁŜıýǹŪŁǹţĘŁŜȀǹùěĸýȀǹţŁóěØıěţýǹØĸùǺýĸĪŁƊǹŪĘýǺŜıØóýţǹ we curate. ĘýǹşýţěùýĸŪěØıǹŜŁşŪĐŁıěŁǹěţǹŜýşĐŁşķěĸđǹƄýııȀǹƄěŪĘǹóŁĸŪěĸůýùǹ leasing activity and high renewal rates across the portfolio of 656 residential apartments. Our proposition of characterful ŜýşěŁùǹòůěıùěĸđţǹƄěŪĘǹķŁùýşĸǹţŜýóěǇóØŪěŁĸǹıŁóØŪýùǹěĸǹƃěòşØĸŪȀǹ well-managed areas attracts interest from a broad range of customers. During 2024, there has been competitive demand, minimal voids and short leasing windows observed. During the year 298 residential lettings and renewals with a rental value of £11.2 million completed, 7.1 per cent ahead of previous passing rents. At 31 December 2024 13 units were available to let. ȟ H1 2024: 118 lettings and renewals: £4.3 million, 3.9 per cent ahead of 31 Dec 2023 ERV; and 7.3 per cent ahead of previous passing rents ȟ H2 2024: 180 lettings and renewals: £6.9 million, 5.4 per cent ahead of 30 June 2024 ERV; and 6.9 per cent ahead ŁĐǺŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪţǹ ]ŁţŪıƊǹĘýşěŪØđýǹòůěıùěĸđţǹ with a unique character ŁǄýşěĸđȁ – studios, one or two- bedroom apartments that are largely unfurnished. Rolling upgrade programme continues, improving energy performance and ůŜđşØùěĸđǹţŜýóěǇóØŪěŁĸţǿ Occupancy traditionally high (> 98 per cent); şýıěØòıýǹóØţĘǹǈŁƄ ©WȁǹŜŜşŁƉěķØŪýıƊǹ ǐǺƊýØşǿ Available space ŪƊŜěóØııƊǺıýŪǹƄěŪĘěĸǹØǹ ķØŪŪýşǹŁĐǹùØƊţȀǺŁĐŪýĸǹ ƄěŪĘǺóŁķŜýŪěŪěƃýǺòěùùěĸđǿ 656 Apartments -1.6% Valuation £0.6bn +3.9% Annualised gross income £23m +1.4% ERV £25m Covent Garden Carnaby | Soho Chinatown 27% 50% 23% ERV by village 43Shaftesbury Capital PLC | 2024 Annual Report Stakeholder engagement 44 Shaftesbury Capital PLC | 2024 Annual Report 45Shaftesbury Capital PLC | 2024 Annual Report Strategic report Stakeholder engagement &ĸđØđěĸđǹƄěŪĘǹŁůşǹţŪØĮýĘŁıùýşţǹěţǹĐůĸùØķýĸŪØıǹŪŁǹŁůşǹòůţěĸýţţǿǹýǈýóŪěĸđǹŁůşǹ ƃØıůýţȀǹƄýǹØşýǹóŁķķěŪŪýùǹŪŁǹòůěıùěĸđǹıŁĸđțŪýşķǹşýıØŪěŁĸţĘěŜţǹĐŁůĸùýùǹŁĸǹşýţŜýóŪȀǹ ěĸŪýđşěŪƊǹØĸùǹŪşØĸţŜØşýĸóƊǿǹ Stakeholders Priorities Why we engage Customers fůşǹóůţŪŁķýşţǹØşýǹŪĘýǹƄěùýǹşØĸđýǹŁĐǹşýŪØěıýşţȀǹ ĐŁŁùǹØĸùǹòýƃýşØđýǹŁŜýşØŪŁşţȀǹŁǅóýǹŁóóůŜěýşţǹ and residents throughout our portfolio of óǿǹǕǒǔǹòůěıùěĸđţǿ – şŁƃěùěĸđǹØĸùǹŜşŁķŁŪěĸđǹĘěđĘțŞůØıěŪƊȀǹƃěòşØĸŪȀǹ ţØĐýǹØĸùǹƄýııțķØěĸŪØěĸýùǹùýţŪěĸØŪěŁĸţǹŪŁǹ ØııŁƄǹŁůşǹóůţŪŁķýşţǹŪŁǹŜşŁţŜýşǹØĸùǹǈŁůşěţĘǿ – &ĸĘØĸóěĸđǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţǿ – şŁƃěùěĸđǹŜşŁØóŪěƃýǹØĸùǹşýţŜŁĸţěƃýǹóůţŪŁķýşǹ ţýşƃěóýȀǹƄěŪĘǹŪĘýǹóůţŪŁķýşǹŜıØóýùǹØŪǹŪĘýǹ heart of our business. – ýěĸđǹķěĸùĐůıǹŁĐǹţŁóěŁýóŁĸŁķěóǹØĸùǹŜŁıěŪěóØıǹ ĐØóŪŁşţǹěķŜØóŪěĸđǹĐŁŁŪĐØııȀǹşýóşůěŪķýĸŪǹØĸùǹ şýŪýĸŪěŁĸǹŁĐǹţŪØǄȀǹţŪØŪůŪŁşƊǹóŁĸţýĸŪţǹØĸùǹ ŜůòıěóǹŁşùýşǿ – ŁǹĐůşŪĘýşǹŪĘýǹţŪşØŪýđěóǹØěķǹŁĐǹŜıØóěĸđǹŪĘýǹ óůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŁůşǹòůţěĸýţţǿǹůóóýţţǹ is based on our ability to listen, understand ØĸùǹşýţŜŁĸùǹŪŁǹŁůşǹóůţŪŁķýşţȬȀǹØĸùǹŜŁŪýĸŪěØıǹ óůţŪŁķýşţȬȀǹĸýýùţǿǹ – ŁǹýĸţůşýǹŁůşǹŁǄýşǹýƃŁıƃýţǹŪŁǹØùùşýţţǹóĘØĸđěĸđǹ óůţŪŁķýşǹØĸùǹóŁĸţůķýşǹŪşýĸùţǹØĸùǹşýŞůěşýķýĸŪţǿǹ – ŁǹĮýýŜǹŁůşǹóůţŪŁķýşţǹěĸĐŁşķýùǹŁĐǹØóŪěƃěŪěýţǹŁĐǹ ěĸŪýşýţŪǹŪŁǹŪĘýķǹØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ Visitors fůşǹƃěţěŪŁşţǹØşýǹŪĘŁţýǹƄĘŁǹóŁķýǹŪŁǹŁůşǹ destinations or engage with us through our 24 ţŁóěØıǹķýùěØǹóĘØĸĸýıţǹØĸùǹóŁĸţůķýşǹƄýòţěŪýţǿ – Providing a vibrant mix of retail and food and beverage, innovative street installations, đşýýĸěĸđǹØĸùǹƄØƊǇĸùěĸđǹØóşŁţţǹŁůşǹ destinations. – Promoting our destinations and our óůţŪŁķýşţǹŪĘşŁůđĘǹŁůşǹţŁóěØıǹķýùěØǹ óĘØĸĸýıţǹØĸùǹóŁĸţůķýşǹƄýòţěŪýţǹěĸǹØĸǹ informative and engaging manner. – &ĸóŁůşØđěĸđǹƃěţěŪŁşţǹŪĘşŁůđĘǹŁůşǹ engagement with international and ùŁķýţŪěóǹŪŁůşěţķǹķØşĮýŪţǿ – şŁƃěùěĸđǹØǹóıýØĸǹØĸùǹţýóůşýǹýĸƃěşŁĸķýĸŪǹ ØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ – ŁǹóŁĸŪşěòůŪýǹŪŁǹŪĘýǹƃěŪØıěŪƊǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹØĸùǹ ŪĘýǹţůóóýţţǹŁĐǹŁůşǹóůţŪŁķýşţǿ – ŁǹŜşŁķŁŪýǹŪĘýǹØŪŪşØóŪěƃýĸýţţǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǹ ØĸùǹŁůşǹůĸěŞůýǹķěƉǹŁĐǹşýŪØěıǹØĸùǹĐŁŁùǹØĸùǹòýƃýşØđýǿ Employees fůşǹýķŜıŁƊýýţǹØşýǹŪĘŁţýǹƄĘŁǹØşýǹùěşýóŪıƊǹýķŜıŁƊýùǹ òƊǹůţǹŁĸǹŜýşķØĸýĸŪǹŁşǹǇƉýùțŪýşķǹóŁĸŪşØóŪţǿ – ůěıùěĸđǹŁůşǹùƊĸØķěóǹóůıŪůşýǿ – ŁĸŪěĸůěĸđǹŪŁǹØŪŪşØóŪȀǹùýƃýıŁŜǹØĸùǹşýŪØěĸǹ talented people who share our values. – &ĸţůşěĸđǹŁŜýĸǹØĸùǹóŁııØòŁşØŪěƃýǹěĸŪýşĸØıǹ óŁķķůĸěóØŪěŁĸţǹŪĘØŪǹĐØóěıěŪØŪýǹŪĘýǹķŁţŪǹ ýǄýóŪěƃýǹƄØƊţǹŁĐǹƄŁşĮěĸđǿ – şŁķŁŪěĸđǹýķŜıŁƊýýǹƄýııțòýěĸđǿ – Empowering our employees to take opportunities for development and progression. – ŁǹùýıěƃýşǹŁůşǹţŪşØŪýđěóǹŁòĪýóŪěƃýţǹŪĘşŁůđĘǹŁůşǹ ýķŜıŁƊýýţȬǹěĸùěƃěùůØıǹØĸùǹóŁııýóŪěƃýǹĮĸŁƄıýùđýȀǹ ýƉŜýşěýĸóýǹØĸùǹóŁķķěŪķýĸŪǿ – To foster motivated ambassadors for our organisation. – To keep employees informed about business ŜýşĐŁşķØĸóýǹØĸùǹóĘØĸđýţǹØĸùǹŪŁǹţýýĮǹŪĘýěşǹěĸŜůŪǹ where relevant. – ŁǹóŁĸŪěĸůŁůţıƊǹěķŜşŁƃýǹŁůşǹƄØƊţǹŁĐǹƄŁşĮěĸđǿ Suppliers fůşǹţůŜŜıěýşţǹØşýǹŪĘŁţýǹƄĘŁǹĘØƃýǹØǹùěşýóŪǹ óŁĸŪşØóŪůØıǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹůţȀǹěĸóıůùěĸđǹŁůşǹ ķØĸØđěĸđǹØđýĸŪţȀǹŁůŪţŁůşóýùǹţýşƃěóýǹŜşŁƃěùýşţȀǹ òůěıùěĸđǹóŁĸŪşØóŪŁşţȀǹŜşŁĪýóŪǹķØĸØđýşţȀǹóŁĸţůıŪØĸŪţǹ ØĸùǹØǹşØĸđýǹŁĐǹŜşŁŜýşŪƊǹØĸùǹóŁşŜŁşØŪýǹØùƃěţýşţǹ ØóşŁţţǹŜşŁĐýţţěŁĸØıǹùěţóěŜıěĸýţǿ – "ýƃýıŁŜěĸđǹØĸùǹķØěĸŪØěĸěĸđǹóŁĸţŪşůóŪěƃýǹ şýıØŪěŁĸţĘěŜţǹØĸùǹƄŁşĮěĸđǹóŁııØòŁşØŪěƃýıƊǹ with suppliers. – ĸùýşŪØĮěĸđǹØŜŜşŁŜşěØŪýǹØĸùǹşýţŜŁĸţěòıýǹ ŜşŁóůşýķýĸŪǹŁĐǹĘěđĘțŞůØıěŪƊǹđŁŁùţǹØĸùǹ ţýşƃěóýţǹƄěŪĘǹţůŜŜıěýşţǹƄĘŁǹØşýǹØıěđĸýùǹƄěŪĘǹ ŁůşǹƃØıůýţȀǹěĸóıůùěĸđǹŪĘşŁůđĘŁůŪǹŪĘýěşǹŁƄĸǹ ţůŜŜıƊǹóĘØěĸţǿ – ýóýěƃěĸđǹţýşƃěóýţǹŪĘØŪǹķýýŪǹŪĘýǹ agreed standards. – Providing fair payment terms to our suppliers. – ŁǹùýıěƃýşǹØĸǹØŜŜşŁŜşěØŪýǹĘěđĘțŞůØıěŪƊǹıýƃýıǹ ŁĐǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǹòƊǹ ıýƃýşØđěĸđǹŁůşǹıŁĸđțŪýşķǹóŁĸţŪşůóŪěƃýǹØĸùǹŁŜýĸǹ şýıØŪěŁĸţĘěŜţǹƄěŪĘǹŁůşǹţůŜŜıěýşţȀǹƄĘěóĘǹØşýǹòØţýùǹ ŁĸǹķůŪůØıǺŪşůţŪǿ 46 Shaftesbury Capital PLC | 2024 Annual Report How we engage Outcomes of our engagement Further information – fůşǹŪýØķţǹıěØěţýǹùěşýóŪıƊǹƄěŪĘǹŁůşǹ óůţŪŁķýşţȀǹØĸùǹŜŁŪýĸŪěØıǹóůţŪŁķýşţȀǹ ƄěŪĘǹŪĘýǹØěķǹŁĐǹóşýØŪěĸđǹóŁııØòŁşØŪěƃýǹ business partnerships. – ©ýǹĘØƃýǹıØůĸóĘýùǹØĸǹØĸĸůØıǹóůţŪŁķýşǹ ţůşƃýƊǹŪŁǹŁòŪØěĸǹĐŁşķØıǹĐýýùòØóĮǹĐşŁķǹ ŁůşǹóůţŪŁķýşţǹşýđØşùěĸđǹŪĘýǹţýşƃěóýţǹ we provide. – ©ýǹůţýǹŁĸıěĸýǹŜŁşŪØıţȀǹƄĘýşýǹØŜŜıěóØòıýȀǹ ŪŁǹŜşŁƃěùýǹùýţŪěĸØŪěŁĸțǹØĸùǹŁóóůŜěýşț ţŜýóěǇóǹěĸĐŁşķØŪěŁĸǹŪŁǹýĸØòıýǹŁůşǹ óůţŪŁķýşţǹŪŁǹěĸŪýşØóŪǹƄěŪĘǹůţǿǹ©ýǹØěķǹŪŁǹ ýƉŪýĸùǹŁůşǹóůţŪŁķýşǹŜŁşŪØıǹŪŁǹóŁƃýşǹØııǹ properties within our portfolio. – ŁĸŪěĸůýùǹóØşýĐůıǹóůşØŪěŁĸǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǿ – ŪşŁĸđǹŜØşŪĸýşţĘěŜţǹØşýǹóşýØŪýùǹƄěŪĘǹŁůşǹóŁķķýşóěØıǹ óůţŪŁķýşţȀǹƄĘěóĘǹØııŁƄǹůţǹŪŁǹůĸùýşţŪØĸùǹŪĘýěşǹĸýýùţǹØĸùǹ ŜşŁƃěùýǹŪĘýǹţýşƃěóýţǹØĸùǹýĸƃěşŁĸķýĸŪǹşýŞůěşýùǹŪŁǹţůŜŜŁşŪǹ ŪĘýěşǹóŁķķýşóěØıǹţůóóýţţǿ – ůØıěŪƊǹıěƃěĸđǹýƉŜýşěýĸóýţǹĐŁşǹŁůşǹşýţěùýĸŪěØıǹóůţŪŁķýşţǿ – ǓǖǒǹĸýƄǹıýŪŪěĸđţǹØĸùǹşýĸýƄØıţȀǹěĸóıůùěĸđǹUțǇşţŪǹţŪŁşýţǹØĸùǹ şýıŁóØŪěŁĸǹŁşǹýƉŜØĸţěŁĸǹŁĐǹØǹĸůķòýşǹŁĐǹóůţŪŁķýşţǹŪŁǹţůěŪǹ ŪĘýěşǹóĘØĸđěĸđǹĸýýùţǿ – fůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţȁǹŜØđýǹǐǏ – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ – ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ – ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǺǐǐǏ – ©ýǹùýıěƃýşǹØǹóŁķŜşýĘýĸţěƃýǹóØıýĸùØşǹŁĐǹ óØķŜØěđĸţȀǹýƃýĸŪţǹØĸùǹķØşĮýŪěĸđǹěĸěŪěØŪěƃýţǿ – ©ýǹùşěƃýǹşýđůıØşǹěĸŪýşØóŪěŁĸǹƃěØǹŁůşǹ ǑǓǹţŁóěØıǹķýùěØǹóĘØĸĸýıţȀǹØóşŁţţǹØııǹ our destinations. – ©ýǹůĸùýşŪŁŁĮǹóŁĸţůķýşǹýĸđØđýķýĸŪǹ surveys for Covent Garden and ØşĸØòƊǹɁǹŁĘŁǹýķØěıǹØĸùǹşýƄØşùǹ óØşùǹţůòţóşěòýşţǹěĸǹǑǏǑǓȀǹŪŁǹòýŪŪýşǹ ůĸùýşţŪØĸùǹŪĘýěşǹƃěýƄţǹŁĸǹŁůşǹóůşşýĸŪǹ ØĸùǹĐůŪůşýǹŁǄýşěĸđţǿ – "ůşěĸđǹǑǏǑǓǹƄýǹůĸùýşŪŁŁĮǹØǹƄěùýǹƃØşěýŪƊǹŁĐǹóØķŜØěđĸţǹ ØóşŁţţǹŁůşǹùýţŪěĸØŪěŁĸţǿ – ©ýǹØùùýùǹǐǑǔȀǏǏǏǹķŁşýǹĐŁııŁƄýşţǹŪŁǹŁůşǹţŁóěØıǹóĘØĸĸýıţǿ – ©ýǹşýóýěƃýùǹŁƃýşǹǐȀǖǏǏǹşýţŜŁĸţýţǹŪŁǹŪĘýǹóŁĸţůķýşǹ ýĸđØđýķýĸŪǹţůşƃýƊǹĐŁşǹŁƃýĸŪǹ:ØşùýĸȀǹƄěŪĘǹŁƃýşǹǘǏǹŜýşǹóýĸŪǹ ŁĐǹŪĘŁţýǹşýţŜŁĸùěĸđǹţØƊěĸđǹŪĘýƊǹƄýşýǹıěĮýıƊǹŪŁǹşýóŁķķýĸùǹ Covent Garden to a friend. – ©ýǹşýóýěƃýùǹŁƃýşǹǑȀǓǏǏǹşýţŜŁĸţýţǹŪŁǹŪĘýǹóŁĸţůķýşǹ ýĸđØđýķýĸŪǹţůşƃýƊǹĐŁşǹØşĸØòƊǹɁǹŁĘŁȀǹƄěŪĘǹǗǔǹŜýşǹóýĸŪǹŁĐǹ ŪĘŁţýǹşýţŜŁĸùěĸđǹţØƊěĸđǹŪĘýƊǹƄýşýǹıěĮýıƊǹŪŁǹşýóŁķķýĸùǹŪĘýǹ area to a friend. – ©ĘƊǹƄýǹěĸƃýţŪǹěĸǹWŁĸùŁĸȬţǹ©ýţŪǹ&ĸùȁǹ ŜØđýǹǗ – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – şýØŪěĸđǹóŁĸţůķýşǹýƉŜýşěýĸóýţǹ ØóşŁţţǹŁůşǹ©ýţŪǹ&ĸùǹŜŁşŪĐŁıěŁȁǹŜØđýǹǒǏ – ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ – ©ýǹıØůĸóĘýùǹŁůşǹǇşţŪǹýķŜıŁƊýýǹţůşƃýƊǿ – We hold regular townhall meetings led òƊǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿ – fůşǹĘěýĐǹ&ƉýóůŪěƃýǹķýýŪţǹěĸĐŁşķØııƊǹ with small groups of employees. – Our Employee Engagement Forum is ØŪŪýĸùýùǹòƊǹěóĘØşùǹĮýşţȀǹŁůşǹýĸěŁşǹ DĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǿ – ĘýǹŪŁƄĸĘØııǹķýýŪěĸđţǹěĸǹǑǏǑǓǹóŁƃýşýùǹŪŁŜěóţǹţůóĘǹØţǹŪĘýǹ ŁķŜØĸƊȬţǹǇĸØĸóěØıǹşýţůıŪţȀǹŪĘýǹØĸĸůØıǹŁØşùǹŪşØŪýđƊǹ"ØƊǹ ØĸùǹŪĘýǹùěǄýşýĸŪǹĐůĸóŪěŁĸţǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǹȝǹýĸØòıěĸđǹ ýķŜıŁƊýýţǹŪŁǹıýØşĸǹķŁşýǹØòŁůŪǹŪĘýţýǹŪŁŜěóţǿ – 9ýýùòØóĮǹĐşŁķǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǹØĸùǹ&ķŜıŁƊýýǹ Engagement Forum was provided to the Board over the óŁůşţýǹŁĐǹŪĘýǹƊýØşǿ – ŁţěŪěƃýǹşýţůıŪţǹĐşŁķǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊȀǹěĸóıůùěĸđǹØĸǹ ŁƃýşØııǹýĸđØđýķýĸŪǹţóŁşýǹŁĐǹǗǑǹŜýşǹóýĸŪǿ – ©ýǹţůóóýţţĐůııƊǹùýıěƃýşýùǹŪşØěĸěĸđǹŪŁǹŁůşǹýķŜıŁƊýýţǹ on behaviours and values, as well as leadership and ùýƃýıŁŜķýĸŪǹŪşØěĸěĸđǹØŪǹØǹĸůķòýşǹŁĐǹıýƃýıţǹØóşŁţţǹ the business. – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ – fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ – fůşǹŜýŁŜıýǹØĸùǹóůıŪůşýȁǹŜØđýǹǐǏǏ – ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǺǐǐǏ – AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹ ýķŜıŁƊýýǹýĸđØđýķýĸŪȁǹŜØđýǹǐǐǒ – AŁƄǹƄýǹòýĘØƃýȁǹŜØđýǹǐǑǑ – ©ýǹķŁĸěŪŁşǹŪĘýǹŜşŁđşýţţǹØĸùǹŜýşĐŁşķØĸóýǹ ŁĐǹŁůşǹţůŜŜıěýşţǹØđØěĸţŪǹØđşýýùǹţýşƃěóýǹ ıýƃýıţȀǹěĸóıůùěĸđǹĘŁıùěĸđǹĐşýŞůýĸŪǹěĸĐŁşķØıǹ and formal meetings. – We operate a tendering and onboarding ŜşŁóýţţǹŪĘØŪǹŜşŁķŁŪýţǹĘěđĘǹţŪØĸùØşùţǹ ØĸùǹşýţŜŁĸţěòıýǹòůţěĸýţţǹŜşØóŪěóýţǹěĸǹ ŁůşǹţůŜŜıƊǹóĘØěĸǿ – fůşǹŪýØķǹùýıěƃýşţǹŜýşěŁùěóǹţýķěĸØşţǹ that give us an opportunity to share with ţůŜŜıěýşţǹŁůşǹŁòĪýóŪěƃýţǹØĸùǹƃØıůýţǿ – We established new relationships and strengthened existing ŁĸýţǹòƊǹóŁķķůĸěóØŪěĸđǹŁůşǹýƉŜýóŪØŪěŁĸţǹŪŁǹţůŜŜıěýşţǿǹĘěţǹ ĘØţǹĐŁţŪýşýùǹıŁĸđțŪýşķǹóŁııØòŁşØŪěŁĸǹØĸùǹŪşůţŪǿ – ©ýǹşýǇĸýùǹØĸùǹşýıØůĸóĘýùǹŁůşǹěĸŪýşĸØıǹŜşŁóůşýķýĸŪǹ ŜŁıěóƊǹØĸùǹŜşŁóýţţȀǹŜşŁƃěùěĸđǹØǹşŁòůţŪǹĐşØķýƄŁşĮǹĐŁşǹ supplier management. – fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ – fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ – ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ – AýØıŪĘȀǹţØĐýŪƊǹØĸùǹţýóůşěŪƊȁǹŜØđýǹǐǏǑ – AŁƄǹƄýǹòýĘØƃýȁǹŜØđýǹǐǑǑ fůşǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪȀǹƄĘěóĘǹýƉŜıØěĸţǹĘŁƄǹŪĘýǹŁØşùǹóŁĸţěùýşýùǹ ţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹŪĘýǹŁŪĘýşǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţýóŪěŁĸǹǐǖǑȡǐȢǹŁĐǹŪĘýǹ ŁķŜØĸěýţǹóŪǹǑǏǏǕȀǹóØĸǹòýǹĐŁůĸùǹěĸǹŁůşǹŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪǹŁĸǹ ŜØđýţǹǐǐǗǹØĸùǹǐǑǏǿ 47Shaftesbury Capital PLC | 2024 Annual Report Strategic report | ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ Stakeholders Priorities Why we engage Partners fůşǹŜØşŪĸýşţǹěĸóıůùýǹŁůşǹıŁóØıǹØůŪĘŁşěŪěýţǹØĸùǹ òůţěĸýţţǹěķŜşŁƃýķýĸŪǹùěţŪşěóŪţȀǹĸýěđĘòŁůşěĸđǹ ıØĸùŁƄĸýşţȀǹŪŁůşěţķǹŜØşŪĸýşţȀǹıŁóØıǹØķýĸěŪƊǹ ţŁóěýŪěýţǹØĸùǹòůţěĸýţţǹØţţŁóěØŪěŁĸţȀǹØĸùǹØǹƃØşěýŪƊǹ ŁĐǹóůıŪůşØıǹŜØşŪĸýşţǿǹŪǹØǹĸØŪěŁĸØıǹıýƃýıȀǹŁůşǹ ŜØşŪĸýşţǹěĸóıůùýǹđŁƃýşĸķýĸŪǹòŁùěýţȀǹşýđůıØŪŁşţǹ and industry bodies. – &ĸđØđěĸđǹƄěŪĘǹØĸùǹţůŜŜŁşŪěĸđǹŁůşǹŜØşŪĸýşţȬǹ ıŁóØıǹţŪØŪůŪŁşƊǹØĸùǹýóŁĸŁķěóǹŜıØĸţǹØĸùǹ ŜůòıěóǹşýØıķǹěĸěŪěØŪěƃýţǹěĸǹØǹŜşŁØóŪěƃýǹķØĸĸýşǹ ŪŁǹýĸţůşýǹŪĘýǹóŁĸŪěĸůýùǹØŪŪşØóŪěƃýĸýţţǹŁĐǹŪĘýǹ ©ýţŪǺ&ĸùǿ – ©ŁşĮěĸđǹóŁŁŜýşØŪěƃýıƊǹƄěŪĘǹØǹşØĸđýǹŁĐǹ government bodies and regulators to ensure that we adhere to all relevant laws and şýđůıØŪěŁĸţȀǹĐŁţŪýşěĸđǹŪşØĸţŜØşýĸóƊǹØĸùǹ ØóóŁůĸŪØòěıěŪƊǹěĸǹŁůşǹŁŜýşØŪěŁĸţǿ – ŁǹýĸţůşýǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹ as a lively, safe and preferred destination for those who live, work and visit, by being a good ĸýěđĘòŁůşǹØĸùǹŜşØóŪěţěĸđǹşýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǿ Local communities fůşǹóŁķķůĸěŪěýţǹØşýǹŪĘŁţýǹƄĘŁǹƄŁşĮȀǹıěƃýǹØĸùǹ study in or around our destinations, as well as ıŁóØıǹŁşđØĸěţØŪěŁĸţȀǹěĸóıůùěĸđǹòůţěĸýţţǹØĸùǹţŁóěØıǹ ýĸŪýşŜşěţýţȀǹţóĘŁŁıţǹØĸùǹóĘØşěŪěýţǿ – ĸùýşţŪØĸùěĸđǹŪĘýǹƄěùýǹƃØşěýŪƊǹŁĐǹĸýýùţǹ ØóşŁţţǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǹØĸùǹĘŁƄǹƄýǹ óØĸǹòýţŪǹţůŜŜŁşŪǹŪĘýķǹØţǹØǹşýţŜŁĸţěòıýȀǹ ıŁĸđțŪýşķǹěĸƃýţŪŁşǹěĸǹŁůşǹùýţŪěĸØŪěŁĸţǿ – UýýŜěĸđǹŁůşǹóŁķķůĸěŪěýţǹşýđůıØşıƊǹěĸĐŁşķýùǹ ŁĐǹŁůşǹØóŪěƃěŪěýţǹØĸùǹěĸěŪěØŪěƃýţǿ – ŁǹýĸĘØĸóýǹŪĘýǹƃěòşØĸóƊǹŁĐǹŁůşǹùýţŪěĸØŪěŁĸţǹ ŪĘşŁůđĘǹóŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǿ – ŁǹĮýýŜǹŁůşǹóŁķķůĸěŪěýţǹşýđůıØşıƊǹěĸĐŁşķýùǹŁĐǹ ŁůşǹØóŪěƃěŪěýţǹØĸùǹěĸěŪěØŪěƃýţǹØĸùǹŪŁǹşýţŜŁĸùǹŪŁǹ their views and needs. – ŁǹŜşŁƃěùýǹŁĸđŁěĸđǹţůŜŜŁşŪǹŪŁǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹ ŪŁǹØùùşýţţǹıŁóØıǹěţţůýţǹţůóĘǹØţǹýķŜıŁƊķýĸŪǹØĸùǹ training, in order to play our part as a responsible investor in the West End. Joint ventures and associates fůşǹóůşşýĸŪǹĪŁěĸŪǹƃýĸŪůşýǹěţǹŁůşǹǔǏȁǔǏǹWěııěýǹŞůØşýǹ ĪŁěĸŪǹƃýĸŪůşýǹƄěŪĘǹĘýǹUƄŁĮǹ9ØķěıƊǹDĸŪýşýţŪţǿǹŜǹ ŪŁǹfóŪŁòýşǹǑǏǑǓȀǹƄýǹØıţŁǹĘØùǹØǹǔǏȁǔǏǹWŁĸđķØşŪěĸǹ ØţţŁóěØŪýǹƄěŪĘǹĘýǹ]ýşóýşţȬǹŁķŜØĸƊǿ – đşýýěĸđǹţŪşØŪýđěýţǹŪŁǹýĸĘØĸóýǹŁůşǹŜŁşŪĐŁıěŁţǿǹ – Ensuring the estates are well managed. – :şŁƄěĸđǹıŁĸđțŪýşķǹşýıØŪěŁĸţĘěŜţǹƄěŪĘǹ our partners. – ŁǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹŁůşǹŜØşŪĸýşţǹěĸǹŁşùýşǹ ŪŁǹùýıěƃýşǹţůóóýţţĐůıǹŁůŪóŁķýţǹŪĘØŪǹòýĸýǇŪǹ òŁŪĘǹŜØşŪěýţǹØĸùǹØùùǹıŁĸđțŪýşķǹƃØıůýǹŪŁǹŁůşǹ şýţŜýóŪěƃýǹĘŁıùěĸđţǿ Finance providers fůşǹǇĸØĸóýǹŜşŁƃěùýşţǹěĸóıůùýǹŁůşǹıýĸùěĸđǹ òØĸĮţȀǹţýóůşýùțùýòŪǹŜşŁƃěùýşţȀǹýƉóĘØĸđýØòıýǹ òŁĸùĘŁıùýşţǹØĸùǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹ note holders. – ]ØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹ ƄěŪĘǹØóóýţţǹŪŁǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊǿǹ – ŁĸŪěĸůěĸđǹóŁķŜıěØĸóýǹƄěŪĘǹŁůşǹ ǇĸØĸóěØıǹóŁƃýĸØĸŪţǿ – To give value to the strong and transparent şýıØŪěŁĸţĘěŜţǹƄýǹĘØƃýǹƄěŪĘǹØııǹŁůşǹǇĸØĸóýǹ ŜşŁƃěùýşţȀǹƄĘěóĘǹØşýǹòØţýùǹŁĸǹķůŪůØıǹ understanding and regular engagement. – ŁǹýĸţůşýǹŪĘØŪǹŁůşǹǇĸØĸóýǹŜşŁƃěùýşţǹØşýǹĮýŜŪǹ ůŜùØŪýùǹØòŁůŪǹŁůşǹòůţěĸýţţǹŜýşĐŁşķØĸóýǹØĸùǹ ØóŪěƃěŪěýţȀǹŁůşǹóŁķŜıěØĸóýǹƄěŪĘǹǇĸØĸóěØıǹóŁƃýĸØĸŪţǹ ØĸùǹŁůşǹŜşŁŜŁţýùǹØóŪěŁĸţǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹ ůĸùýşıƊěĸđǹţýóůşýùǹØţţýŪţǿ Shareholders Our shareholders are the owners of our business. – ŁķķůĸěóØŪěĸđǹŁůşǹěĸƃýţŪķýĸŪǹóØţýǿǹ – "ýıěƃýşěĸđǹŁĸǹŁůşǹŜůşŜŁţýǹØĸùǹŁůşǺţŪşØŪýđƊǿ – óĘěýƃěĸđǹŁůşǹķýùěůķțŪýşķǹŪØşđýŪţǿ – ]ØĮěĸđǹØǹıŁĸđțŪýşķǹŜŁţěŪěƃýǹěķŜØóŪǿ – To strengthen our relationships with our existing shareholders, potential investors and ţýııțţěùýǹØĸØıƊţŪţȀǹýĸţůşěĸđǹŪĘØŪǹƄýǹůĸùýşţŪØĸùǹ their priorities. – ŁǹŜşŁƃěùýǹůŜùØŪýţǹŁĸǹŁůşǹØóŪěƃěŪěýţȀǹěĸƃýţŪķýĸŪǹ óØţýǹØĸùǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮǿ 48 Shaftesbury Capital PLC | 2024 Annual Report How we engage Outcomes of our engagement Further information – Our engagement takes many forms, ěĸóıůùěĸđǹķýýŪěĸđţȀǹŜıØĸĸěĸđǹóŁĸţůıŪØŪěŁĸţȀǹ ƄŁşĮěĸđǹđşŁůŜţǹØĸùǹşýţŜŁĸţýţǹŪŁǹŜŁıěóƊǹ óŁĸţůıŪØŪěŁĸţǹØĸùǺţůşƃýƊţǿ – ©ýǹŪØĮýǹØĸǹØóŪěƃýǹşŁıýǹěĸǹŪĘýǹıŁóØıǹěĸŪýşýţŪǹ groups where we have membership or representation. – ©ýǹóŁĸŪşěòůŪýǹŪŁǹěĸěŪěØŪěƃýţǹŪĘØŪǹŜşŁķŁŪýǹ ŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǹòýƊŁĸùǹ our destinations. – ©ýǹŜØşŪěóěŜØŪýǹěĸǹĸýěđĘòŁůşĘŁŁùǹ óŁțŁşùěĸØŪěŁĸǺđşŁůŜţȀǹƄĘěóĘǹĘýıŜǹ şýţŜŁĸùǹŪŁǹıŁóØıǹţŁóěØıǹóĘØııýĸđýţǿ – &ĸđØđýùǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹƄěŪĘǹŪĘýǹŜŁıěŪěóØıǹıýØùýşţĘěŜǹØĸùǹ ŁǅóýşţǹŁĐǹ©ýţŪķěĸţŪýşǹěŪƊǹŁůĸóěıǹØĸùǹŪĘýǹWŁĸùŁĸǹŁşŁůđĘǹ ŁĐǹØķùýĸǹŁůĸóěıǹŪŁǹůĸùýşţŪØĸùǹĘŁƄǹƄýǹóØĸǹóŁĸŪşěòůŪýǹŁůşǹ ŜşØóŪěóØıǹĮĸŁƄıýùđýǹØĸùǹýƉŜýşěýĸóýǹěĸǹŁşùýşǹŪŁǹØóĘěýƃýǹŁůşǹ shared goals. – ØşŪěóěŜØŪýùǹěĸǹŁşǹţůŜŜŁşŪýùǹıŁóØıǹěĸěŪěØŪěƃýţȀǹěĸóıůùěĸđǹØǹŪşěØıǹ ŁĐǹýțţóŁŁŪýşǹØĸùǹýțòěĮýǹŜØşĮěĸđǹòØƊţȀǹŪĘýǹůŜđşØùýǹŁĐǹŜůòıěóǹ óŁĸƃýĸěýĸóýţǹěĸǹķůıŪěŜıýǹıŁóØŪěŁĸţǹƄěŪĘěĸǹŪĘýǹŁĘŁǹùěţŪşěóŪȀǹ ØĸùǹţŪşýýŪţóØŜýǹěķŜşŁƃýķýĸŪţǹŪŁǹAýĸşěýŪŪØǹŪşýýŪǿ – ýţŜŁĸùýùǹŪŁǹŜŁıěóƊǹóŁĸţůıŪØŪěŁĸţǹòƊǹıŁóØıǹØĸùǹşýđěŁĸØıǹ ØůŪĘŁşěŪěýţǹŁĸǹķØŪŪýşţǹţůóĘǹØţǹŪşØĸţŜŁşŪǹţŪşØŪýđƊȀǹĸěđĘŪıěĐýǹ ØĸùǹŪĘýǹŜůòıěóǹşýØıķǿ – óŪěƃýǹķýķòýşţǹŁĐǹěĸùůţŪşƊǹđşŁůŜţǹěĸóıůùěĸđǹŪĘýǹUǹ:şýýĸǹ ůěıùěĸđǹŁůĸóěıǹØĸùǹýŪŪýşǹůěıùěĸđţǹØşŪĸýşţĘěŜǿ – ůŜŜŁşŪýùǹWŁĸùŁĸǹ9ØţĘěŁĸǹ©ýýĮǹØĸùǹşěŪěţĘǹýØůŪƊǹ©ýýĮǹ ƃěØǹŁůşǹØţţŁóěØŪěŁĸţǹƄěŪĘǹŪĘýǹşýıýƃØĸŪǹěĸùůţŪşƊǹóŁůĸóěıţǿ – ]ØěĸŪØěĸýùǹŁůşǹıŁƄțşěţĮǹŪØƉǹşØŪěĸđǹƄěŪĘǹA]ǿ – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ – ©ýǹƄŁşĮǹóıŁţýıƊǹƄěŪĘǹŁůşǹóŁķķůĸěŪƊǹ ŜØşŪĸýşţȀǹıŁóØıǹýĸŪýşŜşěţýţǹØĸùǹŁŪĘýşţǹ ŪŁǹţůŜŜŁşŪǹŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǹŪĘØŪǹ òýĸýǇŪǹıŁóØıǹóŁķķůĸěŪěýţǹěĸǹØĸùǹØşŁůĸùǹ our destinations. – ©ýǹóŁĸŪşěòůŪýǹŁůşǹŪěķýȀǹţŜØóýǹØĸùǹ knowledge to, and made donations towards, ıŁóØıǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǿ – fůşǹóŁķķůĸěŪƊǹđşØĸŪţǹŜşŁđşØķķýǹ ŜşŁƃěùýţǹĐůĸùěĸđǹŪŁƄØşùţǹŪĘýǹóŁţŪǹŁĐǹıŁóØıǹ ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿ – fůşǹùýţŪěĸØŪěŁĸǹşýƄØşùǹóØşùţǹŁǄýşǹ ùěţóŁůĸŪţǹØóşŁţţǹıŁóØıǹòůţěĸýţţýţǹĐŁşǹ those that live, work and study within our destinations. – ĸǹůŜùØŪýùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǹĐŁşǹŪĘýǹĸýƉŪǹŪĘşýýǹ ƊýØşţǹŪŁǹşýǈýóŪǹıŁóØıǹĸýýùţǹØĸùǹòýŪŪýşǹķýØţůşýǹŁůşǹěķŜØóŪǿ – DĸǹǑǏǑǓȀǹŪĘýǹƃØıůýǹŁĐǹŁůşǹŪŁŪØıǹóŁĸŪşěòůŪěŁĸţǹŪŁǹóĘØşěŪěýţȀǹ ŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǹƄěŪĘěĸǹŁůşǹıŁóØıǹóŁķķůĸěŪƊǹŪŁŪØııýùǹ ɏǏǿǘǹķěııěŁĸǿǹĘěţǹěĸóıůùýùȁ – "ěşýóŪǹǇĸØĸóěØıǹóŁĸŪşěòůŪěŁĸţǹŪŁǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹ ØĸùǹđşŁůŜţǹţůóĘǹØţǹĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǿǹ]ØşŪěĸţǿ – ɏǗǖȀǓǓǑǹěĸǹŪŁŪØıǹěĸǹóŁķķůĸěŪƊǹđşØĸŪţǹŪŁƄØşùţǹǐǘǹıŁóØıǹ ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿ – ǔǑǏǹýķŜıŁƊýýǹĘŁůşţǹƃŁıůĸŪýýşýùǹŪŁǹıŁóØıǹóŁķķůĸěŪƊǹ ŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǿ – ŜǹŪŁǹØǹƃØıůýǹŁĐǹɏǏǿǒǹķěııěŁĸǹŁĐǹěĸțĮěĸùǹţŜØóýǹĐŁşǹóĘØşěŪěýţǹ ØĸùǹóĘØşěŪØòıýǹýƃýĸŪţǿ – ţǹØǹşýţůıŪǹŁĐǹĐýýùòØóĮǹĐşŁķǹıŁóØıǹóŁķķůĸěŪěýţȀǹƄýǹƄěŪĘùşýƄǹ ŁůşǹŜıØĸĸěĸđǹØŜŜıěóØŪěŁĸǹŪŁǹşýŜØěĸŪǹŪĘýǹ9ıŁşØıǹŪşýýŪǹòŁııØşùţǿ – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ – fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ – ůţŪØěĸØòěıěŪƊȁǹŜØđýǹǖǗ – 9ŁşǹWěııěýǹŞůØşýȀǹƄýǹýĸđØđýǹĐşýŞůýĸŪıƊǹ ƄěŪĘǹŁůşǹŜØşŪĸýşȀǹěĸóıůùěĸđǹşýđůıØşǹùěØıŁđůýǹ between operational and management teams, outside Board meetings. – Prior to the sale of our interest in the WŁĸđķØşŪěĸǹØţţŁóěØŪýȀǹƄýǹĘýıùǹşýđůıØşǹ ŁØşùǹķýýŪěĸđţǹØĸùǹĐşýŞůýĸŪǹØùǹĘŁóǹ engagement during the year to oversee ùØƊțŪŁțùØƊǹŁŜýşØŪěŁĸţǿ – đşýýùǹŪĘýǹØĸĸůØıǹòůţěĸýţţǹŜıØĸǹĐŁşǹWěııěýǹŞůØşýȀǹƄĘěóĘǹ óŁƃýşţǹŜşěŁşěŪěýţǹĐŁşǹǑǏǑǔǿ – ĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹĘŁıùěĸđǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹØţţŁóěØŪýǿ – ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄȁǹŜØđýǹǒǑ – We engage through regular meetings. – We provide tours led by the Chief &ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹ ţýĸěŁşǹķØĸØđýķýĸŪǹØóşŁţţǹŁůşǹŜŁşŪĐŁıěŁȀǹ where appropriate. – &ĸŪýşýùǹěĸŪŁǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹǇƃýțƊýØşǹůĸţýóůşýùǹŪýşķǹĐØóěıěŪƊǿ – &ƉýşóěţýùǹØǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹ ţýĸěŁşǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǿǹ – ýŜØěùǹɏǘǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹůĸţýóůşýùǹıŁØĸǹĸŁŪýţǿ – ýǇĸØĸóýùǹØĸùǹýƉŪýĸùýùǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹ óşýùěŪǹĐØóěıěŪƊǿ – fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ – fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ – 9ěĸØĸóěØıǹşýƃěýƄȁǹŜØđýǹǔǏ – Our investor relations programme provides regular updates on our results ØĸùǹØóŪěƃěŪěýţȀǹØĸùǹóŁķķůĸěóØŪýţǹŁůşǹ ěĸƃýţŪķýĸŪǹóØţýǿǹĘěţǹěĸóıůùýţǹşýţůıŪţǹ and reporting, regular press releases, ŁĸýțŪŁțŁĸýǹķýýŪěĸđţȀǹşŁØùţĘŁƄţǹØĸùǹ óŁĸĐýşýĸóýţȀǹŜşŁŜýşŪƊǹŪŁůşţǹØĸùǹŁůşǹ Annual General Meeting. – ŁţěŪěƃýǹĐýýùòØóĮǹĐşŁķǹØǹşØĸđýǹŁĐǹěĸƃýţŪŁşţǹùůşěĸđǹŁůşǹ ýĸđØđýķýĸŪǹØóŪěƃěŪěýţǿ – DĸƃýţŪŁşǹĐýýùòØóĮǹĐŁııŁƄěĸđǹķýýŪěĸđţǹØĸùǹŪŁůşţǹěţǹţĘØşýùǹƄěŪĘǹ ŪĘýǹŁØşùǹØĸùǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĐŁşǹóŁĸţěùýşØŪěŁĸǹěĸǹ ŪĘýěşǹùýóěţěŁĸțķØĮěĸđǿ – All resolutions at our 2024 Annual General Meeting passed ƄěŪĘǹţůŜŜŁşŪǹěĸǹýƉóýţţǹŁĐǹǗǘǹŜýşǹóýĸŪǿ – ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪȁǹŜØđýǹǐǑ – fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊȁǹŜØđýǹǐǕ – fůşǹòůţěĸýţţǹķŁùýıȁǹŜØđýǹǐǖ – ŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪȁǹ ŜØđýǹǐǏǓ – ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸȁǹŜØđýǹǐǐǏ – "ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪȁǹ ŜØđýǹǐǒǗ 49Shaftesbury Capital PLC | 2024 Annual Report Financial review 50 Shaftesbury Capital PLC | 2024 Annual Report 51Shaftesbury Capital PLC | 2024 Annual Report Strategic report Financial review Situl Jobanputra ĘěýĐǹ9ěĸØĸóěØıǹfǅóýş “2024 has been a year of progress with a focus on delivering rental growth, cost and capital discipline, and maintaining a strong balance sheet, which has resulted in growing earnings, dividends, valuation and net asset value. The Company is well-positioned, with ØóóýţţǹŪŁǹţěđĸěǇóØĸŪǹıěŞůěùěŪƊǹŪŁǹùýıěƃýşǹĐůşŪĘýşǹđşŁƄŪĘǹ and long-term value creation.” Financial results £167.1m :şŁţţǹŜşŁǇŪ £252.1m şŁǇŪǹĐŁşǹŪĘýǹƊýØş £73.0m Underlying earnings 4.0p Underlying earnings per share 3.5p Dividend per share £4,973m Total portfolio market value £3,674m Net assets 200.2p EPRA NTA per share 27.4% EPRA loan-to-value £559.8m Cash and undrawn facilities 7.6% Total property return 7.0% Total accounting return -6.9% Total shareholder return Financial highlights ĘěţǹǇĸØĸóěØıǹƊýØşǹƄýǹùýıěƃýşýùǹóŁĸŪěĸůýùǹţŪşŁĸđǹŁŜýşØŪěŁĸØıǹ ØĸùǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹŪĘýǹ:şŁůŜǿǹóŪěƃěŪƊǹıýƃýıţǹ across our portfolio have remained consistently high, including in ŪĘýǹěķŜŁşŪØĸŪǹĐŁůşŪĘǹŞůØşŪýşǹĐŁşǹŁůşǹşýŪØěıǹØĸùǹ9ȺǹóůţŪŁķýşţȀǹ as evidenced by the vibrancy of our estates, footfall, customer sales, leasing volumes and the strong pipeline. A number of properties and investments were sold at or around valuation with the proceeds being reinvested into our portfolio, property ØóŞůěţěŪěŁĸţǹØĸùǹůţýùǹĐŁşǹùýòŪǹşýŜØƊķýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýşýǹ has been growth in rental income, earnings, dividends, property valuations and net tangible assets per share. ĸùýşıƊěĸđǹýØşĸěĸđţǹĐŁşǹŪĘýǹƊýØşǹƄýşýǹɏǖǒǿǏǹķěııěŁĸȀǹýŞůěƃØıýĸŪǹ to 4.0 pence per share, driven primarily by higher net rental income on a like-for-like basis. The Directors have proposed ØǹǇĸØıǹùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹƄĘěóĘǹƄĘýĸǹóŁķòěĸýùǹ ƄěŪĘǹŪĘýǹěĸŪýşěķǹùěƃěùýĸùǹŁĐǹǐǿǖǹŜýĸóýǹşýţůıŪţǹěĸǹØǹŪŁŪØıǹùěƃěùýĸùǹ per share in respect of the year of 3.5 pence per share. The wholly-owned portfolio has been independently valued at ɏǓȀǘǖǒǿǔǹķěııěŁĸȀǹşýǈýóŪěĸđǹǓǿǔǹŜýşǹóýĸŪǹıěĮýțĐŁşțıěĮýǹđşŁƄŪĘǿǹ&¨ǹ increased by 7.7 per cent (like-for-like) to £250.6 million and ØĸĸůØıěţýùǹđşŁţţǹěĸóŁķýǹƄØţǹůŜǹǗǿǏǹŜýşǹóýĸŪǹıěĮýțĐŁşțıěĮýǹŪŁǹ ɏǑǏǑǿǗǹķěııěŁĸǿǹĘýǹýŞůěƃØıýĸŪǹƊěýıùǹŁĸǹŪĘýǹŜŁşŪĐŁıěŁǹƄØţǹ ǓǿǓǔǹŜýşǹóýĸŪȀǹşýǈýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹ points over the year. The sale of selected properties was completed in the year for ŪŁŪØıǹŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǹƄěŪĘǹØĸǹØùùěŪěŁĸØıǹɏǘǿǗǹķěııěŁĸǹ ĘØƃěĸđǹýƉóĘØĸđýùǹØĸùǹùůýǹŪŁǹóŁķŜıýŪýǹěĸǹŪĘýǹǇşţŪǹŞůØşŪýşǹŁĐǹ 2025. Since the merger, total asset disposals of £246.6 million have completed at an overall premium to valuation (before óŁţŪţȢȀǹşýŜşýţýĸŪěĸđǹØŜŜşŁƉěķØŪýıƊǹǇƃýǹŜýşǹóýĸŪǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǿǹ In addition, in October 2024 the Company sold its 50 per cent shareholding in the Longmartin investment. Total proceeds of ɏǘǓǿǔǹķěııěŁĸǹƄýşýǹşýóýěƃýùȀǹóŁķŜşěţěĸđǹɏǗǑǿǘǹķěııěŁĸǹĐŁşǹŪĘýǹ ţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹóýĸŪǹýŞůěŪƊǹěĸŪýşýţŪǹØĸùǹɏǐǐǿǕǹķěııěŁĸǹěĸǹ respect of repayment of the interest-bearing loan. "ůşěĸđǹŪĘýǹƊýØşȀǹɏǗǒǿǐǹķěııěŁĸǹȡòýĐŁşýǹóŁţŪţȢǹƄØţǹşýěĸƃýţŪýùǹěĸŪŁǹ ØţţýŪǹØóŞůěţěŪěŁĸţǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹŪØĮěĸđǹØóŞůěţěŪěŁĸţǹţěĸóýǹ ķýşđýşǹŪŁǹɏǗǕǿǏǹķěııěŁĸǿǹ Overall EPRA NTA (net tangible assets) per share increased by ǔǿǑǹŜýşǹóýĸŪǹĐşŁķǹǐǘǏǿǒǹŜýĸóýǹŪŁǹǑǏǏǿǑǹŜýĸóýǿǹŁķòěĸýùǹƄěŪĘǹ the 3.35 pence per share dividend paid to shareholders during the year, the total accounting return for the year is 7.0 per cent. Total shareholder return for the year was -6.9 per cent, şýǈýóŪěĸđǹùěƃěùýĸùţǹŜØěùǹØĸùǹŪĘýǹóĘØĸđýǹěĸǹŪĘýǹţĘØşýǹŜşěóýǹĐşŁķǹ ǐǒǗǿǐǹŜýĸóýǹŪŁǹǐǑǔǿǔǹŜýĸóýǹŜýşǹţĘØşýǹȡØıŪĘŁůđĘǹŪĘýǹţĘØşýţǹ ƄýşýǹŪşØùěĸđǹƄýııǹØòŁƃýǹǐǔǏǹŜýĸóýǹěĸǹýŜŪýķòýşǹǑǏǑǓȢǿǹŁŪØıǹ property return was 7.6 per cent, representing 0.6 percentage points of outperformance against the MSCI total return index. ©ýǹĘØƃýǹķØùýǹţěđĸěǇóØĸŪǹŜşŁđşýţţǹùýıěƃýşěĸđǹóŁţŪǹţØƃěĸđţǹ ØóşŁţţǹŪĘýǹòůţěĸýţţǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýǄýóŪěƃýǹØĸùǹ ýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýǿǹ9ůşŪĘýşǹěĸóŁķýǹ đşŁƄŪĘǹĐşŁķǹıýØţěĸđǹØóŪěƃěŪƊǹØĸùǹŁŜýşØŪěŁĸØıǹýǅóěýĸóěýţǹěţǹ expected to be achieved in the year ahead, with the EPRA cost ratio (which measures property level and administration costs relative to gross rental income) targeted to reduce towards 30 per cent over the medium-term. The adjusted Company EPRA óŁţŪǹşØŪěŁǹěţǹǒǖǿǒǹŜýşǹóýĸŪȀǹĘØƃěĸđǹòýýĸǹşýùůóýùǹţěđĸěǇóØĸŪıƊǹ since the merger. 9ěĸØĸóýǹóŁţŪţǹşýǈýóŪǹƄýěđĘŪýùǹØƃýşØđýǹóŁţŪǹŁĐǹĸýŪǹùýòŪǹŁĐǹ ǒǿǖǹŜýşǹóýĸŪǹòØţýùǹŁĸǹØƃýşØđýǹĸýŪǹùýòŪǹŁĐǹɏǐǿǔǹòěııěŁĸǹĐŁşǹ the year. 52 Shaftesbury Capital PLC | 2024 Annual Report The Group has a strong balance sheet. The EPRA loan-to-value şØŪěŁǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹǑǖǿǓǹŜýşǹóýĸŪǿǹĘýşýǹěţǹ ţěđĸěǇóØĸŪǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǹØĸùǹØóóýţţǹŪŁǹ ıěŞůěùěŪƊȀǹóŁķŜşěţěĸđǹóØţĘǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţȀǹóůşşýĸŪıƊǹ ɏǔǔǘǿǗǹķěııěŁĸǹȡǒǐǹ"ýóýķòýşǹǑǏǑǒȁǹɏǓǗǔǿǖǹķěııěŁĸȢǿ "ůşěĸđǹŪĘýǹƊýØşǹƄýǹóŁķŜıýŪýùǹØǹşØĸđýǹŁĐǹǇĸØĸóěĸđǹØóŪěƃěŪƊȀǹ ěĸóıůùěĸđȁ ȟ ůŪŪěĸđǹěĸǹŜıØóýǹØǹĸýƄǹǇƃýțƊýØşǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹ loan facility; ȟ Novation and extension of the £300 million revolving credit ĐØóěıěŪƊǹŪŁǹ"ýóýķòýşǹǑǏǑǗȂ ȟ &ØşıƊǹýƉýşóěţýǹŁĐǹŪĘýǹǇşţŪǹǐǑǹķŁĸŪĘǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹ ŪĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹȡɏǐǔǏǹķěııěŁĸǹŁĐǹƄĘěóĘǹěţǹ undrawn), taking its maturity to December 2027; and ȟ Repayment of £95 million of private placement debt which matured in the year. ^ýŪǹùýòŪǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹɏǐǿǓǹòěııěŁĸǹȡǒǐǹ"ýóýķòýşǹ ǑǏǑǒȁǹɏǐǿǔǹòěııěŁĸȢǿǹşěŁşěŪěýţǹŁƃýşǹŪĘýǹĐŁşŪĘóŁķěĸđǹŜýşěŁùǹØşýǹ ŪŁǹşýƃěýƄǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹşýǇĸØĸóýǹķýùěůķțŪýşķǹķØŪůşěŪěýţǹ ØţǹƄýııǹØţǹóŁĸţěùýşØŪěŁĸǹŁĐǹıŁĸđýşțŪýşķǹǇĸØĸóěĸđǹŁŜŪěŁĸţǹŪŁǹ evolve our capital structure, taking advantage of the Group’s ýĸĘØĸóýùǹóşýùěŪǹŜşŁǇıýǿ ǑǏǑǓǹŜýşĐŁşķØĸóýǹşýØǅşķţǹŁůşǹóŁĸǇùýĸóýǹěĸǹŁůşǹţŪşØŪýđƊȀǹ portfolio and business plan. We are focused on delivering our priorities, including sustainable long-term rental growth, đşŁƄěĸđǹóØţĘǹşýĸŪţȀǹŜşŁđşýţţěĸđǹĐůşŪĘýşǹŪŁƄØşùţǹØĸǹýǄýóŪěƃýǹ ØĸùǹýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǹØĸùǹóŁţŪǹòØţýȀǹØĸùǹ maintaining a strong capital structure. Alternative performance measures As is usual practice in the real estate sector, alternative performance measures (“APMs”) are presented for certain indicators, including earnings, earnings per share and EPRA net tangible assets, making adjustments set out by EPRA in its ýţŪǹşØóŪěóýǹýóŁķķýĸùØŪěŁĸţǿǹĘýţýǹşýóŁķķýĸùØŪěŁĸţǹØşýǹ ùýţěđĸýùǹŪŁǹķØĮýǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĐǹŜůòıěóǹşýØıǹýţŪØŪýǹ companies more comparable across Europe, enhancing the transparency, comparability and coherence of the sector. One of the key performance measures which the Group uses is ůĸùýşıƊěĸđǹýØşĸěĸđţǿǹĘýǹůĸùýşıƊěĸđǹýØşĸěĸđţǹķýØţůşýǹşýǈýóŪţǹ ŪĘýǹůĸùýşıƊěĸđǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ:şŁůŜȬţǹ©ýţŪǹ&ĸùǹ property rental business and is a relevant metric in determining dividends. The measure aligns with the main principles of EPRA earnings. EPRA earnings excludes valuation movements on the ƄĘŁııƊțŁƄĸýùȀǹĪŁěĸŪǹƃýĸŪůşýǹØĸùǹØţţŁóěØŪýǹŜşŁŜýşŪěýţȀǹŜşŁǇŪǹ or loss on disposal of investment properties and investment ěĸǹØţţŁóěØŪýţȀǹĐØěşǹƃØıůýǹóĘØĸđýţǹŁĐǹǇĸØĸóěØıǹěĸţŪşůķýĸŪţǹØĸùǹ listed investments, cost of early close out of debt, gain on bargain purchase, IFRS 3 merger-related transaction costs and, following updated guidance issued by EPRA in 2024, adjustments in relation to any other non-operating and ýƉóýŜŪěŁĸØıǹěŪýķţǿǹĘýţýǹěĸóıůùýȁ ȟ The fair value movement of the option component of the ýƉóĘØĸđýØòıýǹòŁĸùǹØţǹţůóĘǹķŁƃýķýĸŪţǹùŁǹĸŁŪǹşýǈýóŪǹŪĘýǹ underlying performance of the Group. ȟ ɏǒǿǒǹķěııěŁĸǹȡǒǐǹ"ýóýķòýşǹǑǏǑǒȁǹɏǗǿǖǹķěııěŁĸȢǹŁĐǹķýşđýşț related integration and other non-underlying costs have been incurred, which do not relate to the ongoing operations of the Group. ȟ Following the completion of the all-share merger in March 2023, a fair value exercise was performed on the Shaftesbury PLC balance sheet as at 6 March 2023, resulting in the fair value of the debt determined to be £945.6 million compared ŪŁǹŪĘýǹĸŁķěĸØıǹƃØıůýǹŁĐǹɏǐȀǏǐǘǿǗǹķěııěŁĸǹȡěĸóıůùěĸđǹØĸǹ adjustment to the investment in Longmartin arising from the fair value adjustment of the underlying debt in the associate). The outstanding balance of the fair value adjustment will be ØķŁşŪěţýùǹŪŁǹŁŪĘýşǹǇĸØĸóýǹóŁţŪţǹŁƃýşǹŪĘýǹşýķØěĸěĸđǹŪýşķǹ of the debt facilities. In the prior year, EPRA earnings were ØùĪůţŪýùǹòƊǹɏǑǓǿǕǹķěııěŁĸȀǹŪŁǹşýǈýóŪǹŪĘýǹØóóýıýşØŪýùǹůĸƄěĸùǹ of the fair value adjustment following the early redemption of the Chinatown and Carnaby bonds in April 2023. The current year amortisation of the fair value adjustment for ŪĘýǹŁŪĘýşǹùýòŪǹĐØóěıěŪěýţǹŁĐǹɏǕǿǐǹķěııěŁĸǹȡǑǏǑǒȁǹɏǔǿǑǹķěııěŁĸȢǹĘØţǹ been adjusted from EPRA earnings. On the sale of our 50 per óýĸŪǹţĘØşýǹŁĐǹWŁĸđķØşŪěĸȀǹŪĘýǹɏǐǿǓǹķěııěŁĸǹĐØěşǹƃØıůýǹòØıØĸóýǹ remaining has been recognised in the loss on sale of associate. In calculating underlying earnings, additional adjustments are ķØùýǹŪŁǹ&ǹýØşĸěĸđţǹŪŁǹýƉóıůùýǹŪĘýǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŁĐǹ ŪĘýǹWěııěýǹŞůØşýǹĪŁěĸŪǹƃýĸŪůşýȀǹØţţŁóěØŪýùǹŪØƉǹØùĪůţŪķýĸŪţǹØĸùǹ the interest receivable on the loan issued to the joint venture òƊǹŪĘýǹ:şŁůŜǿǹWěııěýǹŞůØşýǹěţǹĸŁŪǹóŁĸţěùýşýùǹŪŁǹòýǹØǹóŁşýǹŜØşŪǹ of the operations of the Group and therefore its results are not included in underlying earnings. Further details on APMs used and how they reconcile to IFRS are set out on page 218. Presentation of information ĘýǹØııțţĘØşýǹķýşđýşǹŁĐǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ (“Capco”) and Shaftesbury PLC to create Shaftesbury Capital PLC (“Shaftesbury Capital”) completed on 6 March 2023. The ǇĸØĸóěØıǹşýƃěýƄǹţýŪţǹŁůŪǹŪĘýǹşýţůıŪţǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹƄěŪĘǹ the statement of comprehensive income for the prior period şýǈýóŪěĸđǹŪĘýǹţŪØĸùțØıŁĸýǹŜýşĐŁşķØĸóýǹŁĐǹØŜóŁǹĐŁşǹŪĘýǹŜýşěŁùǹ ĐşŁķǹǐǹRØĸůØşƊǹŪŁǹǕǹ]ØşóĘǹØĸùǹŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹķýşđýùǹ business, Shaftesbury Capital, between the completion date of Ǖǹ]ØşóĘǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ ýǈýóŪěĸđǹŪĘýǹŁķŜØĸƊȬţǹĐŁóůţǹŜşěķØşěıƊǹŁĸǹŪĘýǹƄĘŁııƊțŁƄĸýùǹ portfolio, all information is presented on an IFRS basis. 53Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Financial review Financial performance Summary statement of comprehensive income The 2023 summary statement of comprehensive income represents the standalone performance of Capco for the period to 6 March 2023 and that of Shaftesbury Capital ĐşŁķǹŪĘØŪǹùØŪýǹŪŁǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ 2024 £m 2023 £m :şŁţţǹŜşŁǇŪ 167.1 ǐǓǐǿǘ Gain/(loss) on revaluation and sale of investment property 194.6 (65.0) ĘØĸđýǹěĸǹĐØěşǹƃØıůýǹŁĐǹıěţŪýùǹýŞůěŪƊǹěĸƃýţŪķýĸŪ – 52.0 Other income – 2.7 Administration expenses ǐ (42.7) ȡǗǒǿǗȢ ^ýŪǹǇĸØĸóýǹóŁţŪţ 2 (57.2) ȡǔǐǿǘȢ şŁǇŪǹĐşŁķǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹØţţŁóěØŪýţ 4.5 0.2 Loss on sale of associates (4.0) – Taxation (0.3) (0.2) Other 3 (9.9) ȡǔǐǿǏȢ 252.1 ȡǔǔǿǐȢ Gain on bargain purchase – ǗǏǔǿǔ şŁǇŪǹĐŁşǹŪĘýǹƊýØşǹ 252.1 750.4 ØţěóǹýØşĸěĸđţǹŜýşǹţĘØşý 13.8p 45.5p EPRA earnings 4 75.3 67.9 EPRA earnings per share 4 4.1p ǓǿǐŜ Underlying earnings 4 72.0 60.4 Underlying earnings per share 4 4.0p 3.7p Weighted average number of shares 5 1,821.7m ǐȀǕǓǗǿǘķ ǐǿǹ Administration expenses include £3.3 million of non-underlying costs ȡǑǏǑǒȁǹɏǓǓǿǔǹķěııěŁĸȢȀǹţůòţŪØĸŪěØııƊǹşýıØŪýùǹŪŁǹķýşđýşțşýıØŪýùǹŪşØĸţØóŪěŁĸǹ and integration costs, which are considered non-recurring in nature. 2. &ƉóıůùýţǹŁŪĘýşǹǇĸØĸóýǹěĸóŁķýǹØĸùǹóŁţŪţǹØĸùǹóĘØĸđýǹěĸǹĐØěşǹƃØıůýǹŁĐǹùýşěƃØŪěƃýǹ ǇĸØĸóěØıǹěĸţŪşůķýĸŪţǹȡěĸóıůùýùǹěĸǹȫfŪĘýşȬǹØòŁƃýȢǿ 3. DĸóıůùýţǹěķŜØěşķýĸŪǹŁĐǹŁŪĘýşǹşýóýěƃØòıýţȀǹŁŪĘýşǹǇĸØĸóýǹěĸóŁķýǹØĸùǹóŁţŪţǹ including the change in fair value of derivatives and amortisation of the fair value adjustment relating to the Shaftesbury debt. 4. Further details regarding EPRA and Underlying earnings are disclosed in note ǒǹȫýşĐŁşķØĸóýǹķýØţůşýţȬǿǹĘýǹǑǏǑǒǹóŁķŜØşØŪěƃýǹĐŁşǹ&ǹýØşĸěĸđţǹØĸùǹ EPRA earnings per share has been restated from £45.0 million, 2.7 pence per ţĘØşýȀǹŪŁǹɏǕǖǿǘǹķěııěŁĸȀǹǓǿǐǹŜýĸóýǹŜýşǹţĘØşýȀǹĐŁııŁƄěĸđǹŪĘýǹóĘØĸđýţǹŪŁǹŪĘýǹ&ǹ ýØşĸěĸđţǹùýǇĸěŪěŁĸǹùůşěĸđǹǑǏǑǓǿ 5. DĸǹŪŁŪØıȀǹǐȀǘǔǒǿǑǹķěııěŁĸǹţĘØşýţǹƄýşýǹěĸǹěţţůýǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹǑǏǑǓǿǹ ĘýǹƄýěđĘŪýùǹØƃýşØđýǹĸůķòýşǹŁĐǹţĘØşýţǹŁĐǹǐȀǗǑǐǿǖǹķěııěŁĸǹţĘØşýţǹýƉóıůùýţǹ ǐǑǗǿǓǹķěııěŁĸǹŁƄĸǹţĘØşýţȀǹŁĐǹƄĘěóĘǹǐǑǖǿǏǹķěııěŁĸǹØşýǹĘýıùǹØţǹóŁııØŪýşØıǹĐŁşǹ ŪĘýǹýƉóĘØĸđýØòıýǹòŁĸùǹØĸùǹǒǿǐǹķěııěŁĸǹţĘØşýţǹĘýıùǹòƊǹŪĘýǹ:şŁůŜȬţǹØŜŜşŁƃýùǹ &ķŜıŁƊýýǹýĸýǇŪǹşůţŪǹȡòŁŪĘǹŁĐǹƄĘěóĘǹĐŁşķǹŜØşŪǹŁĐǹŪĘýǹŁƃýşØııǹĸůķòýşǹŁĐǹ ţĘØşýţǹěĸǹěţţůýǹŁĐǹǐȀǘǔǒǿǑǹķěııěŁĸȢǿ :şŁţţǹŜşŁǇŪ Ǻ 2024 £m 2023 £m Rent receivable 197.2 ǐǖǐǿǘ Straight lining of tenant lease incentives ǐ 7.8 3.9 Service charge income 22.1 ǐǘǿǒ Revenue 227.1 ǐǘǔǿǐ Expected credit loss provision (3.9) (2.0) Property expenses ǐ (33.1) ȡǒǐǿǐȢ Service charge expenses (22.1) ȡǐǘǿǒȢ Impairment of tenant lease incentives (0.9) ȡǏǿǗȢ :şŁţţǹŜşŁǇŪ 167.1 ǐǓǐǿǘ ǐǿǹ ǑǏǑǒǹěĸóıůùýţǹɏǔǿǐǹķěııěŁĸǹóĘØşđýǹşýıØŪěĸđǹŪŁǹŪĘýǹóĘØĸđýǹěĸǹØóóŁůĸŪěĸđǹŜŁıěóƊǹ ŪŁǹşýǈýóŪǹŪĘýǹØùĪůţŪķýĸŪǹŪŁǹØķŁşŪěţØŪěŁĸǹŜýşěŁùǹĐŁşǹŪýĸØĸŪǹıýØţýǹěĸóýĸŪěƃýţǹØĸùǹ ùýĐýşşýùǹıýŪŪěĸđǹĐýýţǿǹɏǓǿǐǹķěııěŁĸǹŁĐǹŪĘýǹØùĪůţŪķýĸŪǹƄØţǹşýóŁđĸěţýùǹŪĘşŁůđĘǹŪĘýǹ ţŪşØěđĘŪǹıěĸěĸđǹŁĐǹŪýĸØĸŪǹıýØţýǹěĸóýĸŪěƃýţǹØĸùǹɏǐǿǏǹķěııěŁĸǹěĸǹŜşŁŜýşŪƊǹýƉŜýĸţýţǿ Rent receivable has increased by 5.7 per cent like-for-like óŁķŜØşýùǹƄěŪĘǹŪĘýǹŜşŁǹĐŁşķØǹǐǑǹķŁĸŪĘǹŜýşěŁùǹĐŁşǹǑǏǑǒǹ şýǈýóŪěĸđǹŪĘýǹŜŁţěŪěƃýǹıýŪŪěĸđǹØóŪěƃěŪƊǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǿǹýĸŪØıǹ income receivable has been reduced in the year by £2.9 million şýǈýóŪěĸđǹŪĘýǹěķŜØóŪǹŁĐǹùěţŜŁţØıţǹěĸǹǑǏǑǒǹØĸùǹǑǏǑǓȀǹŁǄţýŪǹòƊǹ ØǹɏǑǿǖǹķěııěŁĸǹóŁĸŪşěòůŪěŁĸǹĐşŁķǹØóŞůěţěŪěŁĸţǿǹØţĘǹóŁııýóŪěŁĸţǹ ĘØƃýǹóŁĸŪěĸůýùǹŪŁǹòýǹţŪşŁĸđǹƄěŪĘǹǘǗǹŜýşǹóýĸŪǹóŁııýóŪýùǹěĸǹŪĘýǹ year. However the expected credit loss provision has increased during the year to £3.9 million due to a limited number of customer administration or anticipated failures in early 2025. ĘýǹđşŁţţǹŪŁǹĸýŪǹŜşŁǇŪǹķØşđěĸȀǹýƉóıůùěĸđǹţýşƃěóýǹóĘØşđýǹ ěĸóŁķýǹØĸùǹýƉŜýĸţýȀǹěţǹǗǐǿǕǹŜýşǹóýĸŪǹĘØƃěĸđǹěĸóşýØţýùǹĐşŁķǹ ǗǏǿǖǹŜýşǹóýĸŪǹěĸǹǑǏǑǒǿǹĘýǹěķŜşŁƃýķýĸŪǹşýǈýóŪţǹŪĘýǹđşŁƄŪĘǹěĸǹ income as well as cost savings delivered in the year. Further enhancements are expected in the medium-term. Gain/(loss) on revaluation and sale of investment property The market valuation of the wholly-owned portfolio has increased by 4.5 per cent like-for-like since December 2023 ŪŁǹɏǓȀǘǖǒǿǔǹķěııěŁĸǿǹ&¨ǹěĸóşýØţýùǹòƊǹǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşț ıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹØĸùǹŪĘýǹýŞůěƃØıýĸŪǹƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹ óýĸŪȀǹşýǈýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹòØţěţǹŜŁěĸŪţǿǹ ĘěţǹşýŜşýţýĸŪţǹØĸǹýŞůěƃØıýĸŪǹƊěýıùǹŁĐǹǓǿǕǹŜýşǹóýĸŪǹŁĸǹŪĘýǹ commercial portfolio, excluding residential properties. The gain on revaluation of £202.9 million, is based on the carrying value of the property portfolio after adjustments for lease incentives and capital expenditure. Several properties, including the majority of the Fitzrovia portfolio, have been disposed of during the year for gross ŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǿǹØţýùǹŁĸǹŪĘýǹŁŜýĸěĸđǹòŁŁĮǹƃØıůýǹ ØĸùǹţØıýǹóŁţŪţȀǹØǹıŁţţǹŁĐǹɏǗǿǒǹķěııěŁĸǹĘØţǹòýýĸǹşýóŁđĸěţýùǹ during the year, although on an overall basis since the merger, a premium has been achieved (before costs). 54 Shaftesbury Capital PLC | 2024 Annual Report Administration expenses Ǻ 2024 £m 2023 £m Depreciation 0.3 0.4 Other administration expenses 39.1 ǒǗǿǘ Underlying administration expenses 39.4 39.3 Merger-related transaction costs – ǒǔǿǗ Merger-related integration and non-underlying administration expenses 3.3 Ǘǿǖ Administration expenses 42.7 ǗǒǿǗ Underlying administration expenses of £39.4 million have been ěĸóůşşýùǹùůşěĸđǹŪĘýǹƊýØşǿǹţǹŜØşŪǹŁĐǹùýıěƃýşěĸđǹóŁţŪǹýǅóěýĸóěýţȀǹ ŁĸýțŁǄǹěĸŪýđşØŪěŁĸǹØĸùǹŁŪĘýşǹóŁţŪţǹŁĐǹɏǒǿǒǹķěııěŁĸǹĘØƃýǹòýýĸǹ incurred in the year. The administrative cost base has been şýùůóýùǹţěđĸěǇóØĸŪıƊǹţěĸóýǹŪĘýǹķýşđýşȀǹŜşěķØşěıƊǹØţǹØǹşýţůıŪǹŁĐǹ ýǅóěýĸóěýţȀǹşýķŁƃØıǹŁĐǹØşýØţǹŁĐǹùůŜıěóØŪěŁĸǹØĸùǹŁƃýşıØŜȀǹØĸùǹ headcount reduction. ěķěıØşıƊǹŪĘýǹ&ǹóŁţŪǹşØŪěŁǹĘØţǹòýýĸǹşýùůóýùǹţěđĸěǇóØĸŪıƊǹ from its pro forma level of over 50 per cent at the time of the merger. However over the medium-term the Group is targeting further improvements towards 30 per cent from its current level of 37.3 per cent, driven by growth in rental income and rigorous management of irrecoverable property costs and administration expenses. ^ýŪǹǇĸØĸóýǹóŁţŪţ Finance costs of £72.0 million have been incurred in the ƊýØşǹƄěŪĘǹŪĘýǹØƃýşØđýǹùşØƄĸǹùýòŪǹòØıØĸóýǹòýěĸđǹɏǐǿǕǹòěııěŁĸȀǹ şýùůóěĸđǹŪŁǹɏǐǿǔǹòěııěŁĸǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹǹ 9ěĸØĸóýǹěĸóŁķýǹŁĐǹɏǐǓǿǗǹķěııěŁĸǹěĸǹŪĘýǹƊýØşǹóŁķŜşěţýţǹɏǘǿǗǹķěııěŁĸǹ in relation to interest rate hedging arrangements and £5.0 million interest on cash held on deposit. Protection is currently in place in relation to the interest rate exposure on the Group’s expected drawn variable rate debt until the end of 2025 through caps and collars. It is expected that further interest rate hedging arrangements will be put into place in due course in relation to variable rate exposure for future years. şŁǇŪǹĐşŁķǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹ associates fůşǹţĘØşýǹŁĐǹWŁĸđķØşŪěĸȬţǹŜŁţŪțŪØƉǹŜşŁǇŪǹƄØţǹɏǓǿǔǹķěııěŁĸǹĐŁşǹ the period up to sale of our 50 per cent interest. Our share of ŪĘýǹşýƃØıůØŪěŁĸǹđØěĸǹƄØţǹɏǒǿǘǹķěııěŁĸȀǹŁǄţýŪǹòƊǹØǹùýĐýşşýùǹŪØƉǹ ķŁƃýķýĸŪǹŁĐǹɏǐǿǑǹķěııěŁĸǿǹ&ƉóıůùěĸđǹŪĘýǹşýƃØıůØŪěŁĸǹØĸùǹĐØěşǹ value adjustment on debt of £0.6 million, and including the £0.4 million interest received on the interest-bearing loan provided to the associate, our share of underlying earnings ĐşŁķǹWŁĸđķØşŪěĸǹƄØţǹɏǑǿǗǹķěııěŁĸǿǹɏǐǿǑǹķěııěŁĸǹŁĐǹùěƃěùýĸùţǹ were received during the period prior to sale. Loss on sale of associates Pursuant to the terms of the Longmartin investment (previously forming three per cent of the Group’s property portfolio), ŪĘýǹķýşđýşǹŪşěđđýşýùǹŪĘýǹşěđĘŪǹĐŁşǹŪĘýǹŜØşŪĸýşǹŪŁǹşýŞůěşýǹŪĘýǹ ŁķŜØĸƊǹŪŁǹŁǄýşǹŪŁǹţýııǹěŪţǹţĘØşýţǹěĸǹŪĘýǹWŁĸđķØşŪěĸǹěĸƃýţŪķýĸŪǹ ŪŁǹŪĘýķǹȡŁşǹŪŁǹØǹŪĘěşùțŜØşŪƊǹŜůşóĘØţýşǹěùýĸŪěǇýùǹòƊǹŪĘýķȢǿǹ ĘýǹŜØşŪĸýşǹýıýóŪýùǹŪŁǹØóŞůěşýǹŪĘýǹŁķŜØĸƊȬţǹţĘØşýţǹěĸǹŪĘýǹ Longmartin investment with the sale completing in October 2024. Total proceeds of £94.5 million were received with ɏǐǐǿǕǹķěııěŁĸǹşýŜØƊķýĸŪǹŁĐǹŪĘýǹěĸŪýşýţŪțòýØşěĸđǹıŁØĸǹŜşŁƃěùýùǹ ŪŁǹŪĘýǹØţţŁóěØŪýǹØĸùǹɏǗǑǿǘǹķěııěŁĸǹĐŁşǹŪĘýǹţØıýǹŁĐǹŁůşǹǔǏǹŜýşǹ óýĸŪǹţĘØşýǿǹØţýùǹŁĸǹŪĘýǹěĸƃýţŪķýĸŪǹƃØıůýǹØţǹØŪǹǑǓǹfóŪŁòýşǹ 2024, and including disposal costs, a loss of £4.0 million has been recorded. Taxation Ęýǹ:şŁůŜǹóŁĸŪěĸůýţǹŪŁǹţØŪěţĐƊǹŪĘýǹşýŞůěşýķýĸŪţǹŪŁǹŞůØıěĐƊǹĐŁşǹ REIT status. As the Group’s income is derived substantially from ŞůØıěĐƊěĸđǹŜşŁŜýşŪƊǹşýĸŪØıǹòůţěĸýţţǹØóŪěƃěŪěýţǹƄěŪĘěĸǹŪĘýǹ&Dǹ regime, the majority of its income is exempt from tax. There is a ŪØƉǹóĘØşđýǹŁĐǹɏǏǿǒǹķěııěŁĸǹěĸǹŪĘýǹƊýØşǹȡǑǏǑǒȁǹɏǏǿǑǹķěııěŁĸȢȀǹØşěţěĸđǹ ķØěĸıƊǹěĸǹşýţŜýóŪǹŁĐǹǇĸØĸóýǹěĸóŁķýǿ Dividends ĘýǹŁØşùǹĘØţǹŜşŁŜŁţýùǹØǹǇĸØıǹùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹ òşěĸđěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŪŁǹǒǿǔǹŜýĸóýǹŜýşǹţĘØşýǹşýǈýóŪěĸđǹ progression in underlying earnings and cash generation. The ŪŁŪØıǹđşŁţţǹùěƃěùýĸùǹŜØƊØòıýǹěţǹɏǒǔǿǐǹķěııěŁĸǹŁĐǹƄĘěóĘǹɏǑǿǒǹķěııěŁĸǹ şýıØŪýţǹŪŁǹŪĘýǹ:şŁůŜǹýĸŪěŪƊǹƄĘěóĘǹĘŁıùţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹěĸǹ relation to the exchangeable bonds. The entity has provided an undertaking not to exercise its voting rights in respect of such ordinary shares but will receive the proposed dividend, ŪĘýǹķØĪŁşěŪƊǹŁĐǹƄĘěóĘǹţĘŁůıùǹţůòţýŞůýĸŪıƊǹòýǹşýŪØěĸýùǹòƊǹŪĘýǹ Group following the dividend threshold test as set out in the exchangeable bond conditions. In addition, the dividend will not òýǹŜØěùǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹǒǿǐǹķěııěŁĸǹţĘØşýţǹĘýıùǹòƊǹŪĘýǹ:şŁůŜȬţǹ ØŜŜşŁƃýùǹ&ķŜıŁƊýýǹýĸýǇŪǹşůţŪǿ The dividend is to be paid wholly as a PID on 30 May 2025 to shareholders on the register at 25 April 2025. 55Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Financial review Summary balance sheet Ǻ 31 December 2024 £m 31 December 2023 £m Property portfolio ǐ 4,929.0 4,760.4 Investments in joint ventures and associates – ǗǒǿǓ Net debt 2 (1,405.0) ȡǐȀǓǘǘǿǐȢ Other assets and liabilities 150.3 ǐǒǔǿǔ Net assets 3,674.3 ǒȀǓǗǏǿǑ EPRA net tangible assets 3,671.1 3,479.4 EPRA net tangible assets per share (pence) 200.2p ǐǘǏǿǒŜ ùĪůţŪýùȀǹùěıůŪýùǹĸůķòýşǹŁĐǹţĘØşýţ 3 1,833.3m ǐȀǗǑǗǿǗķ ǐǿǹ DĸóıůùýţǹɏǑǏǿǐǹķěııěŁĸǹȡǑǏǑǒȁǹɏǑǏǿǑǹķěııěŁĸȢǹØóóŁůĸŪýùǹĐŁşǹØţǹŁƄĸýşțŁóóůŜěýùǹ ŜşŁŜýşŪƊǹØĸùǹɏǘǿǗǹķěııěŁĸǹȡǑǏǑǒȁǹɏĸěıȢǹØóóŁůĸŪýùǹĐŁşǹØţǹĘýıùǹĐŁşǹţØıýǿǹĘýǹķØşĮýŪǹ ƃØıůýǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹěţǹɏǓȀǘǖǒǿǔǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓȀǖǘǔǿǒǹķěııěŁĸȢǿ 2. Net debt based on nominal value of debt drawn less cash, excluding tenant ùýŜŁţěŪţǹŁĐǹɏǐǓǿǑǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǓǿǔǹķěııěŁĸȢǿ 3. ^ůķòýşǹŁĐǹţĘØşýţǹýƉóıůùýţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹĘýıùǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹ ýƉóĘØĸđýØòıýǹòŁĸùǹØĸùǹǒǿǐǹķěııěŁĸǹƄěŪĘěĸǹØĸǹØŜŜşŁƃýùǹ&ķŜıŁƊýýǹýĸýǇŪǹşůţŪǿǹ ŁŪØıǹţĘØşýţǹěĸǹěţţůØĸóýȀǹěĸóıůùěĸđǹŪĘýţýǹóŁķŜŁĸýĸŪţȀǹƄØţǹǐȀǘǔǒǿǑǹķěııěŁĸǹţĘØşýţǿ EPRA NTA EPRA NTA per share increased by 5.2 per cent to 200.2 pence, due primarily to the like-for-like increase in the valuation of the property portfolio. Following the completion of the merger in 2023, the Shaftesbury ùýòŪǹƄĘěóĘǹĘØùǹØĸǹŁƃýşØııǹĸŁķěĸØıǹƃØıůýǹŁĐǹɏǒǗǓǿǗǹķěııěŁĸǹ ȡǑǏǑǒȁǹɏǓǓǓǿǗǹķěııěŁĸǹțǹěĸóıůùýùǹŪĘýǹùýòŪǹěĸǹşýıØŪěŁĸǹŪŁǹŁůşǹţĘØşýǹ of the Longmartin investment), was fair valued and was held at EPRA net tangible assets per share +5.2% to 200.2 pence 180 190 200 210 December 2023 190.3p 10.6p 4.0p (3.3)p (3.3) (0.3)p (1.1)p 200.2p 10.6 Gain on revaluation ØĸùǹŜşŁǇŪȌȡıŁţţȢǹ ŁĸǹţØıý "ěƃěùýĸùţǹ paid Underlying ýØşĸěĸđţ December 2024 Other Fair value of debt ɏǒǓǗǿǔǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡǑǏǑǒȁǹɏǓǏǏǿǓǹķěııěŁĸȢǿǹ ĘěţǹùěǄýşýĸóýǹŁĐǹɏǒǕǿǒǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓǓǿǓǹķěııěŁĸȢȀǹŁşǹǑǿǏǹŜýĸóýǹ ȡǑǏǑǒȁǹǑǿǓǹŜýĸóýȢǹěĸǹŪýşķţǹŁĐǹ&ǹ^ǹŜýşǹţĘØşýȀǹƄěııǹşýƃýşţýǹØţǹ the balance sheet value of the debt accretes to nominal value over the remaining term of the debt. The impact of this unwind is excluded from underlying earnings. Property portfolio The carrying value of the wholly-owned portfolio as at ǒǐǹ"ýóýķòýşǹǑǏǑǓǹěţǹɏǓȀǘǑǘǿǏǹķěııěŁĸȀǹěĸóıůùěĸđǹɏǑǏǿǐǹķěııěŁĸǹ ØĸùǹɏǘǿǗǹķěııěŁĸǹóıØţţěǇýùǹØţǹŁƄĸýşțŁóóůŜěýùǹØĸùǹĘýıùǹĐŁşǹ sale respectively. During the year, a number of properties have òýýĸǹţŁıùǹƄěŪĘǹØĸǹŁŜýĸěĸđǹóØşşƊěĸđǹƃØıůýǹŁĐǹɏǐǕǒǿǗǹķěııěŁĸǹĐŁşǹ đşŁţţǹŜşŁóýýùţǹŁĐǹɏǐǔǗǿǓǹķěııěŁĸǿǹ ɏǗǒǿǐǹķěııěŁĸȀǹòýĐŁşýǹŪşØĸţØóŪěŁĸǹóŁţŪţȀǹĘØţǹòýýĸǹşýěĸƃýţŪýùǹěĸŪŁǹ ØţţýŪǹØóŞůěţěŪěŁĸţǿǹDĸǹ]ØşóĘǹǑǏǑǓȀǹƄýǹóŁķŜıýŪýùǹŪĘýǹØóŞůěţěŪěŁĸǹ ŁĐǹŪĘýǹǑǔțǒǐǹRØķýţǹŪşýýŪȀǹŁƃýĸŪǹ:ØşùýĸǹĐŁşǹɏǖǔǿǐǹķěııěŁĸǿǹ DĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹØóŞůěşýùǹŪƄŁǹŜşŁŜýşŪěýţǹŁĸǹşŁØùƄěóĮǹ ŪşýýŪǹØĸùǹ]ØşţĘØııǹŪşýýŪǹĐŁşǹɏǗǿǏǹķěııěŁĸǿǹůòţýŞůýĸŪǹóØŜěŪØıǹ expenditure during the year on the wholly-owned portfolio was ɏǓǒǿǐǹķěııěŁĸǹŜşýùŁķěĸØĸŪıƊǹĐŁşǹŁǅóýǹşýĐůşòěţĘķýĸŪǹØóŪěƃěŪƊǹěĸǹ Covent Garden. The market valuation of the wholly-owned property portfolio of £4,973.5 million was 4.5 per cent higher on a like-for-like òØţěţǹóŁķŜØşýùǹƄěŪĘǹǒǐǹ"ýóýķòýşǹǑǏǑǒǿǹ&¨ǹěĸóşýØţýùǹòƊǹ ǖǿǖǹŜýşǹóýĸŪǹȡıěĮýțĐŁşțıěĮýȢǹŪŁǹɏǑǔǏǿǕǹķěııěŁĸǹØĸùǹŪĘýǹýŞůěƃØıýĸŪǹ ƊěýıùǹƄØţǹǓǿǓǔǹŜýşǹóýĸŪȀǹşýǈýóŪěĸđǹØĸǹŁůŪƄØşùǹķŁƃýķýĸŪǹŁĐǹǐǒǹ òØţěţǹŜŁěĸŪţȀǹŪƄŁțŪĘěşùţǹŁĐǹƄĘěóĘǹƄØţǹěĸǹŪĘýǹǇşţŪǹĘØıĐǿǹ 56 Shaftesbury Capital PLC | 2024 Annual Report Total property return for the year was 7.6 per cent. The MSCI Total Return Index recorded performance of 7.0 per cent for the year, resulting in outperformance of 0.6 percentage points. DĸƃýţŪķýĸŪǹěĸǹĪŁěĸŪǹƃýĸŪůşýţǹØĸùǹ associates Following the sale of our 50 per cent investment in the Longmartin associate in October 2024, the remaining ěĸƃýţŪķýĸŪǹĘýıùǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹěţǹŁůşǹǔǏǹŜýşǹóýĸŪǹ ĪŁěĸŪǹƃýĸŪůşýǹěĸŪýşýţŪǹěĸǹWěııěýǹŞůØşýǿ ĘýǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹ ɏǕǔǿǒǹķěııěŁĸȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹƃØıůØŪěŁĸǹŁĐǹ £65.2 million. The majority (65 per cent) of this value relates ŪŁǹóŁķŜıýŪýùǹØŜØşŪķýĸŪţǹěĸǹŜĘØţýţǹǐǹØĸùǹǑǹŁĐǹŪĘýǹŜşŁĪýóŪȀǹ with the balance representing investment properties and consented land. Over 60 apartments have been leased on a short-term basis generating annual contracted rental income ŁĐǹɏǒǿǗǹķěııěŁĸǿǹfůşǹţĘØşýǹŁĐǹĸýŪǹóØţĘǹěĸǹŪĘýǹĪŁěĸŪǹƃýĸŪůşýǹƄØţǹ £4.9 million and there is no external debt. During the year a repayment of £4.0 million of the interest-bearing loan provided ŪŁǹWěııěýǹŞůØşýǹƄØţǹşýóýěƃýùǿǹ Debt and gearing Ęýǹ:şŁůŜǹķØěĸŪØěĸţǹØǹţŪşŁĸđǹǇĸØĸóěØıǹŜŁţěŪěŁĸȀǹƄěŪĘǹùěƃýşţěǇýùǹ ţŁůşóýţǹŁĐǹĐůĸùěĸđȀǹØǹţŜşýØùǹŁĐǹùýòŪǹķØŪůşěŪěýţȀǹţěđĸěǇóØĸŪǹ ĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţȀǹØóóýţţǹŪŁǹıěŞůěùěŪƊȀǹķŁùýţŪǹ capital commitments, substantial unencumbered asset value and interest rate hedging in place for 2025. The Group’s cash and undrawn committed facilities as at ǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄýşýǹɏǔǔǘǿǗǹķěııěŁĸǹȡǑǏǑǒȁǹɏǓǗǔǿǖǹķěııěŁĸȢǿǹ ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØùǹóØŜěŪØıǹóŁķķěŪķýĸŪţǹ ŁĐǹɏǑǓǿǐǹķěııěŁĸǿǹ Ǻ 31 December 2024 £m 31 December 2023 £m ØţĘǹØĸùǹóØţĘǹýŞůěƃØıýĸŪţ ǐ 109.8 ǐǗǔǿǖ Undrawn committed facilities 450.0 300.0 Cash and undrawn committed facilities 559.8 ǓǗǔǿǖ Commitments (24.1) ȡǑǓǿǗȢ Available resources 535.7 460.9 ǐǿǹ &ƉóıůùýţǹŪýĸØĸŪǹùýŜŁţěŪţǹŁĐǹɏǐǓǿǑǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǓǿǔǹķěııěŁĸȢǿ ĘýǹıŁØĸțŪŁțƃØıůýǹȡȩW¨ȪȢǹşØŪěŁǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹ ǑǗǿǑǹŜýşǹóýĸŪǹØĸùǹ&ǹW¨ǹƄØţǹǑǖǿǓǹŜýşǹóýĸŪǿǹĘěţǹěţǹ comfortably within the Group’s limit of no more than 40 per óýĸŪǿǹ^ýŪǹùýòŪǹŪŁǹ&D"ǹĘØţǹşýùůóýùǹĐşŁķǹǐǒǿǘǹŪŁǹǐǏǿǘǹŪěķýţǿǹ Ǻ 31 December 2024 £m 31 December 2023 £m ØţĘǹØĸùǹóØţĘǹýŞůěƃØıýĸŪţ 109.8 ǐǗǔǿǖ Debt at nominal value (1,514.8) ȡǐȀǕǗǓǿǗȢ Net debt (1,405.0) ȡǐȀǓǘǘǿǐȢ Loan-to-value 28.2% ǒǐǿǒɬ EPRA loan-to-value 27.4% ǒǏǿǘɬ ^ýŪǹùýòŪǹŪŁǹ&D" 10.9x ǐǒǿǘƉ Interest cover 292.1% ǑǗǗǿǓɬ Interest cover excluding non-underlying admin costs 223.3% ǑǐǑǿǖɬ Weighted average debt maturity – drawn facilities 4.6 years 5.0 years Weighted average cost of debt – gross ǐ 4.0% ǓǿǑɬ Weighted average cost of debt – net 3.7% ǒǿǓɬ Drawn debt with interest rate protection 2 100% ǐǏǏɬ ǐǿǹ ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹŪĘýǹƄýěđĘŪýùǹØƃýşØđýǹóŁţŪǹŁĐǹùýòŪǹşýùůóýţǹŪŁǹØĸǹ ýǄýóŪěƃýǹşůĸĸěĸđǹóØţĘǹóŁţŪǹŁĐǹǒǿǖǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǒǿǓǹŜýşǹóýĸŪȢǹŪØĮěĸđǹØóóŁůĸŪǹ of interest on cash deposits and interest rate caps and collars. 2. Taking account of interest on cash deposits and interest rate caps and collars. Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹ:şŁůŜǹĸýŪǹùýòŪǹƄØţǹɏǐǿǓǹòěııěŁĸǿǹ"ůşěĸđǹ the year a new £75 million unsecured loan facility was entered ěĸŪŁǹØţǹƄýııǹØţǹşýǇĸØĸóěĸđǹŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹ ĐØóěıěŪƊȀǹýƉŪýĸùěĸđǹŪĘýǹùýòŪǹķØŪůşěŪƊǹŪŁǹǑǏǑǗǿǹDĸǹØùùěŪěŁĸȀǹŪĘýǹ ǇşţŪǹǐǑǹķŁĸŪĘǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹŪĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹ ıŁØĸǹȡɏǐǔǏǹķěııěŁĸǹŁĐǹƄĘěóĘǹěţǹůĸùşØƄĸȢǹĘØţǹòýýĸǹýƉýşóěţýùǹ early, taking its maturity to December 2027. £95 million of private placement debt matured during the year. The current weighted average cash cost of drawn debt is ǓǿǏǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǓǿǑǹŜýşǹóýĸŪȢǹƄĘěóĘǹşýùůóýţǹŪŁǹØĸǹýǄýóŪěƃýǹ óØţĘǹóŁţŪǹŁĐǹǒǿǖǹŜýşǹóýĸŪǹȡǑǏǑǒȁǹǒǿǓǹŜýşǹóýĸŪȢǹŪØĮěĸđǹěĸŪŁǹ ØóóŁůĸŪǹěĸŪýşýţŪǹěĸóŁķýǹŁĸǹóØţĘǹùýŜŁţěŪţǹØĸùǹŪĘýǹòýĸýǇŪǹŁĐǹ ěĸŪýşýţŪǹşØŪýǹĘýùđěĸđǿǹţǹķØŪůşěĸđǹùýòŪǹěţǹşýŜØěùǹŁşǹşýǇĸØĸóýùȀǹ it is currently anticipated that the weighted average cost of debt will increase. ııǹŁĐǹŪĘýǹ:şŁůŜȬţǹùşØƄĸǹùýòŪǹěţǹØŪǹǇƉýùǹşØŪýţǹŁşǹóůşşýĸŪıƊǹĘØţǹ interest rate protection in place until the end of 2025, taking into account interest on cash deposits. £250 million of hedging is in place until the end of 2025 which provides for a cap of ǒǿǏǹŜýşǹóýĸŪǹØĸùǹØǹǈŁŁşǹŁĐǹǑǿǏǹŜýşǹóýĸŪǹŁĸǹf^DǹýƉŜŁţůşýǿ şěŁşěŪěýţǹŁƃýşǹŪĘýǹĐŁşŪĘóŁķěĸđǹŜýşěŁùǹØşýǹŪŁǹşýǇĸØĸóýǹķýùěůķț term debt maturities as well as consideration of longer-term ǇĸØĸóěĸđǹŁŜŪěŁĸţǹŪŁǹýƃŁıƃýǹŁůşǹóØŜěŪØıǹţŪşůóŪůşýȀǹŪØĮěĸđǹ ØùƃØĸŪØđýǹŁĐǹŪĘýǹ:şŁůŜȬţǹýĸĘØĸóýùǹóşýùěŪǹŜşŁǇıýǿ 57Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Financial review The overall balance of cash was reduced by £75.9 million to ɏǐǏǘǿǗǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘěţǹěţǹıØşđýıƊǹùůýǹŪŁȁǹ ȟ fŜýşØŪěĸđǹóØţĘǹěĸǈŁƄţǹŁĐǹɏǔǑǿǏǹķěııěŁĸǹşýǈýóŪěĸđǹđşŁƄěĸđǹ đşŁţţǹŜşŁǇŪǹØĸùǹóŁĸŪěĸůěĸđǹĘěđĘǹıýƃýıţǹŁĐǹóØţĘǹóŁııýóŪěŁĸȀǹ ŜØşŪıƊǹŁǄţýŪǹòƊǹØùķěĸěţŪşØŪěƃýǹØĸùǹǇĸØĸóýǹóŁţŪţǿǹĘýǹěĸǈŁƄǹ is further reduced for the payment of non-underlying merger- related integration costs and non-underlying transaction óŁţŪţǹĐŁşǹŜşŁŜýşŪƊǹØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹěĸǹŪĘýǹƊýØşǿǹ ȟ DĸƃýţŪěĸđǹóØţĘǹěĸǈŁƄţǹŁĐǹɏǐǏǒǿǑǹķěııěŁĸȀǹěĸóıůùěĸđǹɏǐǒǕǿǕǹ million gross proceeds from the sale of several properties ŁǄţýŪǹòƊǹɏǓǖǿǒǹķěııěŁĸǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹØĸùǹɏǗǒǿǐǹķěııěŁĸǹ ĐŁşǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹǑǔțǒǐǹRØķýţǹŪşýýŪȀǹşŁØùƄěóĮǹŪşýýŪǹ Øĸùǹ]ØşţĘØııǹŪşýýŪǿǹɏǘǓǿǐǹķěııěŁĸǹƄØţǹşýóýěƃýùǹŁĸǹŪĘýǹ ţØıýǹŁĐǹŁůşǹěĸŪýşýţŪǹěĸǹWŁĸđķØşŪěĸǹØţǹƄýııǹØţǹØǹɏǐǿǑǹķěııěŁĸǹ dividend during the year. A £4.0 million loan repayment from ŪĘýǹWěııěýǹŞůØşýǹěĸƃýţŪķýĸŪǹƄØţǹØıţŁǹşýóýěƃýùǿǹ ȟ ĘýǹɏǐǖǏǿǏǹķěııěŁĸǹǇĸØĸóěĸđǹŁůŪǈŁƄǹşýǈýóŪţǹŪĘýǹĸýŪǹķŁƃýķýĸŪǹ ěĸǹĐØóěıěŪěýţǹùşØƄĸǹØĸùǹşýŜØěùǹěĸǹŪĘýǹƊýØşǿǹɏǒǿǐǹķěııěŁĸǹŁĐǹóŁţŪţǹ have been incurred on the arrangement of new facilities in the year. ȟ Total dividends paid in the year excludes the £4.3 million ŜØěùǹŪŁǹŪĘýǹ:şŁůŜǹýĸŪěŪƊǹƄĘěóĘǹĘŁıùţǹǐǑǗǿǓǹķěııěŁĸǹţĘØşýţǹ as security under the terms of the exchangeable bonds. Following the dividend threshold test, as set out in the exchangeable bond conditions, substantially all the dividend ƄØţǹţůòţýŞůýĸŪıƊǹşýŪØěĸýùǹòƊǹŪĘýǹ:şŁůŜǿ Going concern Further information on the going concern assessment is set out ěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹØóóŁůĸŪěĸđǹŜŁıěóěýţȬǿ The Company has a strong balance sheet with EPRA loan-to- value of 27.4 per cent, group interest cover of nearly three times before administrative costs, and access to cash and ůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǔǔǘǿǗǹķěııěŁĸǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹ ĘýşýǹşýķØěĸţǹţůǅóěýĸŪǹıěŞůěùěŪƊǹØĸùǹùýòŪǹóŁƃýĸØĸŪǹĘýØùşŁŁķǹ even in a downside “severe but plausible” scenario. There continues to be a reasonable expectation that the Group ƄěııǹĘØƃýǹØùýŞůØŪýǹşýţŁůşóýţǹŪŁǹķýýŪǹòŁŪĘǹŁĸđŁěĸđǹØĸùǹĐůŪůşýǹ óŁķķěŪķýĸŪţǹĐŁşǹØŪǹıýØţŪǹǐǑǹķŁĸŪĘţǹĐşŁķǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹ ŪĘýţýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǿǹóóŁşùěĸđıƊȀǹŪĘýǹ"ěşýóŪŁşţǹóŁĸţěùýşǹ it appropriate to adopt the going concern basis of accounting in preparing the 2024 Annual Report. Situl Jobanputra ĘěýĐǹ9ěĸØĸóěØıǹfǅóýş 26 February 2025 0 100 200 300 400 500 Opening cash 185.7 52.0 103.2 (170.0) (61.1) 450 109.8 Total liquidity £559.8m Operating ěĸǈŁƄ Investing ěĸǈŁƄ ĸùşØƄĸ RCF Closing cash Dividend payment Financing ŁůŪǈŁƄ Cash Flows ]ŁƃýķýĸŪǹěĸǹóØţĘǹǈŁƄ £m ØţĘȀǹýƉóıůùěĸđǹŪýĸØĸŪǹùýŜŁţěŪţȀǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǒ ǐǗǔǿǖ fŜýşØŪěĸđǹěĸǈŁƄ 52.0 DĸƃýţŪěĸđǹěĸǈŁƄ 103.2 9ěĸØĸóěĸđǹŁůŪǈŁƄ (170.0) Dividends paid (61.1) Cash, excluding tenant deposits, as at 31 December 2024 109.8 58 Shaftesbury Capital PLC | 2024 Annual Report Risk management Oversight, assessment and mitigation at a Group level DùýĸŪěǇóØŪěŁĸȀǹ assessment and mitigation at an operational level Top Down Bottom up Governance Oversight Ownership Board – ýŪţǹşěţĮǹóůıŪůşý – Sets risk appetite – Monitors risk exposure and appetite – ýƃěýƄţǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţ Senior management – fƃýşţýýǹùØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŁĐǹşěţĮȀǹěĸóıůùěĸđǹěùýĸŪěǇóØŪěŁĸǹØĸùǹşýţŜŁĸţý – ţţěţŪǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹƄěŪĘǹěùýĸŪěǇóØŪěŁĸǹŁĐǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţ – "ýţěđĸǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹóŁĸŪşŁıţȂǹýĸţůşýǹĮýƊǹóŁĸŪşŁıţǹØşýǹŁŜýşØŪěĸđǹØĸùǹØşýǹýǄýóŪěƃý – şěýĐǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹŁĸǹĮýƊǹěţţůýţǹŪĘØŪǹĘØƃýǹØşěţýĸ Audit Committee Executive Risk Committee Executive Committee – ýƃěýƄţǹŪĘýǹØùýŞůØóƊǹ ØĸùǹýǄýóŪěƃýĸýţţǹŁĐǹ the risk management framework and the ěĸŪýşĸØıǹóŁĸŪşŁıţǹţƊţŪýķţ – ŜŜşŁƃýţǹŪĘýǹØţţůşØĸóýǹ programme – ŁțŁşùěĸØŪýţǹØĸùǹ develops risk ķØĸØđýķýĸŪǹŜşŁóýţţ – Reviews and assesses risk register – ŁĸţěùýşţǹŜşěĸóěŜØıǹ and emerging risks and ķěŪěđØŪěĸđǹØóŪěŁĸţ – Monitors risks and response plans – ţţýţţýţǹóŁĸŪşŁıǹ environment and ýǄýóŪěƃýĸýţţǹŁĐǹóŁĸŪşŁıţ – Oversees day-to- day monitoring and management of risk Risk management The Board has overall responsibility for Group risk management. DŪǹùýŪýşķěĸýţǹěŪţǹşěţĮǹØŜŜýŪěŪýǹØĸùǹşýƃěýƄţǹŜşěĸóěŜØıǹşěţĮţǹ ØĸùǹůĸóýşŪØěĸŪěýţǹşýđůıØşıƊȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹØóŪěŁĸţǹŪØĮýĸǹ to mitigate them. The Board has delegated responsibility for ŪĘýǹşýƃěýƄǹŁĐǹŪĘýǹØùýŞůØóƊǹØĸùǹýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹ:şŁůŜȬţǹ ěĸŪýşĸØıǹóŁĸŪşŁıǹĐşØķýƄŁşĮǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ Risk is a standing agenda item at management meetings. ĘěţǹđěƃýţǹşěţýǹŪŁǹØǹķŁşýǹşěţĮțØƄØşýǹóůıŪůşýǹØĸùǹóŁĸţěţŪýĸóƊǹ ěĸǹùýóěţěŁĸțķØĮěĸđǹØóşŁţţǹŪĘýǹŁşđØĸěţØŪěŁĸǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹ óŁşŜŁşØŪýǹţŪşØŪýđƊǹØĸùǹşěţĮǹØŜŜýŪěŪýǿǹııǹóŁşŜŁşØŪýǹùýóěţěŁĸț ķØĮěĸđǹŪØĮýţǹşěţĮǹěĸŪŁǹØóóŁůĸŪȀǹěĸǹØǹķýØţůşýùǹƄØƊȀǹƄĘěıýǹ óŁĸŪěĸůěĸđǹŪŁǹùşěƃýǹØĸǹýĸŪşýŜşýĸýůşěØıǹóůıŪůşýǿǹĘýǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýǹěţǹşýţŜŁĸţěòıýǹĐŁşǹŪĘýǹùØƊțŪŁțùØƊǹóŁķķýşóěØıǹ ØĸùǹŁŜýşØŪěŁĸØıǹØóŪěƃěŪƊǹØóşŁţţǹŪĘýǹ:şŁůŜǹØĸùǹěţȀǹŪĘýşýĐŁşýȀǹ responsible for the management of business risk. Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóŁķŜşěţěĸđǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ ĘěýĐǹ9ěĸØĸóěØıǹfǅóýşȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹ :ýĸýşØıǹŁůĸţýıȀǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹ"ěşýóŪŁşǹŁĐǹ şØĸţĐŁşķØŪěŁĸǹØĸùǹýóĘĸŁıŁđƊȀǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹØĸùǹ AýØùǹŁĐǹAýØıŪĘǹØĸùǹØĐýŪƊȀǹěţǹŪĘýǹýƉýóůŪěƃýǹıýƃýıǹķØĸØđýķýĸŪǹ ĐŁşůķǹĐŁşǹŪĘýǹşýƃěýƄǹØĸùǹùěţóůţţěŁĸǹŁĐǹşěţĮţȀǹóŁĸŪşŁıţǹØĸùǹ ķěŪěđØŪěŁĸǹķýØţůşýţǿǹĘýǹóŁşŜŁşØŪýǹØĸùǹòůţěĸýţţǹùěƃěţěŁĸǹ şěţĮţǹØşýǹşýƃěýƄýùǹŁĸǹØǹşýđůıØşǹòØţěţǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹ ŁķķěŪŪýýȀǹţŁǹŪĘØŪǹŪşýĸùţǹØĸùǹýķýşđěĸđǹşěţĮţǹóØĸǹòýǹěùýĸŪěǇýùǹ and reported to the Board. ýĸěŁşǹķØĸØđýķýĸŪǹĐşŁķǹýØóĘǹŜØşŪǹŁĐǹŪĘýǹòůţěĸýţţǹěùýĸŪěĐƊǹ ØĸùǹķØĸØđýǹŪĘýǹşěţĮţǹĐŁşǹŪĘýěşǹØşýØǹŁşǹĐůĸóŪěŁĸǹŁĸǹØǹùØƊțŪŁț ùØƊǹòØţěţǹØĸùǹķØěĸŪØěĸǹØǹşěţĮǹşýđěţŪýşǿǹĘýǹţýƃýşěŪƊǹŁĐǹýØóĘǹşěţĮǹ ěţǹØţţýţţýùǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹýØóĘǹşěţĮȬţǹıěĮýıěĘŁŁùǹ ŁĐǹØĸǹØùƃýşţýǹŁůŪóŁķýǹØĸùǹěŪţǹěķŜØóŪǿǹDĸǹØţţýţţěĸđǹěķŜØóŪȀǹ óŁĸţěùýşØŪěŁĸǹěţǹđěƃýĸǹŪŁǹǇĸØĸóěØıȀǹşýŜůŪØŪěŁĸØıǹØĸùǹşýđůıØŪŁşƊǹ ĐØóŪŁşţȀǹØĸùǹşěţĮǹķěŪěđØŪěŁĸǹŜıØĸţǹØşýǹýţŪØòıěţĘýùǿǹǹĐůııǹşěţĮǹ şýƃěýƄǹěţǹůĸùýşŪØĮýĸǹØĸĸůØııƊǹěĸǹƄĘěóĘǹŪĘýǹşěţĮǹşýđěţŪýşţǹØşýǹ ØđđşýđØŪýùǹØĸùǹşýƃěýƄýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǿǹ Ęýǹ"ěşýóŪŁşţǹóŁĸǇşķǹŪĘØŪǹŪĘýƊǹĘØƃýǹóŁķŜıýŪýùǹØǹşŁòůţŪǹ ØţţýţţķýĸŪǹŁĐǹŪĘýǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţǹĐØóýùǹòƊǹŪĘýǹ òůţěĸýţţȀǹØţţěţŪýùǹòƊǹŪĘýǹƄŁşĮǹŜýşĐŁşķýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹ ěţĮǺŁķķěŪŪýýǿ 59Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Risk management Risk Aware: The Group is willing to take greater than normal risks Risk Neutral:ǹĘýǹ:şŁůŜǹŪØĮýţǹØǹòØıØĸóýùǹØŜŜşŁØóĘǹŪŁǹşěţĮǹŪØĮěĸđRisk appetite Risk Aware Risk Averse Risk Neutral &óŁĸŁķěóǹȺǹ ŜŁıěŪěóØı Portfolio Operational şýţěıěýĸóý WýØţěĸđǹȺǹ asset management People ıěķØŪýǹ óĘØĸđý ŁķŜıěØĸóýǹ ƄěŪĘǹıØƄţǹȺǹ regulations Risk appetite statement The Group risk appetite statement is designed to set the right ŪŁĸýǹØŪǹŪĘýǹŪŁŜǹĐŁşǹŪĘýǹ:şŁůŜǹØĸùǹţůŜŜŁşŪǹùýóěţěŁĸțķØĮěĸđǹØŪǹ ØǹţŪşØŪýđěóǹıýƃýıǹòƊǹŪĘýǹŁØşùǹØĸùǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿǹ ĘěţǹţŪØŪýķýĸŪǹŜşŁƃěùýţǹđůěùěĸđǹŜşěĸóěŜıýţǹŪŁǹţůŜŜŁşŪǹùýóěţěŁĸț making at both a Board and senior management level. ĘýǺ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹěţǹşýƃěýƄýùǹØĸùǹůŜùØŪýùǹ by the Board at appropriate intervals and, in any event, on an ØĸĸůØıǹòØţěţǿǹĘýǹ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹĘØţǹòýýĸǹ óŁķķůĸěóØŪýùǹŪŁǹţýĸěŁşǹķØĸØđýķýĸŪǹƄĘŁǹØşýǹşýţŜŁĸţěòıýǹ ĐŁşǹěĸóŁşŜŁşØŪěĸđǹŪĘýǹěùýĸŪěǇýùǹŜşěĸóěŜıýţǹěĸǹùýóěţěŁĸțķØĮěĸđǿǹ ĘýǺ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýǹţŪØŪýķýĸŪǹěţǹØţǹĐŁııŁƄţȁ ȩ©ýǹěĸƃýţŪǹŪŁǹóşýØŪýǹŪĘşěƃěĸđǹùýţŪěĸØŪěŁĸţǹěĸǹWŁĸùŁĸȬţǹ©ýţŪǹ End where people enjoy visiting, working and living. We use ŁůşǹýƉŜýşŪěţýǹěĸǹŜşŁŜýşŪƊǹěĸƃýţŪķýĸŪǹØĸùǹŁůşǹóŁķķěŪķýĸŪǹŪŁǹ ØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹŪŁǹŪØĮýǹóŁķķýşóěØıǹşěţĮţǹěĸǹØǹķýØţůşýùǹ way, so that we are able to deliver sustainable growth and long-term returns for our shareholders. ©ýǹØşýǹşěţĮǹØƃýşţýǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹěķŜØóŪǹŁĐǹŁůşǹòůţěĸýţţǹ on the environment and on the health and safety of our ŜýŁŜıýǹØĸùǹŪĘýǹŜůòıěóȀǹØĸùǹěŪǹěţǹØǹĮýƊǹŜşěŁşěŪƊǹĐŁşǹůţǹŪĘØŪǹŁůşǹ òůţěĸýţţǹŁŜýşØŪýţǹěĸǹóŁķŜıěØĸóýǹƄěŪĘǹıØƄţȀǹşýđůıØŪěŁĸţǹØĸùǹ ŁůşǺóŁĸŪşØóŪůØıǹóŁķķěŪķýĸŪţǿȪ DĸƃýţŪěĸđǹěĸǹŁĸýǹıŁóØŪěŁĸǹŜşýţýĸŪţǹØĸǹěĸĘýşýĸŪǹđýŁđşØŜĘěóǹ óŁĸóýĸŪşØŪěŁĸǹşěţĮǹØĸùǹŪĘýşýǹØşýǹóýşŪØěĸǹýƉŪýşĸØıǹĐØóŪŁşţǹ ƄĘěóĘǹŪĘýǹ:şŁůŜǹóØĸĸŁŪǹóŁĸŪşŁıǿǹAŁƄýƃýşȀǹěĸǹýƉýóůŪěĸđǹŪĘýǹ :şŁůŜȬţǹţŪşØŪýđƊȀǹƄýǹţýýĮǹŪŁǹķěĸěķěţýǹýƉŜŁţůşýǹŪŁǹŁŜýşØŪěŁĸØıȀǹ şýŜůŪØŪěŁĸǹØĸùǹóŁķŜıěØĸóýǹşěţĮţȀǹşýóŁđĸěţěĸđǹŪĘØŪǹŁůşǹØŜŜýŪěŪýǹ ŪŁǹşěţĮǹƃØşěýţǹØóşŁţţǹùěǄýşýĸŪǹýıýķýĸŪţǹŁĐǹŪĘýǹţŪşØŪýđƊȀǹ ØţǺţĘŁƄĸǹěĸǹŪĘýǹùěØđşØķǹòýıŁƄǿǹýóŁđĸěţěĸđǹŪĘØŪǹşěţĮǹØŜŜýŪěŪýǹ ěţǹĸŁŪǹØĸǹȪØòţŁıůŪýȪȀǹŪĘýǹùěØđşØķǹòýıŁƄǹţĘŁƄţǹØĸǹěĸùěóØŪěƃýǹ şØĸđýȀǹşýǈýóŪěĸđǹŪĘØŪǹŪĘýǹ:şŁůŜǹķØƊǹķŁƃýǹĘěđĘýşǹŁşǹıŁƄýşǹ ŁĸǺŪĘýǹşěţĮǹóůşƃýȀǹØţǹóěşóůķţŪØĸóýţǹùěóŪØŪýǿ Assessing risk ěţĮţǹØşýǹóŁĸţěùýşýùǹěĸǹŪýşķţǹŁĐǹŪĘýǹıěĮýıěĘŁŁùǹŁĐǹŁóóůşşýĸóýǹ ØĸùǹŪĘýěşǹŜŁŪýĸŪěØıǹěķŜØóŪǹŁĸǹŪĘýǹòůţěĸýţţǿǹDĸǹØţţýţţěĸđǹěķŜØóŪȀǹ ØǹĸůķòýşǹŁĐǹóşěŪýşěØǹØşýǹóŁĸţěùýşýùȀǹěĸóıůùěĸđǹŪĘýǹýǄýóŪǹŁĸǹ ŁůşǹţŪşØŪýđěóǹŁòĪýóŪěƃýţȀǹŁŜýşØŪěŁĸØıǹŁşǹǇĸØĸóěØıǹķØŪŪýşţȀǹŁůşǹ reputation, sustainability, stakeholder relationships, health and safety and regulatory issues. Risks are assessed on both đşŁţţǹȡØţţůķěĸđǹĸŁǹóŁĸŪşŁıţǹØşýǹěĸǹŜıØóýȢǹØĸùǹşýţěùůØıǹȡØĐŪýşǹ ķěŪěđØŪěŁĸȢǺòØţýţǿ ŁǹŪĘýǹýƉŪýĸŪǹŪĘØŪǹţěđĸěǇóØĸŪǹşěţĮţȀǹĐØěıěĸđţǹŁşǹóŁĸŪşŁıǹ ƄýØĮĸýţţýţǹØşěţýȀǹØŜŜşŁŜşěØŪýǹØóŪěŁĸǹěţǹŪØĮýĸǹŪŁǹşýóŪěĐƊǹŪĘýǹ ěţţůýǹØĸùǹěķŜıýķýĸŪǹóŁĸŪşŁıţǹŪŁǹķěŪěđØŪýǹĐůşŪĘýşǹŁóóůşşýĸóýţǿǹ ůóĘǹŁóóůşşýĸóýţǹØşýǹşýŜŁşŪýùǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ Ęýǹ:şŁůŜȬţǹŜşŁóýţţýţǹØĸùǹŜşŁóýùůşýţǹŪŁǹěùýĸŪěĐƊȀǹØţţýţţȀǹ ØĸùǹķØĸØđýǹěŪţǹŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţǹƄýşýǹěĸǹŜıØóýǹ ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹØĸùǹşýķØěĸýùǹěĸǹŜıØóýǹůŜǹŪŁǹŪĘýǹùØŪýǹŁĐǹ ŪĘýǺØŜŜşŁƃØıǹŁĐǹŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǿ Internal controls ĘýǹķØěĸǹýıýķýĸŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹěĸŪýşĸØıǹóŁĸŪşŁıǹĐşØķýƄŁşĮǹ ØşýǹţýŪǹŁůŪǹòýıŁƄȁ ȟ ıýØşǹşýķěŪȀǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸùǹţóĘýùůıýǹŁĐǹķØŪŪýşţǹ ĐŁşǺŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţ ȟ ıŁţýǹěĸƃŁıƃýķýĸŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹěĸǹŪĘýǹ day-to-day operations of the business, with regular meetings with senior management ȟ Delegated authority limits ȟ "ØěıƊǹķŁĸěŪŁşěĸđǹŁĐǹşěţĮţǹØĸùǹóŁĸŪşŁıţǹòƊǹķØĸØđýķýĸŪǹ ȟ 9ŁşķØıǹØţţýţţķýĸŪǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹŁĐǹ ţŪşØŪýđěóǹØĸùǹýķýşđěĸđǹşěţĮţǹØĸùǹŪĘýǹşýıØŪýùǹóŁĸŪşŁıţǹŁşǹ ķěŪěđØŪěŁĸţȀǹƄěŪĘǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǹ ȟ ýđůıØşǹŁØşùǹůŜùØŪýţǹŁĸǹŁŜýşØŪěŁĸţȀǹDǹţƊţŪýķţǹØĸùǺ óƊòýşǹţýóůşěŪƊ ȟ şØĸţŜØşýĸŪǹŪØƉǹţŪşØŪýđƊȀǹŜůòıěţĘýùǹŁĸǹŪĘýǹ:şŁůŜȬţǹƄýòţěŪýȀǹƄĘěóĘǹ ţýŪţǹŁůŪǹŪĘýǹØŜŜşŁØóĘǹŪŁǹŪØƉǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹđŁƃýşĸØĸóý ȟ ©ĘěţŪıýòıŁƄěĸđǹŜŁıěóƊǹØĸùǹĘŁŪıěĸýǹŜşŁóýùůşýţȀǹƄĘýşýòƊǹ ýķŜıŁƊýýţǹØĸùǹŪĘěşùǹŜØşŪěýţǹķØƊǹşØěţýǹØĸƊǹķØŪŪýşţǹŁĐǹóŁĸóýşĸǹ óŁĸǇùýĸŪěØııƊȀǹØşýǹşýƃěýƄýùǹòƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØĸĸůØııƊ ŜýóěǇóǹóŁĸŪşŁıţǹşýıØŪěĸđǹŪŁǹǇĸØĸóěØıǹşýŜŁşŪěĸđǹØĸùǹŪĘýǹ óŁĸţŁıěùØŪěŁĸǹŜşŁóýţţǹěĸóıůùýȁ ȟ ŜŜşŁŜşěØŪýıƊǹţŪØǄýùǹķØĸØđýķýĸŪǹţŪşůóŪůşýȀǹƄěŪĘǹóıýØşǹıěĸýţǹ ŁĐǹşýţŜŁĸţěòěıěŪƊǹØĸùǹØóóŁůĸŪØòěıěŪƊǹ ȟ ǹóŁķŜşýĘýĸţěƃýǹòůùđýŪěĸđǹØĸùǹşýƃěýƄǹţƊţŪýķ ȟ ŁØşùǹØĸùǹůùěŪǹŁķķěŪŪýýǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹ fǅóýşǹØĸùǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹƄĘěóĘǹěĸóıůùýǹ ĐŁşýóØţŪţȀǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹòůùđýŪǹØĸùǺǇĸØĸóěØıǹóŁƃýĸØĸŪţǹ ȟ 9ŁşķØıǹşýƃěýƄţǹŁĐǹŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹǇĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹ ØĸùǹóŁķŜıěØĸóýǹóŁĸŪşŁıţǹòƊǹķØĸØđýķýĸŪǹØĸùǹýƉŪýşĸØıǹ ØùƃěţýşţǹØşýǹşýŜŁşŪýùǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýý ȟ "fǹWWǹȡȩ"fȪȢȀǹØŜŜŁěĸŪýùǹØţǹěĸŪýşĸØıǹØůùěŪŁşǹŁĐǹŪĘýǹ:şŁůŜȀǹ óŁĸùůóŪţǹşýđůıØşǹØůùěŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹóŁĸŪşŁıǹŜşŁóýùůşýţǹ ØĸùǹşýŜŁşŪţǹěŪţǹǇĸùěĸđţǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿ Risk Averse:ǹĘýǹ:şŁůŜǹěţǹóØůŪěŁůţǹØĸùǹŪØĮýţǹØţǹĐýƄǹşěţĮţǹØţǹŜŁţţěòıý 60 Shaftesbury Capital PLC | 2024 Annual Report Risk outlook "ůşěĸđǹǑǏǑǓȀǹùýţŜěŪýǹŪĘýǹóĘØııýĸđěĸđǹķØóşŁțýóŁĸŁķěóǹ òØóĮùşŁŜǹØĸùǹýıýƃØŪýùǹđýŁŜŁıěŪěóØıǹşěţĮǹØĸùǹƃŁıØŪěıěŪƊȀǹƄýǹ óŁĸŪěĸůýùǹŪŁǹùýıěƃýşǹŜŁţěŪěƃýǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØóşŁţţǹ ŪĘýǹŜŁşŪĐŁıěŁȀǹşýǈýóŪěĸđǹŪĘýǹòýĸýǇŪţǹŁĐǹŪĘýǹ:şŁůŜȬţǹØóŪěƃýǹØţţýŪǹ ķØĸØđýķýĸŪȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹýƉóýŜŪěŁĸØıǹŞůØıěŪěýţǹØĸùǹ ıŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿǹŪşŁĸđǹıýØţěĸđǹùýķØĸùǹ óŁĸŪěĸůýùǹØóşŁţţǹØııǹůţýţȀǹıýØùěĸđǹŪŁǹĘěđĘǹŁóóůŜØĸóƊǹıýƃýıţǹØĸùǹ ţŪşŁĸđǹşýĸŪǹóŁııýóŪěŁĸǿǹ ĘýǹıŁĸđțŪýşķǹěķŜØóŪǹŁĐǹŪĘýǹķØóşŁýóŁĸŁķěóǹØĸùǹđýŁŜŁıěŪěóØıǹ ĐØóŪŁşţȀǹěĸǹŜØşŪěóůıØşǹýƃŁıƃěĸđǹěĸǈØŪěŁĸØşƊǹŜşýţţůşýţǹØĸùǹěĸŪýşýţŪǹ şØŪýţȀǹŁĸǹŪĘýǹĐůŪůşýǹùýķØĸùǹĐŁşȀǹØĸùǹůţýǹŁĐȀǹıýŪŪØòıýǹţŜØóýȀǹ ýƃŁıůŪěŁĸǹŁĐǹóŁĸţůķýşǹòýĘØƃěŁůşǹØĸùǹŪşØƃýıǹŜØŪŪýşĸţǹşýķØěĸǹ ØǹóŁĸţěùýşØŪěŁĸǹØĸùǹŪĘýǹŁØşùǹóŁĸŪěĸůýţǹŪŁǹķŁĸěŪŁşǹŪĘěţǿǹ ]ØĸƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹóůţŪŁķýşţǹØşýǹýƉŜŁţýùǹŪŁǹŪĘýǹóĘØĸđýţǹ ØĸùǹóĘØııýĸđýţǹĐØóěĸđǹŪĘýǹşýŪØěıǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşţȀǹ ěĸóıůùěĸđǹķØóşŁýóŁĸŁķěóǹĐØóŪŁşţǹØşŁůĸùǹŪĘýǹUǹòůùđýŪȀǹ ţůóĘǹØţǹØƃØěıØòěıěŪƊǹØĸùǹóŁţŪǹŁĐǹóşýùěŪǹĐŁşǹóůţŪŁķýşţǹØĸùǹŪĘýěşǹ òůţěĸýţţýţȀǹŪĘýǹŜŁŪýĸŪěØıǹĐŁşǹŪĘýǹıýƃýıǹŁĐǹóŁĸţůķýşǹţŜýĸùěĸđǹ ŪŁǹòýǹěķŜØóŪýùǹòƊǹóŁţŪțŁĐțıěƃěĸđǹŜşýţţůşýţȀǹòůţěĸýţţǹØĸùǹ óŁĸţůķýşǹóŁĸǇùýĸóýȀǹěĸǈØŪěŁĸǹşØŪýţȀǹýĸýşđƊǹóŁţŪţȀǹţůŜŜıƊǹ óĘØěĸǹùěţşůŜŪěŁĸȀǹıØòŁůşǹţĘŁşŪØđýţǹØĸùǹŁŪĘýşǹŁŜýşØŪěŁĸØıǹóŁţŪţǿ DĐǹóůşşýĸŪǹđıŁòØıǹŁşǹUǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹùýŪýşěŁşØŪýǹ ŪĘěţǹóŁůıùǹěķŜØóŪǹUǹşýØıǹýţŪØŪýǹķØşĮýŪţȀǹşýţůıŪěĸđǹěĸǹùŁƄĸƄØşùǹ ŜşýţţůşýǹŁĸǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţǹØĸùǹđşŁţţǹ şýĸŪØıǹěĸóŁķýǿǹ Ęýǹ:şŁůŜȬţǹŁŜýşØŪěŁĸţǹķØƊǹòýǹØùƃýşţýıƊǹØǄýóŪýùǹěĐǹěŪǹĐØěıţǹŪŁǹ óŁķŜıƊǹƄěŪĘǹóıěķØŪýǹØĸùǹýĸƃěşŁĸķýĸŪØıǹşýđůıØŪěŁĸǹŁşǹěŪţǹŁƄĸǹ ýĸƃěşŁĸķýĸŪØıȀǹţŁóěØıǹŁşǹđŁƃýşĸØĸóýǹţŪØĸùØşùţǿǹfŜýşØŪěŁĸţǹ ķØƊǹØıţŁǹòýǹØùƃýşţýıƊǹØǄýóŪýùǹòƊǹóıěķØŪýǹØĸùǹýĸƃěşŁĸķýĸŪǹ şýıØŪýùǹşěţĮţȀǹƄĘěóĘǹóŁůıùǹıýØùǹŪŁǹţěđĸěǇóØĸŪǹóŁţŪţǹŪŁǹķěŪěđØŪýǹ ýĸƃěşŁĸķýĸŪØıǹěķŜØóŪţǿ Emerging risks The Group monitors emerging risks to identify and assess ŪĘŁţýǹşěţĮţǹŪĘØŪǹķØƊǹŜŁŪýĸŪěØııƊǹěķŜØóŪǹůŜŁĸǹěŪţǹţŪşØŪýđěóǹ ŜıØĸţǿǹĘýţýǹşěţĮţǹØşýǹóěşóůķţŪØĸóýţǹŁşǹŪşýĸùţǹƄĘěóĘǹØşýǹŁĐŪýĸǹ ýƃŁıƃěĸđǹşØŜěùıƊǹƄĘěóĘǹóŁůıùǹţěđĸěǇóØĸŪıƊǹěķŜØóŪǹŁĸǹŪĘýǹ:şŁůŜȬţǹ ǇĸØĸóěØıǹţŪşýĸđŪĘȀǹóŁķŜýŪěŪěƃýǹŜŁţěŪěŁĸǹŁşǹşýŜůŪØŪěŁĸǹƄěŪĘěĸǹŪĘýǹ ĸýƉŪǹŪĘşýýǹƊýØşţǹŁşǹŁƃýşǹŪĘýǹıŁĸđýşǹŪýşķǿǹ:ýĸýşØııƊȀǹŪĘýǹěķŜØóŪǹ ØĸùǹŜşŁòØòěıěŪƊǹŁĐǹŁóóůşşýĸóýǹØşýǹĸŁŪǹƊýŪǹĐůııƊǹůĸùýşţŪŁŁùǹØĸùȀǹ óŁĸţýŞůýĸŪıƊȀǹĸýóýţţØşƊǹķěŪěđØŪěŁĸţǹĘØƃýǹĸŁŪǹƊýŪǹĐůııƊǹýƃŁıƃýùǿǹ Ęýǹ:şŁůŜǹóŁĸùůóŪţǹØǹĘŁşěƓŁĸǹţóØĸĸěĸđǹýƉýşóěţýǹŪŁǹěùýĸŪěĐƊǹ ŜŁŪýĸŪěØıǹşěţĮţǹØĸùǹýķýşđěĸđǹŪşýĸùţǹƄĘěóĘǹķØƊǹòýǹěķŜØóŪĐůıǹěĸǹ ŪĘýǹĐůŪůşýǿǹØţýùǹŁĸǹŪĘěţǹýƉýşóěţýȀǹŪĘýǹķŁţŪǹşýıýƃØĸŪǹýķýşđěĸđǹ şěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹØţţýţţýùǹŪŁǹýţŪØòıěţĘǹşýıýƃØĸóýǹØĸùǹ identify any additional remediation required. The prioritised emerging risks are further reviewed and validated by senior ķØĸØđýķýĸŪǹŪŁǹđØěĸǹØǹòýŪŪýşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýěşǹěķŜØóŪǹØĸùǹ to develop strategies to address them. A non-exhaustive list of emerging risks is outlined on the right. Emerging risks with a one-to-three-year time horizon include: ȟ UǹŜŁıěŪěóØıǹůĸóýşŪØěĸŪƊǹØĸùǹýƃŁıƃěĸđǹđýŁŜŁıěŪěóØıǹóŁĸùěŪěŁĸţȂ ȟ UǹóŁşŜŁşØŪýǹşýĐŁşķǹØĸùǹıØĸùıŁşùȌŪýĸØĸŪǹıýđěţıØŪěŁĸǹóĘØĸđýţȂ ȟ ůěıùěĸđǹØĐýŪƊǹóŪǹØĸùǹóĘØĸđýţǹŪŁǹUǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸǹ ķýŪĘŁùŁıŁđěýţǹØĸùǹŜşØóŪěóýţȂ ȟ :şýýĸǹýĸýşđƊǹØĸùǹţůţŪØěĸØòěıěŪƊǹŜşěŁşěŪěýţȂǹØĸù ȟ "ěţşůŜŪěƃýǹŪýóĘĸŁıŁđěóØıǹØùƃØĸóýķýĸŪţȀǹƄĘěóĘǹķØƊǹ ěĸóıůùýǹØşýØţǹţůóĘǹØţǹØşŪěǇóěØıǹěĸŪýııěđýĸóýȀǹòıŁóĮóĘØěĸǹ ØĸùǺķýŪØƃýşţýǿ Emerging risks with a longer-term horizon include: ȟ ĘØĸđýţǹěĸǹţŁóěØıǹùƊĸØķěóţȀǹùýķŁđşØŜĘěóǹţĘěĐŪţǹØĸùǹ ŪşýĸùţǺěĸǹţŜØóýǹůţØđýȀǹůşòØĸěţØŪěŁĸǹØĸùǹóŁĸţůķŜŪěŁĸǹ ØĸùǺŪşØƃýıǹŜØŪŪýşĸţȂ ȟ WŁĸđýşțŪýşķǹóıěķØŪýǹóĘØĸđýǹěķŜØóŪţȂ ȟ ŁĸţůķýşǹòýĘØƃěŁůşȂ ȟ DķŜØóŪǹŁĐǹùěđěŪØıǹóůşşýĸóěýţǹŁĸǹóŁĸţůķýşǹòýĘØƃěŁůşȂǹØĸù ȟ ýţěùýĸŪěØıǹşýĸŪǹóŁĸŪşŁıǹØĸùǹşýđůıØŪŁşƊǹŪØƉǹóĘØĸđýţǿ Principal risks and uncertainties Ęýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţȀǹƄĘěóĘǹØşýǹţýŪǹ ŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđýţȀǹØşýǹşýǈýóŪěƃýǹŁĐǹƄĘýşýǹŪĘýǹŁØşùǹ ĘØţǹěĸƃýţŪýùǹŪěķýǹùůşěĸđǹŪĘýǹƊýØşǿǹ9ŁııŁƄěĸđǹØǹùýŪØěıýùǹşýƃěýƄǹ ŁĐǹŪĘýǹŜşěĸóěŜØıǹşěţĮţǹŜŁţŪțķýşđýşȀǹóýşŪØěĸǹşěţĮţǹĘØƃýǹòýýĸǹ ùěţØđđşýđØŪýùǹěĸǹŪĘýǹóůşşýĸŪǹƊýØşǹŪŁǹóıýØşıƊǹØıěđĸǹŪĘýǹķěŪěđØŪěĸđǹ ØóŪěŁĸţǹŪŁǹŪĘýǹşýţŜýóŪěƃýǹşěţĮţǿǹĘěţǹěţǹşýǈýóŪýùǹòýıŁƄǿǹĘýţýǹ ŜşěĸóěŜØıǹşěţĮţǹØşýǹĸŁŪǹýƉĘØůţŪěƃýǿǹĘýǹ:şŁůŜǹķŁĸěŪŁşţǹØǹ ĸůķòýşǹŁĐǹØùùěŪěŁĸØıǹşěţĮţǹØĸùǹØùĪůţŪţǹŪĘŁţýǹóŁĸţěùýşýùǹ ȫŜşěĸóěŜØıȬǹØţǹŪĘýǹşěţĮǹŜşŁǇıýǹŁĐǹŪĘýǹòůţěĸýţţǹóĘØĸđýţǿǹýýǹØıţŁǹ ŪĘýǹşěţĮţǹěĸĘýşýĸŪǹěĸǹŪĘýǹóŁķŜěıØŪěŁĸǹŁĐǹǇĸØĸóěØıǹěĸĐŁşķØŪěŁĸȀǹ ØţǹùěţóıŁţýùǹěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹóóŁůĸŪěĸđǹŁıěóěýţȬǹƄěŪĘěĸǹ ȫşěŪěóØıǹØóóŁůĸŪěĸđǹĪůùđýķýĸŪţǹØĸùǹĮýƊǹţŁůşóýţǹŁĐǺýţŪěķØŪěŁĸǹ ØĸùǺůĸóýşŪØěĸŪƊȬǿ Principal risks overview 2024 risk Change in the year &óŁĸŁķěóǹØĸùǹŜŁıěŪěóØı Portfolio fŜýşØŪěŁĸØıǹşýţěıěýĸóý Leasing and asset management People ıěķØŪýǹóĘØĸđý ŁķŜıěØĸóýǹƄěŪĘǹıØƄǹØĸùǹşýđůıØŪěŁĸţ UýƊ DĸóşýØţý "ýóşýØţýStable 61Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Risk management Economic and political ȟ DķŜØóŪǹŁĐǹůĸóýşŪØěĸǹěĸŪýşýţŪǹşØŪýǹýĸƃěşŁĸķýĸŪǹØĸùǹıØóĮǹŁĐǹ ØƃØěıØòěıěŪƊǹŁşǹěĸóşýØţýùǹóŁţŪǹŁĐǹùýòŪǹŁşǹýŞůěŪƊǹĐůĸùěĸđ ȟ DĸǈØŪěŁĸØşƊǹŜşýţţůşýţǹŁĸǹŁŜýşØŪěĸđǹóŁţŪţȀǹěĸóıůùěĸđǹýĸýşđƊǹ ØĸùǹŪĘýǹóŁţŪțŁĐțıěƃěĸđǹ ȟ ùƃýşţýǹěķŜØóŪǹŁĸǹòůţěĸýţţǹØĸùǹóŁĸţůķýşǹóŁĸǇùýĸóýȀǹ ěĸóşýØţýùǹķØŪýşěØıǹóŁţŪţȀǹŜşŁıŁĸđýùǹţůŜŜıƊǹóĘØěĸţǹØĸùǹ şýùůóýùǹıØòŁůşǹţůŜŜıƊ ȟ "ýóıěĸýǹěĸǹşýØıǹýţŪØŪýǹƃØıůØŪěŁĸţǹùůýǹŪŁǹķØóşŁýóŁĸŁķěóǹ óŁĸùěŪěŁĸţǹ ȟ ýşţěţŪýĸŪǹţěđĸěǇóØĸŪǹùěţóŁůĸŪǹěĸǹŪĘýǹţĘØşýǹŜşěóýǹşýıØŪěƃýǹ to EPRA NTA ȟ ĸóýşŪØěĸǹŜŁıěŪěóØıǹóıěķØŪýǹØĸùȌŁşǹóĘØĸđýţǹŪŁǹıýđěţıØŪěŁĸǹ ØĸùǹŜŁıěóěýţǹĐŁııŁƄěĸđǹóĘØĸđýǹěĸǹ:ŁƃýşĸķýĸŪ Impact on strategy ȟ ýùůóýùǹŜşŁŜýşŪƊǹşýŪůşĸ ȟ ýùůóýùǹşýĸŪØıǹěĸóŁķýǹØĸùȌŁşǹóØŜěŪØıǹƃØıůýţǹØţǹóůţŪŁķýşţǹ óŁůıùǹţůǄýşǹţŪØǄǹţĘŁşŪØđýţȀǹěĸóşýØţýùǹóŁţŪţȀǹıŁĸđýşǹıýØùǹ times and lower availability of inventory ȟ AěđĘýşǹŁŜýşØŪěĸđǹØĸùǹǇĸØĸóýǹóŁţŪţ ȟ ýùůóýùǹǇĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹǈýƉěòěıěŪƊ Mitigation ȟ ]ØěĸŪØěĸǹØŜŜşŁŜşěØŪýǹıěŞůěùěŪƊǹŪŁǹóŁƃýşǹóŁķķěŪķýĸŪţ ȟ ØşđýŪǹıŁĸđýşǹØĸùǹţŪØđđýşýùǹùýòŪǹķØŪůşěŪěýţȀǹØĸùǹùěƃýşţěǇýùǹ ţŁůşóýţǹŁĐǹĐůĸùěĸđ ȟ &ØşıƊǹşýǇĸØĸóěĸđǹŁĐǹùýòŪǹķØŪůşěŪěýţ ȟ ŁƃýĸØĸŪǹĘýØùşŁŁķǹķŁĸěŪŁşýùǹØĸùǹţŪşýţţǹŪýţŪýùǹ ȟ 9ěƉýùǹşØŪýǹǇĸØĸóěĸđǹØĸùǹùýşěƃØŪěƃýǹóŁĸŪşØóŪţǹŪŁǹŜşŁƃěùýǹ ěĸŪýşýţŪǹşØŪýǺŜşŁŪýóŪěŁĸ ȟ ]ŁĸěŪŁşěĸđǹŜşŁŜŁţØıţǹØĸùǹýķýşđěĸđǹŜŁıěóƊǹØĸùǹıýđěţıØŪěŁĸȀǹ ƄěŪĘǺěĸùůţŪşƊǹıŁòòƊěĸđǹƄĘýşýǹØŜŜşŁŜşěØŪý ȟ &ĸđØđýķýĸŪǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ Ęýǹ:şŁůŜǹĐŁóůţýţǹŁĸǹŜşěķýǹØţţýŪţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸǹƄĘěóĘǹ ĘěţŪŁşěóØııƊǹĘØƃýǹŜşŁƃýùǹŪŁǹòýǹýóŁĸŁķěóØııƊǹşýţěıěýĸŪǿǹ Ęýǹ:şŁůŜǹĘØţǹĘØùǹØǹıŁĸđțŪýşķǹĐŁóůţǹŁĸǹķØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹòØıØĸóýǹ ţĘýýŪȀǹƄěŪĘǹţůǅóěýĸŪǹıěŞůěùěŪƊǹØĸùǹùýòŪǹóŁƃýĸØĸŪǹĘýØùşŁŁķȀǹŪŁǹýĸţůşýǹ it is able to withstand market volatility and take advantage of ŁŜŜŁşŪůĸěŪěýţǿǹţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØţǹØóóýţţǹŪŁǹ óØţĘǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǔǔǘǿǗǹķěııěŁĸǿ &ƉŪýĸţěƃýǹĐŁşýóØţŪěĸđȀǹţŪşýţţǹŪýţŪěĸđǹØĸùǹķŁùýııěĸđǹŁĐǹƃØşěŁůţǹ ţóýĸØşěŁţǹĘØţǹòýýĸǹůĸùýşŪØĮýĸȀǹěĸóıůùěĸđǹţýĸţěŪěƃěŪěýţǹØşěţěĸđǹĐşŁķǹŪĘýǹ óůşşýĸŪǹķØóşŁýóŁĸŁķěóǹýĸƃěşŁĸķýĸŪȀǹŪŁǹĘýıŜǹŜıØĸǹĐŁşǹĐůŪůşýǹěķŜØóŪţǹ on the business. 9ůĸùěĸđȀǹùýòŪǹØĸùǹŪşýØţůşƊǹķýŪşěóţǹØşýǹķŁĸěŪŁşýùǹŁĸǹØǹóŁĸŪěĸůØıǹòØţěţǹ ƄěŪĘǹØǹĐŁóůţǹŁĸǹŜşýţýşƃěĸđǹıěŞůěùěŪƊǹØĸùǹóØŜěŪØıǿǹ ǹùŁƄĸţěùýǹţóýĸØşěŁǹĘØţǹòýýĸǹØĸØıƊţýùǹěĸǹóŁĸĸýóŪěŁĸǹƄěŪĘǹŪĘýǹđŁěĸđǹ óŁĸóýşĸǹØţţýţţķýĸŪȀǹùýŪØěıţǹŁĐǹƄĘěóĘǹØşýǹţýŪǹŁůŪǹěĸǹĸŁŪýǹǐǹȫşěĸóěŜØıǹ ØóóŁůĸŪěĸđǹŜŁıěóěýţȬǹƄěŪĘěĸǹȫ:ŁěĸđǹóŁĸóýşĸȬǿǹĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹ ĘØƃýǹòýýĸǹŜşýŜØşýùǹŁĸǹØǹđŁěĸđǹóŁĸóýşĸǹòØţěţǿ ©ýǹşýķØěĸǹěĸǹóıŁţýǹùěØıŁđůýǹƄěŪĘǹıŁóØıǹØůŪĘŁşěŪěýţǹŪŁǹůĸùýşţŪØĸùǹ ĐůŪůşýǹŜıØĸţǹØĸùǹƄŁşĮǹóŁĸţŪşůóŪěƃýıƊǹŪŁǹŜŁţěŪěŁĸǹŪĘýǹýţŪØŪýǹěĸǹŪĘýǹ best possible manner. See Chief Executive’s statement on page 12 for further information. Portfolio ȟ Inability of the Group to adopt the appropriate strategy ŁşǹŪŁǹşýØóŪǹŪŁǹóĘØĸđěĸđǹķØşĮýŪǹóŁĸùěŪěŁĸţǹŁşǹóĘØĸđěĸđǹ óŁĸţůķýşǹòýĘØƃěŁůş ȟ ŁşŪĐŁıěŁǹóŁĸóýĸŪşØŪěŁĸ ȟ Volatility in the investment market Impact on strategy ȟ DĸØòěıěŪƊǹŪŁǹùýıěƃýşǹòůţěĸýţţǹŜıØĸǹŁşǹØǹţŪşůóŪůşØıǹóĘØĸđýǹŪŁǹ ŪĘýǺòůţěĸýţţǹŜıØĸǹěķŜØóŪěĸđǹşýŪůşĸţǹŁşǹóØŜěŪØıǹƃØıůýţ Mitigation ȟ 9ŁóůţǹŁĸǹŜşěķýǹØţţýŪţȀǹıŁóØŪěŁĸţǹØĸùǹůţýţǹƄĘýşýȀǹěĸǹĸŁşķØıǹ óŁĸùěŪěŁĸţȀǹŪĘýşýǹěţǹØǹţŪşůóŪůşØıǹěķòØıØĸóýǹòýŪƄýýĸǹØƃØěıØòěıěŪƊǹ ŁĐǺţŜØóýǹØĸùǹùýķØĸù ȟ &ţŪØòıěţĘǹØţţýŪǹóıůţŪýşţǹŪŁǹŜşŁƃěùýǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹùşěƃýǹ long-term growth and returns ȟ ýđůıØşǹØţţýţţķýĸŪǹŁĐǹěĸƃýţŪķýĸŪǹķØşĮýŪǹóŁĸùěŪěŁĸţǹěĸóıůùěĸđǹ bi-annual external valuations ȟ ýđůıØşǹţŪşØŪýđěóǹØĸØıƊţěţǹƄěŪĘǹĐŁóůţǹŁĸǹóşýØŪěĸđǹķěƉýùțůţýǹ ùýţŪěĸØŪěŁĸţǹØĸùǹşýţěùýĸŪěØıǹùěţŪşěóŪţǹƄěŪĘǹůĸěŞůýǹØŪŪşěòůŪýţ ȟ ýóŁĸǇđůşýǹØĸùǹşýŜůşŜŁţýǹţŜØóýǹŪŁǹşýţŜŁĸùǹŪŁȀǹØĸùǹ ØĸŪěóěŜØŪýȀǹóĘØĸđěĸđǹóůţŪŁķýşǹùýķØĸù ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ Ęýǹ:şŁůŜǹĐŁóůţýţǹŁĸǹŜşěķýǹØţţýŪţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸǹ ŜşěķØşěıƊǹěĸǹŪĘýǹşýŪØěıǹØĸùǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşǿǹĘýǹƃØıůýǹŁĐǹ óŁĸŪşŁıǹŁƃýşǹØşýØţǹòşěĸđţǹŪĘýǹØòěıěŪƊǹŪŁǹóůşØŪýǹØĸùǹùşěƃýǹđşŁƄŪĘǹŁƃýşǹ ŪĘýǹıŁĸđǹŪýşķǿǹ©ýǹØóŪěƃýıƊǹŜşŁķŁŪýǹŁůşǹØşýØţǹŪŁǹùşěƃýǹĐŁŁŪĐØııǹØĸùǹ óůşØŪýǹØşýØţǹŪŁǹķØěĸŪØěĸǹŜıØóýţǹŪĘØŪǹØşýǹŜŁŜůıØşǿ ůţŪØěĸýùǹóůţŪŁķýşǹùýķØĸùǹĘØţǹıýùǹŪŁǹıŁƄǹƃØóØĸóƊǹıýƃýıţǹƄěŪĘǹ óŁĸţěţŪýĸŪıƊǹĘěđĘǹĐŁŁŪĐØııǿǹ ĘşŁůđĘǹşýđůıØşǹùěØıŁđůýǹƄěŪĘǹŜŁŪýĸŪěØıǹØĸùǹóůşşýĸŪǹóůţŪŁķýşţǹØĸùǹ regular assessments of the market, we are able to better understand ķØşĮýŪǹùýķØĸùǹØĸùǹşýóŁĸǇđůşýǹţŜØóýǹØţǹØŜŜşŁŜşěØŪýǿǹ See Portfolio and operating review on page 32 for further information. Principal risks and uncertainties continued şýØŪěƃýǹØĸùǹ ØóŪěƃýǹØŜŜşŁØóĘ 2 ůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹ of the business 1 "ěţóěŜıěĸýùǹǇĸØĸóěØıǹ management 3 Sustainable and óŁķķůĸěŪƊǹķěĸùýù 4 Strategic priorities UýƊ DĸóşýØţý "ýóşýØţýStable 62 Shaftesbury Capital PLC | 2024 Annual Report Operational resilience ȟ ]ěţóŁĸùůóŪǹŁşǹŜŁŁşǹŁŜýşØŪěŁĸØıǹŁşǹţůţŪØěĸØòěıěŪƊǹţŪØĸùØşùţ ȟ ŁŁşǹŜýşĐŁşķØĸóýǹĐşŁķǹŁĸýǹŁĐǹŪĘýǹ:şŁůŜȬţǹŪĘěşùțŜØşŪƊǹ ØùƃěţýşţǹØĸùǹóŁĸŪşØóŪŁşţ ȟ ØŪØţŪşŁŜĘěóǹýƃýĸŪǹţůóĘǹØţǹØǹŪýşşŁşěţŪǹØŪŪØóĮȀǹĸØŪůşØıǹùěţØţŪýşȀǹ ĘýØıŪĘǺŜØĸùýķěóǹŁşǹóƊòýşǹţýóůşěŪƊǹóşěķý Impact on strategy ȟ ýùůóýùǹşýĸŪØıǹěĸóŁķýȀǹĘěđĘýşǹŁŜýşØŪěĸđǹóŁţŪţȀǹØĸùȌŁşǹ şýùůóýùǹóØŜěŪØıǹƃØıůýţǹ ȟ ýùůóýùǹǇĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹǈýƉěòěıěŪƊ ȟ "ěķěĸěţĘěĸđǹWŁĸùŁĸȬţǹţŪØŪůţ ȟ Business disruption or damage to property ȟ Reputational damage Mitigation ȟ ůŜŜıěýşǹŜşŁóůşýķýĸŪǹŜŁıěóƊǹØĸùǹşýđůıØşǹķŁĸěŪŁşěĸđǹŁĐǹ ýƉŪýşĸØıǺØùƃěţýşţ ȟ &ĸđØđýķýĸŪǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ ȟ ůěıùěĸđǹşýěĸţŪØŪýķýĸŪȀǹıŁţţǹŁĐǹşýĸŪǹØĸùǹŪýşşŁşěţŪǹěĸţůşØĸóý ȟ "ýŪØěıýùǹòůţěĸýţţǹóŁĸŪěĸůěŪƊǹØĸùǹóşěţěţǹóŁķķůĸěóØŪěŁĸǹ ŜıØĸţǺěĸǺŜıØóý ȟ fĸțţěŪýǹţýóůşěŪƊǹØĸùǹóƊòýşǹţýóůşěŪƊǹěĸǹŜıØóý ȟ AýØıŪĘǹØĸùǹţØĐýŪƊǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţ ȟ ıŁţýǹıěØěţŁĸǹƄěŪĘǹŜŁıěóýȀǹ^ØŪěŁĸØıǹŁůĸŪýşǹýşşŁşěţķǹýóůşěŪƊǹ fǅóýǹȡ^ØfȢǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţ ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ ©ĘěıţŪǹòýěĸđǹěĸƃýţŪýùǹěĸǹŁĸýǹØşýØǹěţǹØǹşěţĮȀǹŪĘýǹ:şŁůŜȬţǹŁƄĸýşţĘěŜǹ in prime West End real estate is also a strength and an opportunity, ŜşŁƃěùěĸđǹóŁĸŪşŁıǹØĸùǹØııŁƄěĸđǹóůşØŪěŁĸǹŁĐǹŪĘýǹØşýØǹŪŁǹķØěĸŪØěĸǹŜıØóýţǹ that are popular. :ěƃýĸǹŪĘýǹĘěđĘțŜşŁǇıýǹĸØŪůşýǹŁĐǹŪĘýǹ:şŁůŜȬţǹØţţýŪţȀǹŪĘýǹşěţĮǹŁĐǹØĸǹ external event is inevitably heightened. It is therefore important ŪĘØŪǹŪĘýǹ:şŁůŜǹķØěĸŪØěĸţǹşýóŁķķýĸùýùǹıýƃýıţǹŁĐǹěĸţůşØĸóýǹØĸùǹ ěķŜıýķýĸŪţǹýǄýóŪěƃýǹţýóůşěŪƊǹØĸùǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŜŁıěóěýţǿ ůţěĸýţţǹóŁĸŪěĸůěŪƊǹŜıØĸţǹĐŁşǹòŁŪĘǹýķŜıŁƊýýţǹØĸùǹţýşƃěóýǹŜşŁƃěùýşţȀǹ ěĸóıůùěĸđǹěĸŪşŁùůóŪěŁĸǹŁĐǹýƉŪýşĸØıǹşýţŁůşóýţȀǹěĐǹşýŞůěşýùȀǹØĸùǹŁŪĘýşǹ ŜŁıěóěýţǹĘØƃýǹòýýĸǹşýƃěýƄýùǹŪŁđýŪĘýşǹƄěŪĘǹAǹŜŁıěóěýţȀǹŪýóĘĸŁıŁđƊǹ ØĸùǹóŁķķůĸěóØŪěŁĸǹƄĘýşýǹØŜŜşŁŜşěØŪýǿǹDǹţýóůşěŪƊǹţƊţŪýķţǹŪĘØŪǹ ţůŜŜŁşŪǹùØŪØǹţýóůşěŪƊǹØĸùǹùěţØţŪýşǹşýóŁƃýşƊǹØşýǹěĸǹŜıØóýǿ ƊòýşǹţýóůşěŪƊǹØĸùǹěŪţǹěķŜØóŪǹŁĸǹùØŪØǹØĸùǹDǹěĸĐşØţŪşůóŪůşýȀǹěĸóıůùěĸđǹ òŁŪĘǹƄěùýţŜşýØùǹşěţĮţǹţůóĘǹØţǹţŪØŪýțţŜŁĸţŁşýùǹóƊòýşțØŪŪØóĮţǹØĸùǹ ŪĘŁţýǹŪØşđýŪýùǹùěşýóŪıƊǹØŪǹŁůşǹţƊţŪýķţǹØĸùǹùØŪØǹóŁĸŪěĸůýţǹŪŁǹòýǹØǹ ĮýƊǹĐŁóůţȀǹƄěŪĘǹţůŜŜŁşŪǹĐşŁķǹýƉŪýşĸØıǹØùƃěţýşţȀǹěĸóıůùěĸđǹţŜýóěØıěţŪǹ óŁĸţůıŪØĸŪţȀǹŪŁǹýĸţůşýǹØŜŜşŁŜşěØŪýǹóŁĸŪşŁıţǹØĸùǹţýóůşěŪƊǹŜşŁŪŁóŁıţǹ ØşýǹěĸǹŜıØóýǿǹ&ķŜıŁƊýýţǹØşýǹŜşŁƃěùýùǹƄěŪĘǹşýđůıØşǹóƊòýşǹţýóůşěŪƊǹØĸùǹ phishing training. See Our purpose-led strategy and business model on pages 16 and 17 for further information. Leasing and asset management ȟ DĸØòěıěŪƊǹŪŁǹØóĘěýƃýǹŪØşđýŪǹşýĸŪţǹŁşǹŪŁǹØŪŪşØóŪǹŪØşđýŪǹóůţŪŁķýşţǹ ùůýǹŪŁǺķØşĮýŪǹóŁĸùěŪěŁĸţ ȟ ŁķŜýŪěŪěŁĸǹĐşŁķǹŁŪĘýşǹıŁóØŪěŁĸţȌĐŁşķØŪţ ȟ ĸĐØƃŁůşØòıýǹŜıØĸĸěĸđȌıěóýĸţěĸđǹŜŁıěóƊȀǹıýđěţıØŪěŁĸǹŁşǹØóŪěŁĸǹ ěķŜØóŪěĸđǹŁĸǹŪĘýǹØòěıěŪƊǹŪŁǹţýóůşýǹØŜŜşŁƃØıţǹŁşǹóŁĸţýĸŪţ Impact on strategy ȟ "ýóıěĸýǹěĸǹóůţŪŁķýşǹùýķØĸùǹĐŁşǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţ ȟ ýùůóýùǹěĸóŁķýǹØĸùǹěĸóşýØţýùǹƃØóØĸóƊ ȟ ýùůóýùǹşýŪůşĸǹŁĸǹěĸƃýţŪķýĸŪǹØĸùǹùýƃýıŁŜķýĸŪǹŜşŁŜýşŪƊ Mitigation ȟ AěđĘǹŞůØıěŪƊǹóůţŪŁķýşǹķěƉ ȟ ŪşØŪýđěóǹĐŁóůţǹŁĸǹóşýØŪěĸđǹķěƉýùțůţýǹùýţŪěĸØŪěŁĸţǹƄěŪĘǹ ůĸěŞůýǺØŪŪşěòůŪýţ ȟ &ĸđØđýķýĸŪǹƄěŪĘǹıŁóØıǹØĸùǹĸØŪěŁĸØıǹØůŪĘŁşěŪěýţ ȟ şýțØŜŜıěóØŪěŁĸǹØĸùǹóŁĸţůıŪØŪěŁĸǹƄěŪĘǹĮýƊǹţŪØĮýĘŁıùýşţǹ ØĸùǺıØĸùŁƄĸýşţ ȟ ýđůıØşǹØţţýţţķýĸŪǹŁĐǹķØşĮýŪǹóŁĸùěŪěŁĸţǹØĸùǹ development strategy ȟ Business strategy based on long-term returns ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸȁ Ęýǹ:şŁůŜǹŪØĮýţǹķýØţůşýùǹşěţĮţǹòƊǹůţěĸđǹěŪţǹýƉŜýşŪěţýǹěĸǹŜıØóýț ķØĮěĸđǹØĸùǹóşýØŪěƃýǹØĸùǹØóŪěƃýǹØţţýŪǹķØĸØđýķýĸŪǹŪŁǹùýıěƃýşǹıŁĸđț ŪýşķǹƃØıůýǹŪĘşŁůđĘǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹØŪŪşØóŪěĸđǹĸýƄǹóůţŪŁķýşţǿǹ "ůşěĸđǹǑǏǑǓȀǹıýØţěĸđǹØóŪěƃěŪƊǹşýķØěĸýùǹţŪşŁĸđȀǹƄěŪĘǹĘěđĘǹŁóóůŜØĸóƊǹ ıýƃýıţǹşýǈýóŪěĸđǹŪĘýǹţŪşýĸđŪĘǹŁĐǹùýķØĸùǹĐŁşǹŜşěķýǹóýĸŪşØıǹWŁĸùŁĸǹ real estate. ]ØĸƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹóůţŪŁķýşţǹØşýǹýƉŜŁţýùǹŪŁǹŪĘýǹóĘØĸđýţǹ ØĸùǹóĘØııýĸđýţǹĐØóěĸđǹŪĘýǹĐŁŁùǹȺǹòýƃýşØđýǹţýóŪŁşţȀǹěĸóıůùěĸđǹ ķØóşŁýóŁĸŁķěóǹĐØóŪŁşţȀǹţůóĘǹØţǹØƃØěıØòěıěŪƊǹØĸùǹóŁţŪǹŁĐǹóşýùěŪǹĐŁşǹ óůţŪŁķýşţǹØĸùǹŪĘýěşǹòůţěĸýţţýţȀǹŪĘýǹŜŁŪýĸŪěØıǹĐŁşǹŪĘýǹıýƃýıǹŁĐǹóŁĸţůķýşǹ ţŜýĸùěĸđǹŪŁǹòýǹěķŜØóŪýùǹòƊǹóŁţŪțŁĐțıěƃěĸđǹŜşýţţůşýţȀǹòůţěĸýţţǹØĸùǹ óŁĸţůķýşǹóŁĸǇùýĸóýȀǹěĸǈØŪěŁĸǹşØŪýţȀǹýĸýşđƊǹóŁţŪţȀǹţůŜŜıƊǹóĘØěĸǹ ùěţşůŜŪěŁĸȀǹıØòŁůşǹţĘŁşŪØđýţǹØĸùǹŁŪĘýşǹŁŜýşØŪěŁĸØıǹóŁţŪţǿ Ęýǹ:şŁůŜǹıŁŁĮţǹĐŁşǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹóşýØŪýǹŁşǹýĸĘØĸóýǹƃØıůýǹěĸǹŪĘýǹ ŜŁşŪĐŁıěŁǹŪĘşŁůđĘǹŪĘýǹŜıØĸĸěĸđǹŜşŁóýţţȀǹóŁđĸěţØĸŪǹŁĐǹŪĘýǹşěţĮţǹòůŪǹ ůţěĸđǹŁůşǺýƉŜýşěýĸóýǹØĸùǹţĮěııǹŪŁǹùýıěƃýşǹŁůşǹŁòĪýóŪěƃýţǿ Ęýǹ:şŁůŜǹĘØţǹØǹĐŁóůţýùǹıýØţěĸđǹØĸùǹķØşĮýŪěĸđǹţŪşØŪýđƊȀǹýĸţůşěĸđǹ the business is well-positioned. The Group regularly engages with ţůŜŜıěýşţǹŪŁǺůĸùýşţŪØĸùǹŪĘýěşǹØòěıěŪƊǹŪŁǹķýýŪǹŁůşǹşýŞůěşýķýĸŪţǹ and standards. See Portfolio and operating review on page 32 for further information. 63Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Risk management Principal risks and uncertainties continued People ȟ DĸØòěıěŪƊǹŪŁǹşýŪØěĸǹØĸùǹşýóşůěŪǹŪĘýǹşěđĘŪǹŜýŁŜıýǹØĸùǹùýƃýıŁŜǹ leadership skills within the business ȟ UýƊǹŜýşţŁĸǹşěţĮǹØţǹŪĘýǹ:şŁůŜǹĘØţǹØǹşýıØŪěƃýıƊǹıěķěŪýùǹ ĘýØùóŁůĸŪ Impact on strategy ȟ DĸØòěıěŪƊǹŪŁǹýƉýóůŪýǹţŪşØŪýđƊǹØĸùǹòůţěĸýţţǹŜıØĸ ȟ ŁĸţŪşØěĸýùǹđşŁƄŪĘȀǹıŁţŪǹŁŜŜŁşŪůĸěŪěýţ ȟ şýţţůşýǹŁĸǹóŁşŜŁşØŪýǹóŁţŪţ Mitigation ȟ ůóóýţţěŁĸǹŜıØĸĸěĸđȀǹŜýşĐŁşķØĸóýǹýƃØıůØŪěŁĸţȀǹŪşØěĸěĸđǹ ØĸùǺùýƃýıŁŜķýĸŪ ȟ WŁĸđțŪýşķǹØĸùǹóŁķŜýŪěŪěƃýǹěĸóýĸŪěƃýǹşýƄØşùţ ȟ 9ıýƉěòıýǹØĸùǹķŁùýşĸǹƄŁşĮěĸđǹŜşØóŪěóýţ ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ ĘýǹţůóóýţţǹŁĐǹŪĘýǹòůţěĸýţţǹěţǹùŁƄĸǹŪŁǹØǹùýùěóØŪýùǹŪýØķǹŁĐǹţĮěııýùǹ ØĸùǹŪØıýĸŪýùǹěĸùěƃěùůØıţǹƄŁşĮěĸđǹóŁııØòŁşØŪěƃýıƊǿǹĘýǹĘýØıŪĘǹØĸùǹ ƄýııțòýěĸđǹŁĐǹŁůşǹŜýŁŜıýǹěţǹŁĐǹŪĘýǹůŪķŁţŪǹěķŜŁşŪØĸóýǹěĸóıůùěĸđǹŪĘýǹ ØòěıěŪƊǹŪŁǹóşýØŪýǹØǹóůıŪůşýǹØĸùǹýĸƃěşŁĸķýĸŪǹŪĘØŪǹØııŁƄţǹýØóĘǹŜýşţŁĸǹ ŪŁǺđşŁƄȀǹùýƃýıŁŜǹØĸùǹŜýşĐŁşķǹŪŁǹŪĘýǹòýţŪǹŁĐǹŪĘýěşǹØòěıěŪěýţǿ ĘýşýǹşýķØěĸţǹØǹşěţĮǹŁĐǹěııĸýţţǹŁşǹØòţýĸóýǹØóşŁţţǹýķŜıŁƊýýţȀǹ ķØĸØđýķýĸŪǹŁşǹţýşƃěóýǹŜşŁƃěùýşţǹƄĘěóĘǹƄŁůıùǹùěţşůŜŪǹŪĘýǹùØƊț ŪŁțùØƊǹØóŪěƃěŪěýţǹŁĐǹŪĘýǹ:şŁůŜȬţǹòůţěĸýţţǹØĸùǹşůĸĸěĸđǹŁĐǹŪĘýǹýţŪØŪýǿǹ ýØķǹóŁķķůĸěóØŪěŁĸǹţŪşØŪýđěýţǹĘØƃýǹòýýĸǹěķŜıýķýĸŪýùǹŪŁǹýĸţůşýǹ ķØĸØđýşţǹóØĸǹØùýŞůØŪýıƊǹţůŜýşƃěţýǹØĸùǹţůŜŜŁşŪǹýķŜıŁƊýýţǹƄĘýşýǹ they are working from home. ýóşůěŪěĸđǹØĸùǹŁĸțòŁØşùěĸđǹŜŁıěóěýţǹĘØƃýǹòýýĸǹØùĪůţŪýùǹƄĘýşýǹ ĸýóýţţØşƊǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹòůţěĸýţţǹěţǹØòıýǹŪŁǹóŁĸŪěĸůýǹŪŁǹØŪŪşØóŪȀǹ ùýƃýıŁŜǹØĸùǹşýŪØěĸǹŪĘýǹòýţŪǹŜŁţţěòıýǹşýţŁůşóýţǿ ©ýǹóŁĸŪěĸůýǹŪŁǹķŁĸěŪŁşǹóıŁţýıƊǹýķŜıŁƊýýţȬǹķýĸŪØıǹØĸùǹŜĘƊţěóØıǹ ƄýııțòýěĸđǹØĸùǹŪĘýǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŁĐǹŁůşǹýķŜıŁƊýýţǹØĸùǹţýşƃěóýǹ providers remains a top priority with regular seminars and webinars from external experts. See Our people and culture on page 100 for further information. Climate change ȟ ĘƊţěóØıǹěķŜØóŪǹŁĸǹŁůşǹØţţýŪţǹĐşŁķǹşěţěĸđǹŪýķŜýşØŪůşýţǹŁşǹ ŁŪĘýşǹýƉŪşýķýǹóıěķØŪýțşýıØŪýùǹýƃýĸŪǹţůóĘǹØţǹǈŁŁùěĸđǹ ȟ şØĸţěŪěŁĸØıǹóĘØııýĸđýǹŁĐǹěĸóşýØţěĸđǹØĸùǹķŁşýǹŁĸýşŁůţǹ óŁķŜıěØĸóýǹØĸùǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪţȀǹØţǹƄýııǹØţǹşýŪşŁǇŪŪěĸđȀǹ insuring or leasing our heritage assets on an appropriate ƄĘŁıýǹıěĐýǹóØşòŁĸǹòØţěţ ȟ DĸØòěıěŪƊǹŪŁǹĮýýŜǹŜØóýǹƄěŪĘǹóůţŪŁķýşǹØĸùǹóŁĸţůķýşǹùýķØĸùǹĐŁşǹ ŜşŁØóŪěƃýǹØóŪěŁĸǹŪŁǹķØĸØđýǹØĸùǹķěŪěđØŪýǹóıěķØŪýțşýıØŪýùǹşěţĮ Impact on strategy ȟ ýùůóýùǹěĸóŁķýȀǹóØŜěŪØıǹƃØıůýţǹŁşǹòůţěĸýţţǹùěţşůŜŪěŁĸ ȟ DĸóşýØţýùǹŁŜýşØŪěĸđǹóŁţŪţǹŪŁǹķýýŪǹşýŜŁşŪěĸđǹØĸùǹŪØşđýŪǹ ķýŪşěóţǹØĸùǺóŁķŜıěØĸóý ȟ DĸóşýØţýùǹóØŜěŪØıǹóŁţŪţǹŁĐǹşýŪşŁǇŪŪěĸđȀǹŁşǹěĸØòěıěŪƊǹŪŁǹşýţŁıƃýǹ ıěţŪýùǺòůěıùěĸđǹŁşǹŜıØĸĸěĸđǹóĘØııýĸđýţȀǹıýØùţǹŪŁǹòůěıùěĸđţǹ òýóŁķěĸđǺóØşòŁĸǹţŪşØĸùýù ȟ ýùůóýùǹěĸóŁķýǹŪĘşŁůđĘǹıŁƄýşǹşýĸŪţǹØĸùǹıŁĸđýşǹƃŁěùǹŜýşěŁùţǹ ùůýǹŪŁǹşýùůóýùǹóůţŪŁķýşǹùýķØĸùǹ Mitigation ȟ ŁķŜØĸƊǹķØĸØđýţǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹ ØĸùǺţůţŪØěĸØòěıěŪƊǹŪýØķǹěĸǹŜıØóý ȟ ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹĘØţǹòýýĸǹşýţýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹ ƄěŪĘǹŪĘýǹóěýĸóýǹØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹıŁĸđțŪýşķǹóØşòŁĸǹ şýùůóŪěŁĸǹŪØşđýŪţǿǹ9ŁşǹķŁşýǹùýŪØěıǹŁĸǹŪĘýǹķěŪěđØŪěŁĸǹķýØţůşýţǹ ěĸǹŜıØóýǹĐŁşǹóıěķØŪýǹşěţĮȀǹŜıýØţýǹşýĐýşǹŪŁǹŪĘýǹ:şŁůŜȬţǹ9"ǹ ùěţóıŁţůşýţǹěĸǹŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǹØţǹƄýııǹØţǹŪĘýǹ:şŁůŜȬţǹ ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ ȟ óŪěƃýǹķØĸØđýķýĸŪǹŜıØĸǹƄěŪĘǹýƉŪýşĸØıǹşýŜŁşŪěĸđǹƃěØǹ şýóŁđĸěţýùǹěĸùěóýţǹØĸùǹòýĸóĘķØşĮţȀǹěĸóıůùěĸđǹ&Ȁǹ"Ȁǹ ]DǹØĸùǹ:& ȟ ŁĸŪěĸůýùǹýĸđØđýķýĸŪǹƄěŪĘǹţŪØĮýĘŁıùýşţǹěĸǹŁşùýşǹŪŁǹ ŜşýţýşƃýǹĘýşěŪØđýǹòůěıùěĸđţȀǹƄĘěıýǹýĸĘØĸóěĸđǹýĸƃěşŁĸķýĸŪØıǹ ŜýşĐŁşķØĸóý ȟ şŁțØóŪěƃýǹóůţŪŁķýşǹØĸùǹóŁĸţůķýşǹýĸđØđýķýĸŪǹŜşŁđşØķķýǹ ØĸùǹţýŪŪěĸđǹŁĐǹØŜŜşŁŜşěØŪýǹóıěķØŪýțşýıØŪýùǹŪØşđýŪţǹŁĸǹòŁŪĘǹ development and operations ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ The Group believes in taking a responsible and forward-looking ØŜŜşŁØóĘǹŪŁǹýĸƃěşŁĸķýĸŪØıǹěţţůýţǹØĸùǹŪĘýǹŜşěĸóěŜıýţǹŁĐǹţůţŪØěĸØòěıěŪƊǿǹ Ęýǹ:şŁůŜǹşýóŁđĸěţýţǹŪĘýǹşýţŜŁĸţěòěıěŪƊǹŪŁǹŪØóĮıýǹóıěķØŪýǹóĘØĸđýǿǹ DŪǹěţǹóŁķķěŪŪýùǹŪŁǹķýýŪěĸđǹŁůşǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹ ĘØţǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹŪŁǹǑǏǓǏǹŪŁǹØıěđĸǹƄěŪĘǹŪĘýǹěǹ ıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹşýŞůěşýķýĸŪţǿǹţǹØǹıŁĸđțŪýşķǹţŪýƄØşùǹŁĐǹ ŪĘýǹ©ýţŪǹ&ĸùȀǹŪĘýǹ:şŁůŜǹůĸùýşţŪØĸùţǹŪĘýǹòýĸýǇŪţǹŁĐǹØǹţŪşŁĸđǹŪşØóĮǹ şýóŁşùǹŁĐǹşýţŪŁşěĸđǹØĸùǹóýıýòşØŪěĸđǹŪĘýǹĘýşěŪØđýǹŁĐǹŪĘýǹØşýØǹŪĘşŁůđĘǹ óŁĸţěùýşýùǹşýĐůşòěţĘķýĸŪţǹØĸùǹùýƃýıŁŜķýĸŪţǿ Ęýǹ:şŁůŜǹĘØţǹķØùýǹķØŪýşěØıǹŜşŁđşýţţǹěĸǹŪĘýǹùýóØşòŁĸěţØŪěŁĸǹŁĐǹŪĘýǹ ŜŁşŪĐŁıěŁǿǹ©ýǹØşýǹØŪǹØǹóşěŪěóØıǹŜŁěĸŪǹĐŁşǹØóŪěŁĸǹØĸùǹƄěııǹóŁĸŪěĸůýǹŁůşǹ ýǄŁşŪţǹěĸǹǑǏǑǔǹŪŁǹşýùůóýǹđşýýĸĘŁůţýǹđØţǹýķěţţěŁĸţǹěĸǹŁůşǹòůěıùěĸđţǹ and operations. This requires more innovative and sustainable ƄØƊţǹŁĐǹƄŁşĮěĸđȀǹØĸùǹěĸóıůùýţǹŁůşǹţůŜŜıƊǹóĘØěĸǹŜØşŪĸýşţǹØóşŁţţǹ ùýƃýıŁŜķýĸŪǹØĸùǹŁŜýşØŪěŁĸØıǹùěţóěŜıěĸýţȀǹŁůşǹóůţŪŁķýşţȀǹØţǹƄýııǹ ØţǹŁůşǹóŁşŜŁşØŪýǹØóŪěŁĸţǿ See TCFD report on page 66 and the Net Zero Carbon Pathway on our website: https://www.shaftesburycapital.com/en/responsibility/ environment/net-zero-carbon-pathway.html. şýØŪěƃýǹØĸùǹ ØóŪěƃýǹØŜŜşŁØóĘ 2 ůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹ of the business 1 "ěţóěŜıěĸýùǹǇĸØĸóěØıǹ management 3 Sustainable and óŁķķůĸěŪƊǹķěĸùýù 4 Strategic priorities UýƊ DĸóşýØţý "ýóşýØţýStable 64 Shaftesbury Capital PLC | 2024 Annual Report Compliance with law and regulations ȟ şýØóĘǹŁĐǹıýđěţıØŪěŁĸȀǹşýđůıØŪěŁĸǹŁşǹóŁĸŪşØóŪ ȟ DĸØòěıěŪƊǹŪŁǹşýØóŪǹŪŁǹŁşǹØĸŪěóěŜØŪýǹıýđØıǹŁşǹşýđůıØŪŁşƊǹóĘØĸđýţȀǹ ěĸóıůùěĸđǹŜŁŪýĸŪěØıǹóĘØĸđýţǹŪŁǹŪĘýǹWØĸùıŁşùǹØĸùǹýĸØĸŪǹóŪǹŁşǹ ŁŪĘýşǹØţţŁóěØŪýùǹşýĐŁşķţ ȟ óóěùýĸŪţǹóØůţěĸđǹıŁţţǹŁĐǹıěĐýǹŁşǹƃýşƊǹţýşěŁůţǹěĸĪůşƊǹŪŁǹýķŜıŁƊýýţȀǹ óŁĸŪşØóŪŁşţȀǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǹŪŁǹŪĘýǹ:şŁůŜȬţǹŜşŁŜýşŪěýţȂǹ ŁşǺĸýØşǹķěţţýţǹŁĐǹŪĘýǹţØķý ȟ &ƉěŪǹĐşŁķǹ&DǹşýđěķýǹùůýǹŪŁǹĸŁĸțóŁķŜıěØĸóýǹƄěŪĘǹ&Dǹ requirements Impact on strategy ȟ şŁţýóůŪěŁĸǹĐŁşǹĸŁĸțóŁķŜıěØĸóýǹƄěŪĘǹıýđěţıØŪěŁĸ ȟ WěŪěđØŪěŁĸǹŁşǹǇĸýţȀǹşýŜůŪØŪěŁĸØıǹùØķØđý ȟ "ěţŪşØóŪěŁĸǹŁĐǹķØĸØđýķýĸŪ Mitigation ȟ ŜŜŁěĸŪķýĸŪǹŁĐǹýƉŪýşĸØıǹØùƃěţýşţǹŪŁǹķŁĸěŪŁşǹóĘØĸđýţǹěĸǹıØƄǹ ŁşǺşýđůıØŪěŁĸ ȟ ]ýķòýşţǹŁĐǹţŪØǄǹØŪŪýĸùǹýƉŪýşĸØıǹòşěýǇĸđţǹŪŁǹşýķØěĸǹóŁđĸěţØĸŪǹ ŁĐǹıýđěţıØŪěƃýǹØĸùǹşýđůıØŪŁşƊǹóĘØĸđýţ ȟ AýØıŪĘǹØĸùǹţØĐýŪƊǹŜşŁóýùůşýţȀǹŪşØěĸěĸđǹØĸùǹđŁƃýşĸØĸóýǹØóşŁţţǹ ŪĘýǺ:şŁůŜ ȟ ŜŜŁěĸŪķýĸŪǹŁĐǹşýŜůŪØòıýǹóŁĸŪşØóŪŁşţ ȟ ùýŞůØŪýǹěĸţůşØĸóýǹĘýıùǹŪŁǹóŁƃýşǹŪĘýǹşěţĮţǹěĸĘýşýĸŪǹěĸǹŜşŁŜýşŪƊǹ ŁƄĸýşţĘěŜǹØĸùǹóŁĸţŪşůóŪěŁĸǹŜşŁĪýóŪţ ŁĸŪýƉŪǹØĸùǹØóŪěŁĸţǹŪØĮýĸ ŁķŜıěØĸóýǹƄěŪĘǹıØƄǹØĸùǹşýđůıØŪěŁĸţȀǹěĸóıůùěĸđǹĘýØıŪĘǹØĸùǹţØĐýŪƊȀǹ remains a key priority for the Board. şŁŪŁóŁıţǹØşýǹěĸǹŜıØóýǹØĸùǹóŁķķůĸěóØŪýùǹØóşŁţţǹŪĘýǹƃØşěŁůţǹ stakeholder groups to ensure everyone is aware of new legislation and requirements. ĘýǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹŁĐǹŁůşǹŜýŁŜıýǹØĸùǹŪĘýǹŜůòıěóǹěţǹØǹĮýƊǹŜşěŁşěŪƊǿǹ ĘýǺ:şŁůŜǹƄŁşĮţǹóıŁţýıƊǹƄěŪĘǹěŪţǹţŪØĮýĘŁıùýşţǹŪŁǹķěŪěđØŪýǹĘýØıŪĘǹ ØĸùǺţØĐýŪƊǹşěţĮţǿǹ ©ýǹşýķØěĸǹěĸǹóŁķķůĸěóØŪěŁĸǹƄěŪĘǹA]ǹşýđØşùěĸđǹŁůşǹ&DǹţŪØŪůţȀǹ ŪĘýǺ:şŁůŜȬţǹØòěıěŪƊǹŪŁǹóŁķŜıƊǹƄěŪĘǹŪĘýǹşýŞůěşýķýĸŪţǹØĸùǹŪĘýǹØŜŜşŁØóĘǹ ƄĘěóĘǹA]ǹƄěııǹŪØĮýǹěĸǹşýıØŪěŁĸǹŪŁǹØĸƊǹòşýØóĘǹŁĐǹŪĘýǹ&DǹóŁĸùěŪěŁĸţǿ See Corporate governance report on page 104 for further information. 65Shaftesbury Capital PLC | 2024 Annual Report Strategic report Task Force on Climate-related Financial Disclosures ĘěţǹùěţóıŁţůşýǹěţǹŪĘýǹţýóŁĸùǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹěţǹ óŁĸţěţŪýĸŪǹƄěŪĘǹØııǹǐǐǹşýóŁķķýĸùØŪěŁĸţǹŁĐǹŪĘýǹØţĮǹ9Łşóýǹ ŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţǹȡȩ9"ȪȢǿǹDŪǹěĸóıůùýţǹ a summary of risks and opportunities with all information şýŞůěşýùǹòƊǹŪĘýǹUǹWěţŪěĸđǹůıýţȀǹŪĘýǹ9"ǹĸĸýƉǹØııțţýóŪŁşǹ đůěùØĸóýǹØĸùǹŪĘýǹţůŜŜıýķýĸŪØıǹđůěùØĸóýǹĐŁşǹķØŪýşěØıţǹØĸùǹ òůěıùěĸđţǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹŁůşǹùØŪØǹŪŁǹùýƃýıŁŜǹŁůşǹ ůĸùýşţŪØĸùěĸđǹŁĐǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹĐůŪůşýǹùěţóıŁţůşýţǿǹ ůŜŜıýķýĸŪØşƊǹùýŪØěıǹěţǹţýŪǹŁůŪǹěĸǹŁůşǹıŁĸđțĐŁşķǹ9"ǹşýŜŁşŪǹ ŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌ şýţŜŁĸţěòěıěŪƊȌŜŁıěóěýţțØĸùțşýŜŁşŪţǿĘŪķı fůşǹŜŁşŪĐŁıěŁǹşýķØěĸţǹóŁĸóýĸŪşØŪýùǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹ WŁĸùŁĸȀǹØĸùǹŪĘýǹóŁķòěĸýùǹòůţěĸýţţǹşýķØěĸţǹýĸŪěşýıƊǹţůòĪýóŪǹ ŪŁǹØǹUǹşýđůıØŪŁşƊǹĐşØķýƄŁşĮǿǹĘýşýǹĘØƃýǹòýýĸǹĸŁǹƊýØşț ŁĸțƊýØşǹóĘØĸđýţǹěĸǹŁůşǹòůţěĸýţţǹţŪşØŪýđƊǹŁşǹØţţýŪţǹŪĘØŪǹ ƄŁůıùǹķØŪýşěØııƊǹěķŜØóŪǹŁůşǹóıěķØŪýțóĘØĸđýțşýıØŪýùǹşěţĮţǹ ØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹĘěţǹùěţóıŁţůşýǹØıěđĸţǹƄěŪĘǹŪĘýǹóŁşŜŁşØŪýǹ ùýǇĸěŪěŁĸǹŁĐǹķØŪýşěØıěŪƊǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǕǖǿǹţǹţýŪǹŁůŪǹěĸǹ ŪĘěţǹùěţóıŁţůşýǹƄýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹşýǇĸýǹŁůşǹůĸùýşţŪØĸùěĸđǹ ŁĐǹóıěķØŪýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţȀǹŜØşŪěóůıØşıƊǹƄěŪĘǹşýđØşùţǹŪŁǹ ŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹýƉŜŁţůşýǿǹ fůşǹŞůØĸŪěŪØŪěƃýǹØţţýţţķýĸŪǹŁĐǹŜĘƊţěóØıǹşěţĮǹĘØţǹòýýĸǹůŜùØŪýùǹ during the year and, building on pre-existing qualitative ØĸØıƊţěţȀǹƄýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹķŁĸěŪŁşǹşýıýƃØĸŪǹUǹşýđůıØŪŁşƊǹ óĘØĸđýţǹƄĘěóĘǹóŁůıùǹØùĪůţŪǹŁůşǹƃěýƄǹŁĐǹŪşØĸţěŪěŁĸǹşěţĮǿǹ©ýǹĘØƃýǹ şýŜŁşŪýùǹĸŁǹķØŪýşěØıǹóĘØĸđýţǹěĸǹýěŪĘýşǹŜĘƊţěóØıǹŁşǹŪşØĸţěŪěŁĸǹşěţĮǿǹ ©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹţŪşýĸđŪĘýĸěĸđǹŁůşǹØŜŜşŁØóĘǹŪŁǹØùùşýţţěĸđǹ óıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹĸùýşǹŪĘýǹŁƃýşţěđĘŪǹ ŁĐǹŪĘýǹ:şŁůŜȬţǹŁØşùǹØĸùǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹƄýǹĘØƃýǹ óŁĸŪěĸůýùǹŪŁǹýķòýùǹŪĘýǹ9"ǹşýóŁķķýĸùØŪěŁĸţǹěĸŪŁǹØııǹ ŁůşǹşýıýƃØĸŪǹŜşØóŪěóýţǿǹıěķØŪýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹ óŁĸţěùýşýùǹòƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŁĸǹòýĘØıĐǹŁĐǹŪĘýǹŁØşùȀǹ ƄěŪĘǹùØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŪĘşŁůđĘǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿǹ DĸǹŪĘěţǹùěţóıŁţůşýǹƄýǹŁůŪıěĸýǹŁůşǹØŜŜşŁØóĘǹŪŁǹěùýĸŪěĐƊěĸđǹØĸùǹ ķØĸØđěĸđǹóıěķØŪýțóĘØĸđýțşýıØŪýùǹěţţůýţȀǹØùùşýţţěĸđǹòŁŪĘǹşěţĮţǹ and opportunities. ©ýǹĘØƃýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪȀǹěĸóıůùěĸđǹ ţýŪŪěĸđǹØǹıŁĸđțŪýşķǹŪØşđýŪǹŪŁǹşýùůóýǹşýıýƃØĸŪǹóŁŜýǹǐȀǹǑǹØĸùǹ ǒǹýķěţţěŁĸţǹòƊǹǘǏǹŜýşǹóýĸŪǹòƊǹǑǏǓǏȀǹĐşŁķǹØǹǑǏǐǘǹòØţýıěĸýǿǹ ĘěţǺòůěıùţǹŁĸǹĸýØşțŪýşķǹşýùůóŪěŁĸǹŪØşđýŪţǹĐŁşǹǑǏǒǏǿǹfůşǹĸýØşțǹ ØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǹĘØƃýǹòýýĸǹƃØıěùØŪýùǹòƊǹŪĘýǹóěýĸóýǹ ØţýùǹØşđýŪţǹěĸěŪěØŪěƃýǹȡȩěȪȢǹØĸùǹØşýǹØĘýØùǹŁĐǹUǹĸØŪěŁĸØıǹ ŪØşđýŪţǹØĸùǹǐǿǔɀǹţóěýĸóýțòØţýùǹşýùůóŪěŁĸţǿǹ Governance "ýţóşěòýǹŪĘýǹ ŁØşùȬţǹŁƃýşţěđĘŪǹ ŁĐǹóıěķØŪýț related risks and opportunities ĘýǹŁØşùǹĘØţǹůıŪěķØŪýǹŁƃýşţěđĘŪǹŁĐǹØĸùǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹ ŁŜŜŁşŪůĸěŪěýţȀǹŁƃýşţýýěĸđǹŪĘýǹ:şŁůŜȬţǹ&ĸƃěşŁĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹȡȩ&ȪȢǹŪşØŪýđƊȀǹ ŜýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĸýØşțŪýşķǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹŜşŁđşýţţǹŪŁƄØşùţǹŁůşǹǑǏǓǏǹ^ýŪǹ ¸ýşŁǹØşòŁĸǹØţŜěşØŪěŁĸţǿǹýóŁđĸěţěĸđǹŪĘýǹţŪşØŪýđěóǹěķŜŁşŪØĸóýǹŁĐǹŪĘýţýǹķØŪŪýşţǹŪŁǹŪĘýǹòůţěĸýţţȀǹŪĘýǹŁØşùǹ ţůŜŜŁşŪţǹŪĘýǹ:şŁůŜȬţǹóıěķØŪýțşýıØŪýùǹěĸěŪěØŪěƃýţǹØĸùǹŪĘýěşǹşýǈýóŪěŁĸǹěĸǹŁůşǹƃØıůýţǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹĐŁııŁƄěĸđǹ şýóŁķķýĸùØŪěŁĸǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹŪĘýǹŁØşùǹØŜŜşŁƃýùǹŁůşǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹĸýØşțŪýşķǹ ØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǿǹfƃýşţěđĘŪǹŁĐǹţůţŪØěĸØòěıěŪƊǹķØŪŪýşţǹȡěĸóıůùěĸđǹóŁĸţěùýşØŪěŁĸǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹ ŁŜŜŁşŪůĸěŪěýţǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹůţŪØěĸØòěıěŪƊǹŪşØŪýđƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊȢȀǹěţǹØǹ ķØŪŪýşǹĐŁşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹƄĘŁıýǹŁØşùȀǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹĘØƃěĸđǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǿ ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ9fǹØĸùǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹĘØƃýǹşýıýƃØĸŪǹóıěķØŪýǹóĘØĸđýǹØĸùǹ ýĸƃěşŁĸķýĸŪØıȀǹţŁóěØıǹØĸùǹđŁƃýşĸØĸóýǹȡȩ&:ȪȢǹýƉŜýşěýĸóýǿǹĘěţǹěĸóıůùýţǹóĘØěşěĸđǹ&:ǹşýıØŪýùǹóŁķķěŪŪýýţǹ ØŪǹŁØşùǹıýƃýıǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹŁŪĘýşǹıěţŪýùǹUǹóŁķŜØĸěýţǿǹ9ůşŪĘýşǹóıěķØŪýǹóĘØĸđýǹýƉŜýşŪěţýǹěţǹ ŜşŁƃěùýùǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹŁØşùǹòƊǹŁůşǹţůţŪØěĸØòěıěŪƊǹŪýØķǿǹ ŁĸţěùýşØŪěŁĸǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮǹěţǹóŁĸţěùýşýùǹěĸǹŪĘýǹ:şŁůŜȬţǹşěţĮǹķØĸØđýķýĸŪǹØóŪěƃěŪěýţǹŁƃýşţýýĸǹ òƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹŜşŁóýţţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǔǘǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪǿǹĘýǹ &ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹóŁĸţěùýşţǹşěţĮţǹŞůØşŪýşıƊǹØĸùǹşýŜŁşŪţǹŪŁǹŪĘýǹŁØşùǿǹ DĸǹǑǏǑǓȀǹŪĘýǹůùěŪǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹşýŜŁşŪěĸđǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹěĸóıůùěĸđȀǹ ŪĘýǹǇĸØĸóěØıǹƊýØşǹýĸùǹđşýýĸĘŁůţýǹđØţǹȡȩ:A:ȪȢǹØĸùǹýĸƃěşŁĸķýĸŪØıǹùØŪØǹùěţóıŁţůşýţǹØĸùǹŪĘěţǹ9"ǹşýŜŁşŪǿǹ ĘØĸđýţǹŪŁǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţǹƄýşýǹùěţóůţţýùǹØĸùǹØđşýýùǹòƊǹŪĘýǹŁØşùǿ More information on the Audit Committee and the Executive Risk Committee, including the frequency of their meetings, can be found on pages 114 and 132 to 137 of this Annual Report. 66 Shaftesbury Capital PLC | 2024 Annual Report "ýţóşěòýǹ ķØĸØđýķýĸŪȬţǹşŁıýǹ in assessing and ķØĸØđěĸđǹóıěķØŪýț related risks and opportunities Ęýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĘØţǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹşýŜŁşŪěĸđǹŁĸǹ&ǹķØŪŪýşţǹŪŁǹŪĘýǹŁØşùǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹ ŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹƄØţǹţůŜŜŁşŪýùǹòƊǹŪĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýȀǹƄĘěóĘǹƄØţǹóĘØěşýùǹòƊǹ Øĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǿǹĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýǹķýŪǹØŪǹşýđůıØşǹěĸŪýşƃØıţǹØĸùǹěĸóıůùýùǹţýĸěŁşǹ şýŜşýţýĸŪØŪěƃýţǹĐşŁķǹØóşŁţţǹŪĘýǹŁşđØĸěţØŪěŁĸǿǹĘýǹ&ǹ]ØĸØđýķýĸŪǹŁķķěŪŪýýǹƄØţǹşýţŜŁĸţěòıýǹĐŁşǹ ķŁĸěŪŁşěĸđǹŪĘýǹùýıěƃýşƊǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ&ǹŪşØŪýđƊȀǹşýƃěýƄǹŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹķěŪěđØŪěĸđǹ ØóŪěŁĸţȀǹØĸùǹóŁĸţěùýşěĸđǹŜşŁđşýţţǹŪŁƄØşùţǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹǑǏǓǏǹŪØşđýŪǿǹ ıěķØŪýțşýıØŪýùǹşěţĮţǹØşýǹóŁĸţěùýşýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹØţǹŜØşŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹşěţĮǹ ķØĸØđýķýĸŪǹŜşŁóýţţȀǹòØţýùǹŁĸǹØţţýţţķýĸŪţǹţůòķěŪŪýùǹòƊǹŪĘýǹòůţěĸýţţǹůĸěŪţǹØĸùǹŪĘýǹAýØùǹŁĐǹ ůţŪØěĸØòěıěŪƊǿǹĘěţǹěţǹţýŪǹŁůŪǹěĸǹķŁşýǹùýŪØěıǹŁĸǹŜØđýţǹǔǘǹŪŁǹǕǔǿ ĘýǹţůţŪØěĸØòěıěŪƊǹŪýØķǹěţǹĐůııƊǹěĸŪýđşØŪýùǹěĸŪŁǹŪĘýǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹŪýØķǿǹýĸěŁşǹ ķØĸØđýķýĸŪǹĐşŁķǹ&D]Ȁǹěĸóıůùěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØşýǹØóŪěƃýıƊǹěĸƃŁıƃýùǹěĸǹŪĘýǹŁĸđŁěĸđǹķØĸØđýķýĸŪǹ ŁĐǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţȀǹěĸǹŜØşŪěóůıØşǹƄěŪĘǹşýđØşùǹŪŁǹŪĘýǹýǅóěýĸŪǹŜıØĸĸěĸđǹØĸùǹùýıěƃýşƊǹŁĐǹ ŁůşǹóØşòŁĸǹşýùůóŪěŁĸǹŜıØĸţȀǹóŁķŜıěØĸóýǹƄěŪĘǹşýđůıØŪŁşƊǹşýŞůěşýķýĸŪţǹØĸùǹţŪØĮýĘŁıùýşǹýƉŜýóŪØŪěŁĸţǿǹfůşǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØƃýǹ&ǹŁòĪýóŪěƃýţǹůĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹŜıØĸȀǹěĸóıůùěĸđǹØóŪěŁĸǹŁĸǹóıěķØŪýǹóĘØĸđýǹ ƄĘýşýǹØŜŜıěóØòıýȀǹØţǹùýţóşěòýùǹŁĸǹŜØđýţǹǐǔǓǹØĸùǹǐǔǖǿǹııǹýķŜıŁƊýýţǹĘØƃýǹØǹȩŜŁţěŪěƃýǹěķŜØóŪȪǹŪØşđýŪǹØţǹ ŜØşŪǹŁĐǹŪĘýěşǹØĸĸůØıǹòŁĸůţǹŁòĪýóŪěƃýţȀǹƄĘěóĘǹěĸóıůùýǹóıěķØŪýțşýıØŪýùǹŪØşđýŪţǹƄĘýşýǹØŜŜşŁŜşěØŪýǿ Strategy "ýţóşěòýǹŪĘýǹ óıěķØŪýțşýıØŪýùǹ risks and opportunities the organisation has ěùýĸŪěǇýùǹŁƃýşǹŪĘýǹ short, medium and long-term DĸǹěùýĸŪěĐƊěĸđǹØĸùǹØţţýţţěĸđǹŪĘýǹŜŁŪýĸŪěØıǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹŪĘØŪǹķØƊǹěķŜØóŪǹŪĘýǹ òůţěĸýţţȀǹŪĘýǹĐŁııŁƄěĸđǹŪěķýǺĘŁşěƓŁĸţǹØşýǹóŁĸţěùýşýùǿǹĘýţýǹØııŁƄǹĐŁşǹØŜŜşŁŜşěØŪýǹǇĸØĸóěØıǹŜıØĸĸěĸđǹŪŁǹ ýƉýóůŪýǹţŪşØŪýđěýţǹŪŁǹØùùşýţţǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹşýØıěţýǹŁŜŜŁşŪůĸěŪěýţǿ Short-term: 0 – 3 years Medium-term:ǹǒǹȝǹǐǏǹƊýØşţ Long-term: ǐǏǹȝǹǒǏǹƊýØşţǹ ĘýǹŪěķýǹĘŁşěƓŁĸţǹùýǇĸýùǹØşýǹØıţŁǹěĸǈůýĸóýùǹòƊǹŪĘýǹşŁııěĸđǹŪěķěĸđǹŁĐǹıýØţýǹýƃýĸŪţǿǹfůşǹØţţýŪţǹØşýǹƄĘŁııƊǹ ıŁóØŪýùǹěĸǹØǹşýıØŪěƃýıƊǹţķØııǹđýŁđşØŜĘěóØıǹØşýØǹĐşŁķǹŪĘýǹŜýşţŜýóŪěƃýǹŁĐǹóıěķØŪýǹşěţĮȀǹØĸùǹůĸùýşǹØǹţěĸđıýǹ şýđůıØŪŁşƊǹĪůşěţùěóŪěŁĸǿǹĘěţǹıěķěŪţǹŪĘýǹţóŁŜýǹŁĐǹŜĘƊţěóØıǹØĸùǹŪşØĸţěŪěŁĸǹşěţĮţǹŪĘØŪǹƄýǹĐØóýȂǹĘŁƄýƃýşǹěŪǹķØƊǹ ěĸóşýØţýǹŁůşǹýƉŜŁţůşýǹŪŁǹØǹţěĸđıýǹýƃýĸŪǿ Ęýǹ:şŁůŜǹĘØţǹùýŪýşķěĸýùǹŪĘØŪǹŪĘýşýǹĘØţǹòýýĸǹĸŁǹƊýØşțŁĸțƊýØşǹķØŪýşěØıǹóĘØĸđýǹěĸǹŪşØĸţěŪěŁĸØıǹşěţĮǹ ýƉŜŁţůşýǹţůóĘǹØţǹUǹıýđěţıØŪěŁĸǹŁşǹóůţŪŁķýşǹòýĘØƃěŁůşǿǹ9ůşŪĘýşķŁşýȀǹŪĘýşýǹĘØţǹòýýĸǹĸŁǹķØŪýşěØıǹóĘØĸđýǹěĸǹ the portfolio. This means that transitional risk assessment undertaken in previous years remains relevant ØĸùǹƄýǹĘØƃýǹòýýĸǹØòıýǹŪŁǹĐŁóůţǹŁůşǹýǄŁşŪţǹŁĸǹØùƃØĸóěĸđǹŁůşǹůĸùýşţŪØĸùěĸđǹŁĐǹýƉŜŁţůşýǹŪŁǹŜĘƊţěóØıǹóıěķØŪýǹ óĘØĸđýǹşěţĮţǹØóşŁţţǹŪĘýǹƄĘŁıýǹŜŁşŪĐŁıěŁȀǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǕǓǿǹěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹěùýĸŪěǇýùǹØŜŜıƊǹŪŁǹ the whole business. Physical risk ıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĘØƃýǹòýýĸǹěùýĸŪěǇýùǹØţǹŜØşŪǹŁĐǹØǹĘěđĘțıýƃýıǹŜŁşŪĐŁıěŁǹóıěķØŪýǹşěţĮǹ ØţţýţţķýĸŪǿǹĘěţǹØţţýţţķýĸŪǹĘØţǹóŁĸŪşěòůŪýùǹŪŁǹØǹòşŁØùýşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹ ŪŁǹƄĘěóĘǹŪĘýǹŜŁşŪĐŁıěŁǹěţǹýƉŜŁţýùǹØĸùǹŪĘýǹşěţĮǹŪĘØŪǹŪĘýƊǹķØƊǹŜŁţýǹŪŁǹØţţýŪţǹěĸǹŪĘýǹŜşýţýĸŪǹùØƊȀǹØĸùǹěĸǹŪĘýǹ ĐůŪůşýȀǹůĸùýşǹùěǄýşýĸŪǹýķěţţěŁĸǹţóýĸØşěŁţǿǹ9ůşŪĘýşǹùýŪØěıǹŁĸǹŪĘýǹķýŪĘŁùŁıŁđƊǹůţýùǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǖǏǿ ©ĘěıţŪǹķŁţŪǹØţţýŪţǹěĸǹŪĘýǹŜŁşŪĐŁıěŁǹØşýǹØţţýţţýùǹØţǹĘØƃěĸđǹıŁƄǹýƉŜŁţůşýǹŪŁǹķŁţŪǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹ ůĸùýşǹØııǹýķěţţěŁĸţǹţóýĸØşěŁţǹØĸùǹŪěķýǹĘŁşěƓŁĸţȀǹŪĘýşýǹØşýǹıŁóØŪěŁĸţǹƄĘýşýǹţůşĐØóýǹƄØŪýşǹǈŁŁùǹØĸùǹùşŁůđĘŪǹ ţŪşýţţǹķØƊǹŜŁţýǹØǹķýùěůķǹŁşǹĘěđĘýşǹşěţĮǹòýĐŁşýǹØĸƊǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹØşýǹóŁĸţěùýşýùǿǹůşĐØóýǹƄØŪýşǹ ǈŁŁùěĸđǹěţǹşØĸĮýùǹØţǹŪĘýǹđşýØŪýţŪǹşěţĮȀǹƄěŪĘǹǔǔǹØţţýŪţǹŁůŪǹŁĐǹǕǒǔǹØŪǹŜŁŪýĸŪěØıǹĘěđĘțşěţĮǹòØţýùǹŁĸǹıŁóØŪěŁĸǹ òýĐŁşýǹķěŪěđØŪěŁĸǿǹěƃýşǹØĸùǹţýØǹǈŁŁùěĸđǹØĸùǹţŪŁşķǹţůşđýţǹØşýǹĸŁŪǹóŁĸţěùýşýùǹŪŁǹòýǹØǹóŁĸóýşĸǹěĸǹŪĘýǹţĘŁşŪǹ ŪŁǹķýùěůķǹŪýşķȀǹùůýǹŪŁǹŪĘýǹŜŁşŪĐŁıěŁȬţǹùěţŪØĸóýǹĐşŁķǹŪĘýǹěƃýşǹĘØķýţǹØĸùǹŜşŁŪýóŪěŁĸǹŜşŁƃěùýùǹòƊǹŪĘýǹ Thames Barrier. ĘýǹŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹØĸØıƊţěţǹƄØţǹůĸùýşŪØĮýĸǹƄěŪĘŁůŪǹŪĘýǹóŁĸţěùýşØŪěŁĸǹŁĐǹķěŪěđØŪěŁĸǹØóŪěŁĸţȀǹěĸǹŁşùýşǹ ŪŁǹòýŪŪýşǹůĸùýşţŪØĸùǹŪĘýǹůĸùýşıƊěĸđǹşěţĮǿǹ©ěŪĘǹŪĘýǹØŜŜıěóØŪěŁĸǹŁĐǹķěŪěđØŪěŁĸţǹØĸùǹŪĘýǹŜůşóĘØţýǹŁĐǹţůěŪØòıýǹ ěĸţůşØĸóýȀǹƄýǹóŁĸţěùýşǹŪĘýǹşěţĮţǹŪŁǹòýǹƄýııǹķØĸØđýùǹØĸùǹŪĘýǹşýţěùůØıǹşěţĮǹŪŁǹòýǹØóóýŜŪØòıýǿǹ©ýǹØıţŁǹ şýóŁđĸěţýǹŪĘýǹşěţĮţǹŁĐǹěĸùěşýóŪǹŜĘƊţěóØıǹěķŜØóŪţȀǹţůóĘǹØţǹùØķØđýǹŪŁǹŪĘýǹWŁĸùŁĸǹŪşØĸţŜŁşŪǹĸýŪƄŁşĮȀǹŪĘØŪǹ ƄŁůıùǹěĸĘěòěŪǹŪĘýǹŁŜýşØŪěŁĸţǹŁĐǹŁůşǹóůţŪŁķýşţǹØĸùǹƃěţěŪŁşţǿǹ fƃýşØııȀǹØùùěŪěŁĸØıǹØĸØıƊţěţǹůĸùýşŪØĮýĸǹěĸǹǑǏǑǓǹţůŜŜŁşŪţǹŁůşǹØţţýşŪěŁĸǹŪĘØŪǹŪĘýşýǹěţǹĸŁǹĸýýùǹŪŁǹóŁĸţěùýşǹ şýƃěţěĸđǹŁůşǹıŁĸđțŪýşķǹěĸƃýţŪķýĸŪǹţŪşØŪýđƊȀǹěĸǹŪýşķţǹŁĐǹýěŪĘýşǹòůěıùěĸđǹŪƊŜýǹŁşǹıŁóØŪěŁĸȀǹƄěŪĘěĸǹØĸƊǹŁĐǹŪĘýǹ ţóýĸØşěŁţǹóŁĸţěùýşýùǿǹ 67Shaftesbury Capital PLC | 2024 Annual Report "ýţóşěòýǹŪĘýǹ óıěķØŪýțşýıØŪýùǹ risks and opportunities the organisation has ěùýĸŪěǇýùǹŁƃýşǹ the short, medium and long-term ȡóŁĸŪěĸůýùȢ Transition risk şØĸţěŪěŁĸǹşěţĮǹƄØţǹşýƃěýƄýùǹØđØěĸǹěĸǹǑǏǑǓǹůţěĸđǹŪĘýǹȩòØıØĸóýùȪȀǹȩŪØěıƄěĸùţȪǹØĸùǹȩĘýØùƄěĸùţȪǹŜØŪĘƄØƊţǹ ĐşŁķǹŪĘýǹȩůěıùěĸđţȪǹţýóŪěŁĸǹŁĐǹŪĘýǹUǹěƉŪĘǹØşòŁĸǹůùđýŪǹŪŁǹşýǈýóŪǹŪĘýǹØĸØıƊţěţǹůţýùǹěĸǹǑǏǑǒǿ ØıØĸóýùǹØŪĘƄØƊȁǹŪĘěţǹţóýĸØşěŁǹşýǈýóŪţǹůŜđşØùěĸđǹýƉěţŪěĸđǹýĸýşđƊǹýǅóěýĸóƊǹķýØţůşýţǹěĸǹØııǹóŁķķýşóěØıǹ òůěıùěĸđţȂǹţěđĸěǇóØĸŪıƊǹţóØıěĸđǹůŜǹŪĘýǹķØşĮýŪǹĐŁşǹĘýØŪǹŜůķŜţǹØţǹØǹóşěŪěóØıǹŪýóĘĸŁıŁđƊǹĐŁşǹùýóØşòŁĸěţýùǹţŜØóýǹ ĘýØŪěĸđȂǹýƉŜØĸùěĸđǹŪĘýǹşŁııțŁůŪǹŁĐǹıŁƄțóØşòŁĸǹĘýØŪǹĸýŪƄŁşĮţǹěĸǹĘýØŪțùýĸţýǹØşýØţȂǹØĸùǹĐØóěıěŪØŪěĸđǹØǹŜŁŪýĸŪěØıǹ role for hydrogen in heat. ØěıƄěĸùţǹóýĸØşěŁȁǹǹţóýĸØşěŁǹóĘØşØóŪýşěţýùǹòƊǹĘěđĘǹıýƃýıţǹŁĐǹòýĘØƃěŁůşØıǹóĘØĸđýȀǹşýţýØşóĘǹØĸùǹ ùýƃýıŁŜķýĸŪǹȡȺ"ȢǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹıŁƄțóØşòŁĸǹŪýóĘĸŁıŁđƊǿǹĘýǹUȬţǹóıěķØŪýǹđŁØıţǹØşýǹØóĘěýƃýùǹƄýııǹ ØĘýØùǹŁĐǹŪĘýǹǑǏǔǏǹŪØşđýŪǹůĸùýşǹŪĘěţǹţóýĸØşěŁǿ AýØùƄěĸùţǹóýĸØşěŁȁǹǹţóýĸØşěŁǹƄĘýşýòƊǹŪĘýǹUǹţŪěııǹķýýŪţǹěŪţǹǑǏǔǏǹ^ýŪǹ¸ýşŁǹŪØşđýŪȀǹòůŪǹěĸěŪěØıǹŜşŁđşýţţǹěţǹ ţıŁƄȂǹůĸùýşǹŪĘěţǹţóýĸØşěŁȀǹŪĘýşýǹěţǹıěķěŪýùǹŜşŁđşýţţǹěĸǹòýĘØƃěŁůşØıǹóĘØĸđýȀǹýĸýşđƊǹýǅóěýĸóƊǹķýØţůşýţǹØĸùǹ ıŁƄțóØşòŁĸǹŪýóĘĸŁıŁđƊǹşŁııțŁůŪǿǹ ĘěţǹùýţĮŪŁŜǹØţţýţţķýĸŪǹóŁĸóıůùýùǹŪĘØŪǹŪĘýşýǹěţǹĸŁǹķØŪýşěØıǹƊýØşțŁĸțƊýØşǹóĘØĸđýǹŪŁǹķŁţŪǹţěđĸěǇóØĸŪǹ ŪşØĸţěŪěŁĸǹşěţĮţȀǹƄĘěóĘǹØşěţýǹĐşŁķȁǹ i. ţĘŁşŪțŪýşķǹşěţĮţǹşýıØŪěĸđǹŪŁǹýƉěţŪěĸđǹØĸùǹýķýşđěĸđǹşýđůıØŪěŁĸǹěĸóıůùěĸđǹŁĸǹ&ĸýşđƊǹýşĐŁşķØĸóýǹ ýşŪěǇóØŪýţǹȡȩ&ȪȢǹØĸùǹýĸĘØĸóýùǹùěţóıŁţůşýǹşýŞůěşýķýĸŪţǹ ii. ķýùěůķțŪýşķǹŪşØĸţěŪěŁĸǹşěţĮǹŪĘşŁůđĘǹóůţŪŁķýşǹùýķØĸùǹĐŁşǹķŁşýǹţůţŪØěĸØòıýǹØţţýŪţǹĐØţŪýşǹŪĘØĸǹŪĘýţýǹ óØĸǹòýǹùýıěƃýşýùǹ iii. ķýùěůķțǹŪŁǹıŁĸđțŪýşķǹŪşØĸţěŪěŁĸǹşěţĮǹĐşŁķǹěĸØòěıěŪƊǹŪŁǹůŜđşØùýǹĘýşěŪØđýǹòůěıùěĸđţǹùůýǹŪŁǹŜŁıěóƊǹŁşǹ òůěıùěĸđǹóŁĸǇđůşØŪěŁĸǿǹ ©ýǹşýóŁđĸěţýǹŁĸđŁěĸđǹùýƃýıŁŜķýĸŪǹěĸǹ&:ǹşýŜŁşŪěĸđȀǹòŁŪĘǹƄěŪĘěĸǹŪĘýǹUǹØĸùǹķŁşýǹƄěùýıƊȀǹŪĘØŪǹķØƊǹşýŞůěşýǹ ØùùěŪěŁĸØıǹşýţŁůşóýţǹŪŁǹòýǹØŜŜıěýùǹŪŁǹŁůşǹùěţóıŁţůşýţȀǹòůŪǹŪĘýţýǹØşýǹĸŁŪǹýƉŜýóŪýùǹŪŁǹòýǹķØŪýşěØıǿǹ ©ýǹØşýǹØıţŁǹØƄØşýǹŪĘØŪǹØǹóŁĸţŪşØěĸŪǹěĸǹýıýóŪşěóØıǹţůŜŜıƊǹěĸǹóýĸŪşØıǹWŁĸùŁĸǹķØƊǹòýóŁķýǹØǹıěķěŪěĸđǹĐØóŪŁşǹŪŁǹŪĘýǹ ŪşØĸţěŪěŁĸǹŪŁǹıŁƄțóØşòŁĸǹýĸýşđƊǹěĸǹŁůşǹĘýşěŪØđýǹòůěıùěĸđţǿǹ©ĘěıţŪǹŪĘěţǹěţǹĸŁŪǹóůşşýĸŪıƊǹØǹķØŪýşěØıǹşěţĮǹØĸùǹěţǹĸŁŪǹ ěķŜØóŪěĸđǹŁůşǹŁŜýşØŪěŁĸţȀǹƄýǹƄěııǹůĸùýşŪØĮýǹĐůşŪĘýşǹØţţýţţķýĸŪǹŪŁǹŜıØĸǹţůǅóěýĸŪǹóØŜØóěŪƊǹØţǹƄýǹóŁĸŪěĸůýǹŪĘýǹ ýıýóŪşěǇóØŪěŁĸǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǿǹ ©ýǹóůşşýĸŪıƊǹýţŪěķØŪýǹØǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹɏǓǏțǓǔǹķěııěŁĸǹŪŁǹǑǏǒǏǹȡǐǖǹŜýşǹóýĸŪǹŁĐǹóůşşýĸŪǹ ØĸĸůØıǹóØŜěŪØıǹýƉŜýĸùěŪůşýȢǹŪŁǹØóĘěýƃýǹŪĘýǹýĸýşđƊǹýǅóěýĸóƊǹěķŜşŁƃýķýĸŪǹşýŞůěşýùǹĐŁşǹýƉŜýóŪýùǹóĘØĸđýţǹ ŪŁǹ]ěĸěķůķǹ&ĸýşđƊǹ&ǅóěýĸóƊǹŪØĸùØşùţǹȡȩ]&&ȪȢǹşýđůıØŪěŁĸǹØĸùǹƄĘěóĘǹØıţŁǹóŁĸŪşěòůŪýţǹŪŁǹķýýŪěĸđǹŁůşǹ ùýóØşòŁĸěţØŪěŁĸǹŪØşđýŪţǿǹfůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýǹØışýØùƊǹķØĸùØŪýţǹØǹķěĸěķůķǹȡȩ&ȪȢǹşØŪěĸđǹěĸǹıěĸýǹƄěŪĘǹ ŜşŁŜŁţýùǹ]&&ǹşýđůıØŪěŁĸţǹØĸùǹŪĘýşýĐŁşýǹØǹţěđĸěǇóØĸŪǹŜşŁŜŁşŪěŁĸǹŁĐǹŪĘýţýǹţůķţǹØşýǹØışýØùƊǹěĸóıůùýùǹěĸǹŁůşǹ óØŜěŪØıǹýƉŜýĸùěŪůşýǹòůùđýŪţǹĐŁşǹòůţěĸýţţǹŜıØĸĸěĸđǿǹ©ĘěıýǹŪĘěţǹǇđůşýǹşýķØěĸţǹØĸǹýţŪěķØŪýǹØĸùǹƄěııǹóŁĸŪěĸůýǹ ŪŁǹòýǹşýǇĸýùȀǹěŪǹěţǹěĸĐŁşķýùǹòƊǹŪĘýǹùýŪØěıýùǹ&]țØıěđĸýùǹØůùěŪţǹØĸùǹŁůşǹđŁŁùǹŜşŁđşýţţǹŪŁǹùØŪýȀǹƄěŪĘǹóǿǹǖǏǹ ŜýşǹóýĸŪǹŁĐǹŪĘýǹóŁķķýşóěØıǹŜŁşŪĐŁıěŁǹ&¨ǹĸŁƄǹĘŁıùěĸđǹØĸǹ&ǹşØŪěĸđǹŁĐǹțǿ fůşǹóŁķķěŪķýĸŪǹŪŁǹŁǄţýŪǹóŁŜýǹǐǹØĸùǹǑǹ:A:ǹýķěţţěŁĸţǹĐşŁķǹǑǏǑǔǹĘØţǹòýýĸǹýţŪěķØŪýùǹŪŁǹóŁţŪǹıýţţǹŪĘØĸǹ ɏǓǏĮǹØĸĸůØııƊǿǹDĸǹØùùěŪěŁĸØıȀǹØǹşýƃěýƄǹĘØţǹòýýĸǹůĸùýşŪØĮýĸǹŁĸǹŪĘýǹıěĮýıƊǹóŁţŪǹŁĐǹŁǄţýŪŪěĸđǹŪŁǹķýýŪǹŁůşǹ^ýŪǹ ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪţǹĐşŁķǹǑǏǓǏǹØĸùǹŪĘýǹŁØşùǹěţǹóŁķĐŁşŪØòıýǹŪĘØŪǹěŪǹěţǹØóóýŜŪØòıýǿ Climate-related opportunities ıěķØŪýțşýıØŪýùǹŁŜŜŁşŪůĸěŪěýţǹŜşěĸóěŜØııƊǹØşěţýǹěĸǹŪĘýǹţĘŁşŪǹŪýşķǹĐşŁķȁ i. ěķŜşŁƃýùǹØòěıěŪƊǹŪŁǹØŪŪşØóŪǹØĸùǹşýŪØěĸǹóůţŪŁķýşţǹěĸǹýĸýşđƊțýǅóěýĸŪǹòůěıùěĸđţǹ ii. óŁĸţýŞůýĸŪǹşýùůóýùǹýĸýşđƊǹóŁţŪţǹØĸùǹØţţŁóěØŪýùǹýķěţţěŁĸţ iii. şýùůóýùǹŜıØĸĸěĸđǹşěţĮǹØţţŁóěØŪýùǹƄěŪĘǹØǹşýŞůěşýķýĸŪǹŪŁǹşýĸŁƃØŪýǹŜŁŁşțŞůØıěŪƊǹòůěıùěĸđǹţŪŁóĮǹŪŁǹ ķěĸěķěţýǹýķòŁùěýùǹóØşòŁĸǿ ]ýùěůķțŪýşķǹŁŜŜŁşŪůĸěŪěýţǹóØĸǹòýǹşýØıěţýùǹòƊǹùýķŁĸţŪşØŪěĸđǹŪĘýǹ©ĘŁıýǹWěĐýǹØşòŁĸǹòýĸýǇŪǹŁĐǹĘýşěŪØđýǹ ţŪŁóĮǹØĸùǹıýƃýşØđěĸđǹŁůşǹýƉŜýşŪěţýǹěĸǹŪĘýǹùýțóØşòŁĸěţØŪěŁĸǹŁĐǹĘýşěŪØđýǹòůěıùěĸđţǿǹ©ýǹķØƊǹţýýĮǹĐůşŪĘýşǹ ŜıØĸĸěĸđǹŜşýĐýşýĸóýǹĐŁşǹşýĐůşòěţĘķýĸŪǹòýĐŁşýǹşýòůěıùěĸđǹŪŁǹķěĸěķěţýǹýķòŁùěýùǹóØşòŁĸȀǹØĸùǹŁůşǹŜŁşŪĐŁıěŁǹ is well positioned to take advantage of this. The summarised risks and opportunities are set out in the table on pages 72 to 74 of this report and in our TCFD report on our website: https://www.shaftesburycapital.com/en/responsibility/policies-and-reports.html Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ 68 Shaftesbury Capital PLC | 2024 Annual Report "ýţóşěòýǹŪĘýǹ ěķŜØóŪǹŁĐǹóıěķØŪýț related risks and opportunities on ŪĘýǹŁşđØĸěţØŪěŁĸȬţǹ businesses, strategy and ǇĸØĸóěØıǹŜıØĸĸěĸđ ĘýǹěķŜØóŪǹŁĐǹóıěķØŪýǹóĘØĸđýǹŁĸǹŪĘýǹƄĘŁıýǹòůţěĸýţţǹěţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹòŁŪĘǹŪĘşŁůđĘǹŁůşǹØŜŜşŁØóĘǹ ŪŁǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹƄěùýşǹŁşđØĸěţØŪěŁĸØıǹţŪşØŪýđěóǹŜıØĸĸěĸđǿǹfůşǹţůţŪØěĸØòıýǹùýƃýıŁŜķýĸŪǹşýŞůěşýķýĸŪţǹ ýĸţůşýǹŪĘØŪǹóıěķØŪýțşěţĮțţŜýóěǇóǹěķŜşŁƃýķýĸŪţǹØĸùǹķěŪěđØŪěŁĸţǹØşýǹţóŁŜýùǹěĸŪŁǹŁůşǹýƉěţŪěĸđǹóØŜěŪØıǹ expenditure refurbishment budget. "ýŪØěıýùǹýĸýşđƊǹØůùěŪţǹóŁķŜıýŪýùǹěĸǹǑǏǑǒǹƄýşýǹýƉŜØĸùýùǹŪŁǹǓǏǹØţţýŪţǹùůşěĸđǹǑǏǑǓǹØţǹŜØşŪǹŁĐǹŁůşǹşýţŜŁĸţýǹ ŪŁǹŪĘýǹţŪØŪůŪŁşƊǹ&ĸýşđƊǹØƃěĸđţǹfŜŜŁşŪůĸěŪƊǹóĘýķýǹȡȩ&fȪȢǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪǿǹ ©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹıŁĸđțŪýşķǹıŁƄțóØşòŁĸǹěĸƃýţŪķýĸŪǹěĸǹŁůşǹØţţýŪţȀǹĐŁóůţěĸđǹŁĸǹşýŜůşŜŁţěĸđǹØĸùǹ refurbishment, rather than demolition and rebuilding. This maintains the heritage nature of our destinations, ěķŜşŁƃýţǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹķěĸěķěţýţǹýķòŁùěýùǹóØşòŁĸǹýķěţţěŁĸţǹØţţŁóěØŪýùǹƄěŪĘǹĸýƄǹùýƃýıŁŜķýĸŪǿǹDŪǹ ƄěııǹØıţŁǹşýùůóýǹŪĘýǹŜŁŪýĸŪěØıǹĐůŪůşýǹıěØòěıěŪƊǹØţţŁóěØŪýùǹƄěŪĘǹóØşòŁĸǹŁǄţýŪŪěĸđǹØĸùǹŜşŁƃěùýţǹØĸóěııØşƊǹòýĸýǇŪţǹ ěĸǹěķŜşŁƃýùǹØěşǹŞůØıěŪƊǿǹfůşǹØĸØıƊţěţǹŁĐǹŜĘƊţěóØıǹóıěķØŪýǹóĘØĸđýǹşěţĮţǹĘØţǹěĸùěóØŪýùǹŪĘØŪǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹ ıěķěŪýùǹýƉŜŁţůşýǹØĸùȀǹòýƊŁĸùǹØǹşýƃěýƄǹŁĐǹØǹşýıØŪěƃýıƊǹţķØııǹĸůķòýşǹŁĐǹıŁóØŪěŁĸţǹěùýĸŪěǇýùǹØţǹòýěĸđǹĘěđĘýşǹ şěţĮȀǹŪĘýǹóůşşýĸŪǹØŜŜşŁØóĘǹŪŁǹķěŪěđØŪěŁĸǹěţǹţůǅóěýĸŪǿ fůşǹěĸƃýţŪķýĸŪǹţŪşØŪýđƊǹØěķţǹŪŁǹóŁĸŪěĸůŁůţıƊǹěķŜşŁƃýǹŪĘýǹŁƃýşØııǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹóıěķØŪýǹşýţěıěýĸóýǹ ŁĐǹŁůşǹŜŁşŪĐŁıěŁǹŪĘşŁůđĘǹŁůşǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýǿǹØţýùǹŁĸǹóůşşýĸŪǹýţŪěķØŪýţǹƄýǹƄěııǹţŜýĸùǹ ØŜŜşŁƉěķØŪýıƊǹǏǿǐǓǹŜýşǹóýĸŪǹŁĐǹŜŁşŪĐŁıěŁǹƃØıůýǹŜýşǹƊýØşǹŁĸǹýĸýşđƊǹýǅóěýĸóƊǹůŜđşØùýţǿǹĘěţǹýĸØòıýţǹůţǹ ŪŁǹØùýŞůØŪýıƊǹķØĸØđýǹşěţĮţǹşýıØŪěĸđǹŪŁǹŜşŁŜŁţýùǹıýđěţıØŪěƃýǹóĘØĸđýţǹţůóĘǹØţǹ]&&ȀǹƄĘěóĘǹØşýǹķØŪýşěØıǹ ŪŁǹŪĘýǹýƃŁıƃěĸđǹĸýýùţǹŁĐǹŁůşǹóůţŪŁķýşţǹØĸùǹţŪØĮýĘŁıùýşţǿǹfĸǹŪĘěţǹòØţěţǹƄýǹóůşşýĸŪıƊǹýƉŜýóŪǹŪŁǹěĸóůşǹ ØŜŜşŁƉěķØŪýıƊǹɏǓǏțǓǔǹķěııěŁĸǹòƊǹǑǏǒǏǹŪŁǹØóĘěýƃýǹýĸýşđƊǹýǅóěýĸóƊǹěķŜşŁƃýķýĸŪţǹşýŞůěşýùǹĐŁşǹýƉŜýóŪýùǹ óĘØĸđýţǹŪŁǹ]&&ǹşýđůıØŪěŁĸǿǹĘýţýǹţůķţǹØşýǹØışýØùƊǹěĸóıůùýùǹěĸǹŁůşǹóØŜěŪØıǹýƉŜýĸùěŪůşýǹòůùđýŪţǹØĸùǹŪĘýǹ :şŁůŜǹţýŪţǹØǹķěĸěķůķǹ&ǹşØŪěĸđǹŁĐǹǹěĸǹěŪţǹóŁķķýşóěØıǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýţǿǹ ©ýǹóŁĸŪěĸůýǹŪŁǹşýǇĸýǹŁůşǹýţŪěķØŪýǹŁĐǹŪĘýǹěĸóşýķýĸŪØıǹóŁţŪţǹŁĐǹùýıěƃýşěĸđǹóĘØĸđýţǹşýŞůěşýùǹŪŁǹýĸţůşýǹØţţýŪţǹ ØşýǹƄěŪĘěĸǹØǹ&]țØıěđĸýùǹǐǿǔɀǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǿǹDĸǹǑǏǑǓȀǹƄýǹóŁķŜıýŪýùǹØǹùýŪØěıýùǹýĸýşđƊǹ ýǅóěýĸóƊǹşýƃěýƄǹŁĸǹǓǏǹŁĐǹŁůşǹØţţýŪţǹŪŁǹùýŪýşķěĸýǹØóŪěŁĸţǹşýŞůěşýùǹŪŁǹØıěđĸǹƄěŪĘǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹ ŪØşđýŪţǿǹǹĐůşŪĘýşǹýƉýşóěţýǹĘØţǹòýýĸǹóŁķŜıýŪýùǹŪŁǹýƉŪşØŜŁıØŪýǹŪĘýǹóŁţŪǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹůţěĸđǹØǹşØĸđýǹ ŁĐǹØţţůķŜŪěŁĸţǹţůóĘǹØţǹØŜŜıěóØòěıěŪƊǹŁĐǹěĸŪýşƃýĸŪěŁĸţǹŁĸǹěĸùěƃěùůØıǹØţţýŪţǹØĸùǹýţŪěķØŪýùǹóØŜýƉǹşýŞůěşýķýĸŪǿǹ 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ýķěţţěŁĸţǹŜşŁùůóýùǹØĸùǹŪĘýǹØķŁůĸŪǹşýķŁƃýùǹĐşŁķǹŪĘýǹØŪķŁţŜĘýşýǿǹDĸǹıěĸýǹƄěŪĘǹěȀǹŁůşǹùýǇĸěŪěŁĸǹŁĐǹ^ýŪǹ ¸ýşŁǹØşòŁĸǹØıţŁǹşýŞůěşýţǹŪĘØŪǹØǹķěĸěķůķǹóØşòŁĸǹşýùůóŪěŁĸǹŁĐǹǘǏǹŜýşǹóýĸŪǹĐşŁķǹŁůşǹòØţýıěĸýǹƊýØşǹĘØţǹòýýĸǹ ØóĘěýƃýùǹòýĐŁşýǹşýţěùůØıǹóØşòŁĸǹóØĸǹòýǹŁǄţýŪǿǹ DĸǹŁůşǹţůŜŜıƊǹóĘØěĸȀǹƄýǹóŁĸŪěĸůýǹŪŁǹŜşěŁşěŪěţýǹŜØşŪĸýşţǹØĸùǹŜşŁùůóŪţǹƄĘěóĘǹùýķŁĸţŪşØŪýǹĘěđĘǹýŪĘěóØıǹØĸùǹ ýĸƃěşŁĸķýĸŪØıǹţŪØĸùØşùţǿǹfůşǹùýţěđĸǹţóŁŜýǹŜşěŁşěŪěţýţǹóıěķØŪýǹşýţěıěýĸóýǹØĸùǹØùØŜŪØŪěŁĸǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹ ƄŁşĮǹƄěŪĘǹěĸùůţŪşƊǹòŁùěýţǹØĸùǹŪýóĘĸŁıŁđƊǹŜØşŪĸýşţǹŪŁǹŪşěØıǹŪýóĘĸŁıŁđěýţǹƄĘěóĘǹţůŜŜŁşŪǹŁůşǹđŁØıţǿ 69Shaftesbury Capital PLC | 2024 Annual Report Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ "ýţóşěòýǹŪĘýǹ şýţěıěýĸóýǹŁĐǹŪĘýǹ ŁşđØĸěţØŪěŁĸȬţǹ strategy, taking ěĸŪŁǹóŁĸţěùýşØŪěŁĸǹ ùěǄýşýĸŪǹóıěķØŪýț şýıØŪýùǹţóýĸØşěŁţȀǹ ěĸóıůùěĸđǹØǹ ǑɀǹŁşǹıŁƄýşǹ ţóýĸØşěŁ ©ýǹØşýǹóŁķķěŪŪýùǹŪŁǹěĸƃýţŪěĸđǹĐŁşǹŪĘýǹıŁĸđǹŪýşķǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹŁĐǹWŁĸùŁĸȀǹóŁĸŪěĸůØııƊǹěķŜşŁƃěĸđǹŁůşǹ ŜŁşŪĐŁıěŁǹŪŁǹùýıěƃýşǹýĸýşđƊțýǅóěýĸŪǹØĸùǺşýţěıěýĸŪǹòůěıùěĸđţǿǹ©ýǹùŁǹĸŁŪǹýƉŜýóŪǹŪĘØŪǹŪĘýǹóıěķØŪýțşýıØŪýùǹěţţůýţǹ ěùýĸŪěǇýùǹƄěııǹĸýóýţţěŪØŪýǹØǹķØŪýşěØıǹóĘØĸđýǹŪŁǹŁůşǹţŪşØŪýđƊȀǹýěŪĘýşǹØţţýŪǹóıØţţýţǹŁşǹđýŁđşØŜĘěóØıǹıŁóØŪěŁĸȀǹ ěĸǹØŪǹıýØţŪǹŪĘýǹķýùěůķǹŪýşķǿǹ©ýǹóŁĸţěùýşǹŁůşǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹŪŁǹòýǹýǄýóŪěƃýǹØĸùǹŪĘØŪǹŪĘýǹòůţěĸýţţǹěţǹ ţůǅóěýĸŪıƊǹşýţěıěýĸŪǹŪŁǹŪĘýǹěķŜØóŪţǹŁĐǹóıěķØŪýǹóĘØĸđýǹŪĘØŪǹĘØƃýǹòýýĸǹěùýĸŪěǇýùǿǹ fůşǹŞůØıěŪØŪěƃýǹØĸùǹŞůØĸŪěŪØŪěƃýǹţóýĸØşěŁǹØĸØıƊţěţȀǹØţǹţýŪǹŁůŪǹěĸǹŪĘýǹěţĮǹ]ØĸØđýķýĸŪǹţýóŪěŁĸȀǹØııŁƄţǹůţǹ ŪŁǹěùýĸŪěĐƊǹŪĘýǹóŁşýǹØşýØţǹĐŁşǹĐŁóůţýùǹØóŪěŁĸǹŪŁǹşýùůóýǹýķěţţěŁĸţǹØĸùǹýĸĘØĸóýǹŪĘýǹıŁĸđțŪýşķǹşýţěıěýĸóýǹŁĐǹ ŪĘýǹŜŁşŪĐŁıěŁǿǹ©ýǹƄěııǹóŁĸŪěĸůýǹŪŁǹşýƃěýƄǹØĸùǹůŜùØŪýǹŪĘýǹţóýĸØşěŁǹØĸØıƊţěţǹØţǹØŜŜşŁŜşěØŪýȀǹůţěĸđǹØǹşØĸđýǹŁĐǹ óıěķØŪýǹţóýĸØşěŁţǿǹ ĘýǹóØşýĐůıǹóŁĸţěùýşØŪěŁĸǹŁĐǹěĸƃýţŪķýĸŪţȀǹŁĸđŁěĸđǹěķŜşŁƃýķýĸŪǹŁĐǹŁůşǹØţţýŪţǹØĸùǹŪĘýǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ ŪØşđýŪǹƄěııǹŜşŁŪýóŪǹŁůşǹıŁĸđțŪýşķǹţŪşØŪýđƊǹĐşŁķǹţěđĸěǇóØĸŪǹóıěķØŪýǹşěţĮǿǹýŪŪěĸđǹØĸǹØķòěŪěŁůţǹĸýŪǹƓýşŁǹ óØşòŁĸǹŪØşđýŪǹØıěđĸýùǹƄěŪĘǹØǹǐǿǔțùýđşýýǹŜØŪĘƄØƊǹşýùůóýţǹŪĘýǹşěţĮǹŪĘØŪǹƄýǹƄěııǹĸýýùǹķØĮýǹŁůşǹŪØşđýŪţǹķŁşýǹ ØķòěŪěŁůţǿǹ©ýǹĘØƃýǹóıýØşıƊǹţýŪǹŁůŪǹŪĘýǹıýƃýıǹŁĐǹùýóØşòŁĸěţØŪěŁĸǹşýŞůěşýùǹòƊǹǑǏǒǏǹØĸùǹǑǏǓǏȀǹţŁǹŪĘýǹòůţěĸýţţǹ óØĸǹķØĮýǹıŁĸđțŪýşķǹùýóěţěŁĸţǹØĸùǹţŪØĮýĘŁıùýşţǹØşýǹØƄØşýǹŁĐǹŁůşǹóŁķķěŪķýĸŪţǿ DĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹţóýĸØşěŁǹØĸØıƊţěţǹùýţóşěòýùǹØòŁƃýȀǹĘØĐŪýţòůşƊǹØŜěŪØıǹóŁķŜıýŪýùǹ&]țØıěđĸýùǹ ùýŪØěıýùǹ^ýŪǹ¸ýşŁǹýĸýşđƊǹØůùěŪţǹùůşěĸđǹǑǏǑǓǿǹĘýǹǇĸùěĸđţǹěùýĸŪěǇýùǹòŁŪĘǹěĸŪýşƃýĸŪěŁĸţǹØĸùǹýţŪěķØŪýùǹ şýıØŪýùǹóŁţŪţǹƄĘěóĘǹØşýǹòýěĸđǹóŁĸţěùýşýùǹòƊǹŪĘýǹòůţěĸýţţǿǹŁķýǹŁĐǹŪĘýţýǹěĸŪýşƃýĸŪěŁĸţǹóØĸǹòýǹěķŜıýķýĸŪýùǹ ƄěŪĘǹŁůşǹóůţŪŁķýşţǹěĸǹţěŪůǿǹfŪĘýşţǹƄŁůıùǹĸýýùǹŪŁǹòýǹůĸùýşŪØĮýĸǹƄĘýĸǹŜşŁŜýşŪěýţǹØşýǹƃØóØĸŪǿǹfůşǹùýŪØěıýùǹ ýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹŪŁǹùØŪýǹƄěııǹĘýıŜǹşýǇĸýǹŁůşǹýţŪěķØŪýǹŁĐǹóŁţŪţǹØĸùǹşýıØŪýùǹŁŜýşØŪěŁĸØıǹØĸùǹóØşòŁĸǹ ţØƃěĸđţǹØţţŁóěØŪýùǹƄěŪĘǹŁůşǹşýĐůşòěţĘķýĸŪǹŜşŁđşØķķýţǿǹ Risk management "ýţóşěòýǹŪĘýǹ ŁşđØĸěţØŪěŁĸȬţǹ ŜşŁóýţţýţǹĐŁşǹ identifying and ØţţýţţěĸđǹóıěķØŪýț related risk fůşǹŜşŁóýţţǹŁĐǹěùýĸŪěĐƊěĸđǹØĸùǹØţţýţţěĸđǹóıěķØŪýțşýıØŪýùǹşěţĮţǹůţýţǹŪĘýǹţØķýǹķýŪĘŁùŁıŁđƊǹØţǹØııǹòůţěĸýţţǹ şěţĮţǹØĸùǹěţǹěĸóŁşŜŁşØŪýùǹěĸŪŁǹŪĘýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹşěţĮţǿǹĘýǹŜŁşŪĐŁıěŁǹŜĘƊţěóØıǹóıěķØŪýǹşěţĮǹØţţýţţķýĸŪǹ ĘØţǹóŁĸţěùýşýùǹĘŁƄǹşěţĮǹóĘØĸđýţǹØđØěĸţŪǹţŪşØŪýđěóǹŪěķýǹĘŁşěƓŁĸţǹŪŁǹĐØóěıěŪØŪýǹýǄýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪȀǹ ěĸĐŁşķěĸđǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹţŪşØŪýđěýţǹŪŁǹķØĸØđýǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹóØŜěŪØıěţýǹŁĸǹŁŜŜŁşŪůĸěŪěýţǿǹ "ýŪØěıǹóØĸǹØıţŁǹòýǹĐŁůĸùǹŁĸǹŪĘýǹƄĘýŪĘýşǹŪĘýǹşěţĮǹěţǹěĸóşýØţěĸđȀǹùýóşýØţěĸđǹŁşǹţŪØòıýȀǹƄĘěóĘǹěţǹØǹůţýĐůıǹ ķýóĘØĸěţķǹĐŁşǹşěţĮǹŜşěŁşěŪěţØŪěŁĸǿ ıěķØŪýțşýıØŪýùǹşěţĮǹĘØţǹòýýĸǹěùýĸŪěǇýùǹØţǹØǹŜşěĸóěŜØıǹşěţĮǿǹŁǹØţţýţţǹŪĘýǹşýıØŪěƃýǹţěđĸěǇóØĸóýǹŁĐǹŪĘýǹŜşěĸóěŜØıǹ şěţĮţǹȡƄĘěóĘǹØşýǹùýŪØěıýùǹŁĸǹŜØđýţǹǔǘǹŪŁǹǕǓǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪȢȀǹýØóĘǹĘØţǹòýýĸǹØţţěđĸýùǹØǹıěĮýıěĘŁŁùǹØĸùǹ ěķŜØóŪǹţóŁşýǹĐşŁķǹƄĘěóĘǹØǹşěţĮǹşØĸĮěĸđǹěţǹØııŁóØŪýùǿǹ]ŁşýǹěĸĐŁşķØŪěŁĸǹØòŁůŪǹŪĘýǹŜşŁóýţţǹĐŁşǹØţţýţţěĸđǹŪĘýǹ ţěƓýǹØĸùǹţóŁŜýǹŁĐǹşěţĮţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýǹǕǏǹŁĐǹŁůşǹĸĸůØıǹýŜŁşŪǿ ıěķØŪýțşýıØŪýùǹŜĘƊţěóØıǹşěţĮţǹĘØƃýǹòýýĸǹěùýĸŪěǇýùǹůţěĸđǹŪĘýǹȱıěķØŪýǹ®ȱǹùØŪØǹŜşŁĪýóŪěŁĸǹŜıØŪĐŁşķǹŜýóŪşØǿǹ ěţĮǹşØŪěĸđţǹĘØƃýǹòýýĸǹùýŪýşķěĸýùǹĐŁşǹşýıýƃØĸŪǹŜĘƊţěóØıǹóıěķØŪýǹĘØƓØşùţǹòƊǹóŁķòěĸěĸđǹıěĮýıěĘŁŁùǹØĸùǹ ţýƃýşěŪƊǹţóŁşýţǿǹĘýǹşěţĮǹØţţýţţķýĸŪǹĘØţǹóŁĸţěùýşýùǹĘŁƄǹşěţĮǹóĘØĸđýţǹØđØěĸţŪǹţŪşØŪýđěóǹŪěķýǹĘŁşěƓŁĸţȀǹŪŁǹ ĐØóěıěŪØŪýǹýǄýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪǿǹţţýŪţǹŪĘØŪǹĘØƃýǹòýýĸǹěùýĸŪěǇýùǹØţǹĘěđĘýşǹşěţĮǹƄěııǹòýǹţůòĪýóŪǹŪŁǹØǹķŁşýǹ ùýŪØěıýùǹşýƃěýƄǹěĸǹǑǏǑǔǹŪŁǹùýŪýşķěĸýǹěĐǹØĸƊǹĐůşŪĘýşǹķěŪěđØŪěŁĸǹØóŪěŁĸţǹØşýǹşýŞůěşýùǿǹ fůşǹŪşØĸţěŪěŁĸǹşěţĮǹØĸØıƊţěţǹùşýƄǹŁĸǹØǹŪĘěşùțŜØşŪƊǹşýƃěýƄǹŁĐǹŪĘýǹķØşĮýŪǿǹĘěţǹŜşŁĪýóŪǹƄØţǹěĸěŪěØııƊǹůĸùýşŪØĮýĸǹ ěĸǹǑǏǑǐǹØĸùǹĘØţǹòýýĸǹůŜùØŪýùǹěĸǹǑǏǑǓǿǹ DĸǹØııǹŁůşǹØĸØıƊţěţȀǹƄýǹĘØƃýǹůţýùǹŪĘşýýǹóıěķØŪýǹóĘØĸđýǹţóýĸØşěŁţǹşýŜşýţýĸŪěĸđǹıŁƄȀǹķýùěůķǹØĸùǹĘěđĘǹ ýķěţţěŁĸţǹȡǹǑǿǕȀǹǹǓǿǔǹØĸùǹǹǗǿǔȢǹŪŁǹůĸùýşţŪØĸùǹŪĘýǹşØĸđýǹŁĐǹŜŁŪýĸŪěØıǹóıěķØŪýǹŁůŪóŁķýţȀǹØěùěĸđǹ ěĸǹóŁķŜşýĘýĸţěƃýǹşěţĮǹůĸùýşţŪØĸùěĸđǹØĸùǹţŪşØŪýđěóǹŜıØĸĸěĸđǿǹĘěţǹØŜŜşŁØóĘǹØùùşýţţýţǹóŁķŜıěØĸóýǹƄěŪĘǹ şýđůıØŪŁşƊǹØĸùǹţŪØĮýĘŁıùýşǹşýóŁķķýĸùØŪěŁĸţȀǹěĸĐŁşķţǹěĸƃýţŪķýĸŪǹØĸùǹşýţŁůşóýǹØııŁóØŪěŁĸǹØĸùǹýĸĘØĸóýţǹ şýţěıěýĸóýǿǹ©ýǹØţţůķýǹŪĘØŪǹŪĘýţýǹţóýĸØşěŁţǹƄěııǹĸŁŪǹòýǹýƉóýýùýùǹØóşŁţţǹŪĘýǹŪěķýıěĸýţǹěùýĸŪěǇýùǿǹ Please see pages 59 to 64 for further information on risk management and our principal risks 70 Shaftesbury Capital PLC | 2024 Annual Report "ýţóşěòýǹŪĘýǹ ŁşđØĸěţØŪěŁĸȬţǹ ŜşŁóýţţýţǹĐŁşǹ ķØĸØđěĸđǹóıěķØŪýț related risk ©ýǹĘØƃýǹØĸǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóŁķŜşěţěĸđǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýȀǹ:ýĸýşØıǹŁůĸţýıȀǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşȀǹ"ěşýóŪŁşǹŁĐǹşØĸţĐŁşķØŪěŁĸǹØĸùǹýóĘĸŁıŁđƊȀǹ AýØùǹŁĐǹAýØıŪĘǹØĸùǹØĐýŪƊȀǹØĸùǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǿǹĘěţǹěţǹŪĘýǹýƉýóůŪěƃýțıýƃýıǹķØĸØđýķýĸŪǹĐŁşůķǹĐŁşǹŪĘýǹ şýƃěýƄǹØĸùǹùěţóůţţěŁĸǹŁĐǹşěţĮţȀǹóŁĸŪşŁıţǹØĸùǹķěŪěđØŪěŁĸǹķýØţůşýţǿǹýĸěŁşǹķØĸØđýķýĸŪǹĐşŁķǹýØóĘǹòůţěĸýţţǹ ĐůĸóŪěŁĸǹěùýĸŪěĐƊǹØĸùǹķØĸØđýǹşěţĮţǹĐŁşǹŪĘýěşǹùěƃěţěŁĸǹØĸùǹóŁķŜıýŪýǹØĸùǹķØěĸŪØěĸǹØǹşěţĮǹşýđěţŪýşǿǹıěķØŪýț related risks and opportunities are presented to the Board. ĘƊţěóØıǹşěţĮţǹØşýǹķØĸØđýùǹØĸùǹķěŪěđØŪýùǹŪĘşŁůđĘǹŁůşǹŁĸđŁěĸđǹŜşŁđşØķķýǹŪŁǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýǅóěýĸóƊǹ ŁĐǹŁůşǹòůěıùěĸđţǹØĸùǹŁůşǹěĸƃýţŪķýĸŪǹěĸǹěĸóşýØţěĸđǹđşýýĸǹţŜØóýǹØóşŁţţǹŁůşǹŜŁşŪĐŁıěŁǿǹ ©ýǹĘØƃýǹóŁķŜşýĘýĸţěƃýǹěțƃØıěùØŪýùǹĸýØşțŪýşķǹØĸùǹıŁĸđțŪýşķǹŪØşđýŪţǹĐŁşǹóŁŜýǹǐȀǹǑǹØĸùǹǒǹýķěţţěŁĸţȀǹ ƄĘěóĘǹƄěııǹòýǹŪĘýǹĐŁůĸùØŪěŁĸǹŁĐǹŁůşǹóØşòŁĸǹýķěţţěŁĸţǹşýùůóŪěŁĸǹţŪşØŪýđƊǹØţǹƄýǹŜşŁđşýţţǹŪŁƄØşùţǹØǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹŜŁţěŪěŁĸǹòƊǹǑǏǓǏǿǹ Principal risks have been mapped to the most relevant strategic priority, which can be found on pages 61 to 65. "ýţóşěòýǹĘŁƄǹ ŜşŁóýţţýţǹĐŁşǹ identifying, assessing and ķØĸØđěĸđǹóıěķØŪýț related risks are integrated into ŪĘýǹŁşđØĸěţØŪěŁĸȬţǹ overall risk management ĘýǹŁØşùǹĘØţǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹ:şŁůŜȬţǹşěţĮǹķØĸØđýķýĸŪȀǹùýŪýşķěĸěĸđǹşěţĮǹØŜŜýŪěŪýǹØĸùǹşýƃěýƄěĸđǹ ŜşěĸóěŜØıǹşěţĮţǹØĸùǹůĸóýşŪØěĸŪěýţǹşýđůıØşıƊȀǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹØóŪěŁĸţǹŪØĮýĸǹŪŁǹķěŪěđØŪýǹŪĘýķǿǹƄØşýĸýţţǹŁĐǹ óıěķØŪýțşýıØŪýùǹşěţĮţǹěţǹěĸŪýđşØŪýùǹěĸŪŁǹŪĘýǹŁşđØĸěţØŪěŁĸǹƃěØǹØǹŜşŁđşØķķýǹŁĐǹýķŜıŁƊýýǹýĸđØđýķýĸŪǹØĸùǹŪşØěĸěĸđǿǹ 9ŁşǹóýşŪØěĸǹØşýØţǹŁĐǹşýţŜŁĸţěòěıěŪƊȀǹţŜýóěǇóǹĪŁòțşýıØŪýùǹěĸùěƃěùůØıǹŪşØěĸěĸđǹěţǹùýıěƃýşýùȀǹĐŁşǹýƉØķŜıýǹşýıØŪěĸđǹŪŁǹ ķØŪŪýşţǹţůóĘǹØţǹ&ţȀǹđØŪĘýşěĸđǹŁĐǹùØŪØǹØĸùǹýķòŁùěýùǹóØşòŁĸǹóØıóůıØŪěŁĸţǿǹ ĘýǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹěţǹØǹķýķòýşǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹØĸùǹěţǹşýţŜŁĸţěòıýǹĐŁşǹĘěđĘıěđĘŪěĸđǹ óıěķØŪýǹşěţĮţǹěĸǹŪĘýǹóŁĸŪýƉŪǹŁĐǹƄěùýşǹòůţěĸýţţǹşěţĮǹùěţóůţţěŁĸţǿ Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹķýýŪţǹŞůØşŪýşıƊǹØĸùǹşýƃěýƄţǹţěđĸěǇóØĸŪǹşěţĮţǹŪŁǹŪĘýǹòůţěĸýţţȀǹŁŜýşØŪěŁĸØıǹØĸùǹ ǇĸØĸóěØıȀǹěĸóıůùěĸđǹţůţŪØěĸØòěıěŪƊțşýıØŪýùǹşěţĮţǿǹǹşěţĮǹşýŜŁşŪǹěţǹŜşŁùůóýùǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýǹ ØĸùǹěţǹţůòķěŪŪýùǹŪŁǹŪĘýǹŁØşùǿǹşěĸóěŜØıǹşěţĮţǹØşýǹùěţóıŁţýùǹěĸǹŪĘýǹěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹýŜŁşŪǿ Metrics and targets "ěţóıŁţýǹŪĘýǹ ķýŪşěóţǹůţýùǹòƊǹ the organisation ŪŁǹØţţýţţǹóıěķØŪýț related risks and opportunities in line with its strategy and risk management ŜşŁóýţţ UýƊǹķýŪşěóţǹůţýùǹŪŁǹØţţýţţǹóıěķØŪýțşýıØŪýùǹşěţĮǹØĸùǹŜşŁđşýţţǹØđØěĸţŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţǹØşýǹţýŪǹ ŁůŪǹěĸǹŪĘýǹţůķķØşƊǹěţĮţǹØĸùǹfŜŜŁşŪůĸěŪěýţǹŪØòıýǹŁĸǹŜØđýţǹǖǑǹŪŁǹǖǓǿǹýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĮýƊǹóıěķØŪýț şýıØŪýùǹķýŪşěóţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǘǒǹŪŁǹǘǔǿ "ýţóşěòýǹŪĘýǹ targets used by the organisation ŪŁǹķØĸØđýǹóıěķØŪýț related risks and opportunities ØĸùǹŜýşĐŁşķØĸóýǹ against targets ıýØţýǹşýĐýşǹŪŁǹŪĘýǹţůķķØşƊǹŪØòıýǹŁĸǹŜØđýţǹǖǑǹŪŁǹǖǓǹØĸùǹŪŁǹŁůşǹ9"ǹşýŜŁşŪǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿ ţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌşýţŜŁĸţěòěıěŪƊȌŜŁıěóěýţțØĸùțşýŜŁşŪţǿĘŪķıǿǹýşĐŁşķØĸóýǹØđØěĸţŪǹŁůşǹĮýƊǹóıěķØŪýț şýıØŪýùǹķýŪşěóţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǘǒǹŪŁǹǘǔǿǹ "ěţóıŁţýǹóŁŜýǹǐȀǹ óŁŜýǹǑȀǹØĸùȀǹěĐǹ ØŜŜşŁŜşěØŪýȀǹóŁŜýǹ 3 greenhouse đØţǹȡȩ:A:ȪȢǹ emissions, and the related risks ǹùýŪØěıýùǹòşýØĮùŁƄĸǹŁĐǹóŁŜýǹǐȀǹóŁŜýǹǑǹØĸùǹóŁŜýǹǒǹ:A:ǹýķěţţěŁĸţǹěţǹùěţóıŁţýùǹŁĸǹŜØđýǹǘǓǹŁĐǹŪĘěţǹ ĸĸůØıǹýŜŁşŪȀǹØĸùǹŪĘýǹķýŪĘŁùŁıŁđƊǹĐŁşǹŪĘýǹóØıóůıØŪěŁĸţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýǹǑǒǓǿǹDĸǹıěĸýǹƄěŪĘǹŪşýØķıěĸýùǹ &ĸýşđƊǹØĸùǹØşòŁĸǹýŜŁşŪěĸđǹȡȩ&ȪȢǹşýŞůěşýķýĸŪţȀǹýĸýşđƊǹůţýǹØĸùǹØĸǹěĸŪýĸţěŪƊǹķýŪşěóǹØşýǹùěţóıŁţýùǹŁĸǹ ŜØđýǹǘǔǿ 71Shaftesbury Capital PLC | 2024 Annual Report Risks summary Risk type Risk description Timeline DķŜØóŪǹŁĸǹòůţěĸýţţǹţŪşØŪýđƊǹȺǹǇĸØĸóěØıǹŜıØĸĸěĸđ Physical ĘşŁĸěóǹıŁĸđțŪýşķǹóıěķØŪýǹóĘØĸđýȀǹǈŁŁùǹ risk and extreme weather including: ȟ ĘŁŪŪýşǹţůķķýşţǹıýØùěĸđǹŪŁǹĘěđĘýşǹóŁţŪţǹŪŁǹ maintain indoor temperatures ȟ ıŁóØıěţýùǹǈŁŁùěĸđǹØĸùǹţŪŁşķǹùØķØđýȀǹØĸùǹŪěķýǹ ØţţŁóěØŪýùǹƄěŪĘǹòůěıùěĸđǹùýţěđĸǹØĸùǹşýŪşŁǇŪǹĐŁşǹ ěĸóşýØţýùǹşØěĸĐØııǹşýţěıěýĸóý ȟ ùěţşůŜŪěŁĸǹŪŁǹıŁóØıǹýĸýşđƊǹØĸùǹŪşØĸţŜŁşŪǹ ĸýŪƄŁşĮǹĐşŁķǹýƉŪşýķýǹƄýØŪĘýşȀǹěĸǹŜØşŪěóůıØşǹ óŁķòěĸěĸđǹØǹǈŁŁùǹƄěŪĘǹØǹŜŁţţěòıýǹĐØěıůşýǹŁĐǹŪĘýǹ Thames Barrier Medium-term Long-term ȟ ěĸóıůţěŁĸǹŁĐǹķěŪěđØŪěŁĸţǹěĸǹŁůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýǿǹ ĘýţýǹØşýǹěĸóıůùýùǹØŪǹùýţěđĸǹţŪØđýǹØĸùǹóŁĸţýŞůýĸŪıƊǹ ùŁǹĸŁŪǹşýţůıŪǹěĸǹķØŪýşěØıǹØùùěŪěŁĸØıǹóØŜěŪØıǹ expenditure requirements ȟ these requirements are supported by the planning ĐşØķýƄŁşĮǹěĸǹóýĸŪşØıǹWŁĸùŁĸǹƄĘýşýǹƄýǹŁŜýşØŪýȀǹƄĘěóĘǹ đýĸýşØııƊǹşýŞůěşýţǹŪĘØŪǹŪĘýţýǹşěţĮţǹØşýǹóŁĸţěùýşýùǿǹ ĘýşýĐŁşýȀǹŪĘýǹěĸóşýķýĸŪØıǹóŁţŪţǹØòŁƃýǹŜıØĸĸěĸđǹ óŁĸţěùýşØŪěŁĸţǹØşýǹķŁùýţŪ ȟ ţůǅóěýĸŪǹěĸţůşØĸóýǹĐŁşǹŜŁŪýĸŪěØıǹóıěķØŪýǹýƃýĸŪţ ȟ ƄýǹƄěııǹĐŁşķØııƊǹůŜùØŪýǹŁůşǹØţţýŪǹýƉŜŁţůşýǹŪŁǹŜĘƊţěóØıǹ óıěķØŪýǹşěţĮǹØŪǹıýØţŪǹýƃýşƊǹŪƄŁǹƊýØşţǹòØţýùǹŁĸǹıØŪýţŪǹ ţóěýĸóýțòØţýùǹţóýĸØşěŁţǹØĸùǺķŁùýııěĸđǿǹĘýǹóŁţŪţǹ ŁĐǹŪĘěţǹýƉýşóěţýǹØşýǹķŁùýţŪǹØĸùǹØşýǹěĸóůşşýùǹŪĘşŁůđĘǹ ØùķěĸěţŪşØŪěŁĸǹóŁţŪţ Transition Policy risk from emerging regulation: ȟ ýĸĘØĸóýùǹ:A:ǹýķěţţěŁĸţǹşýŜŁşŪěĸđ ȟ ýƃŁıƃěĸđǹşýØıțýţŪØŪýțţŜýóěǇóǹşýđůıØŪěŁĸţȀǹ ţůóĘǺØţǹ]ěĸěķůķǹ&ĸýşđƊǹ&ǅóěýĸóƊǹ ŪØĸùØşùţǹȡȩ]&&ȪȢ ȟ ŜŁŪýĸŪěØıǹóŁĸǈěóŪǹòýŪƄýýĸǹĘýşěŪØđýǹ şýŞůěşýķýĸŪţǹØĸùǹýĸýşđƊǹýǅóěýĸóƊ ȟ improvement beyond MEES requirements ȟ ŜŁŪýĸŪěØıǹěķŜØóŪǹŁĐǹĸØŪůşýțşýıØŪýùǹşýđůıØŪěŁĸǹ ěĸóıůùěĸđǹŪĘýǹ&ĸƃěşŁĸķýĸŪǹóŪǹşýŞůěşýķýĸŪţǹ ŁĸǹòěŁùěƃýşţěŪƊǹĸýŪǹđØěĸǹØĸùǹŪĘýǹØţĮǹ9Łşóýǹ Łĸǹ^ØŪůşýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ Short-term Medium-term ȟ ĐØěıůşýǹŪŁǹķýýŪǹđşýýĸĘŁůţýǹđØţǹȡȩ:A:ȪȢǹşýŞůěşýķýĸŪţǹ şýţůıŪţǹěĸǹěĸóşýØţýùǹóŁţŪǹŁşǹıŁĸđýşǹƃŁěùǹŜýşěŁùţ ȟ ůĸýƉŜýóŪýùǹĸýƄǹşýđůıØŪěŁĸǹşýţůıŪţǹěĸǹıŁĸđýşǹŜıØĸĸěĸđǹ or refurbishment periods ȟ ěĸóşýØţýùǹóŁţŪţǹŪŁǹØĸØıƊţýǹØĸùǹķýýŪǹĸýƄǹşýŞůěşýķýĸŪţ ȟ inability to meet nature-related requirements results in ǇĸØĸóěØıǹŁşǹşýŜůŪØŪěŁĸØıǹıŁţţ Transition Market risk of changes in market trendsȁ ȟ óůţŪŁķýşţǹţýýĮěĸđǹØţţýŪţǹƄěŪĘǹđşýØŪýşǹ ţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţȀǹƄĘěóĘǹķØƊǹşýùůóýǹ şýƃýĸůýţǹěĐǺşýŞůěşýķýĸŪţǹóØĸĸŁŪǺòýǹķýŪ ȟ less sustainable buildings may not meet debt or equity market requirements, resulting in şýùůóýùǹØóóýţţǹŪŁǹóØŜěŪØı Medium-term ȟ ĐØěıůşýǹŪŁǹķýýŪǹķØşĮýŪǹýƉŜýóŪØŪěŁĸţǹƄŁůıùǹşýţůıŪǹěĸǹ ıŁţţǹŁĐǹØţţýŪǹƃØıůýţȀǹşýĸŪØıǺěĸóŁķýȀǹØĸùǹŜşŁıŁĸđýùǹ ƃŁěùǹŜýşěŁùţǿǹĘýşýĐŁşýȀǹěķŜØóŪǹŁĸǹǇĸØĸóěØıǹŜıØĸĸěĸđǹ ěţǹŪŁǹěĸóıůùýǹØţǹţŪØĸùØşùǹěĸǹŁůşǹşýĐůşòěţĘķýĸŪǹţóŁŜýţǹ ØŜŜşŁŜşěØŪýǹţůţŪØěĸØòěıěŪƊȀǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹŁŪĘýşǹ óşýùýĸŪěØıţǹěĸóıůùěĸđǺ&&]ǹƄĘýşýǹØŜŜşŁŜşěØŪý . ȟ ĸŁǹƊěýıùǹØùĪůţŪķýĸŪţǹØşýǹóůşşýĸŪıƊǹěĸóıůùýùǹěĸǹŁůşǹ business planning, but our viability assessment ěĸóıůùýţǺŪĘýǹěķŜØóŪǹŁĐǹŜŁŪýĸŪěØıǹƊěýıùǹķŁƃýķýĸŪţǹ ĘŁƄţŁýƃýşǹóØůţýù Transition ţţýŪțţŜýóěǇóǹşěţĮȁ ȟ ýƃŁıƃěĸđǹşěţĮǹěĸǹşýıØŪěŁĸǺŪŁǹŪĘýǹŜŁŪýĸŪěØıǹ óŁĸǈěóŪǺòýŪƄýýĸǹĘýşěŪØđýǹòůěıùěĸđţǹØĸùǺ ýĸýşđƊǹýǅóěýĸóƊ ȟ ĘýşěŪØđýǹşýţŪşěóŪěŁĸţǹěķŜýùýǹýĸýşđƊǹýǅóěýĸóƊǹ measures resulting in market risks as above ȟ adoption of fossil fuel removal and ŪýóĘĸŁıŁđěýţǹěţǹóŁĸţŪşØěĸýùǹòƊǹýıýóŪşěóØıǹ ţůŜŜıƊǹóØŜØóěŪƊǹŪŁǹŁůşǹòůěıùěĸđţ ȟ şýıØŪěƃýǹĘěđĘýşǹóŁţŪǹŁĐǹýıýóŪşěóěŪƊǹŪŁǹđØţǹ ěķŜØóŪţǹŁĸǹŁóóůŜěýşǹŜşŁǇŪØòěıěŪƊǹØĸùǹ ěķŜØóŪţǺşýĸŪ Medium-term Long-term ȟ óŁĸţěùýşØŪěŁĸǹŁĐǹŪýóĘĸŁıŁđƊǹØŜŜşŁŜşěØŪýǹŪŁǹ heritage buildings ȟ ùşěƃýǹòýĘØƃěŁůşØıǹóĘØĸđýǹŪŁǹůţýǹòůěıùěĸđţǹØţǹ ùýţěđĸýùǹØĸùǹķØƉěķěţýǹòýĸýǇŪţ ȟ óŁĸţěùýşØŪěŁĸǹŁĐǹýıýóŪşěóěŪƊǹóØŜØóěŪƊǹØĸùǹ ŜŁŪýĸŪěØıǹóŁĸţŪşØěĸŪţ ȟ &]țØıěđĸýùǹ^ýŪǹ¸ýşŁǹýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹ ŁĸǹØǹşýŜşýţýĸŪØŪěƃýǹţØķŜıýǹŁĐǹòůěıùěĸđţǹØóşŁţţǹŪĘýǹ portfolio, to inform appropriate interventions and ØţţýţţǹóŁţŪ ǐǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹţýŪǹķýŪşěóţǹØđØěĸţŪǹØııǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹ9ŁşǹţŁķýǹŁĐǹŪĘýţýȀǹŪØşđýŪţǹØşýǹòýěĸđǹşýǇĸýùȀǹØĸùǹƄýǹƄěııǹùěţóıŁţýǹŪĘýţýǹěĸǹùůýǹóŁůşţý Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ 72 Shaftesbury Capital PLC | 2024 Annual Report Mitigation Metrics & Targets 1 ȟ ţóýĸØşěŁǹØĸØıƊţěţǹěĸùěóØŪýţǹĘěđĘýşǹşěţĮǹŁĐǹǈØţĘǹǈŁŁùěĸđǹŪŁǹţŁķýǹ assets and medium exposure to drought and heat stress ȟ ØţţýŪţǹØşýǹĸŁŪǹıŁóØŪýùǹěĸǹóŁØţŪØıǹŁşǹǈůƃěØıǹǈŁŁùǹşěţĮǹØşýØţȀǹţŁǹşěţĮǹ ıěķěŪýùǹŪŁǹǈØţĘǹǈŁŁùěĸđ ȟ şýĐůşòěţĘķýĸŪǹţóŁŜýǹóŁĸţěùýşţǹŪĘýǹĐŁııŁƄěĸđǹŪŁǹķěŪěđØŪýǹşěţĮǹØĸùǹ ýĸĘØĸóýǹĐůŪůşýǹØţţýŪǹşýţěıěýĸóýȁ ȟ şýùůóýùǹƄØŪýşǹùýķØĸùǹØĸùǹýǅóěýĸóƊǹķýØţůşýţ ȟ design measures to prevent overheating ȟ ěĸóŁşŜŁşØŪěŁĸǹŁĐǹţůţŪØěĸØòıýǹůşòØĸǹùşØěĸØđýǹĐýØŪůşýţ ȟ ěĸóıůţěŁĸǹŁĐǹŪĘýţýǹØóŪěŁĸţǹěĸŪŁǹŁůşǹØùØŜŪØŪěŁĸǹØóŪěƃěŪěýţǹěĸǹŁůşǹ óŁķòěĸýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ ȟ óŁĸŪěĸůýùǹşýùůóŪěŁĸǹěĸǹ:A:ǹěĸŪýĸţěŪƊǹĐşŁķǹòůěıùěĸđǹýĸýşđƊǹůţýǹ ȟ şýùůóýǹØòţŁıůŪýǹƄØŪýşǹůţýǹŪĘşŁůđĘǹýǅóěýĸóƊǹØĸùǹĘØşƃýţŪěĸđǹòƊǹ ǔǹŜýşǹóýĸŪǹŜýşǹØĸĸůķǹ ȟ óŁŜýǹǐǹØĸùǹǑǹýķěţţěŁĸţǹşýùůóŪěŁĸǹŪØşđýŪǹȡǕǏǹŜýşǹóýĸŪǹòƊǹǑǏǒǏȀǹ ĐşŁķǹØǹǑǏǐǘǹòØţýǹƊýØşǹƄěŪĘǹěĸŪýşěķǹěĸŪýĸţěŪƊǹŪØşđýŪţȢ ȟ óŁŜýǹǒǹýķěţţěŁĸţǹşýùůóŪěŁĸǹŪØşđýŪǹȡǔǏǹŜýşǹóýĸŪǹòƊǹǑǏǒǏȀǹĐşŁķǹ ØǹǑǏǐǘǹòØţýǹƊýØşǹƄěŪĘǹěĸŪýşěķǹěĸŪýĸţěŪƊǹŪØşđýŪţȢ ȟ şýķŁƃØıǹŁĐǹØııǹđØţǹòŁěıýşţǹȡůĸùýşǹŁůşǹóŁĸŪşŁıȢǹòƊǹǑǏǒǏ ȟ ǐǏǏǹŜýşǹóýĸŪǹşýĸýƄØòıýǹýĸýşđƊǹŜşŁóůşýķýĸŪ ȟ ıŁĸđțŪýşķǹǑǏǓǏǹěțƃØıěùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪ ȟ ŜşŁØóŪěƃýǹØŜŜşŁØóĘǹŪŁǹ&ǹØĸùǹ]&&ǹķØĸØđýķýĸŪ ȟ ùýŪØěıýùǹýƉěţŪěĸđǹ:A:ǹşýŜŁşŪěĸđǹƄĘěóĘǹđŁýţǹòýƊŁĸùǹóůşşýĸŪǹţŪØŪůŪŁşƊǹ şýŞůěşýķýĸŪţȀǹěĸóıůùěĸđǹØııǹóŁŜýǹǒ ȟ &]țØıěđĸýùǹùýŪØěıýùǹýĸýşđƊǹØţţýţţķýĸŪţǹýƉýşóěţýǹóŁķŜıýŪýùǹ on 40 assets ȟ óŁķķěŪŪýùǹŜşŁđşØķķýǹŪŁǹýĸĘØĸóýǹùØŪØǹóŁııýóŪěŁĸǹƄěŪĘǹŪěķýıěĸýţǹ ěĸóıůùýùǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ ȟ şýđůıØşǹşýƃěýƄǹØĸùǹěĸŪýşĸØıǹşýŜŁşŪěĸđǹŁĐǺůŜóŁķěĸđǹóıěķØŪýǹşýđůıØŪěŁĸȀǹ ØĸùǹůŜùØŪýţǺĐşŁķǹŜşŁĐýţţěŁĸØıǹØùƃěţýşţ ȟ ěǹØŜŜşŁƃØıǹŁĐǹŁůşǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţ ȟ óŁĸŪěĸůýùǹşýŜŁşŪěĸđǹŁĐǹØţţýŪǹ&ǹŜýşĐŁşķØĸóýǹƄěŪĘǹùýŪØěıýùǹ&ǹ ŪØşđýŪţǹòƊǹ&¨ǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǹȡǑǏǒǏȁǹóŁķķýşóěØıǹ ǐǏǏǹŜýşǹóýĸŪǹǹŁşǹØòŁƃýǹØĸùǹşýţěùýĸŪěØıǹǐǏǏǹŜýşǹóýĸŪǹǹŁşǹØòŁƃýȢ ȟ roll out of smart landlord utility meters ȟ ýĸĘØĸóýùǹùØŪØǹóŁƃýşØđýǹØĸùǹØóóůşØóƊǹŪØşđýŪţǹØĸùǹØóóýıýşØŪýùǹ ŪěķýıěĸýǹØţǹţýŪǹŁůŪǹěĸǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ ȟ ķŁĸěŪŁşěĸđǹØĸùǹşýŜŁşŪěĸđǹŁĐǹòěŁùěƃýşţěŪƊǹóŁƃýşØđý ȟ regular formal review of regulatory requirements and internal reporting at least annually ȟ şýđůıØşǹķŁĸěŪŁşěĸđǹŁĐǹěĸùůţŪşƊǹşýţýØşóĘǹ ȟ use of internally developed sustainable development tool to ýĸţůşýǹŪĘØŪǹýØóĘǹşýĐůşòěţĘķýĸŪǹķØƉěķěţýţǹěŪţǹØòěıěŪƊǹŪŁǹØóĘěýƃýǹ ţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţ ȟ óŁĸŪěĸůýùǹòůùđýŪǹØııŁóØŪěŁĸǹŪŁǹşýţýØşóĘǹØĸùǺěĸĸŁƃØŪěŁĸ ȟ şýŜŁşŪěĸđǹŁĐǹŜşŁŜŁşŪěŁĸǹŁĐǹòůěıùěĸđţǹòƊǹØşýØǹƄěŪĘǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţ ȟ ØěķǹŪŁǹØóĘěýƃýǹ&&]ǹşØŪěĸđǹŁĸǹØııǹşýıýƃØĸŪǹşýĐůşòěţĘķýĸŪţ ȟ ŜØşŪěóěŜØŪěŁĸǹěĸǹØŜŜşŁŜşěØŪýǹěĸùůţŪşƊǹşýţýØşóĘǹØĸùǹıŁòòƊěĸđǹ ŁĸǹŪĘýǹòØıØĸóýǹòýŪƄýýĸǺĘýşěŪØđýǹØĸùǹýĸýşđƊǹýǅóěýĸóƊ ȟ şýţýØşóĘǹØĸùǹěĸóıůţěŁĸǹŁĐǹţóØıØòıýǹĘýşěŪØđýțØŜŜşŁŜşěØŪýǹýĸýşđƊǹ ýǅóěýĸóƊǹķýØţůşýţǹěĸǹŁůşǹěĸŪýşĸØıǹşýĐůşòěţĘķýĸŪǹşýŞůěşýķýĸŪţ ȟ ěĸóıůţěŁĸǹŁĐǹĘýşěŪØđýǹØĸùǹıěţŪýùǹòůěıùěĸđţǹěĸǹŁůşǹùýŪØěıýùǹ&]ǹ ýƉýşóěţýǹŪŁǹùýŪýşķěĸýǹóŁţŪţǹØĸùǹşýŪůşĸţǹØĸùǹůĸùýşţŪØĸùǹşýıØŪýùǹ ŜıØĸĸěĸđǺşěţĮ ȟ ŪşØóĮěĸđǹŁĐǹ&ǹØĸùǹØţţýŪǹŜýşĐŁşķØĸóýǹěĸóıůùýţǹıěţŪýùǹţŪØŪůţȀǹ ØĸùǹıěţŪýùǹůĸěŪţǹØşýǹĸŁŪǹţóŁŜýùǹŁůŪǹŁĐǹǑǏǒǏǹ&ǹŪØşđýŪţ ȟ ŜşŁŜŁşŪěŁĸǹŁĐǹđØţǺȡĐŁţţěıǹĐůýıȢǹòŁěıýşţǹěĸǹòŁŪĘǹŁůşǺØĸùǹŁůşǹóůţŪŁķýşǹ ùýķěţýǹěţǹŪşØóĮýùǹ 73Shaftesbury Capital PLC | 2024 Annual Report Strategic report | ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ Opportunities summary Opportunity type Opportunity description Timeline Impact on business strategy ȺǹǇĸØĸóěØıǹŜıØĸĸěĸđ Actions to leverage opportunity Metrics and targets 1 Transition Revenue: ȟ ţůţŪØěĸØòěıěŪƊțóýşŪěǇýùǹØĸùǹ ýĸýşđƊțýǅóěýĸóƊțýĸĘØĸóýùǹ buildings lead to better şýĸŪţǹØĸùǹóØŜěŪØıǹƃØıůýţ Short- term ȟ ŜŁŪýĸŪěØıǹŪŁǹşýùůóýǹòůùđýŪǹ void periods and improve investment yields for assets ƄěŪĘǹĘěđĘýşǹýĸýşđƊǹýǅóěýĸóƊǹ ØĸùǹţůţŪØěĸØòěıěŪƊǹóşýùýĸŪěØıţǿǹ Note that this is not yet applied in forward business planning ȟ óŁĸŪěĸůýǹŪŁǹěĸóşýØţýǹ &ǹşØŪěĸđţǹØĸùǹ òůěıùěĸđǹóýşŪěǇóØŪěŁĸǹ óŁƃýşØđý ȟ ŪşØóĮǹØĸùǹýƃěùýĸóýǹ şýĸŪȀǹěĸóýĸŪěƃýǹ ŜØóĮØđýǹØĸùǹƃŁěùǹ ùěǄýşýĸóýţǹØóşŁţţǹ óýĸŪşØıǹWŁĸùŁĸǹ to support any óĘØĸđýţǹěĸǹŜşěóěĸđȀǹ ØĸùǹěĸóŁşŜŁşØŪýǹ into budgets and ĐŁşýóØţŪěĸđǹØţǹ ŪşýĸùţǺýķýşđý ȟ ŜşŁƃěùýǹýƃěùýĸóýǹ ŪŁǺƃØıůýşţ ȟ ŜýşóýĸŪØđýǹŁĐǹ ŜşŁĪýóŪţǹȡķØĪŁşǹ şýĐůşòěţĘķýĸŪţȢǹ ØóĘěýƃěĸđǹ óýşŪěǇóØŪěŁĸ Physical / Transition Market/Technology: ȟ ıŁƄýşǹýĸýşđƊǹóŁţŪţǹØĸùǹ emissions from more ýĸýşđƊțýǅóěýĸŪǹòůěıùěĸđţǹ through existing and ĸýƄǹŪýóĘĸŁıŁđƊ ȟ şýùůóýùǹýķěţţěŁĸţǹØĸùǹıŁƄǹ embodied and operational óØşòŁĸǹěĸóşýØţýǹŜŁşŪĐŁıěŁǹ ØŪŪşØóŪěƃýĸýţţǹŪŁǹóůţŪŁķýşţ ȟ ěķŜşŁƃýùǹŪýóĘĸŁıŁđƊǹ enables use of on-site energy generation, and ĐşýýěĸđǹůŜǹóŁĸţŪşØěĸýùǹ ýıýóŪşěóØıǹđşěùǹóØŜØóěŪƊ Short- term ȟ demonstration of lower ýķòŁùěýùǹóØşòŁĸȀǹŁŜýşØŪěŁĸØıǹ ýĸýşđƊǹůţýǹØĸùǹóŁţŪţǹěĸǹŪĘýǹ ıýØţěĸđǹķØşĮýŪǹØııŁƄţǹěĸóşýØţýùǹ óŁķŜýŪěŪěƃýǹŪýĸţěŁĸǹěĸǹ ıýØţěĸđǹŜşŁóýţţǹĐŁşǹ ŜşŁţŜýóŪěƃýǹóůţŪŁķýşţ ȟ self-generated renewable ýĸýşđƊǹØĸùǹěĸóşýØţýùǹ ýĸýşđƊǹýǅóěýĸóƊǹĘýıŜǹóşýØŪýǹ headroom when modelling ýţŪØŪýǹýıýóŪşěóěŪƊǹşýŞůěşýķýĸŪţ ȟ regular market review of available low-energy óıěķØŪýǹŪýóĘ ȟ pilots of new ŪýóĘĸŁıŁđƊǹØĸùǹ ŜşŁóýţţýţǹŪŁǹýĸţůşýǹ ţóØıØòıýȀǹØĸùǹ ěĸóıůţěŁĸǹěĸǹţŪØĸùØşùǹ refurbishment ţóŁŜýţǹƄĘýşýǹ ØŜŜıěóØòıý ȟ estate-wide review of renewable energy generation óØŜØòěıěŪƊǹŪŁǹěùýĸŪěĐƊǹ opportunities that ĐşýýǹđşěùǹóØŜØóěŪƊ ȟ proportion of self-generated renewable power Transition Reputational: ȟ demonstrate Whole WěĐýǹØşòŁĸǹòýĸýǇŪǹŁĐǹ ĘýşěŪØđýǹţŪŁóĮǹØĸùǹıýØùǹ ěĸǹýĸýşđƊǹŜýşĐŁşķØĸóýǹ ŁĐǺĘýşěŪØđýǺòůěıùěĸđţ ȟ ěĸóşýØţýùǹşýóŁđĸěŪěŁĸǹ ŁĐǹóØşòŁĸǹòýĸýǇŪǹ of retention and şýĐůşòěţĘķýĸŪǹěĸóşýØţýţǹ ƃØıůýǹØĸùǹØŪŪşØóŪěƃýĸýţţǹ ŁĐǹŁůşǹØţţýŪţǹŪŁǹóůţŪŁķýşţȀǹ ŜůşóĘØţýşţǹØĸùǹěĸƃýţŪŁşţ ȟ low exposure to risk ŪĘØŪǹŜıØĸĸěĸđǹŜşýĐýşýĸóýǹ ĐŁşǹşýŪşŁǇŪǹùŁýţǹĸŁŪǹ allow demolition of poor-quality assets Medium- term ȟ internal and external óŁķķůĸěóØŪěŁĸǹţŪşØŪýđƊǹ ŪŁǺùýķŁĸţŪşØŪýǹŪĘýǹ ©ĘŁıýǹWěĐýǺØşòŁĸǹòýĸýǇŪţǹ ŁĐǹĘýşěŪØđýǺòůěıùěĸđţ ȟ ©ĘŁıýǹWěĐýǹØşòŁĸǹ ØţţýţţķýĸŪţǺŁĸǹşýıýƃØĸŪǹ ŜşŁĪýóŪţǹØşýǹůĸùýşŪØĮýĸǹ ŁĸǺØııǺşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹ ŁĐǹţůǅóěýĸŪǹţóØıý ȟ engage with heritage ŁşđØĸěţØŪěŁĸţȀǹıŁóØıǹØůŪĘŁşěŪěýţǹ and industry bodies to óĘØķŜěŁĸǹŪĘýǹ©ĘŁıýǹWěĐýǹ ØşòŁĸǹòýĸýǇŪţǹŁĐǹýĸýşđƊț ýǅóěýĸŪǹĘýşěŪØđýǺòůěıùěĸđţ ȟ ©ĘŁıýǹWěĐýǹØşòŁĸǹ assessments ȟ internal and external óŁķķůĸěóØŪěŁĸţǹ ěĸóıůùěĸđǹ stakeholder ýĸđØđýķýĸŪǹØóşŁţţǹ óůţŪŁķýşţȀǹıŁóØıǹ authorities and investors ȟ ěùýĸŪěǇóØŪěŁĸǹ ŁĐǹØóŞůěţěŪěŁĸǹ opportunities ƄĘěóĘǹķØƊǹŁǄýşǹ ýĸĘØĸóýùǹşýŪůşĸţǹ based on our ability ŪŁǹóŁķŜıýŪýǹıŁƄț óŁţŪȀǹıŁƄțóØşòŁĸǹ refurbishments ȟ proportion of ©ĘŁıýǹWěĐýǹØşòŁĸǹ assessments undertaken ȟ ØòěıěŪƊǹŪŁǹØóóůşØŪýıƊǹ òýĸóĘķØşĮǹØĸùǹ ĐŁşýóØţŪǹ©ĘŁıýǹWěĐýǹ ØşòŁĸǹĐŁşǹţķØııýşǹ ŜşŁĪýóŪţ ȟ ěĸóşýØţýǹ engagement with industry and heritage bodies ǐǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹţýŪǹķýŪşěóţǹØđØěĸţŪǹØııǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿǹ9ŁşǹţŁķýǹŁĐǹŪĘýţýȀǹŪØşđýŪţǹØşýǹòýěĸđǹşýǇĸýùȀǹØĸùǹƄýǹƄěııǹùěţóıŁţýǹŪĘýţýǹěĸǹùůýǹóŁůşţý 74 Shaftesbury Capital PLC | 2024 Annual Report Viability statement Ęýǹ"ěşýóŪŁşţǹĘØƃýǹØţţýţţýùǹŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜǹŁƃýşǹŪĘýǹ ŪĘşýýțƊýØşǹŜýşěŁùǹŪŁǹ"ýóýķòýşǹǑǏǑǖǿǹĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹ ŪØĮýţǹěĸŪŁǹØóóŁůĸŪǹŪĘýǹ:şŁůŜȬţǹóůşşýĸŪǹŜŁţěŪěŁĸǹØĸùǹòůţěĸýţţǹ ŜıØĸǹŜşŁĪýóŪěŁĸţȀǹđşŁůŜǹǇĸØĸóěØıǹĐŁşýóØţŪţǹØĸùǹŪĘýǺŜŁŪýĸŪěØıǹ ěķŜØóŪǹŁĐǹŪĘýǹŜşěĸóěŜØıǹşěţĮţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǔǘǹŪŁǺǕǔǿ ©ĘěıţŪǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹŜşŁţŜýóŪţǹŁƃýşǹØǹıŁĸđýşǹŜýşěŁùǹěĸǹŪĘýǹ ýƉýóůŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹţŪşØŪýđƊȀǹŪĘýǹŜşěķØşƊǹĐŁóůţǹƄěŪĘěĸǹŪĘýǹ òůţěĸýţţǹŜıØĸĸěĸđǹŜşŁóýţţǹěţǹŁĸǹŪĘýǹǇşţŪǹŪĘşýýǹƊýØşţȀǹŪĘýşýĐŁşýǹ ŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹùýŪýşķěĸýùǹŪĘØŪǹŪĘěţǹşýķØěĸţǹØĸǹØŜŜşŁŜşěØŪýǹ ŜýşěŁùǹŁƃýşǹƄĘěóĘǹŪŁǹŜşŁƃěùýǹŪĘýǹƃěØòěıěŪƊǹţŪØŪýķýĸŪǿǹ Ęýǹ"ěşýóŪŁşţǹóŁĸǇşķǹŪĘØŪǹŪĘýƊǹĘØƃýǹĸŁǹşýØţŁĸǹŪŁǹýƉŜýóŪǹØǹ ķØŪýşěØıǹóĘØĸđýǹěĸǹŪĘýǹ:şŁůŜȬţǹƃěØòěıěŪƊǹěķķýùěØŪýıƊǹĐŁııŁƄěĸđǹ the end of the three-year assessment period. Assessment DĸǹķØĮěĸđǹŪĘýǹØţţýţţķýĸŪȀǹŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹŪØĮýĸǹØóóŁůĸŪǹ ŁĐǹŪĘýǹ:şŁůŜȬţǹşýţěıěýĸŪǹǇĸØĸóěØıǹŜŁţěŪěŁĸȀǹØóóýţţǹŪŁǹţůòţŪØĸŪěØıǹ ıěŞůěùěŪƊȀǹŪĘýǹ:şŁůŜȬţǹØòěıěŪƊǹŪŁǹşØěţýǹĸýƄǹǇĸØĸóýȀǹØĸùǹŪĘýǹıŁƄǹ ıýƃýıǹŁĐǹóØŜěŪØıǹóŁķķěŪķýĸŪţǹŪŁđýŪĘýşǹƄěŪĘǹŪĘýǹǈýƉěòěıěŪƊǹŁĐǹ future expenditure. Ęýǹ©ýţŪǹ&ĸùǹŁóóůŜØŪěŁĸØıǹķØşĮýŪǹóŁĸŪěĸůýţǹŪŁǹòýǹţŪşŁĸđȀǹƄěŪĘǹ ýƉóýııýĸŪǹıýƃýıţǹŁĐǹıýØţěĸđǹØóŪěƃěŪƊȀǹıŁƄǹƃØóØĸóƊǹØĸùǹóŁĸŪěĸůýùǹ óůţŪŁķýşǹţØıýţǹđşŁƄŪĘǿǹĘýşýǹěţǹţŪşŁĸđǹıýØţěĸđǹùýķØĸùǹØóşŁţţǹ ØııǹůţýţȀǹùýıěƃýşěĸđǹşýĸŪØıǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸǺđşŁƄŪĘǿǹ ©ĘěıýǹđýŁŜŁıěŪěóØıǹşěţĮǹşýķØěĸţǹýıýƃØŪýùǹØĸùǹŪĘýşýǹěţǹ ķØóşŁýóŁĸŁķěóǹƃŁıØŪěıěŪƊȀǹŪĘýǹ©ýţŪǹ&ĸùǹØĸùǹŪĘýǹ:şŁůŜȬţǹ unique portfolio of prime investments have demonstrated şýķØşĮØòıýǹşýţěıěýĸóýǿǹĘýǹ:şŁůŜǹķØěĸŪØěĸţǹØǹţŪşŁĸđǹòØıØĸóýǹ ţĘýýŪǹƄěŪĘǹØǹĐŁóůţǹŁĸǹşýţěıěýĸóýȀǹǈýƉěòěıěŪƊǹØĸùǹýǅóěýĸóƊǿǹĘýşýǹ ěţǹţěđĸěǇóØĸŪǹĘýØùşŁŁķǹØđØěĸţŪǹùýòŪǹóŁƃýĸØĸŪţǹØĸùǹØóóýţţǹŪŁǹ ţěđĸěǇóØĸŪǹıěŞůěùěŪƊǿǹ ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØùǹĸýŪǹùýòŪǹŁĐǹɏǐǿǓǹ òěııěŁĸȀǹØĸǹ&ǹW¨ǹşØŪěŁǹŁĐǹǑǖǹŜýşǹóýĸŪǹØĸùǹ:şŁůŜǹěĸŪýşýţŪǹ óŁƃýşǹŁĐǹǑǿǘǹŪěķýţǿǹĘýǹ:şŁůŜǹěţǹŜşŁĪýóŪýùǹŪŁǹĘØƃýǹţůǅóěýĸŪǹ óØţĘǹşýţýşƃýţǹØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŪŁǹķýýŪǹùýòŪǹķØŪůşěŪěýţǹ ùůşěĸđǹŪĘýǹƃěØòěıěŪƊǹŜýşěŁùǿǹ"şØƄĸǹùýòŪǹěţǹØŪǹǇƉýùǹşØŪýţǹŁşǹ óůşşýĸŪıƊǹĘØţǹěĸŪýşýţŪǹşØŪýǹŜşŁŪýóŪěŁĸǹěĸǹŜıØóýǿǹDĸŪýşýţŪǹşØŪýǹ ĘýùđěĸđǹěţǹěĸǹŜıØóýǹƄĘěóĘǹóØŜţǹf^DǹýƉŜŁţůşýǹØŪǹǒǿǏǹŜýşǹóýĸŪǹ ŁĸǹɏǑǔǏǹķěııěŁĸǹŁĐǹĸŁŪěŁĸØıǹƃØıůýǹŪŁǹ"ýóýķòýşǹǑǏǑǔǿǹ9ůşŪĘýşǹ ĘýùđěĸđǹØşşØĸđýķýĸŪţǹƄěııǹòýǹŜůŪǹěĸǹŜıØóýǹØţǹØŜŜşŁŜşěØŪýǿǹ ĘýǹòůţěĸýţţǹŜıØĸǹóŁĸţěùýşţǹŪĘýǹ:şŁůŜȬţǹŜşŁǇŪţȀǹóØţĘǹǈŁƄţȀǹ óØŜěŪØıǹóŁķķěŪķýĸŪţȀǹǇĸØĸóěØıǹşýţŁůşóýţȀǹĐůĸùěĸđǹşýŞůěşýķýĸŪţȀǹ ùýòŪǹóŁƃýĸØĸŪţǹØĸùǹŁŪĘýşǹĮýƊǹǇĸØĸóěØıǹşěţĮţǿǹııǹŁĐǹŪĘýǹ:şŁůŜȬţǹ şěţĮţǹóŁůıùǹĘØƃýǹØĸǹěķŜØóŪǹŁĸǹƃěØòěıěŪƊǿǹıěķØŪýǹóĘØĸđýǹěţǹ óŁĸţěùýşýùǹòƊǹŪĘýǹ"ěşýóŪŁşţǹŪŁǹòýǹØĸǹůşđýĸŪǹěţţůýǹØĸùǹěĸƃýţŪķýĸŪǹ ƄěııǹòýǹşýŞůěşýùǹŪŁǹýĸĘØĸóýǹŪĘýǹýĸƃěşŁĸķýĸŪØıǹŜýşĐŁşķØĸóýȀǹ ķýýŪǹŁůşǹǑǏǒǏǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪţǹØĸùǹØóĘěýƃýǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹòƊǹǑǏǓǏȀǹòůŪǹŪĘýǹóŁţŪţǹØĸŪěóěŜØŪýùǹƄěŪĘěĸǹŪĘýǹƃěØòěıěŪƊǹ ŜýşěŁùǹØşýǹĸŁŪǹýƉŜýóŪýùǹŪŁǹòýǹţěđĸěǇóØĸŪǿǹĘýǹěķŜØóŪǹŁĐǹóıěķØŪýǹ óĘØĸđýǹşěţĮţǹƄěŪĘěĸǹŪĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹŜýşěŁùǹěţǹýƉŜýóŪýùǹ to be limited. Interruptions to trade from severe weather events ØşýǹŜŁţţěòıýǹòůŪǹƄŁůıùǹıěĮýıƊǹòýǹóŁĸţěţŪýĸŪǹƄěŪĘǹŪĘýǹěķŜØóŪǹ óŁĸţěùýşýùǹěĸǹŪĘýǹùŁƄĸţěùýǹØţţůķŜŪěŁĸţǿǹ Ęýǹ"ěşýóŪŁşţǹóŁĸţěùýşǹŪĘýǹĮýƊǹŜşěĸóěŜØıǹşěţĮţǹŪĘØŪǹóŁůıùǹěķŜØóŪǹ ŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜǹŪŁǹòýȁ ȟ ŁşŪĐŁıěŁȂ ȟ ŁıěŪěóØıǹØĸùǹýóŁĸŁķěóȂ ȟ fŜýşØŪěŁĸØıǹşýţěıěýĸóýȂǹØĸù ȟ Leasing and asset management. Ęýǹ"ěşýóŪŁşţǹŜıØóýùǹŜØşŪěóůıØşǹýķŜĘØţěţǹŁĸǹŪĘŁţýǹşěţĮţǹƄĘěóĘǹ óŁůıùǹşýţůıŪǹěĸǹşýùůóýùǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸţǹŁşǹØǹţĘŁşŪĐØııǹ ěĸǹıěŞůěùěŪƊǿǹýĸţěŪěƃěŪƊǹØĸØıƊţěţǹƄØţǹóØşşěýùǹŁůŪǹƄĘěóĘǹěĸƃŁıƃýùǹ ǈýƉěĸđǹØǹĸůķòýşǹŁĐǹùŁƄĸţěùýǹØţţůķŜŪěŁĸţǹŪŁǹóŁĸţěùýşǹ ØıŪýşĸØŪěƃýǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹØĸùǹŪĘýǹěķŜØóŪǹŁĐǹ ŪĘýţýǹŜşěĸóěŜØıǹşěţĮţǹòŁŪĘǹěĸùěƃěùůØııƊǹØĸùǹěĸǹóŁķòěĸØŪěŁĸǿǹ Downside scenario Ęýǹ"ěşýóŪŁşţǹĘØƃýǹØţţýţţýùǹŪĘýǹěķŜØóŪǹŁĐǹØǹŜŁŪýĸŪěØıǹ ùŁƄĸţěùýǹţóýĸØşěŁǹƄĘěóĘǹşýǈýóŪţǹØĸǹýóŁĸŁķěóǹùŁƄĸŪůşĸǹ ØĸùǹěĸóŁşŜŁşØŪýţǹŪĘýǹĐŁııŁƄěĸđǹØţţůķŜŪěŁĸţȁ ȟ ǹşýùůóŪěŁĸǹěĸǹĐŁşýóØţŪǹĸýŪǹşýĸŪØıǹěĸóŁķýǹŁĐǹØŜŜşŁƉěķØŪýıƊǹ ǑǏǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹŪĘşýýǹƊýØşǹŜýşěŁùȂ ȟ &ıýƃØŪýùǹf^DǹşØŪýţǹěĸǹýƉóýţţǹŁĐǹóůşşýĸŪǹķØşĮýŪǹ ýƉŜýóŪØŪěŁĸţǹùůşěĸđǹŪĘýǹŪĘşýýțƊýØşǹŜýşěŁùȂǹØĸù ȟ ǹùýóıěĸýǹěĸǹŜşŁŜýşŪƊǹƃØıůØŪěŁĸţǹŁĐǹØŜŜşŁƉěķØŪýıƊǹǑǏǹŜýşǹ óýĸŪǹóŁķŜØşýùǹŪŁǹŪĘýǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƃØıůØŪěŁĸǹƄěŪĘǹ ŁůŪƄØşùǹƊěýıùǹķŁƃýķýĸŪǹŁĐǹØǹĐůşŪĘýşǹǐǏǏǹòØţěţǹŜŁěĸŪţǿǹ 75Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Viability statement Liquidity ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹ:şŁůŜǹĘØţǹóØţĘǹŁĐǹɏǐǐǏǹķěııěŁĸǹ ØĸùǹůĸùşØƄĸǹĐØóěıěŪěýţǹŁĐǹɏǓǔǏǹķěııěŁĸǿǹĘýǹ:şŁůŜȬţǹùýòŪǹ ķØŪůşýţǹòýŪƄýýĸǹ]ØşóĘǹǑǏǑǕǹØĸùǹǑǏǒǖǿǹ"ýòŪǹķØŪůşěŪěýţǹùůşěĸđǹ ŪĘýǹƃěØòěıěŪƊǹØţţýţţķýĸŪǹŜýşěŁùȁ ȟ ɏǐǕǑǿǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹĸŁŪýţǹØĸùǹ ɏǑǖǔǹķěııěŁĸǹýƉóĘØĸđýØòıýǹòŁĸùǹķØŪůşýǹěĸǹǑǏǑǕǹØĸùǹ ØşýǹØţţůķýùǹŪŁǹòýǹşýǇĸØĸóýùǹØŪǹŪýşķţǹşýǈýóŪěĸđǹóůşşýĸŪǹ ķØşĮýŪǹóŁĸùěŪěŁĸţǿǹ ȟ ɏǔǏǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹıŁØĸǹĸŁŪýţǹķØŪůşýǹěĸǹǑǏǑǖǹ ØĸùǹØşýǹØţţůķýùǹŪŁǹòýǹşýǇĸØĸóýùǹØŪǹŪýşķţǹşýǈýóŪěĸđǹóůşşýĸŪǹ ķØşĮýŪǹóŁĸùěŪěŁĸţǿǹ ȟ ĘýǹɏǒǔǏǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊǹķØŪůşýţǹěĸǹǑǏǑǖǹ ØĸùǹĘØţǹØǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹØƃØěıØòıýǹţůòĪýóŪǹŪŁǹ ıýĸùýşǹóŁĸţýĸŪǿǹ ©ĘěıţŪǹŪĘýǹŁØşùǹóŁĸţěùýşţǹŪĘØŪǹǇĸØĸóěĸđǹşěţĮǹěţǹØĸǹěķŜŁşŪØĸŪǹ ĐØóŪŁşǹěĸǹØţţýţţěĸđǹŪĘýǹƃěØòěıěŪƊǹŁĐǹŪĘýǹ:şŁůŜȀǹěŪǹĘØţǹØţţůķýùǹ ŪĘØŪȀǹýƃýĸǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹùŁƄĸţěùýǹţóýĸØşěŁȀǹşýŜıØóýķýĸŪǹ ĐůĸùěĸđǹóŁůıùǹòýǹŜůŪǹěĸǹŜıØóýǹĐŁşǹùýòŪǹķØŪůşěŪěýţǹØţǹ ùýķŁĸţŪşØŪýùǹŪĘşŁůđĘǹŪĘýǹşýóýĸŪǹşýǇĸØĸóěĸđǹØóŪěƃěŪƊǿǹ Covenant compliance ĘýǹùŁƄĸţěùýǹţóýĸØşěŁǹƄØţǹóØşşěýùǹŁůŪǹŪŁǹýƃØıůØŪýǹŪĘýǹŜŁŪýĸŪěØıǹ ěķŜØóŪǹŁĐǹóýşŪØěĸǹŜşěĸóěŜØıǹşěţĮţǹķØŪýşěØıěţěĸđȀǹěĸǹŜØşŪěóůıØşǹŪŁǹ ţŪşýţţǹŪýţŪǹŪĘýǹ:şŁůŜȬţǹǇĸØĸóěĸđǹóŁƃýĸØĸŪţǿǹĸùýşǹŪĘýǹùŁƄĸţěùýǹ ţóýĸØşěŁȀǹŪĘýǹ:şŁůŜǹěţǹýƉŜýóŪýùǹŪŁǹşýķØěĸǹěĸǹóŁķŜıěØĸóýǹƄěŪĘǹ ŪĘýǹıŁØĸțŪŁțƃØıůýǹØĸùǹěĸŪýşýţŪǹóŁƃýşǹóŁƃýĸØĸŪţǹŁĐǹěŪţǹěĸùěƃěùůØıǹ ǇĸØĸóěĸđǹØşşØĸđýķýĸŪţǿǹ DĸǹØùùěŪěŁĸǹŪŁǹóŁĸţěùýşěĸđǹØǹùŁƄĸţěùýǹţóýĸØşěŁȀǹşýƃýşţýǹţŪşýţţǹ ŪýţŪěĸđǹĘØţǹØıţŁǹòýýĸǹůĸùýşŪØĮýĸǹòƊǹŪĘýǹ"ěşýóŪŁşţȀǹƄĘěóĘǹ ěĸùěóØŪýţǹŪĘØŪǹŪĘýǹ:şŁůŜǹóŁůıùǹƄěŪĘţŪØĸùǹØǹùýóşýØţýǹŁĐǹǓǔǹŜýşǹ óýĸŪǹěĸǹěĸóŁķýǹØĸùǹƃØıůØŪěŁĸţǹòýĐŁşýǹşýØóĘěĸđǹŪĘýǹıěķěŪǹŁĸǹěŪţǹ ùýòŪǹǇĸØĸóěØıǹóŁƃýĸØĸŪţǿǹ Conclusion ØţýùǹŁĸǹŪĘěţǹØţţýţţķýĸŪȀǹŪĘýǹ"ěşýóŪŁşţǹĘØƃýǹØǹşýØţŁĸØòıýǹ ýƉŜýóŪØŪěŁĸǹŪĘØŪǹŪĘýǹ:şŁůŜǹƄěııǹòýǹØòıýǹŪŁǹóŁĸŪěĸůýǹěĸǹŁŜýşØŪěŁĸǹ and meet its liabilities as they fall due over the viability period ŪŁǹ"ýóýķòýşǹǑǏǑǖǿ 76 Shaftesbury Capital PLC | 2024 Annual Report ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹĐýƄýşǹŪĘØĸǹǔǏǏǹýķŜıŁƊýýţȀǹěŪǹěţǹĸŁŪǹşýŞůěşýùǹŪŁǹóŁķŜıƊǹƄěŪĘǹŪĘýǹ^Łĸț9ěĸØĸóěØıǹýŜŁşŪěĸđǹşýŞůěşýķýĸŪţǹ óŁĸŪØěĸýùǹƄěŪĘěĸǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǿǹAŁƄýƃýşȀǹùůýǹŪŁǹŁůşǹóŁķķěŪķýĸŪǹŪŁǹŜşŁķŁŪěĸđǹŪşØĸţŜØşýĸóƊǹěĸǹşýŜŁşŪěĸđǹØĸùǹòůţěĸýţţǹ ŜşØóŪěóýţȀǹĐůşŪĘýşǹěĸĐŁşķØŪěŁĸǹěţǹŜşŁƃěùýùǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţȀǹŪŁǹĘýıŜǹţŪØĮýĘŁıùýşţǹůĸùýşţŪØĸùǹŁůşǹŜŁţěŪěŁĸǹŁĸǹ ĮýƊǹĸŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹķØŪŪýşţǿ ¯ŁůǹóØĸǹǇĸùǹţŁķýǹŁĐǹŪĘýţýǹŜŁıěóěýţǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķ Topics Key policies and standards 1,2 Additional information Environmental matters – ůţŪØěĸØòěıěŪƊǹŁıěóƊ – &ĸƃěşŁĸķýĸŪȀǹůţŪØěĸØòěıěŪƊǹØĸùǹŁķķůĸěŪƊǹȡȩ&ȪȢǹŪşØŪýđƊ – ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊ – şŁóůşýķýĸŪǹØĸùǹůŜŜıěýşǹ]ØĸØđýķýĸŪǹŁıěóƊ – ůŜŜıěýşǹŁùýǹŁĐǹŁĸùůóŪ – &ǹůţŪØěĸØòěıěŪƊǹýţŪǹşØóŪěóýǹýŜŁşŪěĸđǹýóŁķķýĸùØŪěŁĸţǹ "ØŪØǺýŜŁşŪ For more on sustainability and environmental matters: seepages 78 to 96. For more on greenhouse gas emissions: see pages 93 to 95 and page 225. Responsibility section of our website: https://www.shaftesburycapital.com/en/responsibility.html Climate-related ǇĸØĸóěØıǹ disclosures – ØţĮǹ9ŁşóýǹŁĸǹıěķØŪýțşýıØŪýùǹ9ěĸØĸóěØıǹ"ěţóıŁţůşýţ For more on action on climate change: see pages 66 to 74 and 93 to 95 Responsibility section of our website: https://www.shaftesburycapital.com/en/responsibility.html Employees – Our purpose-led strategy and business model – ýŁŜıýǹŁıěóƊ – ĸŪěțAØşØţţķýĸŪǹØĸùǹůııƊěĸđǹŁıěóƊ – "ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊ – AýØıŪĘǹØĸùǹØĐýŪƊǹŁıěóƊǹŪØŪýķýĸŪ – ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý – ŁØşùǹ"ěƃýşţěŪƊǹØĸùǹDĸóıůţěŁĸǹŁıěóƊ – &ŞůØıǹfŜŜŁşŪůĸěŪěýţǹØĸùǹ"ěƃýşţěŪƊǹŁıěóƊ – ^ýůşŁùěƃýşţěŪƊǹŁıěóƊ – şØĸţǹDĸóıůţěŁĸǹŁıěóƊ For more on people and culture: see pages 100 and 101. For more on diversity: see pages 129 and 130. For more on remuneration: see pages 138 to 140. People section of our website: https://www.shaftesburycapital.com/en/responsibility/people.html How we behave section of our website: https://www.shaftesburycapital.com/en/about-us/corporate- governance/how-we-behave.html Human rights – ůţŪØěĸØòěıěŪƊǹŁıěóƊ – ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹşØǅóĮěĸđǹŪØŪýķýĸŪ – ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý For more on modern slavery: see pages 90, 116 and 122. For more on how we behave: see page 122. Modern Slavery and Human Trafficking Statement on our website: https://www.shaftesburycapital.com/en/index.html Responsibility section of our website: https://www.shaftesburycapital.com/en/responsibility.html Social matters – &ǹŪşØŪýđƊ – ůţŪØěĸØòěıěŪƊǹŁıěóƊ For more on stakeholder engagement: see pages 44 to 49. For more on our ESC Strategy: see pages 80 to 81 and pages 88 to 90. For more on our community: see pages 97 to 99. Responsibility section of our website: https://www.shaftesburycapital.com/en/responsibility.html Community section of our website: https://www.shaftesburycapital.com/en/responsibility/community.html Anti-bribery and corruption – 9ěĸØĸóěØıǹşěķýǹŁıěóƊ – ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊ – Tax Strategy – ůţěĸýţţǹŁùýǹŁĐǹşØóŪěóý – ŁĸǈěóŪţǹŁĐǹDĸŪýşýţŪǹŁıěóƊ – &ƉŜýĸţýţǹŁıěóƊ – ĸŪěțķŁĸýƊǹWØůĸùýşěĸđǹŁıěóƊ – :ěĐŪţǹØĸùǹAŁţŜěŪØıěŪƊǹŁıěóƊ – şŁóůşýķýĸŪǹØĸùǹůŜŜıěýşǹ]ØĸØđýķýĸŪǹŁıěóƊ – ůŜŜıěýşǹŁùýǹŁĐǹŁĸùůóŪ – ĘØşýǹ"ýØıěĸđǹŁıěóƊ For more on how we behave: see page 122. For more on conflicts of interests: see page 122. For our Audit Committee report: see pages 132 to 137. How we behave section of our website: https://www.shaftesburycapital.com/en/about-us/corporate- governance/how-we-behave.html Modern Slavery and Human Trafficking Statement on our website: https://www.shaftesburycapital.com/en/index.html Business model For more on our purpose-led strategy: see page 16. For more on our business model: see page 17. Principal risks and uncertainties For more on our principal risks and uncertainties: seepages 61 to 65. For our viability statement: see pages 75 and 76. ^ŁĸțǇĸØĸóěØıǹ key performance indicators For more on non-financial key performance indicators: see page 21. ǐǿǹ ŁıěóěýţǹØĸùǹĐůşŪĘýşǹěĸĐŁşķØŪěŁĸǹóØĸǹòýǹĐŁůĸùǹŁĸǹŪĘýǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǿ 2. ýşŪØěĸǹŜŁıěóěýţǹØĸùǹěĸŪýşĸØıǹđůěùýıěĸýţǹØşýǹĸŁŪǹŜůòıěţĘýùǹýƉŪýşĸØııƊǿ 77Shaftesbury Capital PLC | 2024 Annual Report Sustainability 78 Shaftesbury Capital PLC | 2024 Annual Report 79 Our environment, sustainability and community approach and strategy Our aim is to be considered the destination of choice for sustainability-focused customers, suppliers and partners in the West End. At Shaftesbury Capital sustainability is central to our values and we are committed to investing for the long-term. We take a responsible and forward-looking approach, operating in an environmentally and socially sustainable manner, to meet the changing needs of our stakeholders. We continue to work towards our aim to be recognised as a leader in the sustainable development of heritage buildings. Our Environment, Sustainability and Community (“ESC”) Strategy is fundamental to our business, delivering value for stakeholders through our long-term approach and responsible stewardship of our destinations. Our approach is built on the principle of extending the useful life of our heritage buildings through refurbishment, rather than ùýķŁıěŪěŁĸǹØĸùǹşýùýƃýıŁŜķýĸŪǿǹĘěţǹŁĸđŁěĸđǹşýóŁĸǇđůşØŪěŁĸǹ and repurposing of our spaces protects the unique heritage ŁĐǹŁůşǹŜŁşŪĐŁıěŁǹƄĘěıţŪǹěķŜşŁƃěĸđǹýĸýşđƊǹýǅóěýĸóƊǿǹDĸǹķýýŪěĸđǹ the evolving needs of our customers, we will expect to see a positive impact on demand, long-term value and resilience to the impacts of climate change. During 2024 we reviewed and focused our strategy on the areas that are most material to our business and where we óØĸǹĘØƃýǹŪĘýǹķŁţŪǹŜŁţěŪěƃýǹěķŜØóŪǿǹ©ýǹĘØƃýǹěùýĸŪěǇýùǹŪĘýǹ UN Sustainable Development Goals (“SDGs”) that are most applicable and mapped these against our strategy. We have reset our comprehensive Net Zero Carbon target to 2040 to align with the Science Based Targets initiative (“SBTi”) long-term carbon reduction requirements. These targets have been validated by the SBTi and will be achieved through our óØşòŁĸțýǅóěýĸŪǹȩşýŪşŁǇŪǹǇşţŪȪǹşýțůţýǹØĸùǹķØĸØđýķýĸŪǹŁĐǹ heritage buildings. Recognising that our heritage buildings are ØǹţěđĸěǇóØĸŪǹıŁĸđțŪýşķǹţŪŁşýǹŁĐǹóØşòŁĸȀǹƄýǹĐŁóůţǹŁĸǹķěĸěķěţěĸđǹ embodied carbon emissions associated with repurposing and refurbishment of buildings through the retention and re-use of structures, façades and materials. Our Net Zero Carbon targets and emission reduction progress is explained in more detail on page 93 to 95. We continue to embed sustainability within our business, to ķØĮýǹěķŜşŁƃýķýĸŪţǹŪŁǹŪĘýǹýĸýşđƊǹýǅóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţȀǹ improve the quality of our data and clearly communicate with stakeholders. Sustainability has been fully integrated into real ýţŪØŪýǹěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹØĸùǹŁůşǹùýùěóØŪýùǹ Head of Sustainability reports to the Executive Director responsible for operations. We have focused on improving our environmental data quality, achieving a 67 per cent coverage of landlord smart utility meters and a 57 per cent coverage by area of actual data for tenant energy consumption. A three-year community strategy has been set to maximise our positive impact and formalise a comprehensive methodology for measuring outcomes. Following a detailed review, our primary strategic focus will be supporting local employment, ŪĘýǹØşýØǹěùýĸŪěǇýùǹØţǹķŁţŪǹşýıýƃØĸŪǹŪŁǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǹ and where, through partnerships and collaboration, we have an opportunity to create the most value. This is set out in more ùýŪØěıǹěĸǹŪĘýǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹşýŜŁşŪǹŁĸǹŜØđýţǹǘǖǹŪŁǹǘǘǿ Progress made against our strategy is set out on page 88. Strategic report 80 SDGs SDGs SDGs How we deliver WŁƄțóØşòŁĸǹȩşýŪşŁǇŪǹǇşţŪȪǹşýůţýǹ of our heritage buildings DķŜıýķýĸŪǹýĸýşđƊțýǅóěýĸŪǹ şýŪşŁǇŪǹØĸùǹýĸóŁůşØđýǹıŁƄț carbon behaviours DĸŪýđşØŪýǹĸýƄǹŪýóĘĸŁıŁđěýţǹØĸùǹ make “data led” decisions Be a leader in the sustainable development of heritage buildings; sustainably adding value and delivering a Net Zero Carbon portfolio by 2040 Behave as a good neighbour and support our local community: creating sustainable and healthy places Support our people by promoting diversity, talent development and creativity across our team How we deliver Consider future climate scenarios in the design of our òůěıùěĸđţǹØĸùǺŜıØóýţ Focus on issues that impact our local community DĸóşýØţýǹòěŁùěƃýşţěŪƊǹØĸùǹóşýØŪýǹ healthier places How we deliver Promote an equitable and diverse culture across our business Provide personal and career development ]ØěĸŪØěĸǹØǹŜŁţěŪěƃýǹĘýØıŪĘǹ and safety culture throughout ŪĘýǺŁķŜØĸƊ Emissions reduction 8% Reduction in year-on-year reported Scope 1 and 2 emissions Community investment £0.9m Value of community investment Employee engagement 82% Engagement rate in our 2024 survey Read more on pages 91 to 95 Read more on pages 96 to 99 Read more on page 100 to 103 Buildings Places People Our values Innovation &ǄýóŪěƃýǹđŁƃýşĸØĸóý Underpinned by: ESC strategy Our strategy aims to sustainably add value to our buildings and tackle climate change whilst supporting local communities and our people. 81Shaftesbury Capital PLC | 2024 Annual Report Strategic report Our ESC governance structure Board and Audit Committee The Board retains oversight of sustainability, including consideration of climate-related risks and opportunities and implementation of the Group’s Sustainability Strategy and Net Zero Carbon Pathway. The Audit Committee reviews our TCFD and SECR disclosures. Management We have a dedicated Head of Sustainability who reports to the Executive Director responsible ĐŁşǹŁŜýşØŪěŁĸţȀǹØıŁĸđţěùýǹŪĘýǹAýØùǹŁĐǹşŁŜýşŪƊǹ]ØĸØđýķýĸŪǹØĸùǹAýØùǹŁĐǹşŁĪýóŪǹ]ØĸØđýķýĸŪǹƄĘŁǹŜıØƊǹ an active role in the delivery of our Sustainability Strategy. Sustainability activities are supported by the Head of HR and our Health & Safety Committee. Sustainability governance Sustainability is at the heart of our values, and we are committed to delivering the change that is required to achieve our ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţǿǹĘýǹŁØşùǹĘØţǹŁƃýşţěđĘŪǹŁĐǹţůţŪØěĸØòěıěŪƊȀǹƄěŪĘǹDØĸǹAØƄĮţƄŁşŪĘǹØţǹĘěýĐǹ&ƉýóůŪěƃýȀǹĘØƃěĸđǹŁƃýşØııǹ responsibility. Day-to-day review of sustainability is undertaken by members of the Executive Committee and the senior ķØĸØđýķýĸŪǹŪýØķȀǹƄěŪĘǹşýđůıØşǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǿǹDĸǹǑǏǑǓȀǹƄýǹùýóěùýùǹŪĘØŪǹţůţŪØěĸØòěıěŪƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹţĘŁůıùǹ be a matter for consideration by the whole Board, and the ESC Board Committee was dissolved. Executive Risk Committee Considers sustainability- related risk, in particular climate change risk. ESC Management Committee Considers sustainability policies, targets and progress by senior management. Reports via the Executive Committee. Community Investment Forum Considers our community investment, in particular applications to our community investment fund. Reports via the Executive Committee. 82 Shaftesbury Capital PLC | 2024 Annual Report 83 Strategic report Our ESC approach in action 1. Implementing sustainability on Floral Street The Floral, our latest refurbishment on Floral Street, is a showcase for the way in which we apply our ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸǹŁĸǹķØĪŁşǹŜşŁĪýóŪţǿǹ^ýØşěĸđǹ óŁķŜıýŪěŁĸȀǹĘýǹ9ıŁşØıǹƄěııǹòýǹóýşŪěǇýùǹ&&]ǹ Outstanding and WELL Platinum, demonstrating our ability to achieve sustainability and wellness best practice in our refurbishment schemes. With our focus on minimising embodied carbon, we retained window frames and refurbished the existing raised ØóóýţţǹǈŁŁşǿǹ:ØţǹĘØţǹòýýĸǹşýķŁƃýùǹĐşŁķǹŪĘýǹ building, replaced by an electric air sourced heat pump and supplemented with photovoltaic panels to the roof. Our ongoing commitment to increasing biodiversity is incorporated with a 112m 2 biodiverse green wall. 2. Detailed energy audits ǹùýŪØěıýùǹýĸýşđƊǹýǅóěýĸóƊǹţŪůùƊǹĘØţǹŪØĮýĸǹ place on 40 of our assets, selected due to high energy usage but also to be a representative sample of the portfolio. Findings from the 40 assessments have then been used to assess ŜýşĐŁşķØĸóýǹØđØěĸţŪǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹ ŪşØĪýóŪŁşěýţǹØĸùǹěùýĸŪěĐƊǹŪƊŜěóØıǹØóŪěŁĸţǹŪĘØŪǹ will be required to reduce carbon emissions. During 2025, we will integrate the learning ĐşŁķǹŁůşǹ&]ǹØĸØıƊţěţǹěĸŪŁǹěĸùěƃěùůØıǹØţţýŪǹ improvement plans. Buildings Places 84 ǒǿǹfůşǹǇŪŪýùǹŁǅóýǹ concept – circular economy in action fůşǹǇŪŪýùǹŁǅóýǹóŁĸóýŜŪǹĸŁŪǹŁĸıƊǹŜşŁƃěùýţǹ đşýØŪǹǇŪŪýùǹţŜØóýǹòůŪǹØŜŜıěýţǹĐůĸùØķýĸŪØıǹ principles of longevity and circular economy ŪŁǹşýǈýóŪǹŁůşǹţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţȀǹ ýĸØòıěĸđǹĘěđĘțŞůØıěŪƊǹǇŪțŁůŪţǹŪŁǹòýǹůţýùǹòƊǹ multiple tenants. At 22 Ganton Street we have retained the plant and windows to minimise embodied carbon whilst refreshing the space to meet the requirements of future occupiers. 5. Waste Waste management partner Veolia expanded its night-time recycling service to include food waste collection from our restaurants, bars, pubs, and hotels. The collected food waste is transported to an anaerobic digester in Hertfordshire, where it is converted into biogas and biofertiliser. Veolia, in partnership ƄěŪĘǹ©ýţŪķěĸţŪýşǹěŪƊǹŁůĸóěıȀǹØıţŁǹěĸŪşŁùůóýùǹØǹǈýýŪǹŁĐǹŁƃýşǹ 60 new and upcycled electric vehicles for street cleansing and waste collection in the West End. This transition to electric vehicles and a reduction in the number of vehicle movements by approximately 20 per cent has led to an 89 per cent reduction in CO 2 ǹýķěţţěŁĸţǹóŁķŜØşýùǹŪŁǹØǹùěýţýıǹǈýýŪȀǹƄĘěıýǹØıţŁǹěķŜşŁƃěĸđǹ air quality and reducing noise pollution in the area. Ǔǿǹ&ıýóŪşěǇóØŪěŁĸǹŁĐǹóŁŁĮěĸđǹƄŁşĮţĘŁŜ With 394 F&B outlets, moving to electric cooking where practical will be an important step in reducing carbon emissions. Technology is improving but we also need to support restaurants ŪŁǹķØĮýǹŪĘýǹóĘØĸđýǿǹDĸǹ9ýòşůØşƊǹǑǏǑǔǹƄýǹĘŁţŪýùǹØǹşŁůĸùțŪØòıýǹ ěĸǹóŁĸĪůĸóŪěŁĸǹƄěŪĘǹŁĸýǹŁĐǹŁůşǹıýØùěĸđǹşýţŪØůşØĸŪǹđşŁůŜţǹȩĘýƄǹ on This” together with the “Global Cooksafe Coalition” to share their experiences and discuss opportunities and barriers for ýıýóŪşěǇóØŪěŁĸǿǹØşŪěóěŜØĸŪţǹşýǈýóŪýùǹØĸǹýĸŪĘůţěØţķǹĐŁşǹŪĘýǹ ýıýóŪşěǇóØŪěŁĸǹŁĐǹóŁŁĮěĸđǹòůŪǹĸŁŪýùǹóŁĸóýşĸţǹØòŁůŪǹýıýóŪşěóØıǹ supply and upfront cost of equipment. Buildings Places 85Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Our ESC approach in action ǕǿǹĘýķěóØıǹĐşýýǹóıýØĸěĸđ This year a chemical-free cleaning system was rolled out across the portfolio. The system works òƊǹěĸĪýóŪěĸđǹĘěđĘțƃŁıŪØđýǹŁƉƊđýĸǹěĸŪŁǹķØěĸţǹ water, to produce a powerful oxidising agent that kills viruses, bacteria, and other microbes and contaminants. The product is non-toxic, biodegradable and stronger than bleach. The use of chemical-free cleaning has resulted in up to a 100 per cent reduction in the use of chemicals and disposal of single-use plastics and contaminants. 7. Youth employability programme DĸǹǑǏǑǓȀǹƄýǹóŁĸŪěĸůýùǹŪŁǹţůŜŜŁşŪǹ]ØţŪýşěĸđǹ ]Ɗǹ9ůŪůşýȀǹØĸǹýķŜıŁƊØòěıěŪƊǹŜşŁđşØķķýǹŪĘØŪǹ empowers young people through workshops, mentoring, and connections with professionals. The programme is designed to raise awareness of local opportunities available and help young ŜýŁŜıýǹòůěıùǹŪĘýǹóŁĸǇùýĸóýǹØĸùǹţýıĐțýţŪýýķǹŪŁǹ óŁķķůĸěóØŪýǹýǄýóŪěƃýıƊǿǹDĸǹŜØşŪĸýşţĘěŜǹƄěŪĘǹǑțǒǹ Degrees, a Westminster-based social enterprise, our employees and supply chain partners volunteered at several events throughout the year, supporting 48 young people. Volunteers took on roles as panellists, providing valuable insights into their own education and career ĪŁůşĸýƊţǹØĸùǹĪŁěĸŪıƊǹóŁțĐØóěıěŪØŪěĸđǹØǹWěĸĮýùDĸǹ workshop. This supported young people to develop vital networking skills and leverage ŁŜŜŁşŪůĸěŪěýţǹŪĘşŁůđĘǹWěĸĮýùDĸȀǹƄěŪĘǹǐǏǏǹŜýşǹ cent of participants commenting they had learnt ĸýƄǹƄØƊţǹŪŁǹůţýǹŪĘýǹŜıØŪĐŁşķǹýǄýóŪěƃýıƊǿǹ Buildings Places 86 Ǘǿǹ9ØěşǹĘŁŪǹØĐþǹ Located within Covent Garden, Fair Shot Café supports young adults aged 18-25 with a learning disability into employment through an 11-month structured hospitality training programme. With 95 per cent of adults in the UK with a learning disability unemployed, Fair Shot Café’s work addresses ŪĘěţǹţěđĸěǇóØĸŪǹěţţůýǿǹ During the course participants attend college and work within the café for part of the week, undertaking a range of duties including engaging with customers, to gain real-life experience. şØěĸýýţǹùýƃýıŁŜǹŪşØĸţĐýşØòıýǹţĮěııţȀǹţůóĘǹØţǹýǄýóŪěƃýǹóŁķķůĸěóØŪěŁĸǹØĸùǹƄŁşĮŜıØóýǹĘýØıŪĘǹØĸùǹ safety, in preparation for entering employment upon completion of the course. Fair Shot Café partners with local businesses to create sustainable employment opportunities for their graduates, ŜşŁƃěùěĸđǹţŁıůŪěŁĸţǹØĸùǹƄŁşĮŜıØóýǹţůŜŜŁşŪǹØţǹĸýýùýùǿǹfůşǹǇĸØĸóěØıǹţůŜŜŁşŪǹýĸØòıýùǹţýƃýĸǹŪşØěĸýýţǹ ŪŁǹóŁķŜıýŪýǹŪĘýǹĘŁţŜěŪØıěŪƊǹŪşØěĸěĸđǹŜşŁđşØķķýǹěĸǹǑǏǑǓȀǹƄěŪĘǹǇƃýǹţýóůşěĸđǹýķŜıŁƊķýĸŪǿ ĘşŁůđĘǹŜØşŪĸýşţĘěŜǹƄěŪĘǹŞůØşýǹ]ěıýǹ9ØşķţȀǹùůşěĸđǹŪĘýǹƊýØşǹƄýǹƄýşýǹØòıýǹŪŁǹùŁĸØŪýǹǒǖǕǹŜŁşŪěŁĸţǹ of salad produce and herbs to Fair Shot Café. This produce is grown year-round in farmstands – vertical hydroponic growing systems – located in the reception area of a local Shaftesbury Capital- ŁƄĸýùǹŁǅóýǹòůěıùěĸđǿǹfĸóýǹĘØşƃýţŪýùȀǹŪĘýǹŜşŁùůóýǹěţǹùýıěƃýşýùǹŪŁǹ9ØěşǹĘŁŪǹØĐþǹØĸùǹůţýùǹěĸǹŪĘýǹ food served at the café. People 87Shaftesbury Capital PLC | 2024 Annual Report Strategic report Our ESC progress in 2024 "ůşěĸđǹŪĘýǹƊýØşǹƄýǹĘØƃýǹķØùýǹţěđĸěǇóØĸŪǹŜşŁđşýţţǹěĸǹŪĘýǹùýıěƃýşƊǹŁĐǹŁůşǹ&ǹŪşØŪýđƊȀǹØóĘěýƃěĸđǹŁĸđŁěĸđǹěķŜşŁƃýķýĸŪţǹŪŁǹŪĘýǹ ýĸýşđƊǹýǅóěýĸóƊǹŁĐǹŁůşǹŜŁşŪĐŁıěŁǹØĸùǹóŁĸŪěĸůěĸđǹŪŁǹţůŜŜŁşŪǹŁůşǹıŁóØıǹóŁķķůĸěŪěýţǿǹ©ýǹşýţýŪǹŁůşǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪǹŪŁǹ ǑǏǓǏǹŪŁǹşýǈýóŪǹŪĘýǹěǹşýŞůěşýķýĸŪǹŪŁǹØóĘěýƃýǹØǹǘǏǹŜýşǹóýĸŪǹşýùůóŪěŁĸǹòýĐŁşýǹŁǄţýŪŪěĸđǹşýţěùůØıǹýķěţţěŁĸţǿǹ©ýǹØşýǹŜıýØţýùǹŪŁǹĘØƃýǹ şýóýěƃýùǹĐŁşķØıǹƃØıěùØŪěŁĸǹĐşŁķǹŪĘýǹěǹěĸǹRØĸůØşƊǺǑǏǑǔǿǹfůşǹŪØşđýŪţǹØşýǹţýŪǹŁůŪǹŁĸǹŜØđýǹǘǒǿǹ We continued to evolve our strategy in 2024, strengthening the areas where we can have the greatest impact on our organisation, community and environment. Throughout the year, our focus remained on embedding sustainability across our operations, providing ŪşØěĸěĸđǹØĸùǹýţŪØòıěţĘěĸđǹŪĘýǹđŁƃýşĸØĸóýǹţŪşůóŪůşýǹşýŞůěşýùǹŪŁǹýǅóěýĸŪıƊǹěķŜıýķýĸŪǹŁůşǹţŪşØŪýđƊǿ We have made progress against the actions for 2024 set out in the 2023 Annual Report. Further detail and commentary on our performance is included in our 2024 EPRA sustainability data report which will be published in April 2025. 2024 actions Update DĸŪýđşØŪýǹţůţŪØěĸØòěıěŪƊǹěĸŪŁǹŪĘýǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹ management team ěđĸěǇóØĸŪǹŜşŁđşýţţǹķØùýǹŪŁǹýķòýùǹţůţŪØěĸØòěıěŪƊǹěĸǹĪŁòǹ roles across the organisation. All employees have an ESC metric in their annual targets. See pages 154 and 157 for more information Reduce our reported energy Scope 1 and 2 consumption by 5 per cent 8.0 per cent reduction in Scope 1 and 2 energy achieved compared to previous reporting year Update our Net Zero Carbon Pathway and seek revalidation from the Science Based Targets initiative (SBTi) for our decarbonisation targets Net Zero Carbon Pathway updated to include a long- term target. Our near- and long-term targets have been validated by the SBTi. See page 93 ŁķŜıýŪýǹ&]ǹýĸýşđƊǹýǅóěýĸóƊǹØůùěŪţǹŁĸǹØǹţØķŜıýǹŁĐǹ our portfolio and use the results to build estate-wide plans Completed 40 detailed energy assessments in line ƄěŪĘǹ&]ȀǹěķŜşŁƃěĸđǹŁůşǹůĸùýşţŪØĸùěĸđǹŁĐǹŪĘýǹķŁţŪǹ impactful carbon reduction interventions. See page 94 DķŜşŁƃýǹóŁķķůĸěóØŪěŁĸţǹƄěŪĘǹŁůşǹóůţŪŁķýşţǹŪŁǹŜşŁķŁŪýǹ low-carbon behaviours and reduce energy consumption in our customer’s demises Updated our green leases, established communication ŁĸǹĮýƊǹěţţůýţǹţůóĘǹØţǹýıýóŪşěǇóØŪěŁĸǹØĸùǹůĸùýşŪŁŁĮǹØǹ customer survey. See page 89 DĸóşýØţýǹŁůşǹ&ǹóŁķķýşóěØıǹțǹóŁƃýşØđýǹòƊǹØŪǹıýØţŪǹ 10 per cent from the current 56 per cent, increasing our A-C coverage across commercial and residential from 80 per cent to 85 per cent and striving to go further Commercial EPC A-B coverage has increased to 69.5 per cent and A-C coverage for commercial and residential to 87.6 per cent, by ERV Reduce our water consumption by 3 per cent 14.0 per cent reduction in water consumption compared to previous reporting year şŁķŁŪýǹŪĘýǹóŁĸŪěĸůýùǹýıýóŪşěǇóØŪěŁĸǹŁĐǹòůěıùěĸđţ An infrastructure review has been completed to consider electrical capacity across the portfolio. An event to promote electric cooking was held in February 2025. ýýǹŜØđýǹǗǔǿǹDĸǹØùùěŪěŁĸȀǹØǹóŁţŪǹŜıØĸǹĐŁşǹŪĘýǹşýķŁƃØıǹ of gas boilers has been undertaken to inform our ýıýóŪşěǇóØŪěŁĸǹţŪşØŪýđƊ ĸùýşŪØĮýǹĐůşŪĘýşǹķØŪýşěØıěŪƊǹØĸØıƊţěţǹţŜýóěǇóǹŪŁǹŁůşǹ focus areas A detailed review of our community investment was undertaken to develop the new strategy set out on ŜØđýǹǘǖǿǹĸǹůŜùØŪýùǹ&ǹŪşØŪýđƊȀǹşýǈýóŪěĸđǹķØŪýşěØıǹ sustainability issues, was approved by the Board Continue to improve our understanding of climate change risk to the business A physical climate risk assessment was completed, supporting our analysis that our portfolio has limited exposure. An update to our risks assessment is set out in the TCFD report on pages 66 to 74 DĸƃýţŪěđØŪýǹŁŜŜŁşŪůĸěŪěýţǹşýıØŪěĸđǹŪŁǹţůţŪØěĸØòěıěŪƊțıěĸĮýùǹ ǇĸØĸóěĸđ A sustainability-linked loan framework is being ŜşŁđşýţţýùǹƄěŪĘǹUDţǹıěĸĮýùǹŪŁǹŁůşǹţóěýĸóýțòØţýùǹŪØşđýŪţ target met target ongoing 88 Shaftesbury Capital PLC | 2024 Annual Report DĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹØóŪěŁĸţǹţýŪǹŁůŪǹıØţŪǹƊýØşȀǹƄýǹĘØƃýǹØıţŁǹØóĘěýƃýùȁǹ ȟ increased coverage of Scope 3 reporting utilising automatic data scraping to achieve 57 per cent coverage of actual energy use data from tenants, by area ȟ ǔǒǹŜýşǹóýĸŪǹŁĐǹØııǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹşýŜŁşŪěĸđǹýķòŁùěýùǹ carbon, by spend ȟ 3.8 per cent reduction in Scope 3 emissions as set out on page 94 ȟ 67 per cent of landlord utility supplies now on smart meters, an increase from 19 per cent in 2023, with the remainder instructed for installation ȟ ǐǏǏǹŜýşǹóýĸŪǹùěƃýşţěŁĸǹŁĐǹŁŜýşØŪěŁĸØıǹƄØţŪýǹĐşŁķǹıØĸùǇıı ȟ 30 per cent recycling rate for operational waste, excluding food waste ȟ community investment to a value of £0.9 million (cash, time and in-kind donations) ȟ 520 hours of employee volunteering undertaken in Company time ȟ ǐǕǿǑǹŜýşǹóýĸŪǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹ&&]ǹóýşŪěǇóØŪěŁĸǹ by area Embedding sustainability in our operations DķŜıýķýĸŪěĸđǹŁůşǹ&ǹŪşØŪýđƊǹØĸùǹşýØıěţěĸđǹŁŜŜŁşŪůĸěŪěýţǹŪŁǹ ěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýǅóěýĸóƊǹŁĐǹŁůşǹØţţýŪţǹěţǹùýŜýĸùýĸŪǹŁĸǹ ěĸùěƃěùůØıţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹůĸùýşţŪØĸùěĸđǹŁůşǹŁòĪýóŪěƃýţǹ and the role that they will play. Since early 2024, responsibility for sustainability has been integrated into our real estate ěĸƃýţŪķýĸŪǹķØĸØđýķýĸŪǹȡȩ&D]ȪȢǹŪýØķȀǹĐŁşķØıěţěĸđǹŪĘýǹ relationship between sustainability and property, and creating clear reporting lines. ]ŁşýǹòşŁØùıƊȀǹƄýǹĘØƃýǹşŁòůţŪǹóŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹŜşŁóýţţýţǹ to ensure that sustainability continues to be considered in ķØĪŁşǹţŪşØŪýđěóǹØĸùǹŁŜýşØŪěŁĸØıǹùýóěţěŁĸţǿǹfĸđŁěĸđǹŁƃýşţěđĘŪǹŁĐǹ sustainability is a matter for consideration by the whole Board, with the Chief Executive having overall responsibility. This includes consideration of climate-related risks and opportunities and approval of the Group’s ESC Strategy and Net Zero Carbon Pathway. Day-to-day oversight is undertaken by members of the Executive Committee and the senior management team, with şýđůıØşǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǿǹ©ýǹĘØƃýǹØĸǹ&ǹ]ØĸØđýķýĸŪǹ Committee that meets quarterly to review progress against the ESC strategy and ensure that the targets are integrated across the wider business. Our sustainability team continues to be responsible for recommending the strategic direction, focusing the business on key areas and overseeing our measuring and şýŜŁşŪěĸđǹŜşŁóýţţýţǿǹĘýǺAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹěţǹØıţŁǹØǹķýķòýşǹ of the Executive Risk Committee, periodically reporting on sustainability and climate change risks and opportunities. We have a range of policies and procedures that underpin our ESC Strategy, which can be found on our corporate website and are set out in our Non-Financial and Sustainability DĸĐŁşķØŪěŁĸǹŪØŪýķýĸŪǹŁĸǹŜØđýǹǖǖǿ Industry and supply chain collaboration We actively participate in a range of industry groups, to share experiences and promote the adoption of best practice for sustainable real estate. Principal industry memberships include the UK Green Building Council (“UKGBC”), Better Buildings Partnership, British Property Federation and Westminster Property Association. We are signatories to Westminster City ŁůĸóěıȬţǹůţŪØěĸØòıýǹěŪƊǹĘØşŪýşǹØĸùǹţůŜŜŁşŪǹýǄŁşŪţǹŪŁǹ decarbonise the City as members of the steering group. We also work with stakeholders as part of the West End Zero Emissions Group, and actively collaborate with suppliers, including Veolia on waste treatment, and innovators such as Social Value Portal on the measurement of community impact. DĸǹǑǏǑǓȀǹƄýǹĘØƃýǹýƉŪýĸùýùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŁůşǹţůŜŜıƊǹóĘØěĸǹ and contractors to partner and collaborate with our community partners. Several of our supply chain and contractors including OCS, CBRE, DLA Piper and Greenzone have engaged in activity with our community partners. This has included supporting a careers session with young people at the London Chinese Community Centre, serving meals to attendees at the Seven Dials Lunch Club and supporting clients of homeless charity ĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǿǹ]ØşŪěĸțěĸțŪĘýț9ěýıùţǿ Further information on stakeholder collaboration can be found on pages 44 to 49. Customer collaboration We are at a relatively early stage of customer engagement on sustainability and recognise this to be an area of focus over the coming years. Our revised green lease, launching in 2025, sets out our expectations for customers, requiring them to share data on environmentally-related performance and take action ŪŁǹķØěĸŪØěĸǹŁşǹěķŜşŁƃýǹŪĘýǹýĸýşđƊǹýǅóěýĸóƊǹŁĐǹŪĘýěşǹùýķěţýţǿǹ ©ýǹóŁķŜıýŪýùǹØǹǇşţŪǹóůţŪŁķýşǹţůşƃýƊǹţěĸóýǹŪĘýǹķýşđýşȀǹƄĘěóĘǹ included a section on sustainability, enabling us to establish a baseline for customer perceptions of our sustainability actions and better understand their own priorities. This survey will take place annually and help us to make our ESC Strategy relevant to our customers whilst improving our own communication. Industry recognition and standards We participate in a range of external benchmarks and indices ŪŁǹŜşŁƃěùýǹěĸùýŜýĸùýĸŪǹƃýşěǇóØŪěŁĸǹŁĐǹŁůşǹţůţŪØěĸØòěıěŪƊǹ progress and help us to identify improvement opportunities. Our CDP climate rating in 2024 was B, demonstrating that we are taking co-ordinated action on environmental issues. ©ýǹØşýǹŜşŁůùǹŪŁǹĘØƃýǹØóĘěýƃýùǹŁůşǹǇĐŪĘǹóŁĸţýóůŪěƃýǹ:ŁıùǹØƄØşùǹ ĐŁşǹşýŜŁşŪěĸđǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹ&ǹţȀǹşýǈýóŪěĸđǹŪĘýǹòşýØùŪĘǹ and transparency of our sustainability-related disclosures. 89Shaftesbury Capital PLC | 2024 Annual Report Strategic report | Our ESC progress in 2024 Our 2025 key actions As we continue to deliver our strategy in 2025, we will focus on: 2025 actions and targets Working with customers to inspire and support their ùýóØşòŁĸěţØŪěŁĸǹýǄŁşŪţȀǹěĸóıůùěĸđǹŪĘýǹýıýóŪşěǇóØŪěŁĸǹ of kitchens ŜŜıƊěĸđǹǇĸùěĸđţǹĐşŁķǹùýŪØěıýùǹýĸýşđƊǹØůùěŪţǹůĸùýşŪØĮýĸǹěĸǹ 2024 to develop individual asset improvement plans Continuing to decarbonise our operations and make progress against our Net Zero Carbon targets, as set out on page 93 Further improve EPC A-B coverage to 75 per cent for commercial assets and improve EPC A-C coverage for commercial and residential assets to 90 per cent DķŜşŁƃýǹùØŪØǹóŁııýóŪěŁĸǹòƊǹěĸóşýØţěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹ automatic energy meters for both landlord and tenant supplies DĸóşýØţýǹŁůşǹşýŜŁşŪěĸđǹŁĐǹýĸýşđƊǹØĸùǹóØşòŁĸǹěĸŪýĸţěŪƊ Reduce annual like-for-like Scope 1 and 2 carbon emissions by 5 per cent &ķòŁùěýùǹóØşòŁĸǹĐŁŁŪŜşěĸŪěĸđǹĐŁşǹØııǹķØĪŁşǹØóŪěƃýǹ ùýƃýıŁŜķýĸŪǹŜşŁĪýóŪţǹŪŁǹòýǹóŁķŜıýŪýù Reduce our water consumption by 5 per cent óĘěýƃýǐǏǏǹŜýşǹóýĸŪǹƄØţŪýǹùěƃýşţěŁĸǹĐşŁķǹıØĸùǇıı &ķòýùǹŁůşǹşýƃěţýùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹØţǹţýŪǹŁůŪǹ on page 97 ùŁŜŪǹŪĘýǹf]ţǹȡĘýķýţȀǹfůŪóŁķýţǹØĸùǹ]ýØţůşýţȢǹ framework to report our social impact in a clear and consistent way Our GRESB score reduced to 66, predominantly due to changes in ķýŪĘŁùŁıŁđƊǹĐŁşǹţóŁşěĸđǹóŁƃýşØđýǹŁĐǹđşýýĸǹòůěıùěĸđǹóýşŪěǇóØŪěŁĸǹ and a reduction in overall coverage of building energy use data ØţǹƄýǹşýŜŁşŪýùǹŪĘýǹóŁķòěĸýùǹýţŪØŪýǹĐŁşǹŪĘýǹǇşţŪǹŪěķýǿǹĘýǹĸØŪůşýǹ ŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹƄěŪĘǹØǹţěđĸěǇóØĸŪǹŜşŁŜŁşŪěŁĸǹŁĐǹţķØııýşȀǹĘýşěŪØđýǹ assets when compared with GRESB peer groups, restricts our ØòěıěŪƊǹŪŁǹØŜŜıƊǹđşýýĸǹòůěıùěĸđǹóýşŪěǇóØŪěŁĸţǹţůóĘǹØţǹ&&]ǹ across the estate. As we continue to improve our data collection, we expect to see our score progressively increase. fůşǹǑǏǑǓǹ]DǹşØŪěĸđǹƄØţǹȀǹşýǈýóŪěĸđǹţŁķýǹşýùůóŪěŁĸţǹ where no public disclosure had been made, whilst our score for corporate governance increased. DĸǹRØĸůØşƊǹǑǏǑǔȀǹƄýǹşýóýěƃýùǹĐŁşķØıǹƃØıěùØŪěŁĸǹŁĐǹŁůşǹóØşòŁĸǹ reduction targets from the SBTi. These are set out in more detail on page 93. Modern slavery and human rights We have policies in place which address human rights, modern slavery, and the ethical conduct of our business. During the year we undertook a desk-top risk assessment for modern slavery that set out potential risk areas and mitigation actions, demonstrating to the Executive Committee that residual risks ØşýǹýǄýóŪěƃýıƊǹķØĸØđýùǿǹııǹýķŜıŁƊýýţǹƄýşýǹşýŞůěşýùǹŪŁǹ óŁķŜıýŪýǹØĸǹŁĸıěĸýǹŪşØěĸěĸđǹŜşŁđşØķķýǿǹfůşǹ]ŁùýşĸǹıØƃýşƊǹ ØĸùǹAůķØĸǹşØǅóĮěĸđǹŪØŪýķýĸŪȀǹůŜùØŪýùǹěĸǹ9ýòşůØşƊǹǑǏǑǔȀǹěţǹ available on our website: https://www.shaftesburycapital.com/ en/index.html. All employees working on our estate are paid at ıýØţŪǹŪĘýǹWŁĸùŁĸǹWěƃěĸđǹ©ØđýȀǹƄĘýşýǺØŜŜşŁŜşěØŪýǿ 90 Leadership in heritage buildings We recognise the important role that the sustainable refurbishment of heritage buildings plays in achieving our ţůţŪØěĸØòěıěŪƊǹØţŜěşØŪěŁĸţǿǹDŪǹěţǹýţŪěķØŪýùǹŪĘØŪǹǗǏǹŜýşǹóýĸŪǹ of buildings that will exist in 2050 are already built and the şýţŜŁĸţěòıýǹşýŪşŁǇŪǹŁĐǹŪĘýţýǹòůěıùěĸđţǹƄěııǹòýǹóşěŪěóØıǹŪŁǹķýýŪěĸđǹ long-term national Net Zero Carbon goals. Due to the heritage nature of our portfolio, which is all in conservation areas, and c. 27 per cent of which is listed, we continue to improve the sustainability performance of our building stock whilst protecting unique heritage and abiding by planning requirements. Through the careful application of cost- ýǄýóŪěƃýǹıŁƄțóØşòŁĸǹěĸŪýşƃýĸŪěŁĸţȀǹƄýǹùýıěƃýşǹýĸýşđƊǹýǅóěýĸóƊǹ improvements, as demonstrated by our success to date in ěķŜşŁƃěĸđǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹ&ǹşØŪěĸđţǿ fůşǹØóŪěƃěŪěýţǹŪŁǹŪØóĮıýǹóıěķØŪýǹóĘØĸđýǹØıţŁǹùýıěƃýşǹòýĸýǇŪţǹ ĐŁşǹŁůşǹţŪØĮýĘŁıùýşţǿǹĘýţýǹěĸóıůùýǹŪĘýǹØěşǹŞůØıěŪƊǹòýĸýǇŪţǹ ŁĐǹýıýóŪşěĐƊěĸđǹĘýØŪěĸđǹØĸùǹóŁŁĮěĸđȀǹØţǹƄýııǹØţǹşýùůóěĸđǹŪşØǅóǹ through pedestrianisation, and fewer vehicles delivering lower material volumes due to material re-use in refurbishment. DĸǹØùùěŪěŁĸǹŪŁǹěķŜıýķýĸŪěĸđǹşýıýƃØĸŪǹěĸěŪěØŪěƃýţǹěùýĸŪěǇýùǹěĸǹŁůşǹ &]țØıěđĸýùǹØĸØıƊţěţǹȡţýýǹŜØđýǹǘǓȢǹķŁşýǹƄěùýıƊǹØóşŁţţǹŪĘýǹ portfolio, we actively seek further opportunities to pilot and implement new scalable technology or operating practices which deliver carbon reduction. We will also share lessons learned externally to support the low-carbon transition across the industry and demonstrate leadership in this space. Driving innovation through collaboration We are committed to the use of innovative solutions, including òŁŪĘǹĸýƄǹŪýóĘĸŁıŁđěýţǹØĸùǹŜşŁóýţţýţǿǹDĸǹØùùěŪěŁĸǹŪŁǹ&]ț aligned detailed asset analysis at scale, we collaborate with òŁŪĘǹţůŜŜıěýşţǹØĸùǹóůţŪŁķýşţǹŪŁǹķØƉěķěţýǹŪĘýǹòýĸýǇŪǹŁĐǹůţěĸđǹ smart technology, such as Grid Edge, to identify improvements ŪŁǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹòůěıùěĸđţǹŪĘØŪǹóØĸǹıýØùǹŪŁǹţěđĸěǇóØĸŪǹ ýĸýşđƊǹýǅóěýĸóƊǹěķŜşŁƃýķýĸŪţǹƄěŪĘǹķěĸěķØıǹýƉŜýĸùěŪůşýǿ Working in partnership with some of our leading hospitality businesses, we ran a workshop in February 2025 to discuss ŪĘýǹóĘØııýĸđýţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŪĘýǹýıýóŪşěǇóØŪěŁĸǹŁĐǹ cooking, a critical step in the long-term decarbonisation of our ƄěùýşǹýţŪØŪýǿǹĘýǹƄŁşĮţĘŁŜǹĘěđĘıěđĘŪýùǹŪĘýǹòýĸýǇŪţǹŁĐǹýıýóŪşěóǹ cooking, particularly for the kitchen working environment, òůŪǹØóĮĸŁƄıýùđýùǹŪĘýǹóĘØııýĸđýǹŁĐǹţůǅóěýĸŪǹýıýóŪşěóØıǹ capacity availability. Improving our data We have continued to improve the coverage and accuracy of our sustainability data, providing the basis for setting targets, determining action plans and estimating the level and type of investment required. DĸǹóŁĸĪůĸóŪěŁĸǹƄěŪĘǹŁůşǹŜşŁŜýşŪƊǹŪýØķȀǹƄýǹĘØƃýǹěĸţŪØııýùǹ automatic (smart) meters on 67 per cent of landlord energy and water supplies, directly linking to a single data management platform. The remaining landlord meters have been instructed and we expect to complete the bulk of these in 2025. DĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹůŪěıěţýùǹØǹóýĸŪşØıǹùØŪØòØţýǹŪŁǹěķŜşŁƃýǹ coverage of commercial energy use in our premises, collecting data directly. Our focus is now on engaging with our residential occupiers to collect their data. Overall, we achieved 57 per cent coverage of actual customer energy consumption, an increase from c. 35 per cent coverage last year. We also continue to improve the collection of data from our ùýƃýıŁŜķýĸŪǹŜşŁĪýóŪţȀǹţŜýóěǇóØııƊǹŪĘýǹØţţŁóěØŪýùǹýķòŁùěýùǹ óØşòŁĸǿǹ"ůşěĸđǹǑǏǑǓȀǹǔǒǹŜýşǹóýĸŪǹŁĐǹØııǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǹ reported embodied carbon emissions, by spend. Applying circular economy principles Our heritage assets and the long-term view we take of our investments, lend themselves to the application of circular economy principles, whereby materials are preserved and re-used where possible. Only where necessary are materials recycled. Examples of our application of a circular economy approach include the pre-demolition audit at 9-10 Floral Street, where ƄýǹěùýĸŪěǇýùǹěŪýķţǹŪŁǹòýǹşýŪØěĸýùǹŁşǹşýțůţýùǹýıţýƄĘýşýǿ Our buildings 91Shaftesbury Capital PLC | 2024 Annual Report &ĸýşđƊǹýǅóěýĸóƊǹşØŪěĸđţǹŁĐǹ ŁůşǺòůěıùěĸđţ fůşǹŁĸđŁěĸđǹŜşŁđşØķķýǹŁĐǹýĸýşđƊțýǅóěýĸŪǹşýĐůşòěţĘķýĸŪţǹ ĘØţǹţýýĸǹţěđĸěǇóØĸŪǹěķŜşŁƃýķýĸŪţǹěĸǹ&ǹşØŪěĸđţǹØóşŁţţǹ ŪĘýǹŜŁşŪĐŁıěŁǿǹDĸǹØùùěŪěŁĸǹŪŁǹóØşòŁĸǹşýùůóŪěŁĸȀǹŪĘěţǹşýùůóýţǹ customer utility costs and demonstrates the long-term resilience of our portfolio. As at 31 December 2024, 87.6 per cent of properties are EPC grade A to C by ERV, representing a 7.6 percentage point increase from the prior year. When considered by ERV, 63.7 per cent of the portfolio is A-B, rising to 70 per cent for commercial property. Approximately 1.4 per cent of portfolio by ERV does not require an EPC. This primarily relates to outdoor space, basement space where there is no heating or cooling, long- ıýØţýǹşýţěùýĸŪěØıǹŜşŁŜýşŪƊǹŁůŪţěùýǹŪĘýǹţóŁŜýǹŁĐǹ]&&ȀǹŁşǹ demises such as substations. Our undergoing refurbishment is expected to achieve EPC B or above for commercial and EPC C or above for residential. We continue to undertake works to improve EPC ratings as demises become vacant, and work with occupiers to meet the şýŞůěşýķýĸŪţǹŁĐǹŪĘýǹ]&&ǹşýđůıØŪěŁĸţǿǹııǹĸýƄǹóŁķķýşóěØıǹ refurbishments target EPC B to ensure that we are prepared ĐŁşǹýƉŜýóŪýùǹóĘØĸđýţǹŪŁǹŪĘýǹ]&&ǹşýđůıØŪěŁĸǿ 24% 59% 4% 2% 11% Grade A Grade C Grade E-G Grade B Grade D &ĸýşđƊǹýşĐŁşķØĸóýǹýşŪěǇóØŪýţǹȡȩ&ȪȢǹòƊǹ&¨ 2040 Net Zero Carbon commitment 87.6% Portfolio rated &Ǻț Strategic report | Our ESC progress in 2024 92 Shaftesbury Capital PLC | 2024 Annual Report Our buildings represent long-term stores of embodied carbon, many of which pre-date mass industrialisation. We remain focused on protecting the heritage of our places, whilst making ıŁƄțóØşòŁĸǹěĸŪýşƃýĸŪěŁĸţǹŪŁǹěķŜşŁƃýǹýĸýşđƊǹýǅóěýĸóƊǹØĸùǹ increase resilience to the climate change impacts that we ĘØƃýǺěùýĸŪěǇýùǿ Considering the Whole Life Carbon emissions of a building demonstrates the importance of embodied carbon and the şýıØŪěƃýǹòýĸýǇŪǹŁĐǹŁůşǹØŜŜşŁØóĘǹŪŁǹŪĘýǹşýŜůşŜŁţěĸđǹØĸùǹ refurbishment of buildings. Climate change adaptation Our climate change risks and opportunities are set out in our TCFD report on pages 66 to 74. Supplementary detail and explanation is included in a longer version of the TCFD report which can be found on our corporate website: https:// www.shaftesburycapital.com/en/responsibility/policies-and- reports.html. To improve our understanding of climate risks and evolve our reporting, during the year we undertook a more detailed assessment of physical climate risks. This assessment highlighted ŪĘØŪǹŪĘýǹŜŁşŪĐŁıěŁǹĘØţǹØǹşýıØŪěƃýıƊǹıŁƄǹýƉŜŁţůşýǹŪŁǹǈŁŁùǹşěţĮȀǹ with a small number of assets at a theoretical higher risk from ıŁóØıǹǈŁŁùěĸđǿǹ©ýǹùŁǹĸŁŪǹóŁĸţěùýşǹŪĘýşýǹŪŁǹĘØƃýǹòýýĸǹØǹķØŪýşěØıǹ change in our transition risks following a desktop review. Net Zero Carbon commitment DĸǹǑǏǑǓȀǹƄýǹůţýùǹØĸǹěķŜşŁƃýùǹķýŪĘŁùŁıŁđƊǹŪŁǹşýóØıóůıØŪýǹŪĘýǹ carbon emissions in our baseline year and seek revalidation from the SBTi. The SBTi requirement to reduce emissions by ǘǏǹŜýşǹóýĸŪǹòýĐŁşýǹŁǄţýŪŪěĸđǹķýØĸţǹƄýǹĘØƃýǹòýýĸǹşýŞůěşýùǹŪŁǹ push back our formal Net Zero Carbon target date. Therefore, we have set a long-term goal to reduce Scope 1, 2 and relevant ǒǹýķěţţěŁĸţǹòƊǹǘǏǹŜýşǹóýĸŪǹòƊǹǑǏǓǏȀǹĐşŁķǹŁůşǹǑǏǐǘǹòØţýıěĸýǿǹDĸǹ doing so, we will reduce our emissions at a rate aligned with a 1.5°C pathway. We also have “near-term” targets for 2030 as ţýŪǹŁůŪǹòýıŁƄǿǹfůşǹóŁķķěŪķýĸŪǹěţǹǇşţŪǹŪŁǹşýùůóýǹđşýýĸĘŁůţýǹ gas (”GHG”) emissions from our buildings and operations as far as possible, in a way that recognises the needs of our heritage ŜŁşŪĐŁıěŁǹØĸùǹţŪØĮýĘŁıùýşţȀǹØĸùǹŁĸıƊǹŪĘýĸǹŪŁǹŁǄţýŪǹØĸƊǹşýţěùůØıǹ emissions. Our Scope 3 targets include occupier emissions and embodied carbon from development operations. Following a detailed assessment process, we received formal SBTi validation of our targets in January 2025. Our commitment to achieve Net Zero Carbon by 2040 includes: ȟ Long-term 2040 target for a 90 per cent reduction in relevant Scope 1, 2 and 3 emissions, from our 2019 baseline ȟ ‘Near-term’ 2030 target for a 60 per cent reduction in our Scope 1 and 2 emissions, from our 2019 baseline. This is where we have the most control and remains the same as the target set in 2021. Tackling climate change We recognise our responsibility as an owner of physical assets to reduce carbon ýķěţţěŁĸţȀǹýǄýóŪěƃýıƊǹķØĸØđýǹóıěķØŪýǹóĘØĸđýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹùýıěƃýşǹ a fair transition to a low-carbon future. ȟ ‘Near-term’ 2030 target for 50 per cent reduction in Scope 3 emissions, from our 2019 baseline. The SBTi required a single Scope 3 target, which necessitated a revision to our previous approach to have separate targets for operational and embodied Scope 3 emissions. ȟ Prioritising innovation and renewables ȟ Enhancing climate adaptation ȟ fǄţýŪŪěĸđǹşýţěùůØıǹóØşòŁĸǹýķěţţěŁĸţǹĐŁşǹóŁŜýǹǐǹØĸùǹǑǹ emissions from 2025. ]ŁşýǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹØóŪěŁĸţǹŪĘØŪǹƄýǹØşýȀǹØĸùǹƄěııǹòýȀǹ taking to reduce carbon emissions across our business is set out in our Net Zero Carbon Pathway published on our website: https://www.shaftesburycapital.com/en/responsibility/ environment/net-zero-carbon-pathway.html. Going forward, we will publish annual updates on our progress against ŁůşǺØŪĘƄØƊǿǹ ØşòŁĸǹŁǄţýŪŪěĸđ DĸýƃěŪØòıƊȀǹŁǄţýŪŪěĸđǹƄěııǹĸýýùǹŪŁǹòýǹŜØşŪǹŁĐǹŁůşǹıŁĸđțŪýşķǹ solution to achieve Net Zero Carbon as well as an important interim step for decarbonisation. DĸǹǑǏǑǓȀǹƄýǹůĸùýşŪŁŁĮǹØǹşýƃěýƄǹŁĐǹŪĘýǹóØşòŁĸǹŁǄţýŪǹķØşĮýŪǹ with industry experts and a working group drawn from across the business. Following the review, we remain committed to ŜůşóĘØţěĸđǹóşýùěŪţǹŪŁǹŁǄţýŪǹŁůşǹóŁŜýǹǐǹØĸùǹǑǹýķěţţěŁĸţǹĐşŁķǹ 2025. To claim Net Zero Carbon status from 2040, we will ŜůşóĘØţýǹóýşŪěǇýùǹóşýùěŪţǹŪŁǹóŁƃýşǹşýţěùůØıǹýķěţţěŁĸţǹĐŁşǹØııǹ scopes in line with market best practice. ©ĘěıţŪǹƄýǹşýóŁđĸěţýǹŪĘýǹƃØıůýǹŁĐǹóØşòŁĸǹŁǄţýŪŪěĸđǹóşýùěŪţȀǹŁůşǹ priority ahead of 2040 will be to address underlying emissions şØŪĘýşǹŪĘØĸǹŁǄţýŪŪěĸđǹØııǹóŁŜýǹǒǹýķěţţěŁĸţǿǹ Annual carbon and energy emissions reporting We report our absolute Scope 1, 2 and 3 emissions annually. ĘěţǹěţǹŪĘýǹǇşţŪǹŪěķýǹŪĘØŪǹƄýǹóØĸǹşýŜŁşŪǹƊýØşțŁĸțƊýØşǹ óŁķŜØşěţŁĸţǹĐŁşǹóŁŜýǹǒǹýķěţţěŁĸţȀǹşýǈýóŪěĸđǹŁůşǹŁĸđŁěĸđǹ strategy to improve the collection and reporting of all our carbon emissions. Further like-for-like annual performance will be included in our EPRA sustainability data report, which will be issued by the end of April 2025. ©ýǹóŁĸŪěĸůýǹŪŁǹŜůşóĘØţýǹýıýóŪşěóěŪƊǹĐşŁķǹşýĸýƄØòıýǹŪØşěǄţǹ ØóşŁţţǹŁůşǹıØĸùıŁşùțóŁĸŪşŁııýùǹŜŁşŪĐŁıěŁǿǹ&ƉóıůùěĸđǹŪĘýǹòýĸýǇŪǹŁĐǹ purchasing zero carbon electricity, and instead using standard UK carbon factors, we have seen an 8 per cent reduction in our Scope 1 and Scope 2 GHG emissions when compared to 2023. This is primarily due to continued improvement to the energy ýǅóěýĸóƊǹŁĐǹŁůşǹòůěıùěĸđţȀǹţŪýØùƊǹşýùůóŪěŁĸǹěĸǹđØţǹůţýǹØóşŁţţǹ our portfolio, and improved tracking of energy consumption through sub-metering. 93Shaftesbury Capital PLC | 2024 Annual Report Scope 1: Landlord gas 1.23% Scope 1: Landlord refrigerant gas and fuel 0.09 % Scope 2: Landlord electricity 2.77% Scope 3: Purchased goods and services 21.49% Scope 3: Capital goods 15.51% Scope 3: Upstream transportation 0.02% Scope 3: Transmission and distribution 1.06% Scope 3: Waste generated 0.12% Scope 3: Business travel 0.38% Scope 3: Employee commuting 0.07% Scope 3: Downstream leased assets 57.26% 40,767 Scope 1, 2 & 3 Total (location based) 2024 GHG emissions inventory – summary 50% Carbon footprint reduction against published 2019 baseline 34% Reduction in Scope 1 and 2 emissions against published 2019 baseline 57% Coverage of actual customer energy consumption Our Scope 1 and 2 footprint remains relatively small as it only encompasses the common areas of our buildings, our head ŁǅóýǹØĸùǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǿ Our Scope 3 GHG emissions primarily arise from tenant energy consumption, embodied emissions from materials used in our refurbishments and purchased goods and services from our suppliers. Overall, we have seen a 3.8 percent reduction of our Scope 3 GHG emissions compared to last year, largely due to improved ýǅóěýĸóěýţǹěĸǹŁůşǹŜůşóĘØţýùǹđŁŁùţǹØĸùǹţýşƃěóýţǹţŜýĸùǹØĸùǹ better data quality for embodied carbon emissions. We have however seen increases in emissions from tenant energy consumption and business travel, due to updating calculation ķýŪĘŁùŁıŁđěýţǹØĸùǹØǹşýŪůşĸǹŪŁǹŜşýțf¨D"țǐǘǹŪşØƃýıǹòýĘØƃěŁůşǿ We recognise the important contribution that the phasing out of fossil fuel use in our buildings will play achieving our Net Zero Carbon targets. We continue to electrify heating and óŁŁĮěĸđǹØóşŁţţǹŪĘýǹýţŪØŪýǹŪŁǹķØƉěķěţýǹŪĘýǹòýĸýǇŪǹŁĐǹŪĘýǹıŁƄýşǹ carbon factor associated with electricity and ongoing UK energy grid decarbonisation. ©ýǹĘØƃýǹķØùýǹţěđĸěǇóØĸŪǹěķŜşŁƃýķýĸŪţǹŪŁǹùØŪØǹóŁııýóŪěŁĸǹ relating to Scope 3 emissions, especially with regards to customers’ energy consumption. Across 2024 we increased the proportion of actual customer energy meter readings to 57 per cent, from c. 35 per cent in 2023. We also collect accurate waste, water, upstream energy, business travel and employee commuting data, which also contribute to our Scope 3 emissions. The remaining emissions are calculated based on ěĸùůţŪşƊǹòýţŪǹŜşØóŪěóýǹýţŪěķØŪěŁĸǹķýŪĘŁùţǹØĸùǹƃýşěǇýùǹ as described in our GHG methodology on page 234. Embodied carbon ǹţěđĸěǇóØĸŪǹŜşŁŜŁşŪěŁĸǹȡǐǔǿǔǹŜýşǹóýĸŪȢǹŁĐǹŁůşǹóØşòŁĸǹýķěţţěŁĸţǹ arise through the embodied carbon inherent in our refurbishment ŜşŁĪýóŪţǿǹfůşǹýķòŁùěýùǹóØşòŁĸǹýķěţţěŁĸţǹØşýǹùěşýóŪıƊǹóŁşşýıØŪýùǹ with the volume of refurbishment operations undertaken in a year. We continue to improve embodied carbon data collection ĐŁşǹşýĐůşòěţĘķýĸŪǹŜşŁĪýóŪţǿǹĘěţǹýĸØòıýţǹòýŪŪýşǹØĸØıƊţěţǹŁĐǹ ŁůşǹěķŜØóŪǹØĸùǹěùýĸŪěǇóØŪěŁĸǹŁĐǹƄØƊţǹěĸǹƄĘěóĘǹƄýǹóØĸǹķØĮýǹ further reductions. DĸǹǑǏǑǓǹƄýǹóŁĸŪěĸůýùǹŪŁǹóØıóůıØŪýǹýķòŁùěýùǹýķěţţěŁĸţǹůţěĸđǹ a blend of actual data and applying DEFRA benchmarks to expenditure, as set out in the GHG methodology on page 234. "ůşěĸđǹŪĘýǹƊýØşǹƄýǹĘØƃýǹěĸóşýØţýùǹŪĘýǹƃŁıůķýǹŁĐǹŜşŁĪýóŪţǹ covered by actual embodied carbon reporting to 53 per cent ŁĐǹýƉŜýĸùěŪůşýǿǹĘěţǹóŁĸŪşěòůŪýùǹĪůţŪǹǐǖǹŜýşǹóýĸŪǹŁĐǹŁůşǹŪŁŪØıǹ calculated embodied carbon, demonstrating that a typical şýĐůşòěţĘķýĸŪǹŜşŁĪýóŪǹĘØţǹķØŪýşěØııƊǹıŁƄýşǹýķòŁùěýùǹóØşòŁĸǹ than the DEFRA benchmark. &]țØıěđĸýùǹýĸýşđƊǹýǅóěýĸóƊǹØůùěŪţ &ǅóěýĸŪǹùýóØşòŁĸěţØŪěŁĸǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǹşýŞůěşýţǹŪĘØŪǹŪØşđýŪýùǹ ěĸŪýşƃýĸŪěŁĸţǹØşýǹţýŞůýĸóýùǹýǅóěýĸŪıƊȀǹóŁĸţěùýşěĸđǹıýØţýǹ ýƃýĸŪţǹØĸùǹŪĘýǹıěĐýțóƊóıýǹŁĐǹýƉěţŪěĸđǹýŞůěŜķýĸŪǿǹDĸǹǑǏǑǓȀǹƄýǹ óŁķŜıýŪýùǹØǹţýŪǹŁĐǹùýŪØěıýùǹýĸýşđƊǹýǅóěýĸóƊǹţŪůùěýţǹţŪØşŪýùǹ in 2023, assessing performance and required interventions ØđØěĸţŪǹ&]ǹùýóØşòŁĸěţØŪěŁĸǹŪşØĪýóŪŁşěýţǿǹĘěţǹØĸØıƊţěţǹŁĐǹ ǓǏǹòůěıùěĸđţǹĘØţǹěĸùěóØŪýùǹŪĘØŪǹƄýǹóØĸǹķØĮýǹţěđĸěǇóØĸŪǹóØşòŁĸǹ şýùůóŪěŁĸţȀǹƄěŪĘǹŪĘýǹŁĸđŁěĸđǹýıýóŪşěǇóØŪěŁĸǹŁĐǹòůěıùěĸđţǹòýěĸđǹ ŪĘýǹķŁţŪǹţěđĸěǇóØĸŪǹØóŪěŁĸǿǹ"ůşěĸđǹǑǏǑǔȀǹƄýǹƄěııǹěĸŪýđşØŪýǹ ŪĘýǹıýØşĸěĸđǹĐşŁķǹŁůşǹ&]ǹØĸØıƊţěţǹěĸŪŁǹěĸùěƃěùůØıǹØţţýŪǹ improvement plans. ^ýŪǹ¸ýşŁǹØşòŁĸǹĐŁóůţǹØşýØţǹĐŁşǹǑǏǑǔ DĸǹŁůşǹŜůòıěţĘýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊȀǹƄýǹĘØƃýǹóŁķķěŪŪýùǹ to milestone actions, including the following for the year: ȟ Continue to improve our Scope 3 data coverage, reducing the proportion of estimation required ȟ Continue to prioritise the removal of fossil fuels and ýıýóŪşěǇóØŪěŁĸǹŁĐǹòůěıùěĸđţȀǹŜØşŪěóůıØşıƊǹĐŁşǹóŁŁĮěĸđȀǹƄĘěóĘǹ ĘØţǹòýýĸǹěùýĸŪěǇýùǹØţǹØĸǹěķŜŁşŪØĸŪǹóŁĸŪşěòůŪŁşǹŪŁǹŪĘýǹŁƃýşØııǹ decarbonisation of our buildings ȟ ŁĸŪěĸůýǹŪŁǹěķŜşŁƃýǹşýŜŁşŪěĸđǹŁĐǹǈŁŁşǹØşýØţǹŪŁǹýĸØòıýǹØǹ move towards intensity-based targets ȟ Enhance occupier engagement programme to increase the proportion of occupiers implementing Net Zero Carbon ţŪşØŪýđěýţȀǹěĸóıůùěĸđǹşýĸýƄØòıýǹýĸýşđƊǹØĸùǹýıýóŪşěǇóØŪěŁĸǹŁĐǹ operations. Strategic report | Our ESC progress in 2024 94 Shaftesbury Capital PLC | 2024 Annual Report Total Scope 1 and 2 GHG ýķěţţěŁĸţǹȡıŁóØŪěŁĸțòØţýùǹķýŪĘŁù 1 Ȣ Intensity measure: Tonnes ŁĐǹf 2 ýǹŜýşǹȫǏǏǏǹţŞǹĐŪ Total Scope 2 GHG emissions ȡķØşĮýŪțòØţýùǹķýŪĘŁù 2 Ȣ Total Scope 1 and 2 energy óŁĸţůķŜŪěŁĸǹȡ]©Ę 2 Ȣ 0 500 1000 1500 2000 537 2024 tCO 2 e 2023 1,131 626 1,186 Scope 1 Scope 2 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 2024 2023 0.20 0.42 0.20 0.38 Scope 1 Scope 2 1. The location-based method reports emissions as tonnes of carbon dioxide equivalent (tCO 2 e). 100 per cent of the emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions can be found on page 234. 2. The market-based method reports emissions as tonnes of carbon dioxide (tCO 2 e). 100 per cent of the emissions stated are UK-based. Details of what is included in Scope 1, 2 and 3 emissions can be found on page 234. Greenhouse gas emissions including Streamlined Energy and Carbon Reporting Shaftesbury Capital has engaged Carbon Footprint Limited to provide independent ƃýşěǇóØŪěŁĸǹŁĐǹŪĘýǹóØıóůıØŪěŁĸǹŁĐǹǑǏǑǓǹ:A:ǹýķěţţěŁĸţǹØţţýşŪěŁĸǹùØŪØȀǹěĸǹ ØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹěĸùůţŪşƊǹşýóŁđĸěţýùǹţŪØĸùØşùǹDfǹǐǓǏǕǓțǒǿ Our absolute Scope 1 and Scope 2 emissions have decreased by 8.0 per cent since 2023. When considered on an intensity basis, intensity has increased by ǕǿǔǹŜýşǹóýĸŪǹùůýǹŪŁǹşýùůóŪěŁĸǹěĸǹŁƃýşØııǹǈŁŁşǹØşýØǹĐşŁķǹØţţýŪǹţØıýţǹùůşěĸđǹŪĘýǹƊýØşǿ Overall, Scope 1 and 2 emissions are down 34 per cent compared to our reported 2019 baseline. óŁŜýǹǒǹýķěţţěŁĸţǹóØĸǹòýǹóŁķŜØşýùǹƊýØşțŁĸțƊýØşǹĐŁşǹŪĘýǹǇşţŪǹŪěķýȀǹùýóşýØţěĸđǹ by 3.8 percent, demonstrating our ongoing improvement in the breadth and completeness of our reporting. tCO 2 e 0 20 40 60 80 100 2024 2023 21 84 Scope 2 0 2000 4000 6000 8000 10000 2024 2023 3.03 8,192 2.88 8,984 Total energy use Intensity measure (MWh per '000 sqft lettable area ) 95 Creating healthy and biodiverse destinations Shaftesbury Capital has supported the London Air Quality ĸýŪƄŁşĮǹĐŁşǹýěđĘŪǹƊýØşţǹŪĘşŁůđĘǹŁůşǹŜØşŪĸýşţĘěŜǹƄěŪĘǹDķŜýşěØıǹ College London. We have also continued to support the Zero Emissions Working Group, a partnership with landowners and Westminster Council to reduce emissions from transport and waste. A toolkit has been developed for use by customers and suppliers to improve logistics and reduce associated emissions. We remain members of the Wild West End (“WWE”) partnership, pro-actively looking to increase biodiversity across our estate following the WWE principles and prioritising ŜŁııěĸØŪŁşţǹØĸùǹĸØŪěƃýǹţŜýóěýţǿǹţěùýǹĐşŁķǹŪĘýǹòýĸýǇŪǹŪŁǹĸØŪůşýȀǹ green spaces play an important part in adapting to climate change through reducing urban heat and supporting well-being. During 2024, we installed planters at 22 Ganton Street and roof terraces at The Hide, adding 29m 2 of green space to the portfolio. We continue to look for opportunities to increase both the quantity and quality of biodiverse green space. Waste management We continue to work in partnership with Veolia as our single ƄØţŪýǹŜşŁƃěùýşǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁȀǹŪŁǹýĸØòıýǹýǅóěýĸóěýţǹŁĐǹ ţóØıýǹŪŁǹòýǹØóĘěýƃýùǿǹDĸǹ9ýòşůØşƊǹǑǏǑǓȀǹ¨ýŁıěØȀǹěĸǹóŁııØòŁşØŪěŁĸǹ with Westminster City Council, launched a new night-time şýóƊóıěĸđǹţýşƃěóýǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǿǹDĸǹfóŪŁòýşǹǑǏǑǓȀǹŪĘěţǹƄØţǹ expanded to include food waste collection from our hospitality venues. The collected food waste is transported to an anaerobic digester in Hertfordshire, where it is converted into biogas and biofertiliser. Using electric vehicles, Veolia has successfully diverted 1,650 tonnes of mixed recycling from general waste, increasing the portfolio recycling rate. Our places The second pillar of our ESC Strategy recognises the importance of being a responsible steward of our destinations. Our impact extends beyond our buildings, and we continue to enhance the public realm within and around our portfolio. Through our investment in “placeshaping” we create healthy, welcoming ØĸùǹŪĘşěƃěĸđǹıŁóØŪěŁĸţǹěĸǹŪĘýǹ©ýţŪǹ&ĸùǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹƃěţěŪěĸđȀǹƄŁşĮěĸđǹ ØĸùǺıěƃěĸđǿ Transport and public highways We continue to assist Westminster City Council in the management of pedestrian areas in the public highway in ŁƃýĸŪǹ:ØşùýĸǹØĸùǹØşĸØòƊǿǹDĸǹØùùěŪěŁĸȀǹƄýǹĘØƃýǹƄŁşĮýùǹƄěŪĘǹ the Council to tailor its trial of e-cycle and e-scooter parking bays in the West End to enable sustainable transport whilst the ķěĸěķěţěĸđǹěķŜØóŪǹŁĐǹòěĮýţǹŁĸǹŁůşǹţŪşýýŪţǹØĸùǹţŜØóýţǿǹDĸǺRůıƊȀǹƄýǹ additionally responded to the “Fairer Westminster” consultation on its future sustainable transport strategy. Stewardship ĘýǹţØĐýŪƊǹŁĐǹŪĘŁţýǹƄĘŁǹƃěţěŪǹØĸùǹýĸĪŁƊǹŁůşǹùýţŪěĸØŪěŁĸţǹěţǹ fundamental. Our destinations are also integral to our local communities, providing a catalyst for long-term economic òýĸýǇŪţǿǹ©ýǹşýóŁđĸěţýǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹƄŁşĮěĸđǹěĸǹ collaboration to tackle issues that align with our purpose and ƃØıůýţǹķØĮýǹØǹķýØĸěĸđĐůıǹùěǄýşýĸóýǹŪŁǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǿ ©ýǹĘØƃýǹØǹǈýƉěòıýǹţýóůşěŪƊǹţŪşØŪýđƊǹƄĘěóĘǹýĸØòıýţǹůţǹŪŁǹ respond quickly to changing demands across our portfolio, to ensure that the appropriate security provision is maintained and scaled up when needed. During 2024, 83,000 hours of targeted patrols took place across the portfolio. ©ýǹĘØƃýǹóŁĸŪěĸůýùǹŪŁǹĐůĸùǹŪĘýǹěŪƊǹDĸţŜýóŪŁşţǹŪĘşŁůđĘŁůŪǹ Covent Garden, providing 3,600 hours. :ŁěĸđǹĐŁşƄØşù ©ýǹØşýǹóŁķķýĸóěĸđǹØǹŜşŁĪýóŪǹŪŁǹşýƃěýƄǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹ the consolidation of waste servicing and deliveries. This may ýĸØòıýǹůţǹŪŁǹƄŁşĮǹƄěŪĘǹŁůşǹóůţŪŁķýşţǹŪŁǹţěđĸěǇóØĸŪıƊǹşýùůóýǹ the number of vehicle movements, resulting in an improved public realm environment and better air quality. Strategic report | Our ESC progress in 2024 96 Our community Shaftesbury Capital has a strong track record of supporting the local community. We contribute to a diverse range of charitable and community initiatives across ØķùýĸǹØĸùǹ©ýţŪķěĸţŪýşȀǹƄěŪĘǹØǹţŜýóěǇóǹĐŁóůţǹŁĸǹţůŜŜŁşŪěĸđǹýùůóØŪěŁĸØıǹ and employment opportunities for young people and addressing the issues of homelessness and food hardship. 32% 56% 7% 5% Cash In-kind Time Management costs 5.3% 19.4% 12.0% 63.3% Education and employment Food hardship Tackling homelessness Community support How: £901,000 What: £858,000 A breakdown of our support is included below. * ]ØĸØđýķýĸŪǹóŁţŪţǹýƉóıůùýù DĸǹØùùěŪěŁĸǹŪŁǹǇĸØĸóěØıǹţůŜŜŁşŪȀǹƄýǹŜşŁƃěùýǹĐşýýǹŁşǹţůòţěùěţýùǹ space and employee time to support volunteering activities ƄěŪĘǹıŁóØıǹóĘØşěŪěýţȀǹŁşđØĸěţØŪěŁĸţǹØĸùǹđşŁůŜţǿǹDĸǹǑǏǑǓȀǹŪĘýǹ value of our contributions totalled £0.9 million. This is set out òýıŁƄǹØĸùǹùýŪØěıýùǹěĸǹŁůşǹ&ǹůţŪØěĸØòěıěŪƊǹ"ØŪØǺýŜŁşŪǿ DĸǹǑǏǑǓȀǹƄýǹţØƄǹØǹǔǔǹŜýşǹóýĸŪǹěĸóşýØţýǹěĸǹýķŜıŁƊýýǹ volunteering time with local charities. We also increased our ŁƃýşØııǹǇĸØĸóěØıǹóŁķķěŪķýĸŪǹŪŁǹóŁķķůĸěŪƊǹŜØşŪĸýşţǹòƊǹǕǹ per cent. The value of in-kind space provided to charities fell year on year however, due to low vacancy rates limiting the availability of suitable space. DĸǹǑǏǑǓȀǹƄýǹůĸùýşŪŁŁĮǹØǹŪĘŁşŁůđĘǹýƃØıůØŪěŁĸǹŁĐǹŁůşǹóŁķķůĸěŪƊǹ investment activity as a combined business, developing an ůŜùØŪýùǹţŪşØŪýđƊǹŪŁǹşýǈýóŪǹıŁóØıǹĸýýùţǹØĸùǹòýŪŪýşǹķýØţůşýǹ ŁůşǺěķŜØóŪǿ Our approach to community investment DĸǹùýƃýıŁŜěĸđǹŁůşǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹƄýǹ undertook a local needs analysis through engagement with key local stakeholders including Camden and Westminster councils, the Department for Work and Pensions and amenity societies. ĘěţǹşýƃěýƄȀǹıýùǹòƊǹŁůşǹùýùěóØŪýùǹŁķķůĸěŪƊǹ]ØĸØđýşȀǹØıţŁǹ considered the activity of our peers, customers and supply chain to identify areas of best practice and opportunities for collaboration. Through structured interviews and workshops ƄěŪĘǹýķŜıŁƊýýţȀǹƄýǹƃØıěùØŪýùǹǇĸùěĸđţǹěùýĸŪěǇýùǹŪĘşŁůđĘǹŁůşǹ local needs analysis, these are central to our approach to the ĸýƉŪǹǇƃýǹƊýØşţǿǹ For 2025-2028, our primary strategic focus will be supporting ıŁóØıǹýķŜıŁƊķýĸŪȀǹŪĘýǹØşýØǹěùýĸŪěǇýùǹØţǹķŁţŪǹşýıýƃØĸŪǹŪŁǹ our local communities and where, through partnerships and collaboration, we have an opportunity to create the greatest impact. We continue to build long-term relationships that maximise the value generated for the local community from our ŁƄĸǹşýţŁůşóýţǹØĸùǹěĸǈůýĸóýǿǹ ©ýǹĘØƃýǹØǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ9ŁşůķǹȡȩD9ȪȢǹƄĘěóĘǹěţǹ responsible for overseeing our programme of community ěĸƃýţŪķýĸŪǹěĸǹıěĸýǹƄěŪĘǹŁůşǹĐŁóůţǹØşýØţǿǹĘýǹD9ǹóŁķŜşěţýţǹ employees from across the business and is chaired by our AýØùǹŁĐǹůţŪØěĸØòěıěŪƊǿǹDŪǹýĸØòıýţǹůţǹŪŁǹşýƃěýƄǹŁůşǹóŁķķůĸěŪƊǹ investments and consider applications to our community grants fund in a fair and consistent manner. 9şŁķǹRØĸůØşƊǹǑǏǑǔȀǹŁůşǹŪĘşýýțƊýØşǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ ŪşØŪýđƊǹěĸóıůùýţǹŪşěØııěĸđǹŪĘýǹĘýķýţȀǹfůŪóŁķýţǹØĸùǹ]ýØţůşýţǹ ţƊţŪýķǹȡȩf]ţȪȢǿǹĘýǹf]ţǹţƊţŪýķǹěţǹƄěùýıƊǹşýóŁđĸěţýùǹØţǹŪĘýǹ best standard for measuring social impact, and adopting the system will enable us to accurately measure our investment ØĸùǹØóŪěŁĸţȀǹşýŜŁşŪěĸđǹŪĘýǹţŁóěØıǹƃØıůýǺóşýØŪýùǿǹ 97Shaftesbury Capital PLC | 2024 Annual Report Education and employment We have continued to invest in education and employment programmes supporting a range of charities, organisations and groups across Camden and Westminster. During the year, we hosted paid internships and work placements for 13 young people through a range of ŜşŁđşØķķýţǹěĸóıůùěĸđǹǐǏȀǏǏǏǹıØóĮǹDĸŪýşĸţǹØĸùǹŪĘýǹýØùěĸđǹ Real Estate Foundation. One person undertaking an internship secured permanent employment with the business following their successful placement. Our annual programme with the University of Westminster continues to support a student from a disadvantaged economic background studying the Real Estate BSc (Hons) course with a bursary. The bursary covers tuition fees and maintenance costs, enabling the student to focus on their studies and future óØşýýşǹƄěŪĘŁůŪǹŪĘýǹòůşùýĸǹŁĐǹǇĸØĸóěØıǹţŪşýţţǿ Our support to primary and secondary schools has continued ŪĘşŁůđĘŁůŪǹǑǏǑǓȀǹŪĘşŁůđĘǹƃØşěŁůţǹŜşŁĪýóŪţǹØĸùǹěĸěŪěØŪěƃýţǿǹ Primary school students at Gateway Academy in Westminster ŪŁŁĮǹŜØşŪǹěĸǹØǹŜşŁĪýóŪǹŪĘşŁůđĘǹŁůşǹŜØşŪĸýşţĘěŜǹƄěŪĘǹ:ŁǹWěƃýǹ ĘýØŪşýǹşŁĪýóŪţǿǹĘýǹŜşŁĪýóŪǹýĸđØđýùǹǗǔǹƊýØşǹǇƃýǹţŪůùýĸŪţǹ ŪŁǹùýƃýıŁŜǹØǹşØùěŁǹŜıØƊǹòØţýùǹŁĸǹýŞůěŪƊǹŪŁǹşýǈýóŪǹŪĘýǹţóĘŁŁıȬţǹ ùěƃýşţýǹŜŁŜůıØŪěŁĸȀǹěĸóşýØţěĸđǹŜůŜěıţȬǹóŁĸǇùýĸóýȀǹıěţŪýĸěĸđǹţĮěııţǹ and ability to work as part of a team. Additionally, our support ŪŁǹýĸƃěşŁĸķýĸŪØıǹýùůóØŪěŁĸǹóĘØşěŪƊǹýóŁD¨&ǹýĸØòıýùǹŁƃýşǹ 100 students at St Joseph’s Catholic and St Clement Danes primary schools in Westminster to participate in workshops educating pupils on the importance of sustainability, reducing plastic waste and recycling. As a result of our funding 41 students at two secondary ţóĘŁŁıţǹĘØƃýǹòýĸýǇŪýùǹĐşŁķǹŪØĮěĸđǹŜØşŪǹěĸǹŪĘýǹşòØĸǹWØĸùǹ DĸţŪěŪůŪýǹşòØĸǹıØĸǹŜşŁđşØķķýȀǹƄĘěóĘǹýĸđØđýùǹŜůŜěıţǹěĸǹØǹ workshop to understand the role real estate plays in reviving and regenerating urban areas. Our employees have also volunteered in the programme to support the workshops, ŁǄýşěĸđǹØùƃěóýȀǹØĸùǹţĘØşěĸđǹŪĘýěşǹýƉŜýşŪǹĐýýùòØóĮǿǹ We continue to partner with the Young Westminster 9ŁůĸùØŪěŁĸǹØĸùǹǑțǒǹ"ýđşýýţǹŪŁǹţůŜŜŁşŪǹ]ØţŪýşěĸđǹ]Ɗǹ Future, an employability programme that empowers young people through workshops, mentoring, and connections with ŜşŁĐýţţěŁĸØıţǹŪŁǹĘýıŜǹŪĘýķǹĐůıǇıǹŪĘýěşǹŜŁŪýĸŪěØıǿ Tackling homelessness AŁķýıýţţĸýţţǹóŁĸŪěĸůýţǹŪŁǹØǄýóŪǹŪĘýǹıěƃýţǹŁĐǹţŁķýǹŁĐǹŪĘýǹķŁţŪǹ vulnerable people in our local community. During 2024, we have continued to support several homeless charities across Camden and Westminster, re-aligning our focus towards initiatives that provide skills training to help individuals experiencing homelessness secure employment and break ŪĘýǺóƊóıýǿǹ 9ŁşǹýƉØķŜıýȀǹŁůşǹǇĸØĸóěØıǹţůŜŜŁşŪǹŪŁǹěĸđıýǹAŁķýıýţţǹşŁĪýóŪǹ supports the Comeback Kitchen, enabling its clients to participate in a six-week programme in a commercial kitchen. During the programme, participants learn practical cooking ţĮěııţǹØĸùǹŁòŪØěĸǹóýşŪěǇóØŪýţǹěĸǹĐŁŁùǹţØĐýŪƊȀǹĘƊđěýĸýǹØĸùǹĐŁŁùǹ and catering to equip them for further training or employment. We have provided funding to homelessness charity Depaul ŪŁǹĐůııƊǹşýĐůşòěţĘǹØĸǹŁůŪùØŪýùǹDǹţůěŪýǹØŪǹŁĸýǹŁĐǹěŪţǹţůŜŜŁşŪýùǹ accommodation properties in Westminster. The refurbished DǹţůěŪýǹƄěııǹýĸØòıýǹǐǑǹƊŁůĸđǹŜýŁŜıýǹıěƃěĸđǹěĸǹŪĘýǹŜşŁŜýşŪƊǹŪŁǹ òýĸýǇŪǹĐşŁķǹØǹşØĸđýǹŁĐǹóıØţţýţǹěĸóıůùěĸđǹ¨ǹŜşýŜØşØŪěŁĸȀǹDǹ training and skills development. AŁķýıýţţĸýţţǹóĘØşěŪƊǹĘýǹŁĸĸýóŪěŁĸǹØŪǹŪǹ]ØşŪěĸȬţǹóŁĸŪěĸůýţǹ ŪŁǹţýýǹØǹţěđĸěǇóØĸŪǹěĸóşýØţýǹěĸǹĘŁķýıýţţĸýţţǹØĸùǹùýķØĸùǹ for its services. Our long-standing partnership continued in 2024, with a donation to The Connection’s women’s homeless service, which assists women and non-binary people who are homeless, including by providing advice, shelter, and essential items. Our employees volunteered with the charity over the course of the year, for example by serving food to people who are rough-sleeping and supporting classes to teach basic English to refugees and asylum seekers. Community support Across Camden and Westminster, we continue to contribute to ØǹşØĸđýǹŁĐǹóĘØşěŪěýţǹØĸùǹđşŁůŜţǹùýıěƃýşěĸđǹŜşŁĪýóŪţǹŪŁǹţůŜŜŁşŪǹ some of the boroughs’ most vulnerable residents. These include the Covent Garden Community Centre, North Paddington Food Bank and London Chinese Community Centre. As a responsible and community-focused West End business, we also support events in the local area that contribute to a strong and cohesive community. These include the annual Soho Village Fete and Covent Garden Remembrance Day event. Our employees remained committed to supporting the local community through fundraising campaigns with charities and groups throughout the year. Recognising the valuable work of food banks, as part of the National Food Bank Day 2024, employees donated food items which were distributed to şýţěùýĸŪţǹýƉŜýşěýĸóěĸđǹǇĸØĸóěØıǹěĸţýóůşěŪƊǹòƊǹŪĘýǹŁƃýĸŪǹ Garden Pantry, a local food bank. A similar campaign during the Christmas period for The Abbey Centre, which supports disadvantaged households, resulted in Christmas gift donations for individuals who would not normally receive a gift over the ĐýţŪěƃýǹŜýşěŁùǿǹDĸǹıěĸýǹƄěŪĘǹŁůşǹ"ŁĸØŪěŁĸǹ]ØŪóĘǹ9ůĸùǹŁıěóƊȀǹŪĘýǹ value of all donations was matched by the business. ŁķķůĸěŪƊǹđşØĸŪţǹĐůĸù Our community grants fund provides an opportunity for charities, organisations, and groups operating across Camden and Westminster to apply for funding towards the cost of ŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǿǹ&ØóĘǹŞůØşŪýşȀǹŁůşǹD9ǹķýýŪţǹŪŁǹóŁĸţěùýşǹ and discuss grant applications received during the previous ŞůØşŪýşǿǹ:şØĸŪǹĐůĸùěĸđǹěţǹØƄØşùýùǹŪŁǹŜşŁĪýóŪţǹØĸùǹýƃýĸŪţǹŪĘØŪǹ make a positive impact in our local community. DĸǹǑǏǑǓȀǹŁůşǹD9ǹØƄØşùýùǹǐǘǹđşØĸŪţǹŪŁŪØııěĸđǹɏǗǖȀǓǓǑǹěĸóıůùěĸđǹ donations to London Basketball Association to deliver a development, mentoring and training programme for young people in Westminster, and to FoodCycle London for their Community Café in Camden, which serves meals to local people in need of nutritious food and friendship. In-kind space We have continued our in-kind space programme, providing free or subsidised space to charities and organisations to óşýØŪýǹƃěòşØĸóƊǹØĸùǹŁǄýşǹůĸěŞůýǹýƉŜýşěýĸóýţǹĐŁşǹƃěţěŪŁşţǿǹ Strategic report | Our ESC progress in 2024 98 Shaftesbury Capital PLC | 2024 Annual Report During 2024, employees raised funds for a variety of charities by participating in events such as the annual LandAid Sleep fůŪȀǹşůĸĸěĸđǹŪĘýǹWŁĸùŁĸǹ]ØşØŪĘŁĸǹØĸùǹůĸùýşŪØĮěĸđǹØǹŁůđĘǹ ]ůùùýşǹóĘØııýĸđýǹĐŁşǹěĸđıýǹAŁķýıýţţǹşŁĪýóŪǿǹfůşǹ"ŁĸØŪěŁĸǹ ]ØŪóĘǹ9ůĸùǹŁıěóƊǹóŁĸŪěĸůýţǹŪŁǹţůŜŜŁşŪǹýķŜıŁƊýýţǹƄěŪĘǹŪĘýěşǹ charitable fundraising, with over £7,000 made in matched donations during the year. :ŁěĸđǹĐŁşƄØşù ȟ ţýǹŁůşǹşýĐŁóůţýùǹǑǏǑǔțǑǏǑǗǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹ ŪşØŪýđƊǹŪŁǹşýǇĸýǹŁůşǹěĸƃýţŪķýĸŪǹĐŁóůţǹŪŁǹòýŪŪýşǹØùùşýţţǹ local need ȟ DĸóşýØţýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹŁůşǹţůŜŜıƊǹóĘØěĸǹŪŁǹţůŜŜŁşŪǹ community organisations ȟ Enhanced collaboration with industry peers for greater impact ȟ Publication of a dedicated annual community impact report with case studies and images to showcase our work ȟ Provide more opportunities for employees to contribute to our community investment activity, with all employees expected to commit to at least one day’s volunteering in 2025 ȟ Promote local employment opportunities through partnerships with our supply chain and customers. During 2024 we have provided space for charities and charitable events up to a value of £0.3 million. Our partnership with Smart Works, a UK charity that exists to đěƃýǹůĸýķŜıŁƊýùǹƄŁķýĸǹŪĘýǹóŁĸǇùýĸóýǹŪĘýƊǹĸýýùǹŪŁǹşýØóĘǹ ŪĘýěşǹĐůııǹŜŁŪýĸŪěØıȀǹóŁĸŪěĸůýùǿǹDĸǹ]ØşóĘȀǹƄýǹŜşŁƃěùýùǹØǹŜŁŜțůŜǹ ůĸěŪǹěĸǹóýıýòşØŪěŁĸǹŁĐǹDĸŪýşĸØŪěŁĸØıǹ©ŁķýĸȬţǹ"ØƊǹƄĘěóĘȀǹŪĘşŁůđĘǹ sales, generated an income of £43,000 for the charity. At Covent Garden, we provided stall space within The Apple ]ØşĮýŪǹŪŁǹ©ýţŪķěĸţŪýşǹUěĸđţƄØƊǹŁııýđýǹţŪůùýĸŪţǹŜØşŪěóěŜØŪěĸđǹ ěĸǹȩ]ØĮýşţȪȀǹØǹóĘŁóŁıØŪýțķØĮěĸđǹùýƃýıŁŜķýĸŪǹóŁůşţýǹĐŁóůţýùǹ ŁĸǹěĸóşýØţěĸđǹţĮěııţȀǹóŁĸǇùýĸóýǹØĸùǹýķŜıŁƊØòěıěŪƊǹŜşŁţŜýóŪţǿǹ ¨ŁıůĸŪýýşěĸđǹØĸùǹýķŜıŁƊýýǹ engagement We provide employees with a range of opportunities to undertake meaningful skills-based and physical volunteering ƄěŪĘǹŁůşǹóŁķķůĸěŪƊǹŜØşŪĸýşţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹDĸǹǑǏǑǓȀǹ our employees volunteered 520 hours with charities and organisations to support various events including careers sessions at local schools, decorating and refurbishing temporary accommodation for people experiencing homelessness and serving food to older people at the Seven Dials Lunch Club. This is an increase of 55 per cent compared to 2023 volunteering. Employee fundraising 99Shaftesbury Capital PLC | 2024 Annual Report Culture and values We have a high-performing, professional, inclusive and entrepreneurial culture where creativity and innovation are encouraged and promoted. We provide a collaborative environment where people are inspired to give their best and contribute to the Company’s success. During the year, we held sessions for all employees on our values in action, ensuring everyone treats each other with respect. Employee engagement DĸǹķØĮěĸđǹùýóěţěŁĸţǹěķŜØóŪěĸđǹŁůşǹýķŜıŁƊýýţȀǹƄýǹţýýĮǹ ŪĘýěşǹƃěýƄţǹĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǿǹ©ýǹıØůĸóĘýùǹŁůşǹǇşţŪǹ employee feedback survey since the merger in October, with a response rate of 92 per cent. The overall engagement score was 82 per cent. We are very pleased with this score against the backdrop of the merger, and ØıţŁǹòýĸýǇŪýùǹĐşŁķǹòýěĸđǹØòıýǹŪŁǹůţýǹĐýýùòØóĮǹĐşŁķǹŪĘýǹţůşƃýƊǹ to identify areas where we can seek further enhancement. Our Employee Engagement Forum, attended by a Non- executive Director, met twice in 2024 and again following óŁķŜıýŪěŁĸǹŁĐǹŪĘýǹǇşţŪǹýķŜıŁƊýýǹţůşƃýƊǿǹDĸǹØùùěŪěŁĸȀǹƄýǹĘŁıùǹ regular townhall meetings throughout the year to ensure that our employees are kept updated on business developments. Our Chief Executive also holds regular informal gatherings with employees, which provide a forum for relaying priorities, and allow team members to ask questions. Talent, training and development We regularly undertake succession planning to review our talent pipeline and to ensure individuals are appropriately developed. Our learning and development programmes are designed to strengthen our teams and challenge aspiring leaders. During the year, leadership development programmes were rolled out at various levels: “Driving Value Through Others” for employees in mid-level to senior roles; “Realising ¯ŁůşǹŁŪýĸŪěØıȪǹĐŁşǹĪůĸěŁşǹýķŜıŁƊýýţȂǹØĸùǹØǹŜşŁđşØķķýǹ to increase cross-functional collaboration for the senior leadership team. We make training available to all employees and encourage continued professional development, with 1,900 hours of training undertaken across the Group during 2024. Bespoke coaching programmes are provided to employees, and we sponsor individuals undertaking further professional ŞůØıěǇóØŪěŁĸţȀǹýĸóŁůşØđěĸđǹóŁĸŪěĸůŁůţǹıýØşĸěĸđǿǹŁşýǹţĮěııţǹ training was also run throughout the year covering presentation skills, negotiation skills, personal productivity, and business etiquette and professional communications skills. We aim to promote from within where possible in order to enhance career development and encourage mobility across the Company. Our people and culture When recruiting externally we aim to hire talented individuals who aspire to grow and develop in their careers. We ensure our talent has the skillsets and expertise to advance, and we actively support and encourage professional development through sponsoring employees to complete the Chartered Surveyors Assessment of Professional Competence (“APC”), ØóóŁůĸŪěĸđǹŞůØıěǇóØŪěŁĸţȀǹØĸùǹƃØşěŁůţǹŁŪĘýşǹŞůØıěǇóØŪěŁĸţǿǹ DĸǹǑǏǑǓǹƄýǹşýóşůěŪýùǹŪƄŁǹđşØùůØŪýţǹƄĘŁǹØşýǹĸŁƄǹŜůşţůěĸđǹ ŪĘýǹǺŞůØıěǇóØŪěŁĸǿ Strategic report Our people are key to our success and achieving our purpose. Our values Take a responsible, long-term view We have a responsibility to our multiple stakeholders, our people and our planet. Our decisions are rooted in the lasting impact of our actions to deliver long-term economic and social value. Act with integrity We are a high-performance business and are committed to the highest professional standards, acting with honesty and transparency, and not compromising our integrity. Take a creative approach We strive to be the best at what we do, with a creative and entrepreneurial approach, imagining the art of the possible, to seek opportunities to improve and deliver positive outcomes for our multiple stakeholders. Listen and collaborate We work collaboratively in an environment where everyone has a voice and a part to play and where relationships are based on respect, empathy and trust. We build and develop diverse teams of extraordinary professionals, advocating inclusive and supportive behaviours. ]ØĮýǹØǹùěǄýşýĸóý We engage with stakeholders and aim to make a positive impact through our people, local communities, partnerships and in the great places we curate, invest in and manage. 100 Shaftesbury Capital PLC | 2024 Annual Report ýşĐŁşķØĸóýǹķØĸØđýķýĸŪǹ ĸĸůØıǹŜýşĐŁşķØĸóýǹŁòĪýóŪěƃýţǹĐŁşǹýØóĘǹýķŜıŁƊýýǹØşýǹØđşýýùǹ at the beginning of the calendar year, and performance check- in meetings take place regularly throughout the year. Remuneration We regularly benchmark our approach to remuneration, ŪŁǺýĸţůşýǹŪĘØŪǹƄýǹØşýǹØŜŜşŁŜşěØŪýıƊǹóŁķŜýŪěŪěƃýǹěĸǹŪĘýǹķØşĮýŪǿǹ Our core compensation package comprises base salary, cash bonus linked to Company and personal performance (part of which may be deferred in shares), and discretionary ţĘØşýǺØƄØşùţǿǹ All permanent employees are eligible to receive share awards, so that everyone can participate in the future of the Company. These awards have a three-year performance period and are ţůòĪýóŪǹŪŁǹóŁşŜŁşØŪýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹ ýĸýǇŪţǹ ©ýǹØıţŁǹŁǄýşǹØĸǹØŪŪşØóŪěƃýǹŜØóĮØđýǹŁĐǹØùùěŪěŁĸØıǹòýĸýǇŪţǹŪŁǹ ØııǹŁůşǺŜýşķØĸýĸŪǹýķŜıŁƊýýţǿǹĘýǹŁķŜØĸƊǹŁǄýşţǹØǹŜýĸţěŁĸǹ óŁĸŪşěòůŪěŁĸǹŁĐǺǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǿǹ©ýǹŜşŁƃěùýǹǒǏǹùØƊţȬǹ ØĸĸůØıǹıýØƃýǹØĸùǹŁǄýşǹØǹǈýƉěòıýǹıýØƃýǹŜŁıěóƊǹůĸùýşǹƄĘěóĘǹ employees have the ability to buy and sell up to 10 days’ ĘŁıěùØƊǹýØóĘǹƊýØşǿǹDĸǹØùùěŪěŁĸȀǹƄýǹŜşŁƃěùýǹŜşěƃØŪýǹķýùěóØıǹ insurance, dental insurance and life assurance. Well-being The well-being of our people is of the utmost importance. ©ýǺùýıěƃýşǹØǹıěĐýţŪƊıýǹŜşŁđşØķķýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹĐŁóůţěĸđǹ ŁĸǹǇĸØĸóěØıǹƄýııțòýěĸđȀǹØţǹƄýııǹØţǹòŁŪĘǹŜĘƊţěóØıǹØĸùǹķýĸŪØıǹĘýØıŪĘǿǹ Sessions provided in 2024 covered topics including will-writing, ǇĸØĸóěØıǹĘýØıŪĘȀǹķýĸŪØıǹĘýØıŪĘȀǹķýĸŁŜØůţýǹØĸùǹķýĸȬţǹĘýØıŪĘǿǹ ĘýǹŁķŜØĸƊǹŁǄýşţǹŪĘýǹ:ƊķǈýƉǹØĸùǹƊóıýǹŪŁǹ©ŁşĮǹţóĘýķýţȀǹ ØĸùǺŜşŁƃěùýùǹĐşýýǹƊŁđØǹóıØţţýţǹĐŁşǹýķŜıŁƊýýţǹùůşěĸđǹŪĘýǹƊýØşȀǹ to support physical and mental well-being. ĘýǹŁķŜØĸƊǹØıţŁǹķØĮýţǹØĸĸůØıǹǈůǹƃØóóěĸØŪěŁĸţǹØƃØěıØòıýǹŪŁǹ all employees, and an annual steps challenge takes place in October to encourage employees to get active. Diversity, equity and inclusion We believe that every person in the Company has a part to ŜıØƊǹěĸǹđýĸýşØŪěĸđǹƃØıůýȀǹØĸùǹƄýǹůĸùýşţŪØĸùǹĐůııƊǹŪĘýǹòýĸýǇŪţǹ of a diverse workforce. Diversity is considered when making ØŜŜŁěĸŪķýĸŪţǹØŪǹØııǹıýƃýıţȀǹØĸùǹØĸǹěĸóıůţěƃýǹØĸùǺùěƃýşţýǹóůıŪůşýǹ forms part of our values. fůşǹķØŪýşĸěŪƊǹØĸùǹţĘØşýùǹŜØşýĸŪØıǹıýØƃýǹòýĸýǇŪţǹýØóĘǹŜØƊǹ six months’ full salary, and employees are able to take up to ǔǑǹƄýýĮţȬǹŜØşýĸŪØıǹıýØƃýȀǹţůòĪýóŪǹŪŁǹŞůØıěĐƊěĸđǹŜýşěŁùţǹØĸùǹ statutory rules. We recently reviewed our policies to ensure we continue to be an inclusive and supportive employer and introduced a number of new policies. This included enhancing our paternity leave policy up to 12 weeks’ leave, and the introduction of an assisted conception policy, foster care ıýØƃýȀǹĸýŁĸØŪØıǹıýØƃýǹØĸùǹǈýƉěòıýǹŜýşţŁĸØıǹıýØƃýǿǹ We hosted sessions to engage and educate our employees on topics such as neurodiversity and menopause and have policies covering these areas. We also celebrated Pride month with 9şýýĘŁıùȀǹŪĘýǹĸýŪƄŁşĮěĸđǹĐŁşůķǹĐŁşǹW:DɓǹŜşŁĐýţţěŁĸØıţǹ in the built environment. We support a number of initiatives which aim to increase diversity within the property industry, including being a ķýķòýşǹŁĐǹŪĘýǹ&ķŜıŁƊýşţǹ^ýŪƄŁşĮǹĐŁşǹ&ŞůØıěŪƊǹȺǹDĸóıůţěŁĸǹ ȡȩ&^&DȪȢȀǹØǹķýķòýşǹŁĐǹýØıǹ&ţŪØŪýǹØıØĸóýȀǹØǹķýķòýşǹŁĐǹşòØĸǹ WØĸùǹDĸţŪěŪůŪýǹȡȩWDȪȢȀǹØǹţŜŁĸţŁşǹŁĐǹŪĘýǹýØùěĸđǹýØıǹ&ţŪØŪýǹ 9ŁůĸùØŪěŁĸǹØĸùǹØǹţůŜŜŁşŪýşǹŁĐǹŪĘýǺØŪĘƄØƊţǹŪŁǹşŁŜýşŪƊǹƄŁşĮǹ ýƉŜýşěýĸóýǹŜşŁđşØķķýǿǹ©ýǺØşýǹØǹóŁşŜŁşØŪýǹķýķòýşǹŁĐǹŪĘýǹ British Property Federation (“BPF”) and support the BPF’s Futures programme. We are a corporate sponsor of Freehold, ØĸùǹØǹóŁşŜŁşØŪýǹķýķòýşǹŁĐǹòěıěŪƊ&ǹØĸùǹŪĘýǺůţěĸýţţǹ Disability Forum. ©ýǹƄŁşĮǹƄěŪĘǹěĸěŪěØŪěƃýţǹěĸóıůùěĸđǹǐǏȀǏǏǏǹıØóĮǹDĸŪýşĸţǹØĸùǹ ǐǏȀǏǏǏǹòıýǹDĸŪýşĸţȀǹØĸùǹŪĘýǹţŁóěØıǹķŁòěıěŪƊǹóĘØşěŪƊǹŜýØóĘȀǹ to provide work experience placements to students. We are also an active supporter of the Reading Real Estate Foundation’s Access programme, which aims to provide work experience to students from underprivileged backgrounds, and we have sponsored a scholar studying Real Estate at the University of Westminster, by funding fees and a bursary, together with work experience. A summary of the Company’s gender diversity is set out on pageȄ130. 101Shaftesbury Capital PLC | 2024 Annual Report AýØıŪĘȀǹţØĐýŪƊǹ and security 102 Shaftesbury Capital PLC | 2024 Annual Report We seek to attain the highest standards of health, safety and security. 2024 achievements ȟ DķŜıýķýĸŪýùǹŪĘýǹǇĸùěĸđţǹŁĐǹŪĘýǹěĸùýŜýĸùýĸŪǹşýƃěýƄǹŁĐǹ ŁůşǹfóóůŜØŪěŁĸØıǹAýØıŪĘǹȺǹØĐýŪƊǹ]ØĸØđýķýĸŪǹƊţŪýķǹ ȡȩfA]ȪȢǹóØşşěýùǹŁůŪǹěĸǹǑǏǑǒǹØĸùȀǹØţǹØǹşýţůıŪȀǹØǹşýƃěţýùǹ fA]ǹŪĘØŪǹķýýŪţǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹDfǹǓǔǏǏǐȀǹŪĘýǹ relevant internationally recognised standard, was approved. ȟ Completed Building Safety Cases for the 15 registered Higher-risk Buildings where the Company is Principal Accountable Person, to ensure compliance with the new requirements arising from the Building Safety Act 2022. ȟ DĸóşýØţýùǹŁůşǹĐŁóůţǹŁĸǹĸýØşțķěţţǹşýŜŁşŪěĸđǹØóşŁţţǹŪĘýǹ property portfolio, to prioritise the continual improvement of health and safety standards among all relevant stakeholders. ȟ DĸŪşŁùůóýùǹđşýØŪýşǹóŁĸţěţŪýĸóƊǹŁĐǹŜşŁŜýşŪƊǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹ compliance monitoring and reporting, across both our in- house and third-party managed destinations. 2025 commitments ȟ Continue to meet high standards of health, safety and security in our activities, at our buildings, on our construction ŜşŁĪýóŪţǹØĸùǹěĸǹŁůşǹŁǅóýţǿ ȟ 9ůııǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹşýƃěţýùǹfA]ȀǹƄěŪĘǹØǹŜØşŪěóůıØşǹ focus on the training of in-house personnel to be health and safety advocates in everything they do. ȟ Work with supply chain partners to adopt the Shaftesbury Capital Client Health & Safety Standards produced as part ŁĐǹŪĘýǹşýƃěţýùǹfA]ǿ ȟ ůòķěŪǹØŜŜıěóØŪěŁĸţǹĐŁşǹůěıùěĸđǹţţýţţķýĸŪǹýşŪěǇóØŪýţǹ for the registered Higher-risk Buildings to the Building Safety Regulator ("Regulator") when required to do so, and otherwise work proactively with the Regulator and London Fire Brigade. Governance The Board maintains overall responsibility for our health and safety strategy and its delivery and leads a health and safety- aware culture, which is embedded in the Company. This ensures that health, safety and security are considered in our decision-making across our portfolio and are embedded in the actions we take. Our Health & Safety Committee (the “H&S Committee”), chaired by the General Counsel and attended by the Chief Executive, oversees our approach to the health and safety strategy and ţŪØŪůŪŁşƊǹóŁķŜıěØĸóýǿǹĘýǺAȺǹŁķķěŪŪýýǹěţǹţůŜŜŁşŪýùǹòƊǹ health and safety leadership teams (“HSLTs“), which cover ţŜýóěǇóǹòůţěĸýţţǹØşýØţǹØĸùǹķýýŪǹşýđůıØşıƊǹŪŁǹýĸţůşýǹŪĘØŪǹ our health and safety commitments are met at operational level. The HSLTs report to the H&S Committee, which in turn reports to the Board. Health and safety is reported upon and considered at each formal Board meeting. Ensuring our standards are met We focus on visible health and safety leadership and use formal and informal Director and senior management tours, and the on-site presence of our teams, to monitor health and safety across our destinations. This is supported by regular detailed health and safety inspections. We closely monitor health and safety performance. During 2024, a Head of Health & Safety was appointed to give the Group a dedicated, full-time in-house resource to promote sector best practice across the business operations and also by supply chain partners. As part of this, consistent health and safety compliance recording and reporting was introduced across the property portfolio, with performance reviewed ĐŁşķØııƊǹýƃýşƊǹķŁĸŪĘǹØĸùǺŞůØşŪýşǿ We are members of the Considerate Constructors Scheme Client Partnership and the Construction Clients Leadership Group. Our pre-tender documentation for contractors includes health, safety and security standards and compliance is ķŁĸěŪŁşýùǹòƊǹţěŪýǹØĸùǹŜşŁĪýóŪǺķØĸØđýşţǿ ØĐýŪƊǹØĸùǹţýóůşěŪƊ ĘýǹţØĐýŪƊǹŁĐǹŪĘŁţýǹƄĘŁǹƃěţěŪǹØĸùǹýĸĪŁƊǹŁůşǹùýţŪěĸØŪěŁĸţǹ ěţǹĐůĸùØķýĸŪØıǿǹ©ýǹĘØƃýǹØǹǈýƉěòıýǹţýóůşěŪƊǹţŪşØŪýđƊǹƄĘěóĘǹ enables us to respond quickly to changing demands across our portfolio, to ensure that the appropriate security provision is maintained and scaled up when needed. Training Relevant role-dependent health and safety training is provided to all employees, with a combination of third-party and in- house-delivered training taking place on an ongoing basis. Reporting DĸǹǑǏǑǓǹŪĘýşýǹƄýşýǹĸŁǹţýşěŁůţǹØóóěùýĸŪţȀǹĸŁǹóØţýţǹŁĐǹ occupational disease and no serious work-related incidents reportable to any statutory authorities involving our employees ØşěţěĸđǹĐşŁķǹŁůşǹòůţěĸýţţǹØóŪěƃěŪěýţǿǹDĸǹØùùěŪěŁĸȀǹĸŁǹţěđĸěǇóØĸŪǹ security incidents occurred. 103Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report 104 Shaftesbury Capital PLC | 2024 Annual Report 105 Corporate governance report Jonathan is responsible for the leadership of the ŁØşùȀǹýĸţůşěĸđǹěŪţǹýǄýóŪěƃýĸýţţǹØĸùǹţýŪŪěĸđǹěŪţǹ agenda. ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ Jonathan joined the Shaftesbury Capital Board ěĸǹ]ØşóĘǹǑǏǑǒǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹòýŪƄýýĸǹ ĘØĐŪýţòůşƊǹØĸùǹØŜóŁǿǹşěŁşǹŪŁǹŪĘýǹķýşđýşȀǹ RŁĸØŪĘØĸǹƄØţǹĘØěşķØĸǹŁĐǹĘØĐŪýţòůşƊȀǹĘØƃěĸđǹ ĪŁěĸýùǹěĸǹǑǏǐǕǿǹRŁĸØŪĘØĸǹĘØţǹŁƃýşǹǑǖǹƊýØşţȬǹ ýƉŜýşěýĸóýǹŁĐǹŜůòıěóǹóŁķŜØĸƊǹòŁØşùţǹØĸùǹŪĘýěşǹ ŁŜýşØŪěŁĸţǹØĸùǹƄØţǹŜşýƃěŁůţıƊǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǹØĸùǹĘØěşǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŁĐǹ :şýØŪǹŁşŪıØĸùǹ&ţŪØŪýţǹŜıóȀǹD:ǹŜıóǹØĸùǹ"ǹķěŪĘǹ ŜıóǿǹAýǹƄØţǹØıţŁǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹŁĐǹ :şýØŪǹŁşŪıØĸùǹ&ţŪØŪýţǹŜıóǹØĸùǹ"ǹķěŪĘǹŜıóǿǹşěŁşǹ ŪŁǹŪĘěţȀǹRŁĸØŪĘØĸǹƄØţǹǇĸØĸóýǹùěşýóŪŁşǹŁĐǹAØĸţŁĸǹ ŜıóǹØĸùǹŁĐǹfıùǹ]ůŪůØıǹŜıóǿǹRŁĸØŪĘØĸǹĘØţǹŁƃýşǹ ǑǐǹƊýØşţǹŁĐǹýƉŜýşěýĸóýǹěĸǹŪĘýǹŜşŁŜýşŪƊǹţýóŪŁşǹ ØĸùǹěţǹØǹķýķòýşǹŁĐǹŪĘýǹDĸţŪěŪůŪýǹŁĐǹĘØşŪýşýùǹ óóŁůĸŪØĸŪţǹěĸǹ&ĸđıØĸùǹØĸùǹ©ØıýţǹØĸùǹØǹĐýııŁƄǹ ŁĐǹŪĘýǹţţŁóěØŪěŁĸǹŁĐǹŁşŜŁşØŪýǹşýØţůşýşţǿǹ RŁĸØŪĘØĸȬţǹóŁĸţěùýşØòıýǹóŁķķýşóěØıǹØĸùǹ ŁØşùǹýƉŜýşěýĸóýǹØĸùǹĘěţǹŁòĪýóŪěƃýǹĪůùđýķýĸŪǹ ýĸØòıýǹĘěķǹŪŁǹŜşŁƃěùýǹóŁĸţŪşůóŪěƃýǹıýØùýşţĘěŜȀǹ óĘØııýĸđýǹØĸùǹţůŜŜŁşŪǹŪŁǹŪĘýǹŁØşùǹØĸùǹƄěùýşǹ òůţěĸýţţǹĐŁşǹŪĘýǹòýĸýǇŪǹŁĐǹØııǹţŪØĮýĘŁıùýşţǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ ĘØěşķØĸǹŁĐǹDòţŪŁóĮǹŜıóǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ ǑǏǑǒ DØĸǹıýØùţǹĘØĐŪýţòůşƊǹØŜěŪØıȀǹţĘØŜýţǹěŪţǹ ţŪşØŪýđƊǹØĸùǹùşěƃýţǹěŪţǹŜýşĐŁşķØĸóýǿ ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ DØĸǹĘØţǹŁƃýşǹǒǗǹƊýØşţȬǹýƉŜýşěýĸóýǹěĸǹđıŁòØıǹ şýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪȀǹùýƃýıŁŜķýĸŪȀǹØţţýŪǹ ØĸùǹóŁşŜŁşØŪýǹķØĸØđýķýĸŪȀǹØĸùǹýƉŪýĸţěƃýǹ ýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹWŁĸùŁĸǹ ŜşŁŜýşŪƊǹķØşĮýŪȀǹĘØƃěĸđǹŜşýƃěŁůţıƊǹòýýĸǹĘěýĐǹ &ƉýóůŪěƃýǹŁĐǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ ȡȩØŜóŁȪȢǹţěĸóýǹØŜóŁȬţǹěĸóýŜŪěŁĸǹěĸǹǑǏǐǏǿǹDØĸǹ ƄØţǹŜşýƃěŁůţıƊǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹAŁĸđĮŁĸđǹ WØĸùǹWŪùǹØĸùǹWěòýşŪƊǹDĸŪýşĸØŪěŁĸØıǹWǿǹDØĸǹěţǹØǹ óĘØşŪýşýùǹţůşƃýƊŁşǹØĸùǹØǹķýķòýşǹŁĐǹıýØùěĸđǹ international industry bodies. DØĸȬţǹØòěıěŪƊǹŪŁǹţĘØŜýǹţŪşØŪýđƊȀǹùşěƃýǹýƉŜØĸţěŁĸǹ ØĸùǹýıýƃØŪýǹŜýşĐŁşķØĸóýȀǹØıŁĸđţěùýǹĘěţǹ ýƉŪýĸţěƃýǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹđıŁòØıǹşýØıǹýţŪØŪýǹ ěĸùůţŪşƊȀǹěţǹěĸƃØıůØòıýǹŪŁǹŪĘýǹŁķŜØĸƊǿǹDØĸɻţǹěĸț ùýŜŪĘǹĮĸŁƄıýùđýǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹŪĘýǹţýóŪŁşǹ ýĸØòıýǹĘěķǹŪŁǹŜşŁƃěùýǹòşŁØùǹıýØùýşţĘěŜǹŁĐǹŪĘýǹ òůţěĸýţţǹěĸŪýşĸØııƊǹØĸùǹýƉŪýşĸØııƊȀǹěĸóıůùěĸđǹ ùýţěđĸǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ strategy and business plans and their óŁķķůĸěóØŪěŁĸǹŪŁǹØǹƄěùýǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹ DØĸǹØıţŁǹýĸţůşýţǹŪĘØŪǹŪĘýǹŁķŜØĸƊɻţǹŜůşŜŁţýǹ ØĸùǹƃØıůýţǹØşýǹýķòýùùýùǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ ØĸùǹØşýǹşýǈýóŪýùǹěĸǹŪĘýǹŁķŜØĸƊɻţǹóůıŪůşýǿǹ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹĘØĸóýşƊđØŪýǹWěķěŪýùǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ 2010 ěŪůıǹıýØùţǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹǇĸØĸóýǹĐůĸóŪěŁĸǹ ØĸùǹƄŁşĮţǹóıŁţýıƊǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹŁĸǹ ţŪşØŪýđƊȀǹóØŜěŪØıǹØııŁóØŪěŁĸȀǹěĸƃýţŪķýĸŪǹØĸùǹ ĮýƊǹŪşØĸţØóŪěŁĸţǿ ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹóŁĸŪşěòůŪěŁĸ ěŪůıǹĪŁěĸýùǹØŜóŁǹěĸǹǑǏǐǓǹØĸùǹůĸùýşŪŁŁĮǹØǹ ĸůķòýşǹŁĐǹţýĸěŁşǹşŁıýţǹØóşŁţţǹŪĘýǹòůţěĸýţţǹ òýĐŁşýǹòýěĸđǹØŜŜŁěĸŪýùǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹěĸǹ ǑǏǐǖǿǹAýǹěţǹØĸǹýƉŜýşěýĸóýùǹóŁşŜŁşØŪýǹǇĸØĸóěýşȀǹ ĘØƃěĸđǹŜşýƃěŁůţıƊǹƄŁşĮýùǹěĸǹķýşđýşţǹØĸùǹ ØóŞůěţěŪěŁĸţȀǹýŞůěŪƊǹóØŜěŪØıǹķØşĮýŪţȀǹóŁşŜŁşØŪýǹ òşŁĮěĸđǹØĸùǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹòØĸĮěĸđȀǹ ěĸóıůùěĸđǹǐǒǹƊýØşţǹØŪǹ"ýůŪţóĘýǹØĸĮǿǹ ěŪůıȬţǹţěđĸěǇóØĸŪǹýƉŜýşěýĸóýǹŁĐǹóŁķķýşóěØıǹ ØĸùǹǇĸØĸóěØıǹķØĸØđýķýĸŪȀǹóŁşŜŁşØŪýǹǇĸØĸóýȀǹ óØŜěŪØıǹķØşĮýŪţȀǹěĸƃýţŪķýĸŪȀǹşýØıǹýţŪØŪýǹØĸùǹ ţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹØşýǹĮýƊǹŪŁǹĘěţǹşŁıýǹØĸùǹ ŪĘýǹùýƃýıŁŜķýĸŪǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ :şŁůŜȬţǹţŪşØŪýđƊǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹ©AǹķěŪĘǹWǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ ǑǏǐǖ Jonathan Nicholls ĘØěşķØĸ Ian Hawksworth ĘěýĐǹ&ƉýóůŪěƃý Situl Jobanputra ĘěýĐǹ9ěĸØĸóěØıǹfǅóýş Board of Directors 106 Shaftesbury Capital PLC | 2024 Annual Report Ruth joined the Shaftesbury Capital ŁØşùǹěĸǹ]ØşóĘǹǑǏǑǒǹĐŁııŁƄěĸđǹŪĘýǹ ķýşđýşǹòýŪƄýýĸǹĘØĐŪýţòůşƊǹØĸùǹ ØŜóŁǿǹşěŁşǹŪŁǹŪĘýǹķýşđýşȀǹůŪĘǹ ƄØţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǹØĸùǹĘØěşǹŁĐǹŪĘýǹůùěŪǹ ŁķķěŪŪýýǹØŪǹĘØĐŪýţòůşƊȀǹĘØƃěĸđǹ ĪŁěĸýùǹěĸǹǑǏǑǏǿǹůŪĘǹƄØţǹŜşýƃěŁůţıƊǹ Øǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹØĸùǹ ĘØěşǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØŪǹ fóØùŁǹ:şŁůŜǹŜıóȀǹşØƃěţǹýşĮěĸţǹ ŜıóȀǹŁØŪţǹ:şŁůŜǹŜıóǹØĸùǹŪĘýǹŁƊØıǹ ØşĮţǿǹůŪĘǹĘØţǹŁƃýşǹǒǏǹƊýØşţȬǹ ýƉŜýşěýĸóýǹØùƃěţěĸđǹUǹØĸùǹđıŁòØıǹ òůţěĸýţţýţǹØĸùǹƄØţǹƄěŪĘǹU]:ǹĐŁşǹ ǒǒǹƊýØşţȀǹƄĘýşýǹţĘýǹƄØţǹØǹŜØşŪĸýşǹ ĐŁşǹǑǏǹƊýØşţǹØĸùǹØǹķýķòýşǹŁĐǹ ŪĘýǹUǹòŁØşùǹĐŁşǹţěƉǹƊýØşţǿǹůŪĘǹ ěţǹØǹķýķòýşǹŁĐǹŪĘýǹDĸţŪěŪůŪýǹŁĐǹ ĘØşŪýşýùǹóóŁůĸŪØĸŪţǹěĸǹ&ĸđıØĸùǹ Øĸùǹ©Øıýţǿ ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ óŁĸŪşěòůŪěŁĸ ůŪĘȬţǹĮĸŁƄıýùđýǹđØěĸýùǹŁƃýşǹǒǏǹ ƊýØşţȬǹØùƃěţěĸđǹđıŁòØıǹòůţěĸýţţýţȀǹ ŪŁđýŪĘýşǹƄěŪĘǹŁƃýşǹǐǔǹƊýØşţȬǹ ýƉŜýşěýĸóýǹŁĸǹŜůòıěóǹóŁķŜØĸƊǹ òŁØşùţȀǹýĸØòıýǹĘýşǹŪŁǹŜşŁƃěùýǹ ƃØıůØòıýǹěĸŜůŪǹØĸùǹóĘØııýĸđýǹěĸǹ ŁØşùǹØĸùǹŁķķěŪŪýýǹùěţóůţţěŁĸţǹ ØĸùǹŪŁǹóĘØěşǹýǄýóŪěƃýıƊǹŪĘýǹ ŁķŜØĸƊȬţǹůùěŪǹŁķķěŪŪýýǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹŁĐǹ &¯ǹUǹØĸùǹĘØěşǹŁĐǹŪĘýěşǹUǹůùěŪǹ Board. ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ ǑǏǑǒ Madeleine joined the Shaftesbury Capital Board in August 2024 as ØĸǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǿǹ]ØùýıýěĸýǹƄØţǹ]ØĸØđěĸđǹ "ěşýóŪŁşǹØĸùǹýđěŁĸØıǹAýØùȀǹ&ůşŁŜýǹ ØŪǹ:DǹýØıǹ&ţŪØŪýǹĐşŁķǹǑǏǐǕǹůĸŪěıǹ ǑǏǑǐǿǹ]ØùýıýěĸýǹĪŁěĸýùǹ:Dǹěĸǹǐǘǘǘǹ ØĸùǹŜşýƃěŁůţıƊǹĘýıùǹşŁıýţǹØŪǹRWWǹ ěĸǹƃØıůØŪěŁĸȀǹĐůĸùǹķØĸØđýķýĸŪȀǹ ıýØţěĸđǹØĸùǹùýƃýıŁŜķýĸŪǹěĸǹ WŁĸùŁĸǹØĸùǹƊùĸýƊǿǹ]Øùýıýěĸýǹ ěţǹØǹóĘØşŪýşýùǹţůşƃýƊŁşǿ ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ óŁĸŪşěòůŪěŁĸ ]ØùýıýěĸýǹĘØţǹýƉŪýĸţěƃýǹ ýƉŜýşěýĸóýǹƄěŪĘěĸǹŪĘýǹŜşŁŜýşŪƊǹ ěĸùůţŪşƊǿǹ]ØùýıýěĸýȬţǹěĸțùýŜŪĘǹ ĮĸŁƄıýùđýǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹţýóŪŁşǹ ØĸùǹýƉŜýşěýĸóýǹØţǹØǹĸŁĸțýƉýóůŪěƃýǹ ùěşýóŪŁşǹýĸØòıýǹĘýşǹŪŁǹòşěĸđǹ ƃØıůØòıýǹěĸţěđĘŪǹŪŁǹŁØşùǹØĸùǹ ŁķķěŪŪýýǹùěţóůţţěŁĸţǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹWØĸùǹ ýóůşěŪěýţǹ:şŁůŜǹWȀǹěĸùýŜýĸùýĸŪǹ ķýķòýşǹŁĐǹŪĘýǹ&ǹD]ǹ&]&ǹ DĸƃýţŪķýĸŪǹŁķķěŪŪýýȀǹØĸùǹ ţýĸěŁşǹØùƃěţŁşǹŪŁǹD:ǹýØıǹ&ţŪØŪýǿǹ ]ØùýıýěĸýǹØıţŁǹĘØţǹķýĸŪŁşěĸđǹ şŁıýţǹƄěŪĘǹıĸŪŁĸěƃýşţěŪƊǹØĸùǹ:D^ǹ ȡ:ěşıţǹşýǹDĸƃýţŪŁşţȢǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ 2024 ěóĘØşùǹĪŁěĸýùǹŪĘýǹĘØĐŪýţòůşƊǹ ØŜěŪØıǹŁØşùǹěĸǹ]ØşóĘǹǑǏǑǒǹ ØţǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹ ĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹòýŪƄýýĸǹ ĘØĐŪýţòůşƊǹØĸùǹØŜóŁǿǹşěŁşǹŪŁǹ ŪĘýǹķýşđýşȀǹěóĘØşùǹƄØţǹýĸěŁşǹ DĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹØĸùǹĘØěşǹ ŁĐǹŪĘýǹůţŪØěĸØòěıěŪƊǹŁķķěŪŪýýǹØŪǹ ĘØĐŪýţòůşƊȀǹĘØƃěĸđǹĪŁěĸýùǹěĸǹǑǏǐǖǿǹ ěóĘØşùǹƄØţǹŜşýƃěŁůţıƊǹĘØěşķØĸǹ ŁĐǹýùşŁƄǹŜıóǹůĸŪěıǹěŪţǹķýşđýşǹƄěŪĘǹ ØşşØŪŪǹ"ýƃýıŁŜķýĸŪţǹWȂǹĘýıùǹ ĸŁĸțýƉýóůŪěƃýǹşŁıýţǹØŪǹØşşýŪŪǹ "ýƃýıŁŜķýĸŪţǹWǹØĸùǹĸěŪýǹ :şŁůŜǹWȂǹØĸùǹØǹĐýııŁƄǹŁĐǹŪĘýǹŁƊØıǹ DĸţŪěŪůŪěŁĸǹŁĐǹĘØşŪýşýùǹůşƃýƊŁşţǿǹ şěŁşǹŪŁǹŪĘěţȀǹěóĘØşùǹƄØţǹØǹţýĸěŁşǹ ýƉýóůŪěƃýǹŁĐǹWØĸùǹýóůşěŪěýţǹ:şŁůŜǹ WǹĐşŁķǹǐǘǘǔǹØĸùǹĪŁěĸýùǹŪĘýǹķØěĸǹ òŁØşùǹěĸǹǑǏǏǔǹØţǹķØĸØđěĸđǹùěşýóŪŁşǹ of the retail portfolio until 2014. ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ óŁĸŪşěòůŪěŁĸ ěóĘØşùȬţǹýƉŪýĸţěƃýǹŜşŁŜýşŪƊǹşŁıýţǹ ØĸùǹýƉŜýşěýĸóýȀǹØıŁĸđţěùýǹĘěţǹ ŁŜýşØŪěŁĸØıǹţĮěııţýŪȀǹƄĘěóĘǹěĸóıůùýţǹ şýķůĸýşØŪěŁĸȀǹţůţŪØěĸØòěıěŪƊȀǹ ýĸƃěşŁĸķýĸŪØıǹØĸùǹĘýØıŪĘǹØĸùǹ ţØĐýŪƊǹķØŪŪýşţȀǹýĸØòıýǹĘěķǹŪŁǹ ŜşŁƃěùýǹýţţýĸŪěØıǹěĸŜůŪǹěĸŪŁǹŁØşùǹ ØĸùǹŁķķěŪŪýýǹùěţóůţţěŁĸţǹØĸùǹ ùýóěţěŁĸţǹØĸùǹŪŁǹýǄýóŪěƃýıƊǹóĘØěşǹ ŪĘýǹŁķŜØĸƊȬţǹýķůĸýşØŪěŁĸǹ ŁķķěŪŪýýǿǹěóĘØşùǹěţǹŪĘýǹ^Łĸț ýƉýóůŪěƃýǹ"ěşýóŪŁşǹùýţěđĸØŪýùǹŪŁǹ ůŜùØŪýǹŪĘýǹŁØşùǹŁĸǹýķŜıŁƊýýǹ ƃěýƄţǹØĸùǹØŪŪýĸùţǹŪĘýǹ&ķŜıŁƊýýǹ &ĸđØđýķýĸŪǹ9Łşůķǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪ ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ ǑǏǑǒ Ruth Anderson DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁş Madeleine Cosgrave DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁş Richard Akers ýĸěŁşǹDĸùýŜýĸùýĸŪǹ "ěşýóŪŁş Key ůùěŪǹŁķķěŪŪýý ^ŁķěĸØŪěŁĸǹŁķķěŪŪýý ýķůĸýşØŪěŁĸǹŁķķěŪŪýý ŁķķěŪŪýýǹĘØěş Sian joined the Shaftesbury Capital ŁØşùǹěĸǹýŜŪýķòýşǹǑǏǑǓǹØţǹ ØĸǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǿǹěØĸǹěţǹØĸǹýƉŜýşěýĸóýùǹ ĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşǹěĸǹŪĘýǹŜşěƃØŪýǹ şýŪØěıȀǹĐØţĘěŁĸǹØĸùǹòýØůŪƊǹţýóŪŁşţǿǹ ěĸóýǹǑǏǐǓȀǹěØĸǹĘØţǹòýýĸǹØǹýĸěŁşǹ ùƃěţŁşǹŪŁǹŁŪĘţóĘěıùǹȺǹŁǹěĸǹŪĘýǹ :ıŁòØıǹùƃěţŁşƊǹ"ěƃěţěŁĸȀǹƄĘýşýǹţĘýǹ ŜşýƃěŁůţıƊǹĘýıùǹØǹĸůķòýşǹŁĐǹţýĸěŁşǹ ýƉýóůŪěƃýǹşŁıýţǹţŜýóěØıěţěĸđǹěĸǹşýŪØěıǹ ØĸùǹıůƉůşƊǹ]Ⱥǿ ĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹ óŁĸŪşěòůŪěŁĸ ěØĸǹĘØţǹŁƃýşǹǒǔǹƊýØşţȬǹýƉŜýşěýĸóýǹ ØţǹØǹòŁØşùǹķýķòýşȀǹØùƃěţýşǹØĸùǹ ěĸƃýţŪŁşǹěĸǹŪĘýǹşýŪØěıǹØĸùǹıůƉůşƊǹ ţýóŪŁşţȀǹòŁŪĘǹěĸǹŪĘýǹUǹØĸùǹ ŁƃýşţýØţǿǹĘěţǹýƉŪýĸţěƃýǹýƉŜýşŪěţýǹ ØĸùǹĘýşǹýƉŜýşěýĸóýǹØţǹØǹĸŁĸț ýƉýóůŪěƃýǹùěşýóŪŁşǹØııŁƄǹěØĸǹŪŁǹ óŁĸŪşěòůŪýǹƃØıůØòıýǹóŁķķýşóěØıǹ ěĸţěđĘŪţǹŪŁǹŪĘýǹŁØşùȬţǹùěţóůţţěŁĸţǿ &ƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţ ĘØěşǹŁĐǹŪşØŪĘòýşşƊǹ:şŁůŜǹWěķěŪýùǹ Øĸùǹ9ýĸƄěóĮǹWěķěŪýùȀǹØĸùǹØǹ^Łĸț ýƉýóůŪěƃýǹ"ěşýóŪŁşǹŁĐǹǹýđýĸěŪƊǹ WěķěŪýùǹȡŪşØùěĸđǹØţǹůđůţŪěĸůţǹ ØùýşȢǹØĸùǹWƊķØǹWěĐýǹWěķěŪýùǿǹ ýĸěŁşǹùƃěţŁşǹŪŁǹŁŪĘţóĘěıùǹȺǹŁǹ ěĸǹŪĘýǹ:ıŁòØıǹùƃěţŁşƊǹ"ěƃěţěŁĸǿǹ ]ýķòýşǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁØşùǹ ŁĐǹŪĘýǹşěŪěţĘǹ9ØţĘěŁĸǹŁůĸóěıȀǹ ØǹķýķòýşǹŁĐǹŪĘýǹDĸŪýşĸØŪěŁĸØıǹ ùƃěţŁşƊǹŁØşùǹŁĐǹşŁƄĸǹùƃěţŁşƊǹ ØĸùǹØǹşůţŪýýǹŁĐǹĘýǹØşòěóØĸǹ ýĸŪşýǹşůţŪǿ ¯ýØşǹŁĐǹǇşţŪǹØŜŜŁěĸŪķýĸŪȁǹ 2024 Sian Westerman DĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁş 107Shaftesbury Capital PLC | 2024 Annual Report 57% ŁØşùǹěĸùýŜýĸùýĸóýǹ ȡýƉóıůùěĸđǹĘØěşķØĸȢ 100% ŁØşùǹØĸùǹŁķķěŪŪýýǹķýýŪěĸđ ǹØŪŪýĸùØĸóý 43% 9ýķØıýǹ"ěşýóŪŁşţ Corporate governance report 108 Shaftesbury Capital PLC | 2024 Annual Report Leadership and purpose ĸǹŁƃýşƃěýƄǹŁĐǹĘŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹŜůşŜŁţýǹØĸùǹ óůıŪůşýȀǹØĸùǹŁĐǹŪĘýǹŁØşùȬţǹĮýƊǹØóŪěƃěŪěýţǹŪĘşŁůđĘŁůŪǹŪĘýǹ ƊýØşǹØĸùǹěŪţǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮ ȟ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ ȟ ĘýǹŁØşù ȟ AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹýķŜıŁƊýýǹ ýĸđØđýķýĸŪ ȟ ĘýǹşŁıýǹŁĐǹŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţ ȟ şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ ȟ ýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪ ȟ ŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪ ȟ AŁƄǹƄýǹòýĘØƃý ȟ ýıØŪěŁĸţǹƄěŪĘǹţĘØşýĘŁıùýşţ ȟ ĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţ ȟ ŁşŜŁşØŪýǹƄýòţěŪý ȟ Annual General Meeting ȟ DĸùýŜýĸùýĸóýǹØĸùǹýǄýóŪěƃýĸýţţ See more about our approach to leadership and purpose on pages 110 to 125. Composition, succession and evaluation ýŪţǹŁůŪǹŁůşǹóŁĸţěùýşØŪěŁĸǹŁĐǹŁØşùǹóŁķŜŁţěŪěŁĸǹØĸùǹ ţůóóýţţěŁĸǹŜıØĸĸěĸđȀǹşýóşůěŪķýĸŪǹØĸùǹěĸùůóŪěŁĸǹŁĐǹ"ěşýóŪŁşţȀǹ ØĸùǹùýţóşěòýţǹŪĘýǹŁØşùǹýƃØıůØŪěŁĸ ȟ ŁØşùǹùěƃýşţěŪƊ ȟ Board skills ȟ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŪýĸůşý ȟ ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹşýŜŁşŪ ȟ "ěşýóŪŁşǹşýóşůěŪķýĸŪȀǹěĸùůóŪěŁĸǹØĸùǹùýƃýıŁŜķýĸŪ ȟ ǑǏǑǓǹŁØşùǹýƃØıůØŪěŁĸǹŜşŁóýţţ See more on our approach to composition, succession and evaluation on page 126 and pages 127 to 131. Division of responsibilities "ýţóşěòýţǹŪĘýǹşŁıýţǹŁĐǹŪĘýǹ"ěşýóŪŁşţǹØĸùǹĘŁƄǹŪĘýǹŁķŜØĸƊǹ ýĸţůşýţǹ"ěşýóŪŁşǹěĸùýŜýĸùýĸóý ȟ ŁıýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹŪĘýǹ"ěşýóŪŁşţ ȟ DĸùýŜýĸùýĸóýǹØĸùǹýǄýóŪěƃýĸýţţ See more on our approach to division of responsibilities on page 114 and pages 124 to 125. Remuneration fůŪıěĸýţǹŁůşǹşýķůĸýşØŪěŁĸǹŜŁıěóěýţȀǹƄĘěóĘǹţůŜŜŁşŪǹŁůşǹ ţŪşØŪýđƊǹØĸùǹŜşŁķŁŪýǹŪĘýǹıŁĸđțŪýşķǹţůţŪØěĸØòıýǹţůóóýţţǹ of the business ȟ "ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪ ȟ "ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊ ȟ ĸĸůØıǹşýŜŁşŪǹŁĸǹşýķůĸýşØŪěŁĸ See more on our approach to remuneration on pages 138 to 161. Compliance with the UK Corporate Governance Code 2018 (the “2018 Code”) ĘýǹŁØşùǹóŁĸţěùýşţǹěŪǹĘØţǹóŁķŜıěýùǹěĸǹĐůııǹƄěŪĘǹŪĘýǹǑǏǐǗǹŁùýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹýĸùěĸđǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘýǹŁşŜŁşØŪýǹ đŁƃýşĸØĸóýǹşýŜŁşŪǹŁĸǹŜØđýţǹǐǏǓǹŪŁǹǐǕǓǹţýŪţǹŁůŪǹĘŁƄǹŪĘýǹŁķŜØĸƊǹĘØţǹóŁķŜıěýùǹƄěŪĘǹŪĘýǹŜşěĸóěŜıýţǹØĸùǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹ ǑǏǐǗǹŁùýǿ ěĸóýǹǐǹRØĸůØşƊǹǑǏǑǔȀǹŪĘýǹŁķŜØĸƊǹĘØţǹòýýĸǹţůòĪýóŪǹŪŁǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹǑǏǑǓǹȡŪĘýǹȪǑǏǑǓǹŁùýȪȢǹØĸùǹƄěııǹ şýŜŁşŪǹŁĸǹěŪţǹóŁķŜıěØĸóýǹƄěŪĘǹŪĘýǹŜşěĸóěŜıýţǹØĸùǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹǑǏǑǓǹŁùýǹěĸǹěŪţǹǑǏǑǔǹĸĸůØıǹýŜŁşŪǿ Audit, risk and internal control &ƉŜıØěĸţǹŪĘýǹşŁıýǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹěĸǹŁƃýşţýýěĸđǹŪĘýǹ ěĸŪýđşěŪƊǹŁĐǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹØĸùǹŪĘýǹşěţĮǹķØĸØđýķýĸŪǹ ØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıǹţƊţŪýķţ ȟ ůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ See more on our approach to audit, risk and internal control on pages 132 to 137. Overview - Governance ǹ ŁƃýĸŪǹ:Øşùýĸǹ]ØşĮýŪǹůěıùěĸđ 109Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report Dear Shareholder DǹØķǹŜıýØţýùǹŪŁǹěĸŪşŁùůóýǹŁůşǹŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹşýŜŁşŪǹĐŁşǹ ŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿ Overview and dividend ĘýǹƊýØşǹƄØţǹŁĸýǹŁĐǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹĐŁşǹĘØĐŪýţòůşƊǹ ØŜěŪØıǹØđØěĸţŪǹØǹóĘØııýĸđěĸđǹýóŁĸŁķěóǹòØóĮùşŁŜǿǹěĸóýǹ óŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹěĸǹ]ØşóĘǹǑǏǑǒȀǹƄýǹĘØƃýǹùýıěƃýşýùǹ ţěđĸěǇóØĸŪǹŜşŁđşýţţǹØđØěĸţŪǹŪĘýǹŜşěŁşěŪěýţǹƄýǹţýŪǹŁůşţýıƃýţǿǹDĸǹ ǑǏǑǓǹƄýǹùýıěƃýşýùǹđşŁƄŪĘǹěĸǹóØţĘǹşýĸŪţǹØĸùǹ&¨ǹěĸǹıěĸýǹƄěŪĘǹŁůşǹ ķýùěůķțŪýşķǹŪØşđýŪţǿǹfůşǹŜŁşŪĐŁıěŁǹƃØıůýǹěţǹůŜǹǓǿǔǹŜýşǹóýĸŪȀǹ ùşěƃýĸǹòƊǹŁůşǹıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊǿǹɏǐǔǗǿǓǹ ķěııěŁĸǹĘØţǹòýýĸǹşýØıěţýùǹŪĘşŁůđĘǹùěţŜŁţØıţǹØĸùǹɏǗǑǿǘǹķěııěŁĸǹ şýùýŜıŁƊýùǹěĸǹØóóşýŪěƃýǹØóŞůěţěŪěŁĸţȀǹƄěŪĘǹØĸǹýĸóŁůşØđěĸđǹ ŜěŜýıěĸýǿǹ©ýǹóŁĸŪěĸůýùǹŪŁǹěùýĸŪěĐƊǹØĸùǹěķŜıýķýĸŪǹŁŜýşØŪěŁĸØıǹ ýǅóěýĸóěýţȀǹóŁĸŪşěòůŪěĸđǹŪŁǹŪĘýǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹ ØĸùǹùěƃěùýĸùţǿǹĘýǹţýóŪŁşǹØţǹØǹƄĘŁıýǹóŁĸŪěĸůýţǹŪŁǹŪşØùýǹØŪǹØǹ ùěţóŁůĸŪǹŪŁǹĸýŪǹØţţýŪǹƃØıůýȀǹòůŪǹDǹƄŁůıùǹĘŁŜýǹŪĘØŪǹěĸƃýţŪŁşţǹ ƄŁůıùǹşýóŁđĸěţýǹŪĘýǹýƉóýııýĸŪǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹĘØĐŪýţòůşƊǹ ØŜěŪØıǹŪýØķǹěĸǹŪĘýǹĸýØşǹĐůŪůşýǿǹŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹĐŁşǹ ǑǏǑǓǹƄØţǹțǕǿǘǹŜýşǹóýĸŪǿǹĘýǹŁØşùǹěţǹşýóŁķķýĸùěĸđǹØǹǇĸØıǹ ùěƃěùýĸùǹŁĐǹǐǿǗǹŜýĸóýǹŜýşǹţĘØşýȀǹòşěĸđěĸđǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹ ĐŁşǹŪĘýǹƊýØşǹŪŁǹǒǿǔǹŜýĸóýǹŜýşǹţĘØşýǿǹ©ýǹóŁĸŪěĸůýǹŪŁǹýƃŁıƃýǹ ŪĘýǹóØŜěŪØıǹţŪşůóŪůşýǹŪĘşŁůđĘǹşýǇĸØĸóěĸđǹØóŪěƃěŪƊǹýƉŪýĸùěĸđǹŪĘýǹ ùýòŪǹķØŪůşěŪƊǹŜşŁǇıýǿǹ©ýǹØşýǹƄýııțŜŁţěŪěŁĸýùȀǹƄěŪĘǹØóóýţţǹŪŁǹ ţěđĸěǇóØĸŪǹıěŞůěùěŪƊǹŪŁǹŪØĮýǹØùƃØĸŪØđýǹŁĐǹķØşĮýŪǹŁŜŜŁşŪůĸěŪěýţǿǹ "ůşěĸđǹŪĘýǹƊýØşȀǹØĸǹěķŜŁşŪØĸŪǹĐŁóůţǹĐŁşǹŪĘýǹŁØşùǹƄØţǹ ŪĘýǹýƃŁıůŪěŁĸǹŁĐǹŁůşǹóŁşŜŁşØŪýǹóůıŪůşýǹØĸùǹŪĘýǹţŪýŜţǹŪĘØŪǹ ķØĸØđýķýĸŪǹŪŁŁĮǹŪŁǹýķòýùǹŪĘěţǹØĸùǹŁůşǹƃØıůýţǹØóşŁţţǹŁůşǹ ŁŜýşØŪěŁĸţǹØĸùǹòůţěĸýţţǿǹ©ýǹØěķǹŪŁǹýĸţůşýǹŪĘØŪǹƄýǹŁǄýşǹØǹ óŁııØòŁşØŪěƃýǹýĸƃěşŁĸķýĸŪǹƄĘýşýǹŪĘýǹóůţŪŁķýşǹěţǹØŪǹŪĘýǹĘýØşŪǹ ŁĐǹŪĘýǹòůţěĸýţţǹØĸùǹŁůşǹŜýŁŜıýǹØşýǹěĸţŜěşýùǹŪŁǹđěƃýǹŪĘýěşǹòýţŪǹŪŁǹ óŁĸŪşěòůŪýǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹţůóóýţţǿǹĘýǹţŪşŁĸđǹşýţůıŪţǹŁĐǹŁůşǹ ǇşţŪǹýķŜıŁƊýýǹţůşƃýƊǹƄýşýǹØĸǹýĸùŁşţýķýĸŪǹŁĐǹŪĘýǹØŪŪýĸŪěŁĸǹ ŪĘØŪǹĘØţǹòýýĸǹđěƃýĸǹŪŁǹŪĘěţǹěķŜŁşŪØĸŪǹØşýØǿǹ Board and Committee changes ţǹýƉŜıØěĸýùǹěĸǹķƊǹıýŪŪýşǹıØţŪǹƊýØşȀǹĐŁııŁƄěĸđǹùýıěƃýşƊǹŁĐǹØǹ ĸůķòýşǹŁĐǹŜŁţŪțķýşđýşǹěĸŪýđşØŪěŁĸǹØóŪěƃěŪěýţǹØĸùǹŪĘýǹùýŜØşŪůşýǹ ŁĐǹŁůşǹĐŁşķýşǹĘěýĐǹfŜýşØŪěĸđǹfǅóýşǹěĸǹ"ýóýķòýşǹǑǏǑǒȀǹ ƄĘěóĘǹşýţůıŪýùǹěĸǹØǹşýùůóýùǹýƉýóůŪěƃýǹŪýØķȀǹěŪǹƄØţǹØđşýýùǹŪĘØŪǹ ØǹţķØııýşǹŁØşùǹƄŁůıùǹòýŪŪýşǹşýǈýóŪǹŪĘýǹŁķŜØĸƊȬţǹķŁƃýǹ ŪŁƄØşùţǹØǹķŁşýǹýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ "ůşěĸđǹŪĘýǹƊýØşȀǹĐŁııŁƄěĸđǹŪĘýǹùýŜØşŪůşýǹŁĐǹŪĘşýýǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşţǹěĸǹRØĸůØşƊȀǹØĸùǹóŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹØŜŜşŁŜşěØŪýǹ òØıØĸóýǹŁĐǹùěƃýşţěŪƊȀǹţĮěııţȀǹţůóóýţţěŁĸǹØĸùǹýƉŜýşěýĸóýǹĸýýùýùǹ òƊǹŪĘýǹŁØşùȀǹŪƄŁǹĸýƄǹěĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸȀǹƄýşýǹØŜŜŁěĸŪýùȀǹ ƄěŪĘǹýƉŜýşěýĸóýǹěĸǹŪĘýǹŜşŁŜýşŪƊȀǹıůƉůşƊǹØĸùǹşýŪØěıǹķØşĮýŪţǿǹ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹ ŪĘýǹŁØşùǹƄěŪĘǹýǄýóŪǹĐşŁķǹǒǐǹůđůţŪǹǑǏǑǓǹĐŁııŁƄěĸđǹěØĸȬţǹ ØŜŜŁěĸŪķýĸŪǿ fĸǹòýĘØıĐǹŁĐǹŪĘýǹŁØşùȀǹDǹƄŁůıùǹıěĮýǹŪŁǹŪĘØĸĮǹĘØşıŁŪŪýǹĐŁşǹĘýşǹ ţěđĸěǇóØĸŪǹóŁķķěŪķýĸŪǹØĸùǹóŁĸŪşěòůŪěŁĸǹŪŁǹŪĘýǹŁØşùǹŁƃýşǹ ŪĘýǹţýƃýĸǹƊýØşţǹŁĐǹĘýşǹØŜŜŁěĸŪķýĸŪǿǹAýşǹţůŜŜŁşŪȀǹěĸţěđĘŪǹØĸùǹ ýƉŜýşŪěţýǹƄýşýǹđşýØŪıƊǹƃØıůýùǿǹ ůóóýţţěŁĸǹŜıØĸĸěĸđǹěţǹØĸǹěķŜŁşŪØĸŪǹŜØşŪǹŁĐǹŁůşǹţŪşŁĸđǹ óŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹĐşØķýƄŁşĮȀǹØĸùǹŪĘýǹ^ŁķěĸØŪěŁĸǹ ŁķķěŪŪýýǹƄěııǹóŁĸŪěĸůýǹŪŁǹùýƃýıŁŜǹØĸùǹķŁĸěŪŁşǹţůóóýţţěŁĸǹ ŜıØĸţǹØŪǹòŁŪĘǹŁØşùǹØĸùǹţýĸěŁşǹķØĸØđýķýĸŪǹıýƃýıǿ Board evaluation ţǹƄýǹůĸùýşŪŁŁĮǹØĸǹýƉŪýşĸØıǹŁØşùǹýƃØıůØŪěŁĸǹěĸǹǑǏǑǒȀǹěŪǹƄØţǹ ØđşýýùǹŪĘØŪǹØĸǹěĸŪýşĸØıǹŁØşùǹýƃØıůØŪěŁĸǹţĘŁůıùǹòýǹůĸùýşŪØĮýĸǹ ěĸǹǑǏǑǓǿǹDǹØķǹŜıýØţýùǹŪŁǹşýŜŁşŪǹŪĘØŪǹŪĘýǹǇĸùěĸđţǹŁĐǹŪĘýǹşýƃěýƄǹ ƄýşýǹŜŁţěŪěƃýȀǹƄěŪĘǹţěđĸěǇóØĸŪǹŜşŁđşýţţǹşýóŁđĸěţýùǹØţǹĘØƃěĸđǹ òýýĸǹķØùýǹţěĸóýǹŪĘýǹķýşđýşǿǹ"ýŪØěıţǹŁĐǹŪĘýǹŜşŁóýţţǹØĸùǹǇĸùěĸđţǹ ŁĐǹŪĘýǹşýƃěýƄǹØşýǹŁĸǹŜØđýǹǐǒǐǿ Engaging with our shareholders DĸǹØùùěŪěŁĸǹŪŁǹŁůşǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹ ıýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹØĸùǹěŪůıǹRŁòØĸŜůŪşØȀǹùůşěĸđǹǑǏǑǒǹ ØĸùǹýØşıƊǹǑǏǑǓǹŁůşǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹŁǄýşýùǹŪŁǹķýýŪǹ ƄěŪĘǹţĘØşýĘŁıùýşţǹĘŁıùěĸđǹŁƃýşǹǔǔǹŜýşǹóýĸŪǹŁĐǹŁůşǹşýđěţŪýşǹŪŁǹ ýƉŜıØěĸǹŪĘýǹŁůŪóŁķýǹŁĐǹØǹşýƃěýƄǹŁĐǹşýķůĸýşØŪěŁĸǹůĸùýşŪØĮýĸǹ ĐŁııŁƄěĸđǹŪĘýǹķýşđýşǿǹ©ýǹƄěııǹòýǹţýýĮěĸđǹţĘØşýĘŁıùýşǹØŜŜşŁƃØıǹ ŁĐǹØǹĸýƄǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŁůşǹǑǏǑǕǹ:]ǹØĸùǹ ƄěııǹŪĘýşýĐŁşýǹýĸđØđýǹƄěŪĘǹŁůşǹţĘØşýĘŁıùýşţǹŁĸǹŪĘýǹŁķķěŪŪýýȬţǹ ŜşŁŜŁţØıţǹŁƃýşǹŪĘýǹóŁůşţýǹŁĐǹŪĘýǹóŁķěĸđǹƊýØşǿ Environment Sustainability Community ţǹşýŜŁşŪýùǹıØţŪǹƊýØşȀǹĐŁııŁƄěĸđǹŪĘýǹěĸŪýđşØŪěŁĸǹŁĐǹşýţŜŁĸţěòěıěŪƊǹ ĐŁşǹŁůşǹţůţŪØěĸØòěıěŪƊǹŜşŁóýţţýţǹěĸŪŁǹŁůşǹşýØıǹýţŪØŪýǹěĸƃýţŪķýĸŪǹ ķØĸØđýķýĸŪǹŪýØķȀǹØŪǹŁůşǹ9ýòşůØşƊǹǑǏǑǓǹŁØşùǹķýýŪěĸđǹěŪǹƄØţǹ ØđşýýùǹŪĘØŪǹŁĸđŁěĸđǹŁƃýşţěđĘŪǹŁĐǹýĸƃěşŁĸķýĸŪȀǹţůţŪØěĸØòěıěŪƊǹ ØĸùǹóŁķķůĸěŪƊǹȡȩ&ȪȢǹķØŪŪýşţȀǹěĸóıůùěĸđǹóıěķØŪýțşýıØŪýùǹşěţĮţǹ Jonathan Nicholls ĘØěşķØĸ Leadership and purpose Chairman’s introduction ȩĘýşýǹĘØţǹòýýĸǹŜŁţěŪěƃýǹŜýşĐŁşķØĸóýǹØĸùǹŜşŁđşýţţǹ ţěĸóýǹķýşđýşȀǹùýıěƃýşěĸđǹØđØěĸţŪǹŁůşǹķýùěůķțŪýşķǹ ŜşěŁşěŪěýţȀǹđşŁƄěĸđǹýØşĸěĸđţȀǹùěƃěùýĸùţȀǹóØţĘǹǈŁƄţȀǹ ƃØıůØŪěŁĸǹØĸùǹ^ǿȩ 110 Shaftesbury Capital PLC | 2024 Annual Report ØĸùǹŁŜŜŁşŪůĸěŪěýţǹØĸùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹ&ǹ ŪşØŪýđƊǹØĸùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹóŁķķěŪķýĸŪȀǹţĘŁůıùǹòýǹØǹķØŪŪýşǹ ĐŁşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹƄĘŁıýǹŁØşùȀǹØĸùǹØţǹØǹşýţůıŪǹƄýǹ ùěţţŁıƃýùǹŁůşǹĐŁşķýşǹ&ǹŁØşùǹŁķķěŪŪýýǿ ©ýǹŜůòıěţĘýùǹŁůşǹěĸěŪěØıǹóŁķòěĸýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǹ ěĸǹǑǏǑǒȀǹĐŁııŁƄěĸđǹŪĘýǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿǹ"ůşěĸđǹǑǏǑǓǹ ƄýǹşýƃØıěùØŪýùǹŁůşǹòØţýıěĸýǹǇđůşýţǹØĸùǹşýţýŪǹŁůşǹŪØşđýŪţǹŪŁǹ ķýýŪǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹěȀǹěĸóıůùěĸđǹţýŪŪěĸđǹØǹĸýƄǹ ıŁĸđțŪýşķǹóØşòŁĸǹşýùůóŪěŁĸǹŪØşđýŪǿǹŁǹşýǈýóŪǹŪĘýǹşýùůóýùǹıýƃýıǹ ŁĐǹŁǄţýŪŪěĸđǹŜýşķěŪŪýùȀǹŪĘýǹŁØşùǹĘØţǹØŜŜşŁƃýùǹØǹşýƃěţýùǹ^ýŪǹ ¸ýşŁǹØşòŁĸǹŪØşđýŪǹùØŪýǹŁĐǹǑǏǓǏǿǹfůşǹŪØşđýŪţǹƄýşýǹƃØıěùØŪýùǹ òƊǹŪĘýǹěǹěĸǹRØĸůØşƊǹǑǏǑǔǹØĸùǹŁůşǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ ØŪĘƄØƊǹěţǹØƃØěıØòıýǹŁĸǹŁůşǹóŁşŜŁşØŪýǹƄýòţěŪýǿǹ ţǹıŁĸđțŪýşķǹţŪýƄØşùţǹŁĐǹŁůşǹýţŪØŪýţǹƄýǹĘØƃýǹØǹţŪşŁĸđǹŪşØóĮǹ şýóŁşùǹŁĐǹţůŜŜŁşŪěĸđǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹØĸùǹòůěıùěĸđǹıŁĸđț ŪýşķǹşýıØŪěŁĸţĘěŜţǹƄěŪĘǹŁůşǹŜØşŪĸýşţǿǹ"ůşěĸđǹǑǏǑǓȀǹĐŁııŁƄěĸđǹØǹ ŪĘŁşŁůđĘǹşýƃěýƄǹŁĐǹŁůşǹóŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØóŪěƃěŪƊǹØĸùǹØǹ ıŁóØıǹĸýýùţǹØĸØıƊţěţȀǹŪĘýǹŁØşùǹØŜŜşŁƃýùǹØǹĸýƄǹŁķķůĸěŪƊǹ DĸƃýţŪķýĸŪǹŪşØŪýđƊǹƄěŪĘǹØǹŜşěķØşƊǹĐŁóůţǹŁĸǹıŁóØıǹýķŜıŁƊķýĸŪǹ ØĸùǹŪĘýǹØùŁŜŪěŁĸǹŁĐǹķýŪşěóţǹŪŁǹķýØţůşýǹŁůşǹěķŜØóŪǿǹfůşǹǇşţŪǹ óŁķķůĸěŪƊǹěķŜØóŪǹşýŜŁşŪǹěţǹØƃØěıØòıýǹŁĸǹŁůşǹóŁşŜŁşØŪýǹ ƄýòţěŪýǿ UK Corporate Governance Code 2024 ĘýǹŁØşùǹĘØţǹóŁĸţěùýşýùǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹǑǏǑǓǹUǹ ŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹŪŁǹýĸţůşýǹŪĘØŪǹěŪǹěţǹóŁķŜıěØĸŪǹ ƄěŪĘǹŪĘŁţýǹŜØşŪţǹƄĘěóĘǹóØķýǹěĸŪŁǹĐŁşóýǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǔǿǹ ıŁĸđţěùýǹŪĘěţȀǹƄŁşĮǹěţǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹýĸţůşýǹŪĘØŪǹƄýǹØşýǹ ŜşýŜØşýùǹŪŁǹşýŜŁşŪǹŁĸǹşŁƃěţěŁĸǹǑǘȀǹƄĘěóĘǹşýıØŪýţǹŪŁǹěĸŪýşĸØıǹ óŁĸŪşŁıţȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹòýđěĸĸěĸđǹŁĸǹ 1 January 2026. Looking ahead ©ĘěıţŪǹķØóşŁýóŁĸŁķěóǹůĸóýşŪØěĸŪƊǹşýķØěĸţȀǹŪĘýǹŁķŜØĸƊǹ ýĸŪýşţǹǑǏǑǔǹƄěŪĘǹđşýØŪǹŜŁŪýĸŪěØıǿǹ©ýǹØşýǹĐŁóůţýùǹŁĸǹùýıěƃýşěĸđǹ ŁĸǹŁůşǹŜşěŁşěŪěýţǹòƊǹđşŁƄěĸđǹşýĸŪţȀǹƃØıůØŪěŁĸȀǹýØşĸěĸđţǹØĸùǹ ùěƃěùýĸùţǿǹţǹıŁĸđțŪýşķǹşýţŜŁĸţěòıýǹŁƄĸýşţȀǹƄýǹØşýǹóŁķķěŪŪýùǹ ŪŁǹěķŜıýķýĸŪěĸđǹŁůşǹ&ǹŪşØŪýđƊȀǹěĸóıůùěĸđǹØóĘěýƃěĸđǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹòƊǹǑǏǓǏǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹěţǹƃýşƊǹƄýııțŜŁţěŪěŁĸýùǹ ŪŁǹùýıěƃýşǹØŪŪşØóŪěƃýǹıŁĸđțŪýşķǹşýŪůşĸţǹØţǹŪĘýǹıýØùěĸđǹóýĸŪşØıǹ WŁĸùŁĸǹķěƉýùțůţýǹ&Dǿǹ Board members and meeting attendance ^ůķòýşǹŁĐǹķýýŪěĸđţǹĘýıùȁǹǖ Number of meetings attended Chairman RŁĸØŪĘØĸǹ^ěóĘŁııţ ǖȌǖ Executive Directors DØĸǹAØƄĮţƄŁşŪĘǹ ǖȌǖ Situl Jobanputra ǖȌǖ Non-executive Directors ěóĘØşùǹĮýşţ ǖȌǖ Ruth Anderson ǖȌǖ ]ØùýıýěĸýǹŁţđşØƃý 1 ǑȌǑ ěØĸǹ©ýţŪýşķØĸ 1 ǑȌǑ Charlotte Boyle 2 ǔȌǔ AýıýĸØǹŁıýţ ǒ ǏȌǏ Anthony Steains ǒ ǏȌǏ Rýĸĸýııýǹěııěĸđ ǒ ǏȌǏ 1. ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹ ŁØşùǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹ óŁůıùǹŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪƄŁǹķýýŪěĸđţǿ 2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹ ƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹǇƃýǹķýýŪěĸđţǿ ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹ ŪĘýǹŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹŪŁǹ their departure. My thanks to the team ĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹşýıěýţǹŁĸǹŪĘýǹýǄŁşŪţǹŁĐǹŁůşǹ ýķŜıŁƊýýţǹØĸùǹDǹƄŁůıùǹıěĮýǹŪŁǹŪĘØĸĮǹýƃýşƊŁĸýǹĐŁşǹŪĘýěşǹ óŁķķěŪķýĸŪǹØĸùǹĘØşùǹƄŁşĮǹùůşěĸđǹŪĘýǹóŁůşţýǹŁĐǹǑǏǑǓǿǹ Jonathan Nicholls ĘØěşķØĸ ǑǕǹ9ýòşůØşƊǹǑǏǑǔ 111Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report The Board ĘýǹŁØşùǹěţǹóŁııýóŪěƃýıƊǹşýţŜŁĸţěòıýǹĐŁşǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹ ŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹĐŁşǹěŪţǹıýØùýşţĘěŜȀǹŜůşŜŁţýȀǹţŪşØŪýđƊȀǹ óůıŪůşýȀǹƃØıůýţȀǹţŪØĸùØşùţȀǹóŁĸŪşŁıǹØĸùǹķØĸØđýķýĸŪǿǹ "ØƊțŪŁțùØƊǹķØĸØđýķýĸŪǹŁĐǹŪĘýǹ:şŁůŜǹěţǹùýıýđØŪýùǹŪŁǹŪĘýǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹţůòĪýóŪǹŪŁǹĐŁşķØıǹùýıýđØŪýùǹØůŪĘŁşěŪƊǹ ıěķěŪţȂǹĘŁƄýƃýşȀǹóýşŪØěĸǹķØŪŪýşţǹĘØƃýǹòýýĸǹşýţýşƃýùǹĐŁşǹŁØşùǹ ØŜŜşŁƃØıǿǹĘýţýǹķØŪŪýşţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǹØĸùǹěĸóıůùýǹ ţŪşØŪýđƊȀǹóŁşŜŁşØŪýǹşýŜŁşŪěĸđȀǹţěđĸěǇóØĸŪǹĐůĸùěĸđǹùýóěţěŁĸţǹØĸùǹ óŁşŜŁşØŪýǹŪşØĸţØóŪěŁĸţȀǹŪĘýǹ&ǹŪşØŪýđƊȀǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ óŁķķěŪķýĸŪţȀǹşěţĮǹØŜŜýŪěŪýȀǹŪĘýǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹ şØǅóĮěĸđǹŪØŪýķýĸŪȀǹùýıýđØŪýùǹØůŪĘŁşěŪƊǹıěķěŪţȀǹķØŪýşěØıǹ ŜŁıěóěýţǹěĸóıůùěĸđǹŪĘŁţýǹŁĸǹùěƃěùýĸùţǹØĸùǹŪØƉȀǹØĸùǹŁØşùǹ ØĸùǹŁķķěŪŪýýǹóŁķŜŁţěŪěŁĸǿ ŁØşùǹóŁķŜŁţěŪěŁĸ ţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹŁØşùǹóŁķŜşěţýùǹŪĘýǹĘØěşķØĸȀǹ ŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹĐŁůşǹ^Łĸț ýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹěŁđşØŜĘěýţǹŁĐǹýØóĘǹŁĐǹŪĘýǹ"ěşýóŪŁşţǹŁĸǹŪĘýǹ ŁØşùǹØŪǹŪĘýǹùØŪýǹŁĐǹŪĘěţǹşýŜŁşŪǹØĸùǹŪĘýěşǹķýķòýşţĘěŜǹŁĐǹŪĘýǹ ŁķķěŪŪýýţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖȀǹØĸùǹØùùěŪěŁĸØıǹ ěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹ"ěşýóŪŁşţȬǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹòØóĮđşŁůĸùǹ ěţǹěĸóıůùýùǹŁĸǹŜØđýǹǐǑǕǿ Board operations in 2024 ĘýǹŁØşùǹķýŪǹĐŁşķØııƊǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹ]ØěĸǹķýýŪěĸđţǹƄýşýǹ ŪěķýùǹØşŁůĸùǹŪĘýǹǇĸØĸóěØıǹóØıýĸùØşȀǹƄěŪĘǹØĸǹØĸĸůØıǹţŪşØŪýđƊǹ ţýţţěŁĸǹěĸǹfóŪŁòýşȀǹØĸùǹØùùěŪěŁĸØıǹķýýŪěĸđţǹóŁĸƃýĸýùȀǹŁşǹ óŁķķůĸěóØŪěŁĸţǹţýĸŪȀǹØţǹØŜŜşŁŜşěØŪýǿǹŪŪýĸùØĸóýǹØŪǹķýýŪěĸđţǹ ŁĐǹŪĘýǹŁØşùǹØĸùǹŁķķěŪŪýýţǹĘýıùǹùůşěĸđǹǑǏǑǓǹěţǹţĘŁƄĸǹ ŁĸǹŜØđýǹǐǐǐǹĐŁşǹŪĘýǹŁØşùǹØĸùǹěĸǹŪĘýǹŁķķěŪŪýýţȬǹşýŜŁşŪţǹ ŁĸǹŜØđýţǹǐǑǗȀǹǐǒǒǹØĸùǹǐǓǐǿǹŁØşùǹŜØŜýşţǹØşýǹóěşóůıØŪýùǹěĸǹ ØùƃØĸóýǹŁĐǹķýýŪěĸđţȀǹŪŁǹýĸţůşýǹŪĘØŪǹ"ěşýóŪŁşţǹĘØƃýǹţůǅóěýĸŪǹ ŪěķýǹŪŁǹóŁĸţěùýşǹŪĘýěşǹóŁĸŪýĸŪǹŜşěŁşǹŪŁǹŪĘýǹķýýŪěĸđǿǹDĐǹķØŪŪýşţǹ şýŞůěşýǹØŜŜşŁƃØıǹØŪǹţĘŁşŪǹĸŁŪěóýȀǹƄşěŪŪýĸǹØŜŜşŁƃØıǹěţǹţŁůđĘŪǹ ĐşŁķǹŪĘýǹ"ěşýóŪŁşţǿ ĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýđůıØşıƊǹţŜýĸùǹ ŪěķýǹØŪǹŪĘýǹŁķŜØĸƊȬţǹĘýØùǹŁǅóýȀǹØĸùǹķØěĸŪØěĸǹşýđůıØşǹ óŁĸŪØóŪǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹ ķýķòýşţǹŁĐǹţýĸěŁşǹķØĸØđýķýĸŪǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹĘØěşķØĸǹ ķýýŪţǹƄěŪĘǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěŪĘŁůŪǹŪĘýǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşţǹòýěĸđǺŜşýţýĸŪǿ ţǹķØŪŪýşţǹŪĘØŪǹşýŞůěşýǹŪĘýǹŁØşùȬţǹùýóěţěŁĸǹØşýǹŁĐŪýĸǹóŁķŜıýƉǹ ØĸùǹýƃŁıƃýǹŁƃýşǹØǹŜýşěŁùǹŁĐǹŪěķýȀǹěĸĐŁşķØıǹůŜùØŪýǹķýýŪěĸđţǹØşýǹ ĘýıùȀǹØĸùǹşýđůıØşǹůŜùØŪýţǹØşýǹŜşŁƃěùýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹ òýŪƄýýĸǹţóĘýùůıýùǹŁØşùǹķýýŪěĸđţȀǹŪŁǹØııŁƄǹŁØşùǹķýķòýşţǹ ØùýŞůØŪýǹŪěķýǹŪŁǹýƉŜıŁşýȀǹůĸùýşţŪØĸùǹØĸùǹóĘØııýĸđýǹķØŪŪýşţǹ ůĸùýşǹóŁĸţěùýşØŪěŁĸǿ "ůşěĸđǹǑǏǑǓȀǹŪĘýǹŁØşùǹşýóýěƃýùǹşýđůıØşǹůŜùØŪýţǹŁĸǹòůţěĸýţţǹ ŜýşĐŁşķØĸóýȀǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁȀǹŁŜýşØŪěŁĸţȀǹǇĸØĸóýȀǹ &ǹØĸùǹŜýŁŜıýǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹţýĸěŁşǹ ķØĸØđýķýĸŪǹěĸǹýØóĘǹòůţěĸýţţǹØşýØǿǹDĸǹØùùěŪěŁĸȀǹşýŜŁşŪţǹ ĐşŁķǹŪĘýǹ:ýĸýşØıǹŁůĸţýıȀǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹØĸùǹŪĘýǹ ĘØěşķýĸǹŁĐǹŪĘýǹŁķķěŪŪýýţǹØşýǹóŁĸţěùýşýùǹØŪǹýØóĘǹĐŁşķØıǹ ŁØşùǹķýýŪěĸđǿǹĘýǹŪØòıýǹŁĸǹŜØđýţǹǐǐǕǹŪŁǹǐǐǖǹţĘŁƄţǹŪĘýǹĮýƊǹ ØşýØţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹùůşěĸđǹŪĘýǹƊýØşǿ The Board establishes the Group’s: ØĸùǹýĸţůşýţǹŪĘØŪǹŪĘýƊǹØşýǹØıěđĸýùǹƄěŪĘǹŪĘýǹ:şŁůŜȬţǹóůıŪůşýǿǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹŜşŁķŁŪýţǹĘěđĘǹţŪØĸùØşùţǹØĸùǹØǹĘěđĘțŜýşĐŁşķØĸóýȀǹŜşŁĐýţţěŁĸØıȀǹýĸŪşýŜşýĸýůşěØıǹ ØĸùǹěĸóıůţěƃýǹóůıŪůşýȀǹşýǈýóŪěƃýǹŁĐǹŁůşǹòůţěĸýţţǹţŪşØŪýđƊǹØĸùǹƃØıůýţǿ Read more on pages 113 and 122. Values fůşǹƃØıůýţǹØşýǹŪŁȁ – ØĮýǹØǹşýţŜŁĸţěòıýȀǹ ıŁĸđțŪýşķǹƃěýƄ – óŪǹƄěŪĘǹěĸŪýđşěŪƊ – ØĮýǹØǹóşýØŪěƃýǹØŜŜşŁØóĘ – WěţŪýĸǹØĸùǹóŁııØòŁşØŪý – ]ØĮýǹØǹùěǄýşýĸóý Read more on pages 16 and 100. Strategy fůşǹţŪşØŪýđƊǹěţǹŪŁǹùýıěƃýşǹıŁĸđțŪýşķǹ ěĸóŁķýǹØĸùǹƃØıůýǹđşŁƄŪĘǹĐşŁķǹ ŁůşǹůĸěŞůýǹŜŁşŪĐŁıěŁǹŁĐǹŜşŁŜýşŪěýţǹ ŪĘşŁůđĘǹěĸƃýţŪķýĸŪȀǹóůşØŪěŁĸǹØĸùǹ şýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜȀǹòýĸýǇŪěĸđǹ ØııǹţŪØĮýĘŁıùýşţǹØĸùǹóŁĸŪşěòůŪěĸđǹŪŁǹ ŪĘýǹţůóóýţţǹŁĐǹŪĘýǹ©ýţŪǹ&ĸùǿ Read more on pages 16 and 17. Purpose fůşǹŜůşŜŁţýǹěţǹěĸƃýţŪěĸđǹŪŁǹóşýØŪýǹ ŪĘşěƃěĸđǹùýţŪěĸØŪěŁĸţǹěĸǹWŁĸùŁĸȬţǹ ©ýţŪǹ&ĸùǹƄĘýşýǹŜýŁŜıýǹýĸĪŁƊǹ ƃěţěŪěĸđȀǹƄŁşĮěĸđǹØĸùǹıěƃěĸđǿ Read more on pages 16 and 17. 112 Shaftesbury Capital PLC | 2024 Annual Report How the Board monitors culture and employee engagement fůşǹŜůşŜŁţýǹØĸùǹƃØıůýţǹĐŁşķǹŪĘýǹòØţěţǹŁĐǹŁůşǹóůıŪůşýȀǹØĸùǹŪŁđýŪĘýşǹØşýǹ ĐůĸùØķýĸŪØıǹŪŁǹŪĘýǹƄØƊǹƄýǹŁŜýşØŪýǿǹfůşǹŜýŁŜıýǹØşýǹóýĸŪşØıǹŪŁǹŁůşǹóůıŪůşýǹØĸùǹ óşěŪěóØıǹěĸǹùýıěƃýşěĸđǹŁůşǹţŪşØŪýđƊǿǹĘýǹŁØşùǹØĸùǹţýĸěŁşǹķØĸØđýķýĸŪǹşýóŁđĸěţýǹ ŪĘØŪǹóůıŪůşýǹóŁķýţǹĐşŁķǹŪĘýǹŪŁŜȀǹØĸùǹóŁĸţěùýşǹşýđůıØşǹĐýýùòØóĮǹŪŁǹýĸţůşýǹŪĘØŪǹ ŪĘýǹóůıŪůşýǹěţǹýķòýùùýùǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǿ UýƊǹƄØƊţǹěĸǹƄĘěóĘǹƄýǹĘØƃýǹţŁůđĘŪǹŪŁǹýķòýùǹŁůşǹƃØıůýţȀǹØĸùǹŪĘýǹ ƄØƊţǹ"ěşýóŪŁşţǹĘØƃýǹķŁĸěŪŁşýùǹŁůşǹóůıŪůşýȀǹŪĘěţǹƊýØşǹěĸóıůùýùȁ ȟ ĘýǹŁØşùǹşýóýěƃýùǹØǹşýŜŁşŪǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹŁĸǹŪĘýǹ şýţůıŪţǹŁĐǹŪĘýǹǇşţŪǹýķŜıŁƊýýǹţůşƃýƊȀǹØĸùǹùěţóůţţýùǹŪĘýǹ ǇĸùěĸđţǹØĸùǹěùýĸŪěǇýùǹØóŪěŁĸţǿǹ ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ9fǹØĸùǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýȀǹţůŜŜŁşŪýùǹòƊǹŪĘýǹAýØùǹŁĐǹAȀǹıýùǹŁķŜØĸƊț ƄěùýǹķýýŪěĸđţǹŪŁǹŜşŁƃěùýǹòůţěĸýţţǹůŜùØŪýţǹŪŁǹýķŜıŁƊýýţȀǹ ěĸóıůùěĸđǹŁĸǹţŪşØŪýđƊȀǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŪØşđýŪţȀǹ óůţŪŁķýşǹýĸđØđýķýĸŪǹØĸùǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǿǹĘýţýǹ ķýýŪěĸđţǹŜşŁƃěùýùǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹýķŜıŁƊýýţǹŪŁǹ ØţĮǹŞůýţŪěŁĸţǿ ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹĘŁıùţǹşýđůıØşǹěĸĐŁşķØıǹţýţţěŁĸţǹƄěŪĘǹ ýķŜıŁƊýýţǹƄĘěóĘǹŜşŁƃěùýǹØǹĐŁşůķǹĐŁşǹşýıØƊěĸđǹŪĘýǹ:şŁůŜȬţǹ ŜşěŁşěŪěýţǹØĸùǹØııŁƄěĸđǹŪýØķǹķýķòýşţǹŪŁǹØţĮǹŞůýţŪěŁĸţǿ ȟ Ęýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄýşýǹŪØĮýĸǹŁĸǹŪŁůşţǹŁĐǹŪĘýǹ ŜŁşŪĐŁıěŁǹòƊǹŪĘýǹØţţýŪǹķØĸØđýķýĸŪǹØĸùǹıýØţěĸđǹŪýØķţǿ ȟ ěóĘØşùǹĮýşţǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹØŪŪýĸùýùǹŪĘýǹ&ķŜıŁƊýýǹ &ĸđØđýķýĸŪǹ9ŁşůķȀǹƄĘěóĘǹěţǹķØùýǹůŜǹŁĐǹØǹƄěùýǹşØĸđýǹ ŁĐǹýķŜıŁƊýýţǹěĸǹŪýşķţǹŁĐǹşŁıýȀǹţýĸěŁşěŪƊǹØĸùǹýƉŜýşěýĸóýǿǹ ]ØŪŪýşţǹùěţóůţţýùǹěĸóıůùýùǹŪĘýǹŁķŜØĸƊȬţǹŜůşŜŁţýȀǹóůıŪůşýǹ ØĸùǹƃØıůýţȀǹŜşěŁşěŪěýţǹØĸùǹŪØşđýŪţȀǹěĸŪýđşØŪěŁĸȀǹóŁķķůĸěóØŪěŁĸǹ ØĸùǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹýķŜıŁƊýýǹţůşƃýƊǿ ȟ ]ýķòýşţǹŁĐǹŪĘýǹţýĸěŁşǹıýØùýşţĘěŜǹŪýØķǹĪŁěĸǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýǹķýýŪěĸđţǹŁĸǹØǹşýđůıØşǹòØţěţǿǹĸƊǹţěđĸěǇóØĸŪǹ ěĸĐŁşķØıǹĐýýùòØóĮǹěţǹşýŜŁşŪýùǹŪŁǹŪĘýǹŁØşùǹòƊǹŪĘýǹ &ƉýóůŪěƃýǹŁķķěŪŪýýǿ ȟ ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹAýØùǹŁĐǹAǹůŜùØŪýùǹŪĘýǹ^ŁķěĸØŪěŁĸǹ ŁķķěŪŪýýǹŁĸǹŪĘýǹıýØùýşţĘěŜǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţǹ ùýıěƃýşýùǹùůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹđŁØıţǹŁĐǹƄĘěóĘǹØıěđĸýùǹƄěŪĘǹŪĘýǹ :şŁůŜȬţǹƃØıůýţǿǹ ȟ ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹşýƃěýƄýùǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹ ŪĘýǹ:şŁůŜȬţǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮȀǹýĸţůşěĸđǹ ØıěđĸķýĸŪǹŁĐǹòŁŪĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØĸùǹýķŜıŁƊýýǹ şýķůĸýşØŪěŁĸǹƄěŪĘǹŪĘýǹ:şŁůŜȬţǹƃØıůýţǿ ȟ ýĸěŁşǹķØĸØđýşţǹØóşŁţţǹŪĘýǹ:şŁůŜǹĪŁěĸýùǹŪĘýǹ"ěşýóŪŁşţǹØŪǹ ŪĘýǹfóŪŁòýşǹŁØşùǹŪşØŪýđƊǹ"ØƊǹùěĸĸýşǿ ȟ ŁşýǹđŁƃýşĸØĸóýǹŜŁıěóěýţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǹòƊǹŪĘýǹ ŁØşùǹØĸùǹýķŜıŁƊýýţǹØşýǹşýŞůěşýùǹŪŁǹóŁķŜıýŪýǹØǹƃØşěýŪƊǹŁĐǹ ýțıýØşĸěĸđǹķŁùůıýţǹŁĸǹØǹşýđůıØşǹòØţěţǿǹŁķŜıýŪěŁĸǹıýƃýıţǹØşýǹ reported to the Board. ȟ 9ýýùòØóĮǹĐşŁķǹŪĘýǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪŁşţǹŁĸǹŪĘýěşǹ ěĸŪýşØóŪěŁĸţǹƄěŪĘǹŁŜýşØŪěŁĸØıǹØĸùǹǇĸØĸóýǹŪýØķţǹěţǹŜşŁƃěùýùǹ ùěşýóŪıƊǹŪŁǹŪĘýǹůùěŪǹŁķķěŪŪýýǿ ȟ fůşǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊȀǹØŜŜıěóØòıýǹŪŁǹØııǹýķŜıŁƊýýţȀǹ ýĸóŁůşØđýţǹŁŜýĸĸýţţǹěĸǹşýŜŁşŪěĸđǹóŁĸóýşĸţǿǹŁĸŪØóŪţǹ ØƃØěıØòıýǹůĸùýşǹŪĘýǹŜŁıěóƊǹěĸóıůùýǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹ ŁķķěŪŪýýǿǹĸƊǹşýŜŁşŪţǹƄŁůıùǹòýǹěĸƃýţŪěđØŪýùǹØĸùǹşýŜŁşŪýùǹ ŪŁǹŪĘýǹŁØşùǿǹ^ŁǹşýŜŁşŪţǹƄýşýǹķØùýǹùůşěĸđǹŪĘýǹƊýØşǿ ǹ DĸĐŁşķØıǹţýţţěŁĸǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃý 113Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report The role of the Board and its Committees The Board WýùǹòƊǹRŁĸØŪĘØĸǹ^ěóĘŁııţ Executive Committee WýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹ Audit Committee WýùǹòƊǹůŪĘǹĸùýşţŁĸ Executive Risk Committee WýùǹòƊǹDØĸǹAØƄĮţƄŁşŪĘǹ Nomination Committee WýùǹòƊǹRŁĸØŪĘØĸǹ^ěóĘŁııţ Health & Safety Committee WýùǹòƊǹıěţŁĸǹ9ěţĘýş Remuneration Committee WýùǹòƊǹěóĘØşùǹĮýşţ Disclosure Committee WýùǹòƊǹěŪůıǹRŁòØĸŜůŪşØǹ ESC Management Committee WýùǹòƊǹĸùşýƄǹşěóý ǖǹķýýŪěĸđţ – Sets Group strategy – fƃýşţýýţǹŪĘýǹØıěđĸķýĸŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜůşŜŁţýȀǹóůıŪůşýǹØĸùǹ ƃØıůýţȀǹţŪşØŪýđƊǹØĸùǹşěţĮ – ŁĸţěùýşţǹŪĘýǹòØıØĸóýǹŁĐǹěĸŪýşýţŪţǹòýŪƄýýĸǹţŪØĮýĘŁıùýşţǹĐŁşǹŪĘýǹ ıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹ:şŁůŜ – fƃýşţýýţǹŪĘýǹ:şŁůŜȬţǹđŁƃýşĸØĸóýǹØĸùǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹ :şŁůŜȬţǹ&ǺŪşØŪýđƊ – AŁıùţǹůıŪěķØŪýǹŁƃýşţěđĘŪǹØĸùǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹ óıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţ – ©ŁşĮţǹŁĸǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹŜıØĸ – ]ŁĸěŪŁşţǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹ – ýƃěýƄţǹǇĸØĸóěØıǹŜýşĐŁşķØĸóý ǓǹķýýŪěĸđţ – fƃýşţýýţǹŪĘýǹ:şŁůŜȬţǹƃØıůØŪěŁĸǹØĸùǹ ǇĸØĸóěØıǹşýŜŁşŪěĸđǹŜşŁóýţţýţ – ýƃěýƄţǹŪĘýǹØùýŞůØóƊǹØĸùǹýǄýóŪěƃýĸýţţǹ ŁĐǹěĸŪýşĸØıǹóŁĸŪşŁıţǹØĸùǹşěţĮǹ ķØĸØđýķýĸŪǹţƊţŪýķţ – ýƃěýƄţǹŪĘýǹěĸùýŜýĸùýĸóýǹØĸùǹ ýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹ auditors Audit Committee report: pages 132 to 137. Meets at least ǓǹŪěķýţǹØǹƊýØş – ýƃěýƄţǹØĸùǹķŁĸěŪŁşţǹ ŪĘýǹ:şŁůŜȬţǹŜşěĸóěŜØıǹØĸùǹ ýķýşđěĸđǹşěţĮţ – fƃýşţýýţǹŪĘýǹ ýǄýóŪěƃýĸýţţǹŁĐǹ ŪĘýǹ:şŁůŜȬţǹşěţĮǹ ķØĸØđýķýĸŪǹţƊţŪýķţ Risk management: pages 59 to 61. Principal risks and uncertainties: pages 61 to 65. Climate-related risks and opportunities: pages 66 to 74. ǒǹķýýŪěĸđţ – ýƃěýƄţǹŪĘýǹţŪşůóŪůşýȀǹţěƓýǹØĸùǹ óŁķŜŁţěŪěŁĸǹŁĐǹŪĘýǹŁØşùǹØĸùǹěŪţǹ ŁķķěŪŪýýţ – fƃýşţýýţǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹØĸùǹ ùýƃýıŁŜķýĸŪǹŁĐǹØǹùěƃýşţýǹŜěŜýıěĸýǹŁĐǹŪØıýĸŪǹ ØŪǹŁØşùǹØĸùǹţýĸěŁşǹķØĸØđýķýĸŪǹıýƃýıţ – ]ØĮýţǹşýóŁķķýĸùØŪěŁĸţǹØòŁůŪǹ ØŜŜŁěĸŪķýĸŪţǹŪŁǹŪĘýǹŁØşù Nomination Committee report: pages 127 to 131. Meets at least ǓǹŪěķýţǹØǹƊýØş – fƃýşţýýţǹŁóóůŜØŪěŁĸØıǹ health, safety and Ƅýııțòýěĸđ – ]ŁĸěŪŁşţǹŪĘýǹ:şŁůŜȬţǹ ŜŁıěóƊǹØĸùǹŜýşĐŁşķØĸóýǹ ØđØěĸţŪǹòýţŪǹŜşØóŪěóýǹĐŁşǹ health and safety Health, safety and security: page 103. ǓǹķýýŪěĸđţ – "ýŪýşķěĸýţǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹ ĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹţýŪţǹ ŪĘýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹĘØěşķØĸǹØĸùǹ ùýţěđĸØŪýùǹţýĸěŁşǹķØĸØđýķýĸŪ – &ĸţůşýţǹŪĘýşýǹěţǹØǹıěĸĮǹòýŪƄýýĸǹóůıŪůşýȀǹ ŜýşĐŁşķØĸóýǹØĸùǹşýķůĸýşØŪěŁĸ – ]ŁĸěŪŁşţǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹ şýıØŪýùǹŜŁıěóěýţ Remuneration Committee report: pages 138 to 161. Meets regularly throughout the year – Monitors the status of ŜŁŪýĸŪěØıǹěĸţěùýǹěĸĐŁşķØŪěŁĸǹ in the business – &ĸţůşýţǹùěţóıŁţůşýǹ şýŞůěşýķýĸŪţǹØşýǹķýŪǹ and that appropriate şýóŁşùţǹØşýǹķØěĸŪØěĸýùǹ ěĸǹşýţŜýóŪǹŁĐǹěĸţěùýǹ ěĸĐŁşķØŪěŁĸ Meets at least ǓǹŪěķýţǹØǹƊýØş – Łĸţěùýşţǹ&ǹķØŪŪýşţǹ ěĸóıůùěĸđǹţŪşØŪýđƊȀǹ ŜŁıěóěýţȀǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹØŪĘƄØƊǹØĸùǹ óŁķķůĸěŪƊǹěĸěŪěØŪěƃýţǹØĸùǹ ķØĮýţǹşýóŁķķýĸùØŪěŁĸţǹ ŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýǹ – ]ŁĸěŪŁşţǹěķŜıýķýĸŪØŪěŁĸǹ ŁĐǹØĸùǹŜýşĐŁşķØĸóýǹ ØđØěĸţŪǹŪĘýǹ:şŁůŜȬţǹ&ǹ ŁòĪýóŪěƃýţǹØĸùǹŪØşđýŪţ Sustainability: pages 78 to 99. – ýƃěýƄţǹØĸùǹŜşěŁşěŪěţýţǹşýţŁůşóěĸđǹěĸǹŪĘýǹ:şŁůŜ – ŁĸţěùýşţǹķØŪŪýşţǹşýĐýşşýùǹĐşŁķǹòýıŁƄǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹ ]ýýŪţǹĐŁşķØııƊǹØŪǹıýØţŪǹýƃýşƊǹŞůØşŪýş Board activities: pages 116 to 117. Division of responsibilities of Directors: page 124. Directors’ biographies: pages 106 to 107. 114 Shaftesbury Capital PLC | 2024 Annual Report 115Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report ĘýǹŁØşùǹķýŪǹĐŁşķØııƊǹţýƃýĸǹŪěķýţǹùůşěĸđǹŪĘýǹƊýØşǿǹǹĸůķòýşǹ ŁĐǹŁŪĘýşǹķØŪŪýşţǹƄýşýǹØŜŜşŁƃýùǹòƊǹƄşěŪŪýĸǹşýţŁıůŪěŁĸǹŁĐǹŪĘýǹ ŁØşùǿǹŪǹýƃýşƊǹţóĘýùůıýùǹŁØşùǹķýýŪěĸđȀǹŪĘýǹŁØşùǹşýóýěƃýţǹ ůŜùØŪýţǹĐşŁķǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýȀǹŪĘýǹ:ýĸýşØıǹŁůĸţýıǹ ØĸùǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹŁĸǹŪĘýǹŁŜýşØŪěĸđǹýĸƃěşŁĸķýĸŪȀǹ ŜŁşŪĐŁıěŁǹØóŪěƃěŪěýţǹȡěĸóıůùěĸđǹţůţŪØěĸØòěıěŪƊǹØĸùǹţŪØĮýĘŁıùýşǹ ýĸđØđýķýĸŪȢȀǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŜşŁţŜýóŪţȀǹĘýØıŪĘǹ ØĸùǹţØĐýŪƊȀǹýķŜıŁƊýýţȀǹıýđØıǹķØŪŪýşţǹØĸùǹđŁƃýşĸØĸóýǿǹĘýǹ &ƉýóůŪěƃýǹŁķķěŪŪýýǹķýķòýşţǹØŪŪýĸùǹýØóĘǹķýýŪěĸđǹØĸùǹŁŪĘýşǹ ýķŜıŁƊýýţǹĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǹķØƊǹòýǹěĸƃěŪýùǹŪŁǹĪŁěĸǹ ķýýŪěĸđţǹŪŁǹŜşýţýĸŪǹŪŁŜěóØıǺůŜùØŪýţǿ ĘýǹŪØòıýǹòýıŁƄǹØĸùǹØĸùǹŁĸǹŪĘýǹØùĪØóýĸŪǹŜØđýǹŜşŁƃěùýţǹ ýƉØķŜıýţǹŁĐǹķØŪŪýşţǹóŁĸţěùýşýùǹùůşěĸđǹŪĘýǹƊýØşǿ Strategy ȟ ýđůıØşıƊǹóŁĸţěùýşýùǹŪĘýǹķØóşŁǹýĸƃěşŁĸķýĸŪǿ ȟ ŁĸţěùýşýùǹØĸùǹØŜŜşŁƃýùǹĮýƊǹţŪşØŪýđěóǹŜşěŁşěŪěýţȀǹ ţŪşØŪýđěóǹŜşŁŜŁţØıţȀǹØĸùǹŜýşĐŁşķØĸóýǹķýŪşěóţǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹ ŁķŜØĸƊȬţǹķýùěůķțŪýşķǹŪØşđýŪţǿ Finance, tax and corporate reporting ȟ ŜŜşŁƃýùǹŪĘýǹĘØıĐǹƊýØşǹØĸùǹƊýØşǹýĸùǹşýţůıŪţȀǹ ěĸóıůùěĸđǹóŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹ:ŁěĸđǹŁĸóýşĸǹ Øĸùǹ¨ěØòěıěŪƊǹŪØŪýķýĸŪţǿ ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿ ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǓǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđǹØĸùǹŪĘýǹ ^ŁƃýķòýşǹǑǏǑǓǹŪşØùěĸđǹůŜùØŪýţǿ ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǔǹòůùđýŪǹØĸùǹşýƃěýƄýùǹŪĘýǹķýùěůķț ŪýşķǹǇĸØĸóěØıǹŜşŁĪýóŪěŁĸţǿ ȟ ŜŜşŁƃýùǹØǹɏǖǔǹķěııěŁĸǹŪýşķǹıŁØĸȀǹŪĘýǹşýǇĸØĸóěĸđǹŁĐǹ ŪĘýǹɏǒǏǏǹķěııěŁĸǹşýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹŪĘýǹýƉŪýĸţěŁĸǹ ŁĐǹŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸěŁşǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţȀǹ ŪĘýǹşýŜØƊķýĸŪǹŁĐǹɏǘǔǹķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹ ůĸţýóůşýùǹıŁØĸǹĸŁŪýţǹØĸùǹŪĘýǹĸŁƃØŪěŁĸǹŁĐǹěĸŪýşýţŪǹ şØŪýǹĘýùđěĸđǹØşşØĸđýķýĸŪţǿ ȟ ŜŜşŁƃýùǹŪĘýǹůŜùØŪýùǹØƉǹŪşØŪýđƊǿ ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǒǹǇĸØıǹùěƃěùýĸùǹŁĐǹǐǿǕǔǹŜýĸóýǹŜØěùǹěĸǹ ]ØƊǹǑǏǑǓǹØĸùǹŪĘýǹǑǏǑǓǹěĸŪýşěķǹùěƃěùýĸùǹŁĐǹǐǿǖǹŜýĸóýǹ ŜØěùǹěĸǹfóŪŁòýşǹǑǏǑǓǿ Principal Board activities in 2024 Stakeholder engagement ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹòůţěĸýţţȬǹóůţŪŁķýşǹţŪşØŪýđěýţȀǹ ěĸóıůùěĸđǹŪĘýǹǇşţŪǹóůţŪŁķýşǹţůşƃýƊǿ ȟ ýóýěƃýùǹşýđůıØşǹůŜùØŪýţǹŁĸǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹØóŪěƃěŪƊǹ ØĸùǹķØŪŪýşţǹşØěţýùǹòƊǹţĘØşýĘŁıùýşţǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹǇşţŪǹ ýķŜıŁƊýýǹţůşƃýƊǿ ȟ ŁĸţěùýşýùǹŪĘýǹěķŜØóŪǹŁĐǹòůţěĸýţţǹùýóěţěŁĸţǹŁĸǹØǹƄěùýǹ range of stakeholders. ȟ ýóýěƃýùǹĐýýùòØóĮǹŁĸǹķýýŪěĸđţǹƄěŪĘǹƃØşěŁůţǹţŪØĮýĘŁıùýşţǿ Governance ȟ ŜŜşŁƃýùǹŪĘýǹØŜŜŁěĸŪķýĸŪţǹŁĐǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹ ěØĸǹ©ýţŪýşķØĸǹØţǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ ȟ ŜŜşŁƃýùǹşýƃěţýùȌĸýƄǹóŁşŜŁşØŪýǹŜŁıěóěýţȀǹěĸóıůùěĸđǹ ĸýƄǹAýØıŪĘǹØĸùǹØĐýŪƊǹŁıěóƊȀǹØĸùǹŁķķěŪŪýýǹŪýşķţǹ ŁĐǹşýĐýşýĸóýǿ ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘØěşķØĸǹŁĐǹýØóĘǹŁĐǹŪĘýǹ ůùěŪȀǹýķůĸýşØŪěŁĸǹØĸùǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýţǿ ȟ ŜŜşŁƃýùǹŪĘýǹ:]ǹşýţŁıůŪěŁĸţǿ ȟ ŜŜşŁƃýùǹŪĘýǹǑǏǑǓǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹ şØǅóĮěĸđǹŪØŪýķýĸŪǿ ȟ ŜŜşŁƃýùǹŪĘýǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţǹŁĐǹØııǹ"ěşýóŪŁşţǿ ȟ ŁĸţěùýşýùǹŪĘýǹǇĸùěĸđţǹŁĐǹŪĘýǹŁØşùǹýƃØıůØŪěŁĸǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹıýđØıǹØĸùǹđŁƃýşĸØĸóýǹ ùýƃýıŁŜķýĸŪţǹěĸóıůùěĸđǹŪĘýǹǑǏǑǓǹŁùýǹØĸùǹŪĘýǹ &óŁĸŁķěóǹşěķýǹØĸùǹŁşŜŁşØŪýǹşØĸţŜØşýĸóƊǹóŪǹǑǏǑǒǿ 116 Sustainability ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹùýƃýıŁŜķýĸŪǹŁĐǹŪĘýǹůŜùØŪýùǹ &ǹŪşØŪýđƊǹØĸùǹŜŁıěóěýţǹØĸùǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹ sustainability targets. ȟ ŁĸţěùýşýùǹóıěķØŪýțşýıØŪýùǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǿ ȟ ŜŜşŁƃýùǹØķýĸùķýĸŪţǹŪŁǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ^ýŪǹ¸ýşŁǹ ØşòŁĸǹØŪĘƄØƊǹşýǈýóŪěĸđǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹěǿ ȟ ŜŜşŁƃýùǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǿ Risk management and internal control ȟ ŜŜşŁƃýùǹŪĘýǹ:şŁůŜǹěţĮǹ]ØĸØđýķýĸŪǹŁıěóƊǹØĸùǹ 9şØķýƄŁşĮǹØĸùǹŪĘýǹŁØşùȬţǹşěţĮǹØŜŜýŪěŪýǹěĸǹşýţŜýóŪǹŁĐǹ ýØóĘǹŜşěĸóěŜØıǹşěţĮǿ ȟ ŁĸţěùýşýùǹŪĘýǹŜşěĸóěŜØıǹØĸùǹýķýşđěĸđǹşěţĮţǹĐŁııŁƄěĸđǹ şýƃěýƄǹòƊǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹØĸùǹůùěŪǹŁķķěŪŪýýţȀǹ ØĸùǹŪĘýǹşěţĮǹùěţóıŁţůşýţǹĐŁşǹŪĘýǹĘØıĐǹƊýØşǹØĸùǹĐůııǹƊýØşǹ results. People and culture ȟ ýóýěƃýùǹĐýýùòØóĮǹĐşŁķǹŪĘýǹ&ķŜıŁƊýýǹ&ĸđØđýķýĸŪǹ 9Łşůķǿ ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹØĸùǹŪĘýǹ ĘØěşķØĸǹŁĐǹŪĘýǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹŁĸǹŪĘýǹ ıýØùýşţĘěŜǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţǹùýıěƃýşýùǹ during the year. ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹǇşţŪǹ ýķŜıŁƊýýǹţůşƃýƊǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹěĸŪýđşØŪěŁĸǹ ŁĐǹŪýØķţǹØĸùǹţƊţŪýķţǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǿ ȟ ýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹ ŁķķěŪŪýýǹŁĸǹŁØşùǹØĸùǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸȀǹ ěĸóıůùěĸđǹĸŁĸțǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýŪşěóţǿ Operations ȟ ŜŜşŁƃýùǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹŜşŁŜýşŪěýţǹŁĸǹRØķýţǹ ŪşýýŪǹØĸùǹŪĘýǹùěţŜŁţØıǹŁĐǹŪĘýǹķØĪŁşěŪƊǹŁĐǹŪĘýǹ9ěŪƓşŁƃěØǹ ŜŁşŪĐŁıěŁǹØĸùǹóýşŪØěĸǹŁŪĘýşǹŜşŁŜýşŪěýţǿ ȟ ŜŜşŁƃýùǹŪĘýǹţØıýǹŁĐǹŪĘýǹ:şŁůŜȬţǹěĸŪýşýţŪǹěĸǹŪĘýǹ WŁĸđķØşŪěĸǹØţţŁóěØŪýǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŪĘýǹşýţŪşůóŪůşěĸđǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹ ŪýØķǹŪŁǹĐŁóůţǹŁĸǹ:şŁůŜțƄěùýǹěĸƃýţŪķýĸŪǹØĸùǹŁŜýşØŪěŁĸţǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹěĸƃýţŪķýĸŪǹķØşĮýŪȀǹƃØıůØŪěŁĸţȀǹ ŁóóůŜěýşǹŪşØùěĸđǹóŁĸùěŪěŁĸţȀǹşýĸŪǹóŁııýóŪěŁĸǹıýƃýıţȀǹ ıýØţěĸđǹØóŪěƃěŪěýţȀǹķØşĮýŪěĸđǹţŪşØŪýđƊǹØĸùǹƃØóØĸóƊǹıýƃýıţǿ ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹŁŜýşØŪěŁĸØıǹţŪşØŪýđƊȀǹóůţŪŁķýşǹ strategy and health and safety. ȟ ýóýěƃýùǹůŜùØŪýţǹŁĸǹØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹƄĘěóĘǹ ùěùǹĸŁŪǹşýŞůěşýǹŁØşùǹØŜŜşŁƃØıǿ 117Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report Engagement with stakeholders ĘýǹŁØşùǹŜşěĸóěŜØııƊǹýĸđØđýţǹùěşýóŪıƊǹƄěŪĘǹýķŜıŁƊýýţǹØĸùǹ ţĘØşýĘŁıùýşţǹòůŪǹěţǹØıţŁǹĮýŜŪǹØŜŜşěţýùǹŁĐǹýĸđØđýķýĸŪǹƄěŪĘǹ ŁŪĘýşǹţŪØĮýĘŁıùýşţǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹşýŜŁşŪţǹĐşŁķǹŪĘýǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹ ţýĸěŁşǹķØĸØđýķýĸŪȀǹØĸùǹØùƃěţýşţǹŪŁǹůĸùýşţŪØĸùǹŪĘýǹƃěýƄţǹ ŁĐǹŪĘýǹ:şŁůŜȬţǹţŪØĮýĘŁıùýşţǹŁĸǹùØƊțŪŁțùØƊǹŁŜýşØŪěŁĸţǿǹfĸǹ ŜØđýţǹǓǓǹŪŁǹǓǘȀǹƄýǹŁůŪıěĸýǹŪĘýǹƄØƊţǹƄýǹĘØƃýǹýĸđØđýùǹƄěŪĘǹ ĮýƊǹţŪØĮýĘŁıùýşţǹØĸùǹŪĘýǹŁůŪóŁķýţǹŁĐǹŪĘØŪǹýĸđØđýķýĸŪǿ Methods used by the Board ĘýǹķØěĸǹķýŪĘŁùţǹůţýùǹòƊǹŪĘýǹŁØşùǹŪŁǹŜýşĐŁşķǹěŪţǹùůŪěýţǹ ůĸùýşǹţýóŪěŁĸǹǐǖǑȡǐȢȡØȢǹŪŁǹȡĐȢǹŁĐǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǹ ȡȩţǐǖǑȡǐȢȪȢǹěĸóıůùýȁ ȟ fƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹŜůşŜŁţýȀǹţŪşØŪýđƊǹØĸùǹƃØıůýţȀǹ ØĸùǹŪĘýěşǹØıěđĸķýĸŪǹƄěŪĘǹŁůşǹóůıŪůşýǿ ȟ ŁĸţěùýşØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜȬţǹşěţĮǹØŜŜýŪěŪýȀǹŜşěĸóěŜØıǹşěţĮţǹ ØĸùǹşěţĮǹķěŪěđØŪěŁĸǿ ĘýǹŁØşùǹóŁĸǇşķţǹŪĘØŪǹùůşěĸđǹŪĘýǹƊýØşǹůĸùýşǹşýƃěýƄǹěŪǹØóŪýùǹěĸǹŪĘýǹƄØƊǹŪĘØŪǹěŪǹóŁĸţěùýşýùȀǹ ěĸǹđŁŁùǹĐØěŪĘȀǹƄŁůıùǹòýǹķŁţŪǹıěĮýıƊǹŪŁǹŜşŁķŁŪýǹŪĘýǹıŁĸđțŪýşķǹţůóóýţţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹŪĘýǹ òýĸýǇŪǹŁĐǹěŪţǹķýķòýşţǹØţǹØǹƄĘŁıýȀǹØĸùǹěĸǹùŁěĸđǹţŁǹĘØùǹşýđØşùǹŪŁǹŪĘýǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţýóŪěŁĸǹ ǐǖǑȡǐȢȡØȢǹŪŁǹȡĐȢǹŁĐǹŪĘýǹŁķŜØĸěýţǹóŪǹǑǏǏǕǿ ȟ fƃýşţěđĘŪǹŁĐǹýķŜıŁƊýýǹşýţŁůşóěĸđǹØĸùǹƄýııțòýěĸđǿ ȟ ǹùýùěóØŪýùǹţýóŪěŁĸǹƄěŪĘěĸǹýØóĘǹŁØşùǹØŜŜşŁƃØıǹŜØŜýşǹ ţýŪŪěĸđǹŁůŪǹŪĘýǹıěĮýıƊǹěķŜØóŪǹŁĐǹØĸƊǹŜşŁŜŁţØıǹŁĸǹŪĘýǹ şýıýƃØĸŪǹţŪØĮýĘŁıùýşţǿ ȟ ýƃěýƄǹŁĐǹţŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹůĸùýşŪØĮýĸǹòƊǹ ŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹƄěùýşǹŪýØķǹØóşŁţţǹ the business. ȟ ŁĸţěùýşØŪěŁĸǹŁĐǹţŪØĮýĘŁıùýşǹţůşƃýƊţǿ ȟ &ƉŪýşĸØıǹØţţůşØĸóýǹşýóýěƃýùǹĐşŁķǹŪĘýǹØůùěŪŁşţǹØĸùǹşýŜŁşŪţǹ ĐşŁķǹòşŁĮýşţǹØĸùǹØùƃěţýşţǿ ©ĘěıţŪǹěŪǹěţǹĸŁŪǹØıƄØƊţǹŜŁţţěòıýǹŪŁǹķýýŪǹŪĘýǹŜşýĐýşýĸóýţǹŁĐǹØııǹ ţŪØĮýĘŁıùýşţȀǹŪĘýǹŁØşùǹØěķţǹŪŁǹýĸţůşýǹŪĘØŪǹØııǹşýıýƃØĸŪǹĐØóŪŁşţǹ ØşýǹóŁĸţěùýşýùǹòýĐŁşýǹØǹùýóěţěŁĸǹěţǹŪØĮýĸǿǹŁķýǹýƉØķŜıýţǹ ŁĐǹĘŁƄǹŪĘýǹŁØşùǹóŁĸţěùýşýùǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹŪĘýǹ ķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţǐǖǑȡǐȢǹùůşěĸđǹǑǏǑǓǹØşýǹţĘŁƄĸǹěĸǹŪĘýǹŪØòıýǹ ŁĸǹŪĘýǹØùĪØóýĸŪǹŜØđýǿǹfŪĘýşǹýƉØķŜıýţǹŁĐǹĘŁƄǹŪĘýǹŁØşùǹĘØţǹ óŁĸţěùýşýùǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹţǐǖǑȡǐȢǹķØŪŪýşţǹØşýǹ ěĸóıůùýùǹěĸǹŪĘýǹţýóŪěŁĸǹȩAŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹ ýķŜıŁƊýýǹýĸđØđýķýĸŪȪǹŁĸǹŜØđýǹǐǐǒǿ Our section 172(1) statement ǹ ŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØĸùǹýĸđØđýķýĸŪ 118 &ƉØķŜıýţǹŁĐǹŪĘýǹŁØşùɻţǹóŁĸţěùýşØŪěŁĸǹŁĐǹţŪØĮýĘŁıùýşǹěĸŪýşýţŪţǹØĸùǹķØŪŪýşţǹţýŪǹŁůŪǹěĸǹţǐǖǑȡǐȢǹěĸǹǑǏǑǓǹØşýǹţĘŁƄĸǹòýıŁƄǿ Key matters Board considerations Outcomes Customer focus ĘýǹŁķŜØĸƊǹŜıØóýţǹŪĘýǹóůţŪŁķýşǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŪĘýǹ òůţěĸýţţǿǹ"ůşěĸđǹǑǏǑǓǹŪĘýǹŁØşùǹđØƃýǹşýĸýƄýùǹĐŁóůţǹŪŁǹ ŪĘěţǹØşýØǹěĸǹŁşùýşǹŪŁǹķØěĸŪØěĸǹţŪşŁĸđǹşýıØŪěŁĸţĘěŜţǹØĸùǹŪĘýǹ ŜşŁƃěţěŁĸǹŁĐǹØŜŜşŁŜşěØŪýǹıýƃýıţǹŁĐǹţýşƃěóýǿ During the year, the property ŪýØķǹƄØţǹşýţŪşůóŪůşýùǹŪŁǹ ØııŁƄǹđşýØŪýşǹóůţŪŁķýşǹ ĐŁóůţǿǹ©ýǹØıţŁǹƄŁşĮýùǹƄěŪĘǹ ŁůşǹŁůŪţŁůşóýùǹŜşŁƃěùýşţǹ ŪŁǹýĸţůşýǹŪĘØŪǹŁůşǹýƉŜýóŪýùǹ ţŪØĸùØşùţǹƄýşýǹùýıěƃýşýùȀǹ ØĸùǹØǹóůţŪŁķýşǹţůşƃýƊǹ ƄØţǹıØůĸóĘýùǿ Strength of balance sheet ]ØěĸŪØěĸěĸđǹØǹţŪşŁĸđǹóØŜěŪØıǹţŪşůóŪůşýǹěţǹØǹĮýƊǹŜØşŪǹŁĐǹŪĘýǹ ŁķŜØĸƊȬţǹţŪşØŪýđƊǿǹĘýǹŁØşùǹŪĘýşýĐŁşýǹóŁĸţěùýşţǹŪĘýǹ ŁķŜØĸƊȬţǹǇĸØĸóěĸđǹţŪşůóŪůşýǹØĸùǹùýòŪǹķØŪůşěŪƊǹŜşŁǇıýǹŁĸǹ ØǹşýđůıØşǹòØţěţǹŪŁǹýĸţůşýǹŪĘØŪǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹØĸùǹ ØóóýţţǹŪŁǹţůǅóěýĸŪǹıěŞůěùěŪƊǹØşýǹķØěĸŪØěĸýùǿ ĘýǹǇĸØĸóěØıǹţŪØòěıěŪƊǹŁĐǹŪĘýǹŁķŜØĸƊǹěţǹěķŜŁşŪØĸŪǹŪŁǹØǹƄěùýǹ şØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǿǹDĸǹóŁĸţěùýşěĸđǹǇĸØĸóěĸđţȀǹŪĘýǹƃěýƄţǹ ŁĐǹěĸƃýţŪŁşţǹØĸùǹŪĘýǹĸýđŁŪěØŪěŁĸǹŁĐǹŪĘýǹŪýşķţǹØƃØěıØòıýǹĐşŁķȀǹ ØĸùǹşýıØŪěŁĸţĘěŜţǹƄěŪĘȀǹùěǄýşýĸŪǹǇĸØĸóýǹŜşŁƃěùýşţǹØşýǹđěƃýĸǹ ŜØşŪěóůıØşǹóŁĸţěùýşØŪěŁĸǹòƊǹŪĘýǹŁØşùǿ During the year the Board óŁĸţěùýşýùǹķýùěůķțŪýşķǹ ĐůĸùěĸđǹØĸùǹşýǇĸØĸóěĸđǹ ŁŜŪěŁĸţǹØĸùǹØŜŜşŁƃýùǹķØŪŪýşţǹ ěĸóıůùěĸđǹĸýƄǹŁşǹşýŜıØóýķýĸŪǹ ǇĸØĸóýǹØşşØĸđýķýĸŪţǹŪŁŪØııěĸđǹ ɏǒǖǔǹķěııěŁĸȀǹŪĘýǹýƉŪýĸţěŁĸǹ ŁĐǹŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸěŁşǹ ůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţȀǹ ØĸùǹŪĘýǹşýŜØƊķýĸŪǹŁĐǹɏǘǔǹ ķěııěŁĸǹŁĐǹŜşěƃØŪýǹŜıØóýķýĸŪǹ ůĸţýóůşýùǹıŁØĸǹĸŁŪýţǿ Acquisitions and disposals ţţýŪǹşŁŪØŪěŁĸǹŪĘşŁůđĘǹóØŜěŪØıǹşýóƊóıěĸđǹěţǹŁĸýǹŁĐǹŪĘýǹ ŁķŜØĸƊȬţǹŜşěŁşěŪěýţǹØĸùǹƄýǹķØěĸŪØěĸǹØĸǹØóŪěƃýǹØĸùǹ ùěţóěŜıěĸýùǹØŜŜşŁØóĘǹŪŁǹóØŜěŪØıǹØııŁóØŪěŁĸǿ ĘýǹŁØşùǹđěƃýţǹŪĘŁşŁůđĘǹóŁĸţěùýşØŪěŁĸǹŪŁǹŜşŁŜŁţýùǹ ØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţȀǹţŁǹŪĘØŪǹØĸŪěóěŜØŪýùǹşýŪůşĸţȀǹşěţĮţǹ ØĸùǹŁŜŜŁşŪůĸěŪěýţǹØşýǹòØıØĸóýùǿǹĘýǹŁØşùǹØıţŁǹóŁĸţěùýşţǹ ŪĘýǹěķŜØóŪǹŁĐǹŜşŁŜŁţØıţǹŁĸǹØǹşØĸđýǹŁĐǹţŪØĮýĘŁıùýşţǹƄĘŁǹ ěĸóıůùýǹŪýĸØĸŪţȀǹŪĘýǹıŁóØıǹóŁķķůĸěŪƊǹØĸùǹıŁóØıǹØůŪĘŁşěŪěýţǿ During the year the Board ØŜŜşŁƃýùǹØǹĸůķòýşǹŁĐǹ ØóŞůěţěŪěŁĸţǹØĸùǹùěţŜŁţØıţǹ ěĸóıůùěĸđǹŪĘýǹØóŞůěţěŪěŁĸǹŁĐǹ ǑǔțǒǐǹRØķýţǹŪşýýŪǹØĸùǹŪĘýǹ ùěţŜŁţØıǹŁĐǹŜşŁŜýşŪěýţǹƄěŪĘěĸǹ ŪĘýǹ9ěŪƓşŁƃěØǹŜŁşŪĐŁıěŁǿ Purpose, culture and values ĘýǹŁØşùǹşýķØěĸţǹóŁķķěŪŪýùǹŪŁǹýķòýùùěĸđǹŁůşǹóůıŪůşýǹ ØĸùǹƃØıůýţǹƄěŪĘěĸǹŪĘýǹòůţěĸýţţǹØĸùǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹ ŁĸǹŪĘěţǹĐşŁķǹķØĸØđýķýĸŪǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿ ĘýǹŁØşùǹƄØţǹòşěýĐýùǹŁĸǹ ŪĘýǹŁůŪóŁķýţǹŁĐǹŪĘýǹǇşţŪǹ ýķŜıŁƊýýǹţůşƃýƊǹØĸùǹŪĘýǹ ěùýĸŪěǇýùǹØóŪěŁĸţȀǹØĸùǹşýóýěƃýùǹ ĐýýùòØóĮǹĐşŁķǹŪĘýǹ&ķŜıŁƊýýǹ &ĸđØđýķýĸŪǹ9Łşůķǿ Environmental, social and community impact ĘØĐŪýţòůşƊǹØŜěŪØıǹķØěĸŪØěĸţǹěŪţǹóŁķķěŪķýĸŪǹŪŁǹ ţůţŪØěĸØòěıěŪƊȀǹƄěŪĘǹŪĘýǹŁØşùǹØţǹØǹƄĘŁıýǹĘØƃěĸđǹ şýţŜŁĸţěòěıěŪƊǹĐŁşǹŁƃýşţěđĘŪǹØĸùǹıýØùýşţĘěŜǹŁĐǹŪĘěţǹØşýØǿ "ůşěĸđǹŪĘýǹƊýØşȀǹØţǹŁůşǹ&ǹŜşŁđşØķķýǹýƃŁıƃýùȀǹŪĘýǹŁØşùǹ ƄØţǹòşěýĐýùǹŁĸǹŪĘýǹĐØóŪŁşţǹŪĘØŪǹůĸùýşŜěĸĸýùǹŪĘýǹĸýýùǹŪŁǹ şýƃěýƄǹŪĘýǹŁķŜØĸƊȬţǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪǹùØŪýȀǹØĸùǹ ŪĘýǹĐØóŪǹŪĘØŪǹŪĘýǹĸýƄǹØŪĘƄØƊǹùŁýţǹĸŁŪǹţěđĸěǇóØĸŪıƊǹóĘØĸđýǹ ŪĘýǹěķŜØóŪǹĐŁşǹŪĘýǹŁķŜØĸƊȬţǹţŪØĮýĘŁıùýşţǿǹĘýǹŁØşùǹØıţŁǹ óŁĸţěùýşýùǹƄØƊţǹěĸǹƄĘěóĘǹŪĘýǹěķŜØóŪǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ óŁķķůĸěŪƊǹěĸƃýţŪķýĸŪǹØóŪěƃěŪěýţǹóŁůıùǹòýǹěķŜşŁƃýùǿ ĘýǹŁØşùǹØŜŜşŁƃýùǹØĸǹ ůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹ ØŪĘƄØƊǹØĸùǹØǹĸýƄǹŁķķůĸěŪƊǹ DĸƃýţŪķýĸŪǹŪşØŪýđƊǿ ¨ěţěŪŁşţ &ķŜıŁƊýýţ Shareholders ůţŪŁķýşţ ØşŪĸýşţ 9ěĸØĸóýǹŜşŁƃěùýşţ Suppliers WŁóØıǹ óŁķķůĸěŪěýţ Key 119Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report ɁǹfůşǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪ s172(1) factors Relevant disclosures Pages a. The likely consequences of ØĸƊǺùýóěţěŁĸǹěĸǹŪĘýǹ long term fůşǹóŁķŜýŪěŪěƃýǹţŪşýĸđŪĘţ ĘěýĐǹ&ƉýóůŪěƃýȬţǹţŪØŪýķýĸŪ fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊ fůşǹòůţěĸýţţǹķŁùýı ]ýØţůşěĸđǹŜýşĐŁşķØĸóý ŁşŪĐŁıěŁǹØĸùǹŁŜýşØŪěĸđǹşýƃěýƄ ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ Sustainability report ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ 10 to 11 ǐǑǹŪŁǹǐǔ 16 ǐǖ 20 to 21 ǒǑǹŪŁǹǓǒ ǓǓǹŪŁǹǓǘ ǖǖ ǖǗǹŪŁǹǘǘ 110 to 111 ǐǐǕǹŪŁǹǐǐǖ b. The interests of ŪĘýǺŁķŜØĸƊȬţǹ employees ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪǹ ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ fůşǹŜýŁŜıýǹØĸùǹóůıŪůşý "ěƃýşţěŪƊȀǹýŞůěŪƊǹØĸùǹěĸóıůţěŁĸ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ AŁƄǹŪĘýǹŁØşùǹķŁĸěŪŁşţǹóůıŪůşýǹØĸùǹýķŜıŁƊýýǹýĸđØđýķýĸŪǹ &ķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹşýıØŪýùǹŜŁıěóěýţǹòýıŁƄǹŪĘýǹŁØşù ǓǓǹŪŁǹǓǘ ǖǖ 100 to 101 ǐǏǐǹØĸùǹǐǒǏ 110 to 111 ǐǐǒ ǐǒǗǹŪŁǹǐǓǏ c. The need to foster ŪĘýǺŁķŜØĸƊȬţǹ business şýıØŪěŁĸţĘěŜţǺƄěŪĘǹ suppliers, customers ØĸùǺŁŪĘýşţ ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪ &ǹŪşØŪýđƊȀǹØŜŜşŁØóĘǹØĸùǹŜşŁđşýţţǹ DĸùůţŪşƊǹØĸùǹţůŜŜıƊǹóĘØěĸǹóŁııØòŁşØŪěŁĸ ]ŁùýşĸǹţıØƃýşƊǹØĸùǹĘůķØĸǹşěđĘŪţ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸ şěĸóěŜØıǹŁØşùǹØóŪěƃěŪěýţǹěĸǹǑǏǑǓ AŁƄǹƄýǹòýĘØƃý ǓǓǹŪŁǹǓǘ ǖǖ ǗǏǹŪŁǹǘǏ Ǘǘ ǘǏ 110 to 111 ǐǐǕǹŪŁǹǐǐǖ 122 d. The impact of the Company’s ŁŜýşØŪěŁĸţǺŁĸǹŪĘýǹ community and the environment ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ Sustainability report fůşǹóŁķķůĸěŪƊ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸǹ "ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪ ǓǓǹŪŁǹǓǘ ǖǖ ǖǗǹŪŁǹǘǘ ǘǖǹŪŁǹǘǘ 110 to 111 ǐǒǗǹŪŁǹǐǕǐ e. The desirability ŁĐǹŪĘýǺŁķŜØĸƊǹ maintaining a reputation for high standards of business conduct fůşǹŜůşŜŁţýțıýùǹţŪşØŪýđƊ fůşǹòůţěĸýţţǹķŁùýıǹ ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ ěţĮǹķØĸØđýķýĸŪǹ ^ŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹěĸĐŁşķØŪěŁĸǹţŪØŪýķýĸŪǹ ĘØěşķØĸȬţǹěĸŪşŁùůóŪěŁĸǹ ŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪ AŁƄǹƄýǹòýĘØƃý "ěƃěţěŁĸǹŁĐǹşýţŜŁĸţěòěıěŪěýţ DĸùýŜýĸùýĸóýǹØĸùǹýǄýóŪěƃýĸýţţ 16 ǐǖ ǓǓǹŪŁǹǓǘ ǔǘǹŪŁǹǕǔ ǖǖ 110 to 111 122 122 124 ǐǑǔ f. The need to act ĐØěşıƊǺØţǹòýŪƄýýĸǹ members of ŪĘýǺŁķŜØĸƊ ŪØĮýĘŁıùýşǹýĸđØđýķýĸŪ ýıØŪěŁĸţǹƄěŪĘǹţĘØşýĘŁıùýşţǹ ĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţ ǓǓǹŪŁǹǓǘ ǐǑǑǹŪŁǹǐǑǒ ǐǑǒ 120 121Shaftesbury Capital PLC | 2024 Annual Report ŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪ ĘýǹŁķŜØĸƊȬţǹşŪěóıýţǹŁĐǹţţŁóěØŪěŁĸǹØııŁƄǹŪĘýǹŁØşùǹŪŁǹ ØůŪĘŁşěţýǹØĸƊǹØóŪůØıǹŁşǹŜŁŪýĸŪěØıǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪǹŪĘØŪǹķØƊǹ ØşěţýǹĐşŁķǹ"ěşýóŪŁşţȬǹýƉŪýşĸØıǹşýıØŪěŁĸţĘěŜţǹŁşǹóŁķķěŪķýĸŪţǿǹ ĸƊǹŜŁŪýĸŪěØıǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪǹØşýǹùýóıØşýùǹØŪǹŪĘýǹţŪØşŪǹ ŁĐǹýØóĘǹŁØşùǹķýýŪěĸđǹØĸùǹØǹ"ěşýóŪŁşǹƄĘŁǹĘØţǹØǹóŁĸǈěóŪǹŁĐǹ ěĸŪýşýţŪǹěţǹĸŁŪǹóŁůĸŪýùǹěĸǹŪĘýǹŞůŁşůķǹŁşǹýĸŪěŪıýùǹŪŁǹƃŁŪýǹƄĘýĸǹ ŪĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýǹķØŪŪýşǹěĸǹƄĘěóĘǹŪĘýǹ"ěşýóŪŁşǹĘØţǹØĸǹ ěĸŪýşýţŪǿǹfĸǹØĸǹØĸĸůØıǹòØţěţȀǹØóŪůØıǹØĸùǹŜŁŪýĸŪěØıǹóŁĸǈěóŪţǹØşýǹ ĐŁşķØııƊǹşýƃěýƄýùǹěĸǹşýţŜýóŪǹŁĐǹòŁŪĘǹŪĘýǹĸØŪůşýǹŁĐǹ"ěşýóŪŁşţȬǹ ýƉŪýşĸØıǹşŁıýţǹØĸùǹŪĘýěşǹŪěķýǹóŁķķěŪķýĸŪǿ ĘýǹýƉŪýşĸØıǹěĸŪýşýţŪţǹŁĐǹĸýƄǹ"ěşýóŪŁşţǹØşýǹóŁĸţěùýşýùǹØţǹŜØşŪǹ ŁĐǹŪĘýǹşýóşůěŪķýĸŪǹŜşŁóýţţȀǹØĸùȀǹěĐǹØŜŜşŁŜşěØŪýȀǹØůŪĘŁşěţýùǹ òƊǹŪĘýǹŁØşùǹŁĸǹØŜŜŁěĸŪķýĸŪǿǹĸƊǹØùùěŪěŁĸØıǹýƉŪýşĸØıǹ ØŜŜŁěĸŪķýĸŪţǹØşýǹţůòĪýóŪǹŪŁǹŁØşùǹØŜŜşŁƃØıȀǹØĸùǹØşýǹØıţŁǹ óŁĸţěùýşýùǹƄěŪĘǹşýđØşùǹŪŁǹŪĘýǹĸØŪůşýǹŁĐǹŪĘýǹşŁıýǹØĸùǹŪěķýǹ óŁķķěŪķýĸŪǿǹĘěţǹŜşŁóýţţǹƄØţǹĐŁııŁƄýùǹěĸǹØŜŜşŁƃěĸđǹěŪůıǹ RŁòØĸŜůŪşØȬţǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪǹØţǹØǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹ ŁĐǹ©AǹķěŪĘǹWȀǹƄĘěóĘǹƄØţǹýǄýóŪěƃýǹĐşŁķǹǐǹ]ØşóĘǹǑǏǑǓȀǹØĸùǹ ěĸǹØŜŜşŁƃěĸđǹěóĘØşùǹĮýşţȬǹĸýƄǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪǹØţǹŪĘýǹ ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùȀǹƄĘěóĘǹƄØţǹýǄýóŪěƃýǹĐşŁķǹ ǐǹRØĸůØşƊǹǑǏǑǔǿ ĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýţýǹŜşŁóýùůşýţǹŪŁǹòýǹƄŁşĮěĸđǹýǄýóŪěƃýıƊǿ How we behave ©ýǹØţŜěşýǹŪŁǹŪĘýǹĘěđĘýţŪǹţŪØĸùØşùţǹŁĐǹòůţěĸýţţǹóŁĸùůóŪǹòØţýùǹ ŁĸǹĘŁĸýţŪƊȀǹşýţŜýóŪȀǹěĸŪýđşěŪƊǹØĸùǹŪşØĸţŜØşýĸóƊǹěĸǹýƃýşƊŪĘěĸđǹ ƄýǹùŁǿǹýóØůţýǹƄýǹĘØƃýǹØǹşýıØŪěƃýıƊǹţķØııǹŪýØķǹŁĐǹýķŜıŁƊýýţȀǹ ŁůşǹŁØşùǹØĸùǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹĘØƃýǹØǹĘěđĘǹùýđşýýǹŁĐǹ ŁƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹØóŪěƃěŪěýţȀǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţǿ ©ĘěıýǹƄýǹùŁǹĸŁŪǹĘØƃýǹØǹţŜýóěǇóǹĘůķØĸǹşěđĘŪţǹŜŁıěóƊȀǹŁůşǹ ýƉŜýóŪØŪěŁĸţǹěĸǹŪĘěţǹØşýØǹØşýǹţýŪǹŁůŪǹØóşŁţţǹØǹĸůķòýşǹŁĐǹ ŁůşǹŜŁıěóěýţǹØĸùǹŜşŁóýùůşýţȀǹØĸùǹƄýǹýƉŜýóŪǹţůŜŜıěýşţȀǹØţǹØǹ ķěĸěķůķȀǹŪŁǹØùĘýşýǹŪŁǹØııǹØŜŜıěóØòıýǹĘůķØĸǹşěđĘŪţȀǹýķŜıŁƊķýĸŪǹ ØĸùǹĘýØıŪĘǹØĸùǹţØĐýŪƊǹıýđěţıØŪěŁĸǹØĸùǹŪŁǹóŁķŜıƊǹƄěŪĘǹţŪØĸùØşùţǹ ØĸùǹóŁùýţǹţŜýóěǇóǹŪŁǹŪĘýěşǹòůţěĸýţţǿ ©ýǹĘØƃýǹĐŁşķØıǹóŁķŜıěØĸóýǹŜŁıěóěýţǹěĸǹŜıØóýǹěĸǹşýıØŪěŁĸǹ ŪŁǹØĸŪěțķŁĸýƊǹıØůĸùýşěĸđȀǹØĸŪěțòşěòýşƊǹØĸùǹóŁşşůŜŪěŁĸȀǹùØŪØǹ ŜşŁŪýóŪěŁĸȀǹĐşØůùȀǹŪØƉǹýƃØţěŁĸȀǹđěĐŪţǹØĸùǹĘŁţŜěŪØıěŪƊȀǹţĘØşýǹ ùýØıěĸđȀǹƄĘěţŪıýòıŁƄěĸđǹØĸùǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪǿǹııǹĸýƄǹ ýķŜıŁƊýýţǹşýóýěƃýǹŪşØěĸěĸđǹŁĸǹŪĘýţýǹŜŁıěóěýţǹØţǹŜØşŪǹŁĐǹŪĘýěşǹ ěĸùůóŪěŁĸǹŜşŁóýţţȀǹØĸùǹØĸĸůØıǹýțıýØşĸěĸđǹşýĐşýţĘýşǹŪşØěĸěĸđǹěţǹØǹ şýŞůěşýķýĸŪǹĐŁşǹØııǹýķŜıŁƊýýţǿǹǹĐŁşķØıǹóŁķŜıěØĸóýǹţŪØŪýķýĸŪǹ şýıØŪěĸđǹŪŁǹŪĘýţýǹŜŁıěóěýţǹěţǹØıţŁǹşýŞůěşýùǹŪŁǹòýǹţěđĸýùǹòƊǹ ýķŜıŁƊýýţǹŁĸǹĪŁěĸěĸđǹØĸùǹØĸĸůØııƊǹŪĘýşýØĐŪýşǿǹDĸǹ9ýòşůØşƊǹǑǏǑǔȀǹ ƄýǹŜůòıěţĘýùǹŁůşǹıØŪýţŪǹ]ŁùýşĸǹıØƃýşƊǹØĸùǹAůķØĸǹşØǅóĮěĸđǹ ŪØŪýķýĸŪȀǹƄĘěóĘǹóØĸǹòýǹĐŁůĸùǹŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿ ţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǿǹĘěţǹţýŪţǹŁůŪǹŪĘýǹØóŪěŁĸţǹůĸùýşŪØĮýĸǹ ùůşěĸđǹŪĘýǹƊýØşǹŪŁǹŜşýƃýĸŪǹķŁùýşĸǹţıØƃýşƊǹØĸùǹĘůķØĸǹ ŪşØǅóĮěĸđǹěĸǹŁůşǹòůţěĸýţţǹØĸùǹţůŜŜıƊǹóĘØěĸǿ fůşǹóůıŪůşýǹěţǹŁŜýĸȀǹĘŁĸýţŪǹØĸùǹŪşØĸţŜØşýĸŪȀǹØĸùǹŁůşǹ ýķŜıŁƊýýţǹØşýǹýĸóŁůşØđýùǹŪŁǹţŜýØĮǹůŜǹěĐǹŪĘýƊǹƄěŪĸýţţǹŁşǹ ţůţŜýóŪǹØĸƊǹƄşŁĸđùŁěĸđǹŁşǹòýĘØƃěŁůşǹƄĘěóĘǹùŁýţǹĸŁŪǹØıěđĸǹ ƄěŪĘǹŁůşǹĘěđĘǹţŪØĸùØşùţǿǹ©ýǹĘØƃýǹØǹĐŁşķØıǹ©ĘěţŪıýòıŁƄěĸđǹ ŁıěóƊȀǹůĸùýşǹƄĘěóĘǹýķŜıŁƊýýţǹØĸùǹţůŜŜıěýşţǹóØĸǹşýŜŁşŪǹØĸƊǹ óŁĸóýşĸţǹýěŪĘýşǹùěşýóŪıƊǹŪŁǹŁůşǹ:ýĸýşØıǹŁůĸţýıȀǹŁůşǹŁķŜØĸƊǹ ýóşýŪØşƊǹŁşǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýȀǹŁşǹŪĘşŁůđĘǹ ØĸǹěĸùýŜýĸùýĸŪǹĘŁŪıěĸýǹØĸùǹŁĸıěĸýǹŜŁşŪØıǿǹ9ŁııŁƄěĸđǹşýóýěŜŪǹŁĐǹ ØǹƄĘěţŪıýòıŁƄěĸđǹşýŜŁşŪȀǹƄýǹĘØƃýǹŜşŁóýùůşýţǹŪŁǹýĸţůşýǹŪĘØŪǹØĸǹ ØŜŜşŁŜşěØŪýǹěĸƃýţŪěđØŪěŁĸǹěţǹůĸùýşŪØĮýĸǿǹĘěţǹŜŁıěóƊǹěţǹşýƃěýƄýùǹ òƊǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØĸùǹŪĘýǹŁØşùǹØĸĸůØııƊǿ Relations with shareholders ĘýǹŁØşùǹóŁĸţěùýşţǹŪĘýǹƃěýƄţǹŁĐǹŁůşǹţĘØşýĘŁıùýşţǹØĸùǹóŁĸŪØóŪǹ ƄěŪĘǹŜŁŪýĸŪěØıǹěĸƃýţŪŁşţǹŪŁǹòýǹØĸǹěķŜŁşŪØĸŪǹØţŜýóŪǹŁĐǹóŁşŜŁşØŪýǹ đŁƃýşĸØĸóýǿǹĸǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹěţǹ şůĸǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşȀǹ ěĸƃŁıƃěĸđǹķýķòýşţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹŪĘýǹ "ěşýóŪŁşǹŁĐǹŁķķýşóěØıǹ9ěĸØĸóýǹØĸùǹDĸƃýţŪŁşǹýıØŪěŁĸţǹķýýŪěĸđǹ ƄěŪĘǹěĸƃýţŪŁşţǹØĸùǹØĸØıƊţŪţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹěĸǹØǹşØĸđýǹ ŁĐǹĐŁşķØŪţǿǹĘěţǹěĸóıůùýţǹşýţůıŪţǹŜşýţýĸŪØŪěŁĸţȀǹƄýòóØţŪţȀǹ şŁØùţĘŁƄţȀǹŁĸýțŪŁțŁĸýǹķýýŪěĸđţȀǹěĸùůţŪşƊǹóŁĸĐýşýĸóýţǹØĸùǹ property tours. Board and Committee meetings January February March April May – ŁØşùǹķýýŪěĸđţ – ůùěŪǹŁķķěŪŪýý – ^ŁķěĸØŪěŁĸǹ ŁķķěŪŪýý – ýķůĸýşØŪěŁĸǹ ŁķķěŪŪýý – Board update – ŁØşùǹķýýŪěĸđ – ůùěŪǹŁķķěŪŪýý Key corporate events and investor engagement – Ęşýýǹ^Łĸț ýƉýóůŪěƃýǹ "ěşýóŪŁşţǹţŪýŜǹ ùŁƄĸǹĐşŁķǹǒǐǹ January – ǑǏǑǒǹƊýØşǹýĸùǹ results – Year end results analyst presentation – ǑǏǑǒǹĸĸůØıǹ Report – ǑǏǑǒǹƊýØşǹýĸùǹ şŁØùţĘŁƄ – óŞůěţěŪěŁĸǹŁĐǹǑǔț ǒǐǹRØķýţǹŪşýýŪ – şØùěĸđǹůŜùØŪý – 2024 Annual General Meeting – ǑǏǑǒǹǇĸØıǹóØţĘǹ ùěƃěùýĸùǹŁĐǹǐǿǕǔǹ ŜýĸóýǹŜýşǹţĘØşýǹ paid Corporate governance report Board and Committee meetings, key corporate events and investor engagement during 2024 122 Shaftesbury Capital PLC | 2024 Annual Report ııǹ"ěşýóŪŁşţǹƄýşýǹŜşýţýĸŪǹØŪǹŪĘýǹǑǏǑǓǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđǹ ƄĘýşýǹţĘØşýĘŁıùýşţǹƄýşýǹØòıýǹŪŁǹŜØşŪěóěŜØŪýȀǹØţĮǹŞůýţŪěŁĸţǹ ØĸùǹƃŁŪýǿ ţǹŜØşŪǹŁĐǹŁůşǹşýđůıØşǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýȀǹķýýŪěĸđţǹ ƄýşýǹĘýıùǹƄěŪĘǹUǹØĸùǹŁƃýşţýØţǹýƉěţŪěĸđǹØĸùǹŜŁŪýĸŪěØıǹ ěĸţŪěŪůŪěŁĸØıǹěĸƃýţŪŁşţǹØţǹƄýııǹØţǹƄěŪĘǹýŞůěŪƊǹķØşĮýŪǹØĸØıƊţŪţǿǹ ĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹţýĸěŁşǹ ķØĸØđýķýĸŪǹĘØƃýǹØıţŁǹıýùǹŪŁůşţǹŁĐǹŁůşǹŜŁşŪĐŁıěŁȀǹƄĘěóĘǹŜşŁƃěùýǹ ýƉěţŪěĸđǹØĸùǹŜŁŪýĸŪěØıǹěĸƃýţŪŁşţǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹţýýǹŁůşǹ ùýţŪěĸØŪěŁĸţȀǹůĸùýşţŪØĸùǹŁůşǹķØĸØđýķýĸŪǹţŪşØŪýđƊǹØĸùǹķýýŪǹ ţýĸěŁşǹķØĸØđýķýĸŪǿ "ůşěĸđǹǑǏǑǓȀǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ ýĸđØđýùǹƄěŪĘǹţĘØşýĘŁıùýşţǹŁĸǹşýķůĸýşØŪěŁĸǹķØŪŪýşţǿ 2024 investor relations calendar February ȟ ýţůıŪţǹĐŁşǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒ ȟ Analyst presentation ]ØşóĘǹ ȟ ǑǏǑǒǹşýţůıŪţǹşŁØùţĘŁƄ May ȟ Annual General Meeting ȟ şØùěĸđǹůŜùØŪý July ȟ DĸŪýşěķǹşýţůıŪţǹĐŁşǹŜýşěŁùǹýĸùýùǹǒǏǹRůĸýǹ 2024 ȟ Analyst presentation August ȟ ǑǏǑǓǹěĸŪýşěķǹşýţůıŪţǹşŁØùţĘŁƄ ^Łƃýķòýş ȟ şØùěĸđǹůŜùØŪý Shareholders’ and stakeholders’ views ĘýǹŁØşùǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹŁĸǹŪĘýǹŁķŜØĸƊȬţǹķØĪŁşǹ ţĘØşýĘŁıùýşţȬǹØĸùǹţŪØĮýĘŁıùýşţȬǹƃěýƄţȀǹØĸùǹØǹùýùěóØŪýùǹţýóŪěŁĸǹ ŁĸǹţŪØĮýĘŁıùýşǹěķŜØóŪǹěţǹěĸóıůùýùǹěĸǹýØóĘǹŁØşùǹØŜŜşŁƃØıǹ ŜØŜýşǿǹ]ŁşýǹØòŁůŪǹŪĘýǹŁķŜØĸƊȬţǹóŁĸţěùýşØŪěŁĸǹŁĐǹØĸùǹ ýĸđØđýķýĸŪǹƄěŪĘǹěŪţǹţŪØĮýĘŁıùýşţǹóØĸǹòýǹĐŁůĸùǹŁĸǹŜØđýţǹǓǓǹ ŪŁǹǓǘǹØĸùǹěĸǹŪĘýǹŁķŜØĸƊȬţǹţýóŪěŁĸǹǐǖǑȡǐȢǹţŪØŪýķýĸŪǹŁĸǹŜØđýţǹ ǐǐǗǹŪŁǹǐǐǘǿ June July August September October November December – ŁØşùǹķýýŪěĸđ – ůùěŪǹŁķķěŪŪýý – ^ŁķěĸØŪěŁĸǹ ŁķķěŪŪýýǹ – ýķůĸýşØŪěŁĸǹ ŁķķěŪŪýý – Board Strategy Day – ŁØşùǹķýýŪěĸđ – ůùěŪǹŁķķěŪŪýý – ^ŁķěĸØŪěŁĸǹ ŁķķěŪŪýý – ýķůĸýşØŪěŁĸ – ŁķķěŪŪýý – ^ýƄǹɏǖǔǹķěııěŁĸǹ ůĸţýóůşýùǹŪýşķǹ loan – ǑǏǑǓǹěĸŪýşěķǹ results – ǑǏǑǓǹěĸŪýşěķǹ results analyst presentation – ^ýƄǹ^Łĸț ýƉýóůŪěƃýǹ "ěşýóŪŁşǹ Madeleine ŁţđşØƃýǹĪŁěĸţǹ ĐşŁķǹǐǹůđůţŪ – ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǹ Charlotte Boyle ţŪýŜţǹùŁƄĸǹĐşŁķǹ ǒǐǹůđůţŪ – ǑǏǑǓǹěĸŪýşěķǹ şýţůıŪţǹşŁØùţĘŁƄ – ^ýƄǹ^Łĸț ýƉýóůŪěƃýǹ "ěşýóŪŁşǹěØĸǹ ©ýţŪýşķØĸǹ ĪŁěĸţǹĐşŁķǹǐǹ ýŜŪýķòýş – Sale of interest ěĸǹWŁĸđķØşŪěĸǹ ØţţŁóěØŪý – ǑǏǑǓǹěĸŪýşěķǹ óØţĘǹùěƃěùýĸùǹŁĐǹ ǐǿǖǏǹŜýĸóýǹŜýşǹ share paid – şØùěĸđǹůŜùØŪý – ýǇĸØĸóěĸđǹŁĐǹ ɏǒǏǏǹķěııěŁĸǹ şýƃŁıƃěĸđǹóşýùěŪǹ ĐØóěıěŪƊ 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ĸŁŪěóýǹƄěııǹòýǹěţţůýùǹŪŁǹţĘØşýĘŁıùýşţǹØŪǹıýØţŪǹǑǏǹƄŁşĮěĸđǹùØƊţǹ òýĐŁşýǹŪĘýǹķýýŪěĸđȀǹØĸùǹƄěııǹØıţŁǹòýǹķØùýǹØƃØěıØòıýǹŁĸǹŪĘýǹ ŁķŜØĸƊȬţǹƄýòţěŪýǿǹĘØşýĘŁıùýşţǹØşýǹşýŞůýţŪýùǹŪŁǹóĘýóĮǹ ŪĘýǹƄýòţěŪýǹĐŁşǹŪĘýǹıØŪýţŪǹùýŪØěıţǹóŁĸóýşĸěĸđǹŪĘýǹǑǏǑǔǹ:]ǿǹ ýŜØşØŪýǹşýţŁıůŪěŁĸţǹƄěııǹòýǹŜşŁŜŁţýùǹŁĸǹýØóĘǹěţţůýǹØĸùȀǹěĸǹ ØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǹǑǏǑǓǹ ȡŪĘýǹȩǑǏǑǓǹŁùýȪȢȀǹýØóĘǹ"ěşýóŪŁşǹƄěııǺŁǄýşǹŪĘýķţýıƃýţǹĐŁşǹ ýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸȀǹØţǹşýıýƃØĸŪǿ ĘØşýĘŁıùýşţǹØşýǹØùƃěţýùǹŪŁǹƃŁŪýǹěĸǹØùƃØĸóýǹŁĐǹŪĘýǹķýýŪěĸđȀǹ ŜşěŁşǹŪŁǹŪĘýǹŜşŁƉƊǹùýØùıěĸýǹţýŪǹŁůŪǺěĸǺŪĘýǹ:]ǹĸŁŪěóýǿ ĘØşýĘŁıùýşţǹķØƊǹţůòķěŪǹØĸƊǹŞůýţŪěŁĸţǹòƊǹţýĸùěĸđǹØĸǹ ýķØěıǹŪŁǺóŁţýóȹţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķǹØĸùǹØǹşýţŜŁĸţýǹ ƄěııǺòýǺŜşŁƃěùýùǿ ĘýǹşýţůıŪţǹŁĐǹŪĘýǹƃŁŪýţǹŁĸǹØııǹşýţŁıůŪěŁĸţǹƄěııǹòýǹ ŜůòıěţĘýùǺŁĸǺŁůşǹƄýòţěŪýǹĐŁııŁƄěĸđǹŪĘýǹ:]ǿ 123Shaftesbury Capital PLC | 2024 Annual Report ĘýǹŁØşùǹóŁķŜşěţýţǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹĘØěşķØĸȀǹŪƄŁǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹĐŁůşǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşţǿǹĘýşýǹěţǹóıýØşǹùěƃěţěŁĸǹòýŪƄýýĸǹ&ƉýóůŪěƃýǹØĸùǹ^Łĸț ýƉýóůŪěƃýǹşýţŜŁĸţěòěıěŪěýţȀǹƄĘěóĘǹýĸţůşýţǹØóóŁůĸŪØòěıěŪƊǹØĸùǹ ŁƃýşţěđĘŪǿǹĘýǹŁØşùǹĘØţǹŁƃýşØııǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹđŁƃýşĸØĸóýǹ ŪĘşŁůđĘŁůŪǹŪĘýǹ:şŁůŜǹØĸùǹěţǹţůŜŜŁşŪýùǹòƊǹŪĘýǹŁķŜØĸƊǹ ýóşýŪØşƊǹØĸùǹŪĘýǹ:ýĸýşØıǹŁůĸţýıǿǹĘýǹĘØěşķØĸǹØĸùǹ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹķýýŪǹşýđůıØşıƊǹƄěŪĘŁůŪǹŪĘýǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşţȀǹØĸùǹØŪǹıýØţŪǹŁĸóýǹØǹƊýØşǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ ķýýŪǹƄěŪĘŁůŪǹŪĘýǹĘØěşķØĸǿ ĘýǹŁØşùǹùýıýđØŪýţǹţŁķýǹŁĐǹěŪţǹşýţŜŁĸţěòěıěŪěýţǹŪŁǹŪĘýǹ ^ŁķěĸØŪěŁĸȀǹůùěŪǹØĸùǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýţǿǹǹùýţóşěŜŪěŁĸǹ ŁĐǹŪĘýǹƄŁşĮǹŁĐǹŪĘýţýǹŁķķěŪŪýýţǹóØĸǹòýǹĐŁůĸùǹěĸǹŪĘýěşǹşýŜŁşŪţǹ ŁĸǹŜØđýǹǐǑǖȀǹǐǒǑǹØĸùǹǐǒǗȀǹşýţŜýóŪěƃýıƊǿǹ &ØóĘǹŁķķěŪŪýýǹĘØţǹěŪţǹŁƄĸǹŪýşķţǹŁĐǹşýĐýşýĸóýȀǹƄĘěóĘǹØşýǹ ØƃØěıØòıýǹŁĸǹŁůşǹƄýòţěŪýǹØĸùǹşýƃěýƄýùǹØĸĸůØııƊȀǹØĸùǹØţţýţţýţǹ ěŪţǹýǄýóŪěƃýĸýţţǹýƃýşƊǹƊýØşǹØţǹŜØşŪǹŁĐǹŪĘýǹýƃØıůØŪěŁĸǹŜşŁóýţţǹ ţýŪǹŁůŪǹŁĸǹŜØđýǹǐǒǐǿ ĘýǹŁØşùǹØıţŁǹùýıýđØŪýţǹŁŜýşØŪěŁĸØıǹķØŪŪýşţǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ ŁķķěŪŪýýȀǹýƉóýŜŪǹĐŁşǹóýşŪØěĸǹķØŪŪýşţǹƄĘěóĘǹØşýǹşýţýşƃýùǹ ĐŁşǹŪĘýǹŁØşùǿǹĘýǹóĘýùůıýǹŁĐǹŁØşùǹýţŜŁĸţěòěıěŪěýţǹóØĸǹòýǹ ØóóýţţýùǹŁĸǹŁůşǹƄýòţěŪýǿ ĘýǹşŁıýţǹŁĐǹĘØěşķØĸȀǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ "ěşýóŪŁşǹØşýǹţýŜØşØŪýıƊǹĘýıùȀǹƄýııǹùýǇĸýùȀǹţýŪǹŁůŪǹěĸǹƄşěŪěĸđǹØĸùǹ şýđůıØşıƊǹşýƃěýƄýùǹòƊǹŪĘýǹŁØşùǿǹĘýǹŪýşķţǹŁĐǹşýĐýşýĸóýǹĐŁşǹ ýØóĘǹşŁıýǹØşýǹØƃØěıØòıýǹŁĸǹŁůşǹƄýòţěŪýǿ Division of responsibilities The roles of Board members and the Executive Committee ĘýǹĐŁııŁƄěĸđǹŪØòıýǹţýŪţǹŁůŪǹŪĘýǹĮýƊǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹýØóĘǹěĸùěƃěùůØıǹŁşǹđşŁůŜȁ Positions Names Key responsibilities Chairman RŁĸØŪĘØĸǹ^ěóĘŁııţ ȟ WýØùěĸđǹŪĘýǹŁØşùǹěĸǹŪĘýǹóŁĸţěùýşØŪěŁĸȀǹóĘØııýĸđýȀǹţůŜŜŁşŪǹØĸùǹŁƃýşţěđĘŪǹŁĐǹ ŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹØĸùǹěŪţǹěķŜıýķýĸŪØŪěŁĸȀǹØĸùǹķŁĸěŪŁşěĸđǹŪĘýǹ:şŁůŜȬţǹ şěţĮǹŜşŁǇıýǿ ȟ fƃýşţýýěĸđǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹØŪǹŪĘýǹŁØşùǹıýƃýıǿ ȟ &ĸţůşěĸđǹýǄýóŪěƃýǹıěĸĮţǹòýŪƄýýĸǹţĘØşýĘŁıùýşţȀǹŁŪĘýşǹţŪØĮýĘŁıùýşţȀǹŪĘýǹŁØşùǹ ØĸùǹţýĸěŁşǹķØĸØđýķýĸŪǿ Chief Executive DØĸǹAØƄĮţƄŁşŪĘ ȟ "ýƃýıŁŜěĸđǹØĸùǹěķŜıýķýĸŪěĸđǹŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹØĸùǹóŁķķýşóěØıǹŁòĪýóŪěƃýţǿ ȟ fƃýşţýýěĸđǹŪĘýǹǇĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹ óŁķķůĸěóØŪěŁĸǹƄěŪĘǹŪĘýǹŁØşùȀǹýķŜıŁƊýýţǹØĸùǹŁŪĘýşǹţŪØĮýĘŁıùýşţǿ ȟ fƃýşţýýěĸđǹŪĘýǹţĮěııţȀǹùěƃýşţěŪƊȀǹķØĸØđýķýĸŪǹùýƃýıŁŜķýĸŪǹØĸùǹţůóóýţţěŁĸǹŁĐǹŪĘýǹ :şŁůŜȬţǹýķŜıŁƊýýţǿ Chief Financial fǅóýş Situl Jobanputra ȟ ©ŁşĮěĸđǹóıŁţýıƊǹƄěŪĘǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹěĸǹùýƃýıŁŜěĸđǹØĸùǹěķŜıýķýĸŪěĸđǹŪĘýǹ ŁķŜØĸƊȬţǹţŪşØŪýđƊȀǹØĸùǹŁƃýşţýýěĸđǹóØŜěŪØıǹØııŁóØŪěŁĸȀǹěĸƃýţŪķýĸŪǹØĸùǹĮýƊǹ ŪşØĸţØóŪěŁĸţǿ ȟ şŁƃěùěĸđǹǇĸØĸóěØıǹıýØùýşţĘěŜȀǹùýƃýıŁŜěĸđǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹØĸùǹǇĸØĸóěØıǹ ţŪşØŪýđƊȀǹØĸùǹķØĸØđěĸđǹŪĘýǹŁķŜØĸƊȬţǹóØŜěŪØıǹţŪşůóŪůşýǿ ȟ ýţŜŁĸţěòıýǹĐŁşǹǇĸØĸóěØıǹşýŜŁşŪěĸđȀǹǇĸØĸóěØıǹŜıØĸĸěĸđǹØĸùǹØĸØıƊţěţȀǹěĸƃýţŪŁşǹ şýıØŪěŁĸţȀǹŪşýØţůşƊȀǹŪØƉǹØĸùǹDǹĐůĸóŪěŁĸţǿ Non-executive Directors ěóĘØşùǹĮýşţ Ruth Anderson ]ØùýıýěĸýǹŁţđşØƃý ěØĸǹ©ýţŪýşķØĸ ȟ şŁƃěùěĸđǹóŁĸţŪşůóŪěƃýǹóĘØııýĸđýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹķŁĸěŪŁşěĸđǹŪĘýǹ ùýıěƃýşƊǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹţŪşØŪýđƊǹƄěŪĘěĸǹŪĘýǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ óŁĸŪşŁıǹĐşØķýƄŁşĮţǹţýŪǹòƊǹŪĘýǺŁØşùǿ Executive Committee DØĸǹAØƄĮţƄŁşŪĘ Situl Jobanputra ]ěóĘýııýǹ]ó:şØŪĘ ĸùşýƄǹşěóý ȟ ©ŁşĮěĸđǹŁĸǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹòůţěĸýţţǹŜıØĸǿ ȟ ]ŁĸěŪŁşěĸđǹŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØĸùǹşýƃěýƄěĸđǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǿ ȟ ýƃěýƄěĸđǹØĸùǹŜşěŁşěŪěţěĸđǹşýţŁůşóěĸđǹěĸǹŪĘýǹ:şŁůŜǿ ȟ ŁĸţěùýşěĸđǹķØŪŪýşţǹşýĐýşşýùǹĐşŁķǹòýıŁƄǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǿ ııǹ"ěşýóŪŁşţǹĘØƃýǹØóóýţţǹŪŁǹŪĘýǹØùƃěóýǹØĸùǹţýşƃěóýţǹŁĐȁ Positions Names Key responsibilities Company Secretary ůŪĘǹØƃýƊ ȟ ùƃěţěĸđǹŪĘýǹŁØşùǹŁĸǹóŁşŜŁşØŪýǹđŁƃýşĸØĸóýǹķØŪŪýşţǹØĸùǹýĸţůşěĸđǹŪĘýǹţķŁŁŪĘǹ ǈŁƄǹŁĐǹěĸĐŁşķØŪěŁĸǹƄěŪĘěĸǹŪĘýǹŁØşùǹØĸùǹěŪţǹŁķķěŪŪýýţȀǹØĸùǹòýŪƄýýĸǹţýĸěŁşǹ ķØĸØđýķýĸŪǹØĸùǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ General Counsel Alison Fisher ȟ şŁƃěùěĸđǹıýđØıǹØùƃěóýǹØĸùǹđůěùØĸóýǹŪŁǹŪĘýǹŁØşùǿ ȟ ýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǹŁĸǹóŁşŜŁşØŪýǹţýşƃěóýţǹØóŪěƃěŪěýţȀǹěĸóıůùěĸđǹAǹØĸùǹĘýØıŪĘǹ and safety. Corporate governance report 124 Shaftesbury Capital PLC | 2024 Annual Report DĸùýŜýĸùýĸóýǹØĸùǹýǄýóŪěƃýĸýţţ DĸǹØóóŁşùØĸóýǹƄěŪĘǹŪĘýǹǑǏǑǓǹŁùýȀǹØııǹ"ěşýóŪŁşţǹØşýǹţůòĪýóŪǹŪŁǹ ØĸĸůØıǹýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸȀǹØţǹşýıýƃØĸŪȀǹØĸùǹØŪǹıýØţŪǹĘØıĐǹŪĘýǹ ŁØşùȀǹýƉóıůùěĸđǹŪĘýǹĘØěşķØĸȀǹØşýǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşţǿǹĘýǹĘØěşķØĸǹƄØţǹěĸùýŜýĸùýĸŪǹŁĸǹØŜŜŁěĸŪķýĸŪǿ ĘýǹŁØşùǹòýıěýƃýţǹŪĘØŪǹěŪǹØĸùǹěŪţǹŁķķěŪŪýýţǹĘØƃýǹŪĘýǹ ØŜŜşŁŜşěØŪýǹóŁķòěĸØŪěŁĸǹŁĐǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹĮĸŁƄıýùđýǹ ŪŁǹýĸØòıýǹŪĘýķǹŪŁǹóØşşƊǹŁůŪǹŪĘýěşǹùůŪěýţǹýǄýóŪěƃýıƊǿǹĘýǹ ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹĮýýŜţǹŪĘýǹŪýĸůşýǹŁĐǹØııǹ"ěşýóŪŁşţȀǹŪĘýǹ ýǄýóŪěƃýĸýţţǹŁĐǹěĸùěƃěùůØıǹ"ěşýóŪŁşţȀǹØĸùǹŁØşùǹùěƃýşţěŪƊǹůĸùýşǹ şýƃěýƄǿǹĘýǹŁØşùǹóŁĸţěùýşţǹØııǹŁůşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹ ŪŁǹòýǹěĸùýŜýĸùýĸŪǹØĸùǹĐşýýǹĐşŁķǹØĸƊǹòůţěĸýţţǹŁşǹŁŪĘýşǹ şýıØŪěŁĸţĘěŜǹƄĘěóĘǹóŁůıùǹķØŪýşěØııƊǹěĸŪýşĐýşýǹƄěŪĘǹŪĘýǹ ýƉýşóěţýǹŁĐǹŪĘýěşǹĪůùđýķýĸŪǿ fůşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýķØěĸǹěĸùýŜýĸùýĸŪǹĐşŁķǹýƉýóůŪěƃýǹ ķØĸØđýķýĸŪǹŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹŪĘýƊǹķýýŪǹşýđůıØşıƊǹƄěŪĘǹŪĘýǹ ĘØěşķØĸǹŪŁǹØııŁƄǹŪĘýķǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹùěţóůţţǹŪĘýěşǹ ƃěýƄţǹŜşěƃØŪýıƊǿ ĘýǹŁØşùǹşýóŁđĸěţýţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹýØóĘǹ"ěşýóŪŁşǹòýěĸđǹ ØòıýǹŪŁǹùýùěóØŪýǹţůǅóěýĸŪǹŪěķýǹŪŁǹýǄýóŪěƃýıƊǹùěţóĘØşđýǹŪĘýěşǹ ùůŪěýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǿǹĘýǹóŁķķěŪķýĸŪǹýƉŜýóŪýùǹěţǹ óŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹŁĸǹýØóĘǹ"ěşýóŪŁşȬţǹØŜŜŁěĸŪķýĸŪǿ ©Ęýşýǹ"ěşýóŪŁşţǹŪØĮýǹŁĸǹØùùěŪěŁĸØıǹýƉŪýşĸØıǹØŜŜŁěĸŪķýĸŪţȀǹ ŪĘýţýǹØşýǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁØşùǹţůòĪýóŪǹŪŁǹţØŪěţĐØóŪěŁĸǹ ŪĘØŪǹŪĘýǹŜØşŪěóůıØşǹ"ěşýóŪŁşǹĘØţǹţůǅóěýĸŪǹŪěķýǹŪŁǹóØşşƊǹŁůŪǹ ŪĘýěşǹşýţŜŁĸţěòěıěŪěýţǹěĸǹşýıØŪěŁĸǹŪŁǹŪĘýǹŁķŜØĸƊǿǹĘýǹŁØşùǹ ØŜŜşŁƃýùǹŪĘýǹØŜŜŁěĸŪţǹŁĐǹěŪůıǹRŁòØĸŜůŪşØǹØţǹØǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşǹŁĐǹ©AǹķěŪĘǺWǹØĸùǹŁĐǹěóĮØşùǹĮýşţǹØţǹŪĘýǹ ĘØěşķØĸǹŁĐǹ]ěııýşǹAŁķýţǹWěķěŪýùǿ The key responsibilities of Board members are set out in the table on the page opposite. 125Shaftesbury Capital PLC | 2024 Annual Report Gender Age Board independence Ethnic group Board composition as at 31 December 2024 Board skills and tenure as at 31 December 2024 Board skills Leadership Real estate Hospitality, leisure, luxury, fashion and retail Environmental, social and community Corporate ǇĸØĸóý Accounting/ ǇĸØĸóý Fund management/ ǇĸØĸóěØıǹķØşĮýŪţ DØĸǹAØƄĮţƄŁşŪĘ 9999999 Situl Jobanputra 9999999 RŁĸØŪĘØĸǹ^ěóĘŁııţ 99 999 ěóĘØşùǹĮýşţ 9999 Ruth Anderson 999 999 ]ØùýıýěĸýǹŁţđşØƃý 999 9 ěØĸǹ©ýţŪýşķØĸ 9999 ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹŪýĸůşý Year joined 2023 2024 2025 YTD Length of time (to 26 February 2025) ĘØěşķØĸǺ RŁĸØŪĘØĸǹ^ěóĘŁııţ 1 ǑǏǑǒ 2 years Non-executive Directors ěóĘØşùǹĮýşţ 1 ǑǏǑǒ 2 years Ruth Anderson 1 ǑǏǑǒ 2 years ]ØùýıýěĸýǹŁţđşØƃý 2024 ǖǹķŁĸŪĘţǹ ěØĸǹ©ýţŪýşķØĸ 2024 ǕǹķŁĸŪĘţ 1. ýǈýóŪěĸđǹŪĘýǹıýđØıǹţŪşůóŪůşýȀǹýƉŜØĸùýùǹŜŁşŪĐŁıěŁǹØĸùǹùěǄýşýĸŪǹķØĸØđýķýĸŪǹŪýØķȀǹŪĘýǹŁØşùǹĘØţǹØđşýýùǹŪĘØŪǹýØóĘǹ"ěşýóŪŁşɻţǹŪýĸůşýǹţĘŁůıùǹòýǹóØıóůıØŪýùǹĐşŁķǹŪĘýǹùØŪýǹ ŁĐǹŪĘýǹķýşđýşǹƄěŪĘǹĘØĐŪýţòůşƊǹWǿ Male (4) Female (3) 57.14% 42.86% Asian/Asian-British (1) White British or other white (including minority-white groups) (6) 14.29% 85.71% 50-54 (1) 55-59 (2) 60-64 (2) 65+ (2) 14.29% 28.57% 28.57% 28.57% Chairman (1) Executive Directors (2) Non-executive Directors (4) 28.57% 57.14%14.29% Board skills, experience and background Corporate governance report 126 Shaftesbury Capital PLC | 2024 Annual Report Jonathan Nicholls Chairman Composition, succession and evaluation Nomination Committee report “During 2024 the Committee continued to focus on the evolution of the Board, ensuring that we have the right balance of diversity, skills and experience following the post-merger integration of the business.” Dear Shareholder On behalf of the Nomination Committee, I am pleased to present our 2024 report. Overview During the year, we focused on the composition of the Board following the integration of the business. The Committee has also taken a keen interest in the development of our team below Board level. Continued evolution of the Board As reported last year, following delivery of a number of post- merger integration activities, it was decided that a smaller ŁØşùǹƄŁůıùǹòýǹķŁşýǹýǄýóŪěƃýǹØĸùǹşýǈýóŪěƃýǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ ķŁƃýǹŪŁƄØşùţǹØǹķŁşýǹýǅóěýĸŪǹŁşđØĸěţØŪěŁĸØıǹţŪşůóŪůşýǿǹ During 2024, following the departure of three Non-executive Directors in January, further consideration of the appropriate balance of diversity, skills and experience for the Board, and mindful of succession planning, it was agreed that two new Non-executive Directors should be appointed, with experience in the property, luxury or retail markets. The Committee ØŜŜŁěĸŪýùǹýƉýóůŪěƃýǹţýØşóĘǹǇşķǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹ to assist with the recruitment and, following a full process, we were pleased to recommend the appointment of Madeleine Cosgrave and Sian Westerman to the Board. Non-executive Director Charlotte Boyle stepped down from the Board with ýǄýóŪǹĐşŁķǹǒǐǹůđůţŪǹǑǏǑǓǹĐŁııŁƄěĸđǹŪĘýǹØŜŜŁěĸŪķýĸŪǹŁĐǺěØĸǿ Following these Board changes, I am pleased to report that ǓǒǹŜýşǹóýĸŪǹŁĐǹŁůşǹŁØşùǹùěşýóŪŁşţǹØşýǹƄŁķýĸǿǹ©ýǹşýķØěĸǹ óŁđĸěţØĸŪǹŁĐǹŪĘýǹWěţŪěĸđǹůıýţǹŪØşđýŪţǹĐŁşǹØŪǹıýØţŪǹŁĸýǹŁĐǹŪĘýǹ roles of Chair, Senior Independent Director, Chief Executive ØĸùǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹŪŁǹòýǹØǹĘýıùǹòƊǹØǹƄŁķØĸǹØĸùǹŪĘýǹ Committee will include these targets in its consideration of succession planning and the diversity, experience and skills required for the Board. Below-Board development, and succession planning "ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹŁůşǹAýØùǹŁĐǹAǹ ensured that the Committee was kept up to date on the development and succession planning initiatives in place below Board level. These have included a number of talent and leadership development programmes which have operated across the business. DĸǹıěĸýǹƄěŪĘǹŪĘýǹıØŪýţŪǹØşĮýşǹýƃěýƄǹşýóŁķķýĸùØŪěŁĸţǹĐŁşǹ9&ǹ ǒǔǏǹóŁķŜØĸěýţȀǹŪĘýǹŁķķěŪŪýýǹĘØţǹķØěĸŪØěĸýùǹěŪţǹŪØşđýŪǹĐŁşǹ ǐǏǹŜýşǹóýĸŪǹŁĐǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹķýķòýşţǹØĸùǹŪĘýěşǹţýĸěŁşǹ manager direct reports to identify with an ethnic minority category by 2027. This target, and performance against it, will be kept under review. Jonathan Nicholls Chairman of the Nomination Committee ǑǕǹ9ýòşůØşƊǹǑǏǑǔ 127 Corporate governance report | Nomination Committee report Nomination Committee at a glance Nomination Committee members and meeting attendance ^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǒǹĘýıùȢ Jonathan Nicholls (Chairman) ǒȌǒ Charlotte Boyle 2 ǑȌǑ Richard Akers ǒȌǒ Helena Coles 3 ǏȌǏ Ruth Anderson ǒȌǒ Anthony Steains 3 ǏȌǏ Madeleine Cosgrave 1 ǐȌǐ Jennelle Tilling 3 ǏȌǏ Sian Westerman 1 ǐȌǐ ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǺķýýŪěĸđǿ 2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪƄŁǹķýýŪěĸđţǿ ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ to their departure. Key responsibilities of the Committee ȟ ]ŁĸěŪŁşţǹØĸùǹşýƃěýƄţǹŪĘýǹţŪşůóŪůşýȀǹţěƓýǹØĸùǹóŁķŜŁţěŪěŁĸǹȡěĸóıůùěĸđǹţĮěııţȀǹĮĸŁƄıýùđýȀǹýƉŜýşěýĸóýǹØĸùǹùěƃýşţěŪƊȢǹŁĐǹŪĘýǹ Board and its Committees. ȟ &ĸţůşýţǹŪĘØŪǹŪĘýşýǹØşýǹØŜŜşŁŜşěØŪýǹŜıØĸţǹěĸǹŜıØóýǹĐŁşǹŪĘýǹŁşùýşıƊǹØĸùǹýǄýóŪěƃýǹţůóóýţţěŁĸǹŁĐǹŪĘýǹŁØşùǹØĸùǹţýĸěŁşǹķØĸØđýķýĸŪǿ ȟ Oversees the development of a diverse pipeline for succession at Board and senior management levels. ȟ UýýŜţǹ"ěşýóŪŁşţȬǹţĮěııţȀǹýƉŜýşěýĸóýǹØĸùǹěĸùýŜýĸùýĸóýǹůĸùýşǹóŁĸţěùýşØŪěŁĸǿ ȟ Leads the process for Board appointments and makes recommendations to the Board. ȟ ýƃěýƄţǹŪĘýǹŪěķýǹóŁķķěŪķýĸŪǹýƉŜýóŪýùǹĐşŁķǹ"ěşýóŪŁşţǿ ȟ Oversees the Board evaluation process. How the Committee operates The Nomination Committee comprises Independent Non-executive Directors. At the beginning of the year, the members of ŪĘýǹŁķķěŪŪýýǹƄýşýǹRŁĸØŪĘØĸǹ^ěóĘŁııţǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹěóĘØşùǹĮýşţȀǹůŪĘǹĸùýşţŁĸȀǹĘØşıŁŪŪýǹŁƊıýȀǹ Helena Coles, Anthony Steains and Jennelle Tilling. Helena Coles, Anthony Steains and Jennelle Tilling stepped down from ŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹ ŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹ ǑǏǑǓǹØĸùǹǐǺýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿ DĸùýŜýĸùýĸŪǹýƉýóůŪěƃýǹţýØşóĘǹǇşķţǹØşýǹýĸđØđýùǹŪŁǹØţţěţŪǹěĸǹ&ƉýóůŪěƃýǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹţůóóýţţěŁĸǹŜıØĸĸěĸđǹ ØĸùǹØŜŜŁěĸŪķýĸŪǹŜşŁóýţţýţȀǹØţǹØŜŜşŁŜşěØŪýǿǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹƄØţǹýĸđØđýùǹØţǹŪĘýǹýƉŪýşĸØıǹţýØşóĘǹØđýĸóƊǹŪŁǹ ØţţěţŪǹƄěŪĘǹŪĘýǹşýóşůěŪķýĸŪǹŁĐǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØŜŜŁěĸŪýùǹùůşěĸđǹŪĘýǹƊýØşǿǹůţţýııǹýƊĸŁıùţǹţţŁóěØŪýţǹĘØţǹĸŁǹ connection with the Company or any individual Director, other than to assist with the Non-executive Director recruitment process. DĸǹķØĮěĸđǹşýóŁķķýĸùØŪěŁĸţǹŪŁǹŪĘýǹŁØşùǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹØŜŜŁěĸŪķýĸŪţȀǹŪĘýǹ^ŁķěĸØŪěŁĸǹŁķķěŪŪýýǹţŜýóěǇóØııƊǹ considers the expected time commitment of the proposed Non-executive Director, against the other commitments that they already have external to the Company. Agreement of the Board is also required before a Director may accept any additional óŁķķěŪķýĸŪţǿǹĘěţǹěţǹŪŁǹýĸţůşýǹŪĘØŪǹŜŁţţěòıýǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪǹØşýǹěùýĸŪěǇýùǹØĸùǹŪĘØŪǹ"ěşýóŪŁşţǹƄěııǹóŁĸŪěĸůýǹŪŁǹĘØƃýǹ ţůǅóěýĸŪǹŪěķýǹŪŁǹùýƃŁŪýǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹØǄØěşţǿ All Directors are subject to annual election or re-election, as relevant, in accordance with the 2024 UK Corporate Governance Code. The Committee considers the skills, knowledge and level of performance of all Directors before making its recommendation to the Board. ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýǄýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ 128 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Director recruitment process The Committee considers Board composition and determines desired skills and experience ǹŜýşţŁĸǹţŜýóěǇóØŪěŁĸǹěţǹŜşýŜØşýùǹ ĸǹýƉýóůŪěƃýǹţýØşóĘǹǇşķǹěţǹØŜŜŁěĸŪýùǹ ǹţĘŁşŪıěţŪǹŁĐǹóØĸùěùØŪýţǹěţǹěùýĸŪěǇýùǹ The Chairman and Chief Executive meet with shortlisted candidates and provide feedback to the Committee All Directors are given the opportunity to meet the preferred candidate The Committee makes a formal recommendation to the Board A tailored induction is provided to the new Director Director recruitment, induction and development Our recruitment process for new Non-executive Directors is set out in the graphic to the right. On joining the Board, we provide an induction programme for each new Director, ƄĘěóĘǹěţǹŪØěıŁşýùǹùýŜýĸùěĸđǹŁĸǹŪĘýǹěĸùěƃěùůØıȬţǹýƉŜýşěýĸóýǹØĸùǹ expected role on the Board. Our induction programmes include individual meetings with the Chairman, Executive Directors, General Counsel, Company Secretary and members of senior management, together with participation in site tours and ķýýŪěĸđţǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹØùƃěţýşţȀǹƄĘěóĘǹķØƊǹěĸóıůùýǹŪĘýǹ internal and external auditors, brokers, valuers and lawyers. We also provide copies of past Board papers and access to a reference library which includes corporate information and ŜŁıěóěýţȀǹěĸĐŁşķØŪěŁĸǹŁĸǹùěşýóŪŁşţȬǹùůŪěýţǹØĸùǹşýţŜŁĸţěòěıěŪěýţǹ and other useful materials. The Chairman and the Committees together ensure that Directors keep their skills and knowledge up to date, to allow ŪĘýķǹŪŁǹĐůıǇıǹŪĘýěşǹşŁıýţǹŁĸǹŪĘýǹŁØşùǹØĸùǹŁķķěŪŪýýţǿǹĘýǹ General Counsel and Company Secretary regularly update the Board on legal and corporate governance matters. "ěşýóŪŁşţǹØşýǹşýŞůěşýùǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹŁķŜØĸƊȬţǹ mandatory training modules, and information on other training opportunities and seminars is circulated to Directors. Directors ØıţŁǹşýóýěƃýǹŜýşěŁùěóǹòşěýǇĸđţǹĐşŁķǹýƉŪýşĸØıǹØùƃěţýşţȀǹØĸùǹ "ěşýóŪŁşţǹķØƊǹŪØĮýǹěĸùýŜýĸùýĸŪǹØùƃěóýǹØŪǹŪĘýǹŁķŜØĸƊȬţǹ expense where they feel this appropriate. Diversity and inclusion The Board recognises that diversity of experience and ŜýşţŜýóŪěƃýǹóØĸǹòşěĸđǹòýĸýǇŪţǹØóşŁţţǹŪĘýǹòůţěĸýţţǿ ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŁØşùǹ"ěƃýşţěŪƊǹØĸùǹDĸóıůţěŁĸǹŁıěóƊǹØıěđĸţǹ ƄěŪĘǹŪĘýǹŁķķěŪŪýýȬţǹØěķǹŁĐǹýĸţůşěĸđǹŪĘØŪǹŪĘýǹŁØşùǹĘØţǹŪĘýǹşěđĘŪǹ ķěƉǹŁĐǹţĮěııţǹØĸùǹýƉŜýşěýĸóýǹŪŁǹùýıěƃýşǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ ţŪşØŪýđƊȀǹØĸùǹşýǈýóŪţǹŪĘýǹŁØşùȬţǹƃěýƄǹŁĐǹŪĘýǹòýĸýǇŪţǹŁĐǹùěƃýşţěŪƊǹ which encompasses diversity in the broadest sense, i.e. not just of gender or ethnicity, but also experience and skills. Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹǓǒǹŜýşǹóýĸŪǹŁĐǹŁůşǹŁØşùǹƄýşýǹƄŁķýĸȀǹ and we had one Director from a minority ethnic background. Whilst our Audit Committee is chaired by a woman, our senior Board positions are held by men. The Board considers that quotas are not appropriate in determining its composition and has, therefore, chosen not to set formal targets; however, it keeps diversity under consideration in all aspects of Board composition, including the Committees and senior Board ŜŁţěŪěŁĸţȀǹØĸùǹěţǹóŁĸţóěŁůţǹŁĐǹŪĘýǹWěţŪěĸđǹůıýǹŪØşđýŪţǹěĸǹķØĮěĸđǹ all Board appointments. In conducting searches, the Nomination Committee works with executive search consultants that are required to provide a diverse selection of candidates for Board appointments, taking into account our Diversity and Inclusion Policy and the WěţŪěĸđǹůıýţǹŪØşđýŪţȀǹƄěŪĘǹţýıýóŪěŁĸǹòØţýùǹůŜŁĸǹķýşěŪȀǹŁòĪýóŪěƃýǹ criteria and alignment with our values. Below Board level, we are proud that we have strong representation from female employees across the business, which has been recognised in the latest FTSE Women Leaders şýƃěýƄǿǹfůşǹŪýØķǹěţǹǕǒǹŜýşǹóýĸŪǹĐýķØıýǹØĸùǹǔǓǹŜýşǹóýĸŪǹŁĐǹŁůşǹ senior management are female. Whilst all appointments are made on merit and based on objective criteria, we recognise that diversity includes, but is not limited to, gender, and we can do more to promote wider diversity. This is an area on which we will continue to focus. Initiatives we support to promote diversity within the real estate sector include: ȟ òýěĸđǹØǹķýķòýşǹŁĐǹýØıǹ&ţŪØŪýǹØıØĸóýȀǹØĸùǹěŪţǹ^ýƉŪ:ýĸǹ Committee, whose objective is to achieve a better gender balance at board and executive management level in the real estate industry, by supporting the development of a female talent pipeline across the sector; and ȟ being a corporate sponsor of Freehold, and a member of ěĸěŪěØŪěƃýţǹěĸóıůùěĸđǹòěıěŪƊ&ȀǹŪĘýǹşěŪěţĘǹşŁŜýşŪƊǹ9ýùýşØŪěŁĸǹ Diversity & Inclusion Champions network and the Business Disability Forum. Looking ahead, the Nomination Committee will continue to develop and monitor succession plans at both Board and senior management level, and keep under review both the diversity of, and development programmes for, our talented team. 129Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Executive Committee (excluding the Executive Directors) 45% 55% Male (10) Female (12) 63% 37% Male (37) Female (64) 50% 50% Male (1) Female (1) Direct reports into Executive Committee All employees Gender diversity as at 31 December 2024 Sex or gender identity of Board and Executive Committee as at 31 December 2024 1 Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chairman) Number in executive management (ExCo) Percentage of executive management (ExCo) Men 4 ǔǖɬ 4 ǒ ǖǔɬ Women ǒ Ǔǒɬ 0 ǐ Ǒǔɬ Other categories 0 Ǐɬ 00Ǐɬ ^ŁŪǹţŜýóěǇýùȌŜşýĐýşǹĸŁŪǹŪŁǹţØƊ 0 Ǐɬ 00Ǐɬ Ethnic background of Board and Executive Committee as at 31 December 2024 1 Number of Board members Percentage of the Board Number of senior positions on the Board (CEO, CFO, SID and Chairman) Number in executive management (ExCo) Percentage of executive management (ExCo) White British or other white ȡěĸóıůùěĸđǹķěĸŁşěŪƊțƄĘěŪýǹđşŁůŜţȢ 6 ǗǕɬ ǒ ǒ ǖǔɬ ]ěƉýùȌķůıŪěŜıýǹýŪĘĸěóǹđşŁůŜţ 0 Ǐɬ 00Ǐɬ ţěØĸȌţěØĸǹşěŪěţĘ ǐ ǐǓɬ ǐ ǐ Ǒǔɬ ıØóĮȌĐşěóØĸȌØşěòòýØĸȌ Black British 0 Ǐɬ 00Ǐɬ Other ethnic group, including Arab 0 Ǐɬ 00Ǐɬ ^ŁŪǹţŜýóěǇýùȌŜşýĐýşǹĸŁŪǹŪŁǹţØƊ 0 Ǐɬ 00Ǐɬ ǐǿǹ "ØŪØǹţýıĐțşýŜŁşŪýùǹØđØěĸţŪǹŪĘýǹóØŪýđŁşěýţǹţýŪǹŁůŪǹěĸǹUWǹǕǹĸĸýƉǹǐǿ Corporate governance report | Nomination Committee report 130 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Actions from the 2024 Board evaluation The operation of the Board was rated highly in almost all areas. Great progress had been made since the ķýşđýşǹěĸǹǑǏǑǒȀǹƄěŪĘǹŪĘýǹùýƃýıŁŜķýĸŪǹŁĐǹØǹŜŁţěŪěƃýǹ Board culture. The dynamic was expected to develop further following the recent Non-executive Director appointments. Agreed actions included: ýƃěýƄǹţŪØĮýĘŁıùýşǹşýŜŁşŪěĸđǹŪŁǹýĸţůşýǹŪĘýǹŁØşùǹ receives a balanced overview Consider the introduction of strategic ůŜùØŪýǹòşěýǇĸđţǹùůşěĸđǹŪĘýǹƊýØş ýƃěýƄǹŁØşùǹķØŪýşěØıţǹŪŁǹýĸţůşýǹţůóóěĸóŪȀǹ clear reporting 2024 Board evaluation The Chairman and Company Secretary considered the approach to be taken and recommended that an internal evaluation be undertaken, facilitated by the Senior Independent Director and the Company Secretary The Nomination Committee approved the proposed timing and overall approach Each Director who had served on the Board from the beginning of the year completed a questionnaire about the operation of the Board and its Committees Individual interviews were held with each Director A report was prepared by the Senior Independent "ěşýóŪŁşǹØĸùǹŁķŜØĸƊǹýóşýŪØşƊȂǹěŪţǹǇĸùěĸđţǹƄýşýǹ considered by the Board and a number of actions were agreed ěóĘØşùǹĮýşţǹØţǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁşǹ óŁķŜıýŪýùǹØǹşýƃěýƄǹŁĐǹŪĘýǹĘØěşķØĸȬţǹŜýşĐŁşķØĸóý Our Board evaluation process In accordance with the recommendations of the UK Corporate :ŁƃýşĸØĸóýǹŁùýǹǑǏǐǗǹØĸùǹŪĘýǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹ ŁùýǹǑǏǑǓǹƄýǹůĸùýşŪØĮýǹØǹşýƃěýƄǹŁĐǹŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹ ŪĘýǹŁØşùȬţǹŜýşĐŁşķØĸóýǹØĸùǹŪĘØŪǹŁĐǹěŪţǹŁķķěŪŪýýţǹØĸùǹ Directors every year, with an external evaluation held at least every three years. As an external evaluation of the Board, its ŁķķěŪŪýýţǹØĸùǹěĸùěƃěùůØıǹ"ěşýóŪŁşţǹƄØţǹůĸùýşŪØĮýĸǹěĸǹǑǏǑǒȀǹ it was decided that an internal evaluation would be undertaken ěĸǹǑǏǑǓȀǹĐØóěıěŪØŪýùǹòƊǹěóĘØşùǹĮýşţȀǹŁůşǹýĸěŁşǹDĸùýŜýĸùýĸŪǹ Director, and the Company Secretary. The evaluation also óŁĸţěùýşýùǹŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹěĸùěƃěùůØıǹ"ěşýóŪŁşţȀǹƄěŪĘǹ feedback given to Directors by the Chairman of the Board, ØĸùǹĐýýùòØóĮǹđěƃýĸǹŪŁǹŪĘýǹĘØěşķØĸǹòƊǹěóĘØşùǹĮýşţǹØţǹ Senior Independent Director, at the end of the process. In accordance with our three-year cycle, it is expected that an internal performance evaluation will also be undertaken for ŪĘýǹƊýØşǹýĸùěĸđǹǒǐǹ"ýóýķòýşǹǑǏǑǔǿ Progress against actions from the 2023 Board evaluation Agreed actions Consideration of the skills required for the Board in connection with succession planning Continued focus on succession and talent development DĸóşýØţýùǹşýŜŁşŪěĸđǹŁĸǹĸŁĸțǇĸØĸóěØıǹķýŪşěóţ Non-executive Directors to meet at the end of scheduled Board meetings Our progress ǹ ýƃěýƄǹóŁķŜıýŪýùǹØĸùǹĸýƄǹØŜŜŁěĸŪķýĸŪţǹķØùý The Board continues to focus on these areas ǹ ĘýǹŁØşùǹĘØţǹØđşýýùǹĸŁĸțǇĸØĸóěØıǹUDţ The Board has, instead, held a number of Board-only dinners, and Committee-only sessions are held in advance of Committee meetings 131Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Ruth Anderson Chairman Audit, risk and internal controls Audit Committee report “The Committee’s role is to oversee the :şŁůŜȬţǹǇĸØĸóěØıǹşýŜŁşŪěĸđȀǹţƊţŪýķţǹŁĐǹşěţĮǹ ķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıţȀǹØĸùǹŪĘýǹ ěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪǹşýıØŪěŁĸţĘěŜţǿȪ "ýØşǹĘØşýĘŁıùýş fĸǹòýĘØıĐǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýȀǹDǹØķǹŜıýØţýùǹŪŁǹŜşýţýĸŪǹŁůşǹ ǑǏǑǓǹşýŜŁşŪǿ Ęýǹ:şŁůŜȬţǹţěđĸěǇóØĸŪǹØóóŁůĸŪěĸđǹķØŪŪýşţǹØĸùǹĮýƊǹØşýØţǹ ŁĐǹØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţȀǹŪŁđýŪĘýşǹƄěŪĘǹØĸǹýƉŜıØĸØŪěŁĸǹ ŁĐǹĘŁƄǹŪĘýǹůùěŪǹŁķķěŪŪýýǹØùùşýţţýùǹŪĘýķȀǹØşýǹŁůŪıěĸýùǹ ŁĸǹŜØđýǹǐǒǓǿǹĘěţǹěţǹŪĘýǹǇşţŪǹĐůııǹƊýØşǹŁĐǹşýŜŁşŪěĸđǹĐŁııŁƄěĸđǹ óŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹěĸǹǑǏǑǒǿǹĘýşýĐŁşýȀǹŁƃýşţěđĘŪǹŁĐǹŪĘýǹ ěĸŪýđşØŪěŁĸǹŁĐǹØóóŁůĸŪěĸđǹţƊţŪýķţȀǹěĸŪýşĸØıǹóŁĸŪşŁıţǹØĸùǹŪĘýǹ ǇĸØĸóýǹŪýØķǹóŁĸŪěĸůýùǹŪŁǹòýǹØǹĮýƊǹĐŁóůţǹĐŁşǹŪĘýǹŁķķěŪŪýýǹ ùůşěĸđǹŪĘýǹƊýØşǿǹĘýǹŁķķěŪŪýýǹşýóýěƃýùǹşýđůıØşǹůŜùØŪýţǹĐşŁķǹ ŪĘýǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹŁĸǹŪĘýǹóĘØĸđýţǹěķŜıýķýĸŪýùǿ "ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹ:şŁůŜǹşýóýěƃýùǹØǹıýŪŪýşǹĐşŁķǹŪĘýǹ9ěĸØĸóěØıǹ ýŜŁşŪěĸđǹŁůĸóěıǹȡȩ9ȪȢǹØşěţěĸđǹĐşŁķǹěŪţǹşýƃěýƄǹŁĐǹŪĘýǹ:şŁůŜȬţǹ ǑǏǑǒǹĸĸůØıǹýŜŁşŪǿǹ^ŁǹţěđĸěǇóØĸŪǹěţţůýţǹƄýşýǹěùýĸŪěǇýùǹ ØĸùǹŪĘýǹýĸŞůěşƊǹƄØţǹóŁĸóıůùýùǹòƊǹŪĘýǹěĸóıůţěŁĸǹŁĐǹýĸĘØĸóýùǹ ùěţóıŁţůşýǹěĸǹŪĘěţǹƊýØşȬţǹĸĸůØıǹýŜŁşŪǿ şěŁşǹŪŁǹŪĘýǹŁØşùȬţǹØŜŜşŁƃØıǹŁĐǹŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪȀǹŪĘýǹ ŁķķěŪŪýýǹđØƃýǹóŁĸţěùýşØŪěŁĸǹŪŁǹŪĘýǹ:şŁůŜȬţǹđŁěĸđǹóŁĸóýşĸǹ ØţţýţţķýĸŪǹØĸùǹ¨ěØòěıěŪƊǹŪØŪýķýĸŪȀǹĸŁŪěĸđǹŪĘýǹķØŪůşěŪƊǹŜşŁǇıýǹ ŁĐǹŪĘýǹ:şŁůŜȬţǹýƉŪýşĸØıǹǇĸØĸóěĸđǿ ĘýǹƃØıůØŪěŁĸţǹŜşŁƃěùýùǹòƊǹŪĘýǹýƉŪýşĸØıǹƃØıůýşţǹşýķØěĸǹØǹĮýƊǹ ùýŪýşķěĸØĸŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹ&ǹ^ȀǹØĸùǹţŁǹşýƃěýƄěĸđǹŪĘýǹ ƃØıůØŪěŁĸǹŜşŁóýţţȀǹØĸùǹóŁĸţěùýşěĸđǹŪĘýǹƃØıůýşţȬǹěĸùýŜýĸùýĸóýȀǹ óŁĸŪěĸůýţǹŪŁǹòýǹŁĸýǹŁĐǹŪĘýǹŁķķěŪŪýýȬţǹĮýƊǹşýţŜŁĸţěòěıěŪěýţǿǹ "ůşěĸđǹǑǏǑǓȀǹěĸǹŜşýŜØşØŪěŁĸǹĐŁşǹůŜùØŪýùǹDǹşůıýţǹŁĸǹŪĘýǹ şŁŪØŪěŁĸǹŁĐǹƃØıůýşţȀǹ&ǹƃØıůýùǹŪĘýǹƄĘŁıýǹŁƃýĸŪǹ:Øşùýĸǹ ŜŁşŪĐŁıěŁȂǹŪĘýǹĐŁşķýşǹĘØĐŪýţòůşƊǹØţţýŪţǹĘØƃěĸđǹŜşýƃěŁůţıƊǹòýýĸǹ ƃØıůýùǹòƊǹůţĘķØĸǹȺǹ©ØĮýǇýıùȀǹƄěŪĘǹůţĘķØĸǹȺǹ©ØĮýǇýıùǹ óŁĸŪěĸůěĸđǹŪŁǹƃØıůýǹŪĘýǹşýķØěĸùýşǹŁĐǹŪĘýǹŜŁşŪĐŁıěŁǿǹDĸǹØùùěŪěŁĸǹ ŪŁǹşýóýěƃěĸđǹŜşýţýĸŪØŪěŁĸţǹĐşŁķǹƃØıůýşţȀǹŪĘýǹŁķķěŪŪýýǹƄØţǹ òşěýĐýùǹòƊǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹŁĸǹŪĘýěşǹØŜŜşŁØóĘǹŪŁǹØůùěŪěĸđǹ ŪĘýǹƃØıůØŪěŁĸţǹØĸùǹŪĘýǹùěđěŪØıǹŪŁŁıţǹŪĘØŪǹØţţěţŪǹƄěŪĘǹŪĘěţǹŜşŁóýţţǿǹ 9ŁııŁƄěĸđǹŪĘýǹŁķķěŪŪýýȬţǹóŁĸţěùýşØŪěŁĸǹØĸùǹóĘØııýĸđýȀǹƄýǹ ƄýşýǹţØŪěţǇýùǹŪĘØŪǹŪĘýǹƃØıůØŪěŁĸǹŜşŁóýţţǹƄØţǹşŁòůţŪȀǹŪĘØŪǹŪĘýǹ ƃØıůýşţȬǹĮýƊǹØţţůķŜŪěŁĸţǹƄýşýǹØŜŜşŁŜşěØŪýȀǹØĸùǹŪĘØŪǹØııǹŪĘýǹ ƃØıůýşţǹşýķØěĸǹěĸùýŜýĸùýĸŪǹØĸùǹŁòĪýóŪěƃýǿ "ůşěĸđǹŪĘýǹƊýØşǹŪĘýǹŜşýƃěŁůţǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹşýŪěşýùǹ ĐşŁķǹ"fǹWWǹȡȩ"fȪȢǹØĸùǹØǹĸýƄǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹ ƄØţǹØŜŜŁěĸŪýùǿǹDĸǹØùùěŪěŁĸȀǹĐŁııŁƄěĸđǹşŁůŪěĸýǹşŁŪØŪěŁĸǹŁĐǹŪĘýǹ şěóýƄØŪýşĘŁůţýŁŁŜýşţǹWWǹȡȩƄȪȢǹýƉŪýşĸØıǹØůùěŪǹŪýØķȀǹ ØǹĸýƄǹØůùěŪǹŜØşŪĸýşǹƄěııǹıýØùǹŪĘýǹýƉŪýşĸØıǹØůùěŪǹĐşŁķǹǑǏǑǔǿǹ ĘýǹŁķķěŪŪýýǹƄØţǹůŜùØŪýùǹŁĸǹŪĘýţýǹóĘØĸđýţǹØţǹŪĘýǹƊýØşǹ ŜşŁđşýţţýùǹØĸùǹDǹķýŪǹƄěŪĘǹŜşŁŜŁţýùǹĸýƄǹØŜŜŁěĸŪýýţǹòýĐŁşýǹ ŪĘýǹǇĸØıǹØŜŜŁěĸŪķýĸŪţǹƄýşýǹØŜŜşŁƃýùǿǹ 9ěĸØııƊȀǹùůşěĸđǹǑǏǑǔǹŪĘýǹŁķķěŪŪýýǹƄěııǹķŁĸěŪŁşǹŪĘýǹƄŁşĮǹòýěĸđǹ ůĸùýşŪØĮýĸǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹŁķŜØĸƊǹěţǹşýØùƊǹŪŁǹşýŜŁşŪǹŁĸǹ şŁƃěţěŁĸǹǑǘǹŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȀǹ ƄĘěóĘǹşýıØŪýţǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ óŁĸŪşŁıţǹĐşØķýƄŁşĮȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹ òýđěĸĸěĸđǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǕǿ Ruth Anderson ĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹ ǑǕǹ9ýòşůØşƊǹǑǏǑǔ Corporate governance report 132 Audit Committee members and meeting attendance ^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǓǹĘýıùȢ Ruth Anderson (Chairman) 4/4 Charlotte Boyle 2 ǒȌǒ Richard Akers 4/4 Helena Coles 3 0/0 Madeleine Cosgrave 1 ǐȌǐ Anthony Steains 3 0/0 Sian Westerman 1 ǐȌǐ Jennelle Tilling 3 0/0 ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǹķýýŪěĸđǿ Ǒǿǹ ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪĘşýýǹķýýŪěĸđţǿ ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ ŪŁǹŪĘýěşǹùýŜØşŪůşýǿ Key responsibilities of the Committee ȟ ]ŁĸěŪŁşţǹŪĘýǹěĸŪýđşěŪƊǹŁĐǹŪĘýǹ:şŁůŜȬţǹǇĸØĸóěØıǹşýŜŁşŪěĸđǹØĸùǹţØŪěţǇýţǹěŪţýıĐǹŁĸǹţěđĸěǇóØĸŪǹØóóŁůĸŪěĸđǹĪůùđýķýĸŪţȀǹ ØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţǹķØùýǹòƊǹķØĸØđýķýĸŪǿ ȟ ùƃěţýţǹŪĘýǹŁØşùǹŁĸǹƃØşěŁůţǹţŪØŪýķýĸŪţǹķØùýǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪȀǹěĸóıůùěĸđǹŪĘŁţýǹŁĸǹƃěØòěıěŪƊȀǹđŁěĸđǹóŁĸóýşĸȀǹşěţĮţǹØĸùǹ óŁĸŪşŁıţǹØĸùǹƄĘýŪĘýşȀǹƄĘýĸǹşýØùǹØţǹØǹƄĘŁıýȀǹŪĘýǹĸĸůØıǹýŜŁşŪǹěţǹĐØěşȀǹòØıØĸóýùǹØĸùǹůĸùýşţŪØĸùØòıýǹØĸùǹŜşŁƃěùýţǹŪĘýǹ ěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹØţţýţţǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹţŪşØŪýđƊǿ ȟ ýƃěýƄţǹŪĘýǹƄŁşĮǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţǿ ȟ fƃýşţýýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹóŁĸţěùýşţǹŪĘýěşǹşýØŜŜŁěĸŪķýĸŪȀǹşýŜŁşŪţǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýěşǹ ŜýşĐŁşķØĸóýȀǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýȀǹƄĘěóĘǹěĸóıůùýţǹŪĘýǹıýƃýıǹŁĐǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸțØůùěŪǹţýşƃěóýţǹØĸùǹĐýýţǿ ȟ fƃýşţýýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹóŁĸţěùýşţǹŪĘýěşǹşýØŜŜŁěĸŪķýĸŪȀǹşýŜŁşŪţǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýěşǹ ŜýşĐŁşķØĸóýȀǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýǿ ȟ ýƃěýƄţǹŪĘýǹŁķŜØĸƊȬţǹţƊţŪýķţǹŁĐǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıȀǹěĸóıůùěĸđǹǇĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹØĸùǹ óŁķŜıěØĸóýǹóŁĸŪşŁıţǿ ȟ ýƃěýƄţǹŪĘýǹŁķŜØĸƊȬţǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊǹØĸùǹŜşŁóýùůşýţǿ ȟ ýƃěýƄţǹŪĘýǹşýŜŁşŪěĸđǹŁĐǹŪĘýǹ:şŁůŜȬţǹǇĸØĸóěØıǹƊýØşǹýĸùǹđşýýĸĘŁůţýǹđØţǹØĸùǹýĸƃěşŁĸķýĸŪØıǹùØŪØǹùěţóıŁţůşýţǹØĸùǹěŪţǹ 9"ǹùěţóıŁţůşýţǿ How the Committee operates ĘýǹůùěŪǹŁķķěŪŪýýǹóŁķŜşěţýţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹŪǹŪĘýǹòýđěĸĸěĸđǹŁĐǹŪĘýǹƊýØşȀǹŪĘýǹķýķòýşţǹŁĐǹŪĘýǹ ŁķķěŪŪýýǹƄýşýǹůŪĘǹĸùýşţŁĸǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹěóĘØşùǹĮýşţȀǹĘØşıŁŪŪýǹŁƊıýȀǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹ ŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǿǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹ ŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹ ǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿǹůŪĘǹ ĸùýşţŁĸȀǹØţǹØǹóĘØşŪýşýùǹØóóŁůĸŪØĸŪǹƄěŪĘǹķØĸƊǹƊýØşţǹŁĐǹţýĸěŁşǹǇĸØĸóěØıǹýƉŜýşěýĸóýȀǹţØŪěţǇýţǹŪĘýǹşýŞůěşýķýĸŪǹĐŁşǹØŪǹıýØţŪǹ ŁĸýǹķýķòýşǹŁĐǹŪĘýǹŁķķěŪŪýýǹŪŁǹĘØƃýǹØŜŜşŁŜşěØŪýȀǹşýóýĸŪǹØĸùǹşýıýƃØĸŪǹǇĸØĸóěØıǹýƉŜýşěýĸóýǿ "ůşěĸđǹŪĘýǹƊýØşȀǹØŪǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýȬţǹşýŞůýţŪȀǹØııǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţǹƄýşýǹØŪŪýĸùýùǹòƊǹŪĘýǹĘěýĐǹ 9ěĸØĸóěØıǹfǅóýşȀǹţýĸěŁşǹķýķòýşţǹŁĐǹŪĘýǹǇĸØĸóýǹŪýØķȀǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹƃØıůýşţǹØĸùǹŁŪĘýşǹ ýƉŪýşĸØıǹØùƃěţýşţǿǹĘýǹĘØěşķØĸȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹķýķòýşţǹŁĐǹţýĸěŁşǹķØĸØđýķýĸŪȀǹØıţŁǹØŪŪýĸùýùǹØııǹŁşǹŜØşŪţǹ ŁĐǹķýýŪěĸđţȀǹØţǹØŜŜşŁŜşěØŪýǿ ĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýýŪţǹşýđůıØşıƊǹƄěŪĘǹŪĘýǹƃØıůýşţȀǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşȀǹƄěŪĘŁůŪǹ ķØĸØđýķýĸŪǹŜşýţýĸŪȀǹŪŁǹùěţóůţţǹØĸƊǹķØŪŪýşţǹƄĘěóĘǹŪĘýƊǹķØƊǹƄěţĘǹŪŁǹşØěţýǿ ĘşŁůđĘŁůŪǹŪĘýǹƊýØşȀǹŪĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýŪǹƄěŪĘǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹķýķòýşţǹŁĐǹţýĸěŁşǹ ķØĸØđýķýĸŪȀǹØţǹØŜŜşŁŜşěØŪýȀǹŪŁǹŁòŪØěĸǹØǹđŁŁùǹůĸùýşţŪØĸùěĸđǹŁĐǹĮýƊǹěţţůýţǹØǄýóŪěĸđǹŪĘýǹ:şŁůŜȀǹƄĘěóĘǹĘýıŜýùǹěĸǹĘýşǹŁƃýşţěđĘŪǹ ŁĐǹŪĘýǹØđýĸùØǹØĸùǹùěţóůţţěŁĸǹØŪǹķýýŪěĸđţǿ ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýǄýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ Audit Committee at a glance 133Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report ɁǹůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ ěđĸěǇóØĸŪǹØóóŁůĸŪěĸđǹķØŪŪýşţǹØĸùǹĮýƊǹØşýØţǹŁĐǹØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţ ĘýǹķŁţŪǹţěđĸěǇóØĸŪǹǇĸØĸóěØıǹĪůùđýķýĸŪǹěĸǹŪĘýǹŜşýŜØşØŪěŁĸǹŁĐǹŪĘýǹØĸĸůØıǹşýŜŁşŪǹěţǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹěŪţǹĪŁěĸŪǹƃýĸŪůşýǹ ŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹƄěŪĘǹĐůşŪĘýşǹùýŪØěıţǹýƉŜıØěĸýùǹòýıŁƄǿ Subject Issue How the Audit Committee addressed the issue ¨ØıůØŪěŁĸǹŁĐǹŪĘýǹ:şŁůŜǹØĸùǹěŪţǹĪŁěĸŪǹ ƃýĸŪůşýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǿ 9ůşŪĘýşǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹØŜŜşŁØóĘǹ ŪØĮýĸǹòƊǹŪĘýǹƃØıůýşţǹěĸǹƃØıůěĸđǹŪĘýǹ ŜŁşŪĐŁıěŁǹØĸùǹØǹţýĸţěŪěƃěŪƊǹØĸØıƊţěţǹŁĸǹ ýŞůěƃØıýĸŪǹƊěýıùţǹØĸùǹ&¨ǹØşýǹţýŪǹŁůŪǹ ěĸǹĸŁŪýǹǐǑǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǿ For more information on portfolio and operating review: see pages 32 to 43. ĘýǹƃØıůØŪěŁĸǹŁĐǹŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹ ěţǹØǹĮýƊǹùýŪýşķěĸØĸŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹ &ǹ^ȀǹØţǹƄýııǹØţǹěĸùěşýóŪıƊǹ ěķŜØóŪěĸđǹýƉýóůŪěƃýǹØĸùǹýķŜıŁƊýýǹ şýķůĸýşØŪěŁĸǿ ĘýǹƃØıůØŪěŁĸǹěţǹóŁĸùůóŪýùǹòƊǹ ěĸùýŜýĸùýĸŪǹƃØıůýşţǿǹAŁƄýƃýşȀǹ ƃØıůØŪěŁĸţǹØşýǹěĸĘýşýĸŪıƊǹţůòĪýóŪěƃýǹ ØĸùǹşýŞůěşýǹţěđĸěǇóØĸŪǹýţŪěķØŪýţǹŪŁǹ òýǹķØùýǹěĸóıůùěĸđȀǹòůŪǹĸŁŪǹıěķěŪýùǹŪŁȀǹ ķØşĮýŪǹƊěýıùţȀǹ&¨ţǹØĸùǹƃŁěùǹŜýşěŁùţǿǹ Ūǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹŪĘýǹƃØıůØŪěŁĸǹŁĐǹ ŪĘýǹƄĘŁııƊțŁƄĸýùǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹ ƄØţǹɏǔǿǏǹòěııěŁĸǿǹĘýǹ:şŁůŜȬţǹţĘØşýǹŁĐǹ ŪĘýǹŜşŁŜýşŪƊǹŜŁşŪĐŁıěŁǹĘýıùǹěĸǹŪĘýǹĪŁěĸŪǹ ƃýĸŪůşýǹƄØţǹɏǕǔǿǒǺķěııěŁĸǿ ĘýǹĘØěşķØĸǹŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹķýŪǹŪĘýǹ ƃØıůýşţȀǹƄěŪĘŁůŪǹķØĸØđýķýĸŪǹŜşýţýĸŪȀǹŪŁǹşýƃěýƄǹ ŪĘýǹǒǏǹRůĸýǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƃØıůØŪěŁĸţǿǹ DĸǹØùùěŪěŁĸǹůţĘķØĸǹȺǹ©ØĮýǇýıùǹØĸùǹ&Ȁǹ ƃØıůýşţǹŁĐǹŪĘýǹƄĘŁııƊțŁƄĸýùǹŜŁşŪĐŁıěŁȀǹŜşŁƃěùýùǹ ùýŪØěıýùǹŜØŜýşţǹŪŁǹŪĘýǹŁķķěŪŪýýǹěĸǹØùƃØĸóýǹŁĐǹ ŪĘýǹRůıƊǹØĸùǹ9ýòşůØşƊǹŁķķěŪŪýýǹķýýŪěĸđţǿǹĘýǹ ƃØıůýşţǹØŪŪýĸùýùǹŪĘýţýǹŁķķěŪŪýýǹķýýŪěĸđţǹØĸùǹ ŪĘýǹŁķķěŪŪýýǹƄØţǹØòıýǹŪŁǹùěţóůţţǹŪĘýěşǹŜØŜýşţǹ ØĸùǹşØěţýǹŞůýţŪěŁĸţȀǹěĸóıůùěĸđǹØĸƊǹóĘØĸđýţǹěĸǹ ķýŪĘŁùŁıŁđƊǹØşěţěĸđǹĐşŁķǹŪĘýǹşŁŪØŪěŁĸǹŁĐǹƃØıůýşǹ ĐŁşǹŪĘýǹĐŁşķýşǹĘØĐŪýţòůşƊǹŁƃýĸŪǹ:ØşùýĸǹØţţýŪţǿ ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹůĸùýşıƊěĸđǹ ØţţůķŜŪěŁĸţǹůţýùǹěĸǹŪĘýǹƃØıůØŪěŁĸţǹØĸùǹ ŞůýţŪěŁĸýùǹŪĘýǹƃØıůýşţǹŁĸǹĘŁƄǹŪĘýǹóĘØĸđěĸđǹ ķØóşŁýóŁĸŁķěóǹØĸùǹěĸŪýşýţŪǹşØŪýǹýĸƃěşŁĸķýĸŪȀǹ ØţǹƄýııǹØţǹýƃěùýĸóýǹŁĐǹıýØţěĸđǹŪşØĸţØóŪěŁĸţȀǹ ĘØùǹěķŜØóŪýùǹŪĘýǹƃØıůØŪěŁĸţǿǹĘýǹŁķķěŪŪýýǹ ØıţŁǹóŁĸţěùýşýùǹØĸØıƊţěţǹØĸùǹóŁķķýĸŪØşƊǹòƊǹ ķØĸØđýķýĸŪǹØĸùǹØĸǹØţţýţţķýĸŪǹòƊǹŪĘýǹýƉŪýşĸØıǹ ØůùěŪŁşǿǹ9ŁııŁƄěĸđǹŪĘýţýǹşýƃěýƄţȀǹŪĘýǹŁķķěŪŪýýǹ óŁĸóıůùýùǹŪĘØŪǹŪĘýǹƃØıůýşţǹØşýǹŁòĪýóŪěƃýǹØĸùǹ ěĸùýŜýĸùýĸŪȀǹŪĘØŪǹŪĘýǹƃØıůØŪěŁĸţǹĘØùǹòýýĸǹóØşşěýùǹ ŁůŪǹØŜŜşŁŜşěØŪýıƊȀǹØĸùǹŪĘØŪǹŪĘýǹùěţóıŁţůşýţǹěĸǹ şýţŜýóŪǹŁĐǹƃØıůØŪěŁĸţǹƄýşýǹţůěŪØòıýǹĐŁşǹěĸóıůţěŁĸǹ ěĸǹŪĘýǹ:şŁůŜȬţǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǿ DĸǹØùùěŪěŁĸǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹØĸùǹóĘØııýĸđýùǹØţǹ ØŜŜşŁŜşěØŪýǹØǹĸůķòýşǹŁĐǹŁŪĘýşǹěŪýķţǹŪĘØŪǹěķŜØóŪýùǹŪĘýǹ:şŁůŜȬţǹ ǇĸØĸóěØıǹţŪØŪýķýĸŪţȀǹěĸóıůùěĸđȁ ȟ ŪĘýǹØóóŁůĸŪěĸđǹŪşýØŪķýĸŪǹŁĐǹØóŞůěţěŪěŁĸţǹŁĐǹěĸƃýţŪķýĸŪǹ ŜşŁŜýşŪěýţǹƃěØǹóŁşŜŁşØŪýǹƃýĘěóıýţǹØĸùǹùěţŜŁţØıǹŁĐǹěĸƃýţŪķýĸŪǹ ŜşŁŜýşŪěýţȀǹěĸóıůùěĸđǹĘýıùǹĐŁşǹţØıýǹóıØţţěǇóØŪěŁĸȂ ȟ ŪĘýǹØóóŁůĸŪěĸđǹŪşýØŪķýĸŪǹĐŁşǹŪĘýǹùěţŜŁţØıǹŁĐǹŁůşǹţĘØşýǹěĸǹŪĘýǹ WŁĸđķØşŪěĸǹØţţŁóěØŪýȂ ȟ đŁěĸđǹóŁĸóýşĸǹØĸùǹƃěØòěıěŪƊǹØţţýţţķýĸŪȂ ȟ şěţĮǹØŜŜýŪěŪýǹØĸùǹŜşěĸóěŜØıǹşěţĮţȂ ȟ ØţţýţţķýĸŪǹŁĐǹěĸŪýşĸØıǹóŁĸŪşŁıţǹØĸùǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ :ŁƃýşĸØĸóýǹŁùýȂ ȟ ůţýǹŁĐǹØıŪýşĸØŪěƃýǹŜýşĐŁşķØĸóýǹķýØţůşýţȂǹØĸù ȟ ŪĘýǹşýóŁƃýşØòěıěŪƊǹØĸùǹóıØţţěǇóØŪěŁĸǹŁĐǹěĸƃýţŪķýĸŪǹěĸǹ:şŁůŜǹ óŁķŜØĸěýţǹØĸùǹØķŁůĸŪţǹŁƄýùǹòƊǹţůòţěùěØşěýţǹƄěŪĘěĸǹŪĘýǹ ØşýĸŪǹŁķŜØĸƊǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǿ 134 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Financial reporting 2024 Annual Report Ęýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØƃýǹóŁĸǇşķýùǹŪĘØŪǹŪĘýƊǹØşýǹĸŁŪǹØƄØşýǹ ŁĐǹØĸƊǹķØŪýşěØıǹķěţţŪØŪýķýĸŪţǹěĸǹŪĘýǹěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹ ýŜŁşŪǿǹĘýǹýƉŪýşĸØıǹØůùěŪŁşǹóŁĸǇşķýùǹŪĘØŪǹěŪǹĐŁůĸùǹĸŁǹķØŪýşěØıǹ ķěţţŪØŪýķýĸŪţǹěĸǹŪĘýǹóŁůşţýǹŁĐǹěŪţǹƄŁşĮǿ ĐŪýşǹşýƃěýƄěĸđǹşýŜŁşŪţǹĐşŁķǹķØĸØđýķýĸŪȀǹØĸùǹĐŁııŁƄěĸđǹ ùěţóůţţěŁĸţǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţȀǹŪĘýǹ ŁķķěŪŪýýǹěţǹţØŪěţǇýùǹŪĘØŪȁ ȟ ŪĘýǹŜşŁóýţţýţǹůţýùǹĐŁşǹùýŪýşķěĸěĸđǹŪĘýǹƃØıůýţǹŁĐǹØţţýŪţǹØĸùǹ ıěØòěıěŪěýţǹĘØƃýǹòýýĸǹØŜŜşŁŜşěØŪýıƊǹşýƃěýƄýùǹØĸùǹóĘØııýĸđýùȀǹ ØĸùǹƄýşýǹţůǅóěýĸŪıƊǹşŁòůţŪȂ ȟ ŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹØŜŜşŁŜşěØŪýıƊǹØùùşýţţýùǹŪĘýǹ ţěđĸěǇóØĸŪǹØţţůķŜŪěŁĸţǹØĸùǹĮýƊǹýţŪěķØŪýţȀǹòŁŪĘǹěĸǹşýţŜýóŪǹ ŁĐǹŪĘýǹØķŁůĸŪţǹşýŜŁşŪýùǹØĸùǹŪĘýǹùěţóıŁţůşýţȂ ȟ ŪĘýǹ:şŁůŜǹĘØţǹØùŁŜŪýùǹØŜŜşŁŜşěØŪýǹØóóŁůĸŪěĸđǹŜŁıěóěýţȂǹØĸù ȟ ŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹěĸŪýşĸØıǹØůùěŪŁşǹØĸùǹƃØıůýşţǹşýķØěĸǹ ěĸùýŜýĸùýĸŪǹØĸùǹŁòĪýóŪěƃýǹěĸǹŪĘýěşǹƄŁşĮǿ Viability and going concern ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹ:ŁěĸđǹŁĸóýşĸǹŪØŪýķýĸŪǹěĸǹŪĘýǹ ěĸŪýşěķǹşýţůıŪţǹØĸùǹĸĸůØıǹýŜŁşŪȀǹØĸùǹŪĘýǹ¨ěØòěıěŪƊǹŪØŪýķýĸŪǹěĸǹ ŪĘýǹĸĸůØıǹýŜŁşŪǿ For more information on viability and going concern: see page 58 and pages 75 to 76. Fair, balanced and understandable ĘýǹŁØşùǹØţǹØǹƄĘŁıýǹěţǹşýţŜŁĸţěòıýǹĐŁşǹùýŪýşķěĸěĸđǹƄĘýŪĘýşǹ ŪĘýǹǑǏǑǓǹĸĸůØıǹýŜŁşŪǹěţǹĐØěşȀǹòØıØĸóýùǹØĸùǹůĸùýşţŪØĸùØòıýȀǹ ØĸùǹŜşŁƃěùýţǹŪĘýǹěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹ ØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹţŪşØŪýđƊǿǹ ĘýǹŁØşùǹØţĮýùǹŪĘýǹŁķķěŪŪýýǹŪŁǹşýƃěýƄǹŪĘýǹùşØĐŪǹǑǏǑǓǹ ĸĸůØıǹýŜŁşŪǹØĸùǹØùƃěţýǹŁĸǹƄĘýŪĘýşǹŪĘýţýǹşýŞůěşýķýĸŪţǹ ĘØùǹòýýĸǹķýŪǿǹ DĸǹůĸùýşŪØĮěĸđǹěŪţǹşýƃěýƄȀǹŪĘýǹŁķķěŪŪýýǹùěţóůţţýùǹØǹşýŜŁşŪǹ ĐşŁķǹŪĘýǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹóŁƃýşěĸđǹŪĘýǹĸĸůØıǹýŜŁşŪǹ ØĸùǹóŁĸţěùýşýùǹƄĘýŪĘýşǹŪĘýǹĸĸůØıǹýŜŁşŪȀǹŪØĮýĸǹØţǹØǹƄĘŁıýȁ ȟ ýƉŜıØěĸýùǹĘŁƄǹķØóşŁýóŁĸŁķěóǹóŁĸùěŪěŁĸţǹĘØùǹěķŜØóŪýùǹŪĘýǹ :şŁůŜȬţǹŁŜýşØŪěŁĸţǹØĸùǹǇĸØĸóěØıǹţŪØŪýķýĸŪţȂ ȟ ĘØùǹòýýĸǹŁŜýĸǹØĸùǹĘŁĸýţŪǹØòŁůŪǹŪĘýǹóĘØııýĸđýţȀǹ ŁŜŜŁşŪůĸěŪěýţǹØĸùǹţůóóýţţýţǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşȂ ȟ ŜşŁƃěùýùǹóıýØşǹýƉŜıØĸØŪěŁĸţǹŁĐǹŁůşǹUDţǹØĸùǹĘŁƄǹŪĘýƊǹıěĸĮǹ ŪŁǹŁůşǹţŪşØŪýđƊǹØĸùǹşýķůĸýşØŪěŁĸȂ ȟ ýƉŜıØěĸýùǹŁůşǹòůţěĸýţţǹķŁùýıȀǹţŪşØŪýđƊǹØĸùǹØóóŁůĸŪěĸđǹ ŜŁıěóěýţǹţěķŜıƊȀǹóıýØşıƊǹØĸùǹŜşýóěţýıƊȂ ȟ ěĸóŁşŜŁşØŪýùǹóıýØşǹţěđĸŜŁţŪěĸđǹŪŁǹØùùěŪěŁĸØıǹěĸĐŁşķØŪěŁĸǹ ƄĘýşýǹĸýóýţţØşƊȂ ȟ ĘØùǹØǹóŁĸţěţŪýĸŪǹŪŁĸýǹŪĘşŁůđĘŁůŪȂǹ ȟ ØŜŜşŁŜşěØŪýıƊǹşýǈýóŪýùǹƄĘØŪǹĘØùǹòýýĸǹşýŜŁşŪýùǹØĸùǹ óŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşȂ ȟ ŜşŁƃěùýùǹŪĘýǹĸýóýţţØşƊǹěĸĐŁşķØŪěŁĸǹĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹ ØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹķŁùýıǹØĸùǹ ţŪşØŪýđƊȂǹØĸù ȟ ĘØùǹòýýĸǹƄşěŪŪýĸǹěĸǹţŪşØěđĘŪĐŁşƄØşùǹıØĸđůØđýȀǹƄěŪĘŁůŪǹ ůĸĸýóýţţØşƊǹşýŜýŪěŪěŁĸǿǹ fĸǹóŁķŜıýŪěŁĸǹŁĐǹěŪţǹşýƃěýƄȀǹŪĘýǹŁķķěŪŪýýǹěùýĸŪěǇýùǹĸŁǹ ķØŪýşěØıǹóŁĸóýşĸţǹŪŁǹòýǹşØěţýùǹƄěŪĘǹŪĘýǹŁØşùȀǹØĸùǹóŁĸóıůùýùǹ ŪĘØŪǹěŪǹƄØţǹţØŪěţǇýùǹŪĘØŪǹŪĘýǹĸĸůØıǹýŜŁşŪǹƄØţǹĐØěşȀǹòØıØĸóýùǹ ØĸùǹůĸùýşţŪØĸùØòıýǹØĸùǹŜşŁƃěùýţǹŪĘýǹěĸĐŁşķØŪěŁĸǹĸýóýţţØşƊǹ ĐŁşǹţĘØşýĘŁıùýşţǹŪŁǹØţţýţţǹŪĘýǹ:şŁůŜȬţǹŜýşĐŁşķØĸóýȀǹòůţěĸýţţǹ ķŁùýıǹØĸùǹţŪşØŪýđƊǿ Internal controls and risk management Risk, control and assurance Ęýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȀǹóĘØěşýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹ ýƃØıůØŪýţǹŪĘýǹ:şŁůŜȬţǹţŪşØŪýđěóǹØĸùǹýķýşđěĸđǹşěţĮţȀǹØţţŁóěØŪýùǹ óŁĸŪşŁıţǹØĸùǹķěŪěđØŪěĸđǹØşşØĸđýķýĸŪţȀǹşýŜŁşŪěĸđǹŪŁǹŪĘýǹŁØşùǹ ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹĘýǹůùěŪǹŁķķěŪŪýýǹşýóýěƃýţǹşýđůıØşǹ ůŜùØŪýţǹŁĸǹŪĘýǹ&ƉýóůŪěƃýǹěţĮǹŁķķěŪŪýýȬţǹóŁĸóıůţěŁĸţǿ ţǹŜØşŪǹŁĐǹěŪţǹşýƃěýƄǹŁĐǹŪĘýǹóŁĸŪşŁıǹýĸƃěşŁĸķýĸŪȀǹŪĘýǹůùěŪǹ ŁķķěŪŪýýǹóŁĸţěùýşţǹşýŜŁşŪţǹĐşŁķǹķØĸØđýķýĸŪȀǹŪĘýǹƄŁşĮǹ ůĸùýşŪØĮýĸǹòƊǹýƉŪýşĸØıǹØùƃěţýşţǹØĸùǹĐýýùòØóĮǹĐşŁķǹŪĘýǹ ěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹØůùěŪŁşţǿǹUýƊǹóŁĸŪşŁıǹŁòţýşƃØŪěŁĸţȀǹ ýƉóýŜŪěŁĸţǹØĸùǹķØĸØđýķýĸŪǹØóŪěŁĸţǹØşýǹşýƃěýƄýùǹØĸùǹ ùěţóůţţýùǿǹĘýǹŁķķěŪŪýýǹşýŜŁşŪţǹŪŁǹŪĘýǹŁØşùǹŁĸǹěŪţǹşýƃěýƄǹŁĐǹ ŪĘýǹ:şŁůŜȬţǹţƊţŪýķţǹŁĐǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹóŁĸŪşŁıţǿ 9ěĸùěĸđţǹĐşŁķǹŪĘýǹěĸŪýşĸØıǹØůùěŪǹşýƃěýƄţǹØĸùǹşýŜŁşŪţǹĐşŁķǹ ŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹØĸùǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹ ƄýşýǹŜşýţýĸŪýùǹŪŁǹŪĘýǹŁķķěŪŪýýȀǹØĸùȀǹŁĸǹŪĘýǹòØţěţǹŁĐǹŪĘýţýǹ şýŜŁşŪţȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹĮýƊǹóŁĸŪşŁıţǹŪŁǹòýǹ ƄŁşĮěĸđǹýǄýóŪěƃýıƊǿ ĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹĸýƄǹşýŜŁşŪěĸđǹşýŞůěşýķýĸŪţǹ ŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýǿǹ"ůşěĸđǹǑǏǑǔȀǹ ŪĘýǹŁķķěŪŪýýǹƄěııǹýĸţůşýǹŪĘØŪǹěŪǹóŁķŜıěýţǹƄěŪĘǹŪĘýǹ9ȬţǹĸýƄǹ Audit Committees and the External Audit: Minimum Standard ŜůòıěóØŪěŁĸȀǹØĸùǹƄěııǹķŁĸěŪŁşǹŪĘýǹƄŁşĮǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹ ýƃØıůØŪýǹŪĘýǹ:şŁůŜȬţǹěĸŪýşĸØıǹóŁĸŪşŁıǹØĸùǹşěţĮǹķØĸØđýķýĸŪǹ ţƊţŪýķţǹŪŁǹýĸţůşýǹŪĘØŪǹŪĘýǹŁķŜØĸƊǹěţǹşýØùƊǹŪŁǹşýŜŁşŪǹŁĸǹ şŁƃěţěŁĸǹǑǘǹŁĐǹŪĘýǹǑǏǑǓǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȀǹ ƄĘěóĘǹşýıØŪýţǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹşěţĮǹķØĸØđýķýĸŪǹØĸùǹěĸŪýşĸØıǹ óŁĸŪşŁıţǹĐşØķýƄŁşĮȀǹØĸùǹƄěııǹØŜŜıƊǹŪŁǹŁůşǹØóóŁůĸŪěĸđǹŜýşěŁùǹ òýđěĸĸěĸđǹŁĸǹǐǹRØĸůØşƊǹǑǏǑǕǿ For more information on the Company’s risk management and internal controls: see pages 59 to 61. Internal audit "fǹěţǹØŜŜŁěĸŪýùǹŪŁǹØóŪǹØţǹŪĘýǹŁķŜØĸƊȬţǹěĸŪýşĸØıǹØůùěŪŁşǿǹ ǹǇƃýțƊýØşǹěĸŪýşĸØıǹØůùěŪǹŜıØĸǹĘØţǹòýýĸǹØđşýýùȀǹƄěŪĘǹùýŪØěıýùǹ ŜıØĸţǹĐŁşǹýØóĘǹƊýØşǹŪŁǹýĸţůşýǹŪĘØŪǹĮýƊǹşěţĮǹØşýØţǹØşýǹ ØŜŜşŁŜşěØŪýıƊǹóŁƃýşýùǹŁƃýşǹŪĘýǹǇƃýțƊýØşǹŜýşěŁùǿǹýƃěýƄţǹ ůĸùýşŪØĮýĸǹěĸǹŪĘýǹƊýØşǹěĸóıůùýùǹŜŁţŪțķýşđýşǹđŁƃýşĸØĸóýȀǹ ýƉŜýĸţýţȀǹşýĸŪǹóŁııýóŪěŁĸȀǹǇĸØĸóěØıǹķØĸØđýķýĸŪǹØĸùǹ òůùđýŪØşƊǹóŁĸŪşŁıȀǹØóóŁůĸŪţǹŜØƊØòıýȀǹƃØıůØŪěŁĸţȀǹŪşýØţůşƊȀǹ óØţĘǹķØĸØđýķýĸŪǹØĸùǹòØĸĮǹóŁƃýĸØĸŪţȀǹěĸţůşØĸóýȀǹŜşŁĪýóŪǹ ķØĸØđýķýĸŪǹØĸùǹıýđěţıØŪěƃýǹØĸùǹşýđůıØŪŁşƊǹóŁķŜıěØĸóýǿǹ 135Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report ɁǹůùěŪǹŁķķěŪŪýýǹşýŜŁşŪ ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹƄŁşĮǹØĸùǹýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹ ěĸŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹěĸŪýşĸØıǹØůùěŪǹŜıØĸȀǹØĸƊǹķØŪŪýşţǹěùýĸŪěǇýùǹ ØţǹØǹşýţůıŪǹŁĐǹěĸŪýşĸØıǹØůùěŪţȀǹØĸùǹƄĘýŪĘýşǹşýóŁķķýĸùØŪěŁĸţǹ ØşýǹØùùşýţţýùǹòƊǹķØĸØđýķýĸŪǹěĸǹØǹŪěķýıƊǹØĸùǹØŜŜşŁŜşěØŪýǹ ƄØƊǿǹ"ůşěĸđǹŪĘýǹƊýØşǹŪĘýǹŜşýƃěŁůţǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹ şýŪěşýùǹØĸùǹØǹĸýƄǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹƄØţǹØŜŜŁěĸŪýùǿǹĘýǹ ŁķķěŪŪýýǹěţǹţØŪěţǇýùǹŪĘØŪǹŪĘýǹěĸŪýşĸØıǹØůùěŪŁşǹóŁĸŪěĸůýţǹŪŁǹòýǹ ěĸùýŜýĸùýĸŪǹØĸùǹěŪţǹţýşƃěóýţǹşýķØěĸǹýǄýóŪěƃýǿ ĘýǹěĸŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹĘØţǹùěşýóŪǹØóóýţţǹŪŁǹŪĘýǹĘØěşķØĸǹ ŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǹţĘŁůıùǹĘýǹƄěţĘǹŪŁǹşØěţýǹØĸƊǹóŁĸóýşĸţǹ ŁůŪţěùýǹĐŁşķØıǹŁķķěŪŪýýǹķýýŪěĸđţǿ Financial Reporting Council review "ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹ:şŁůŜǹşýóýěƃýùǹØǹıýŪŪýşǹĐşŁķǹŪĘýǹóŁşŜŁşØŪýǹ şýŜŁşŪěĸđǹşýƃěýƄǹŪýØķǹŁĐǹŪĘýǹ9ǹóŁĸóýşĸěĸđǹěŪţǹşýƃěýƄǹŁĐǹ ŪĘýǹ:şŁůŜȬţǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿǹ^ŁǹţěđĸěǇóØĸŪǹěţţůýţǹƄýşýǹ ěùýĸŪěǇýùȀǹØĸùǹŪĘýǹýĸŞůěşƊǹƄØţǹóŁĸóıůùýùǹòƊǹŪĘýǹěĸóıůţěŁĸǹŁĐǹ ýĸĘØĸóýùǹùěţóıŁţůşýǹěĸǹŪĘěţǹƊýØşȬţǹĸĸůØıǹýŜŁşŪȀǹţŜýóěǇóØııƊǹ ĐŁşǹŪĘýǹŜØşýĸŪǹóŁķŜØĸƊǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹØĸùǹŁŪĘýşǹØşýØţǹ ĘěđĘıěđĘŪýùǹòƊǹŪĘýǹ9ǿǹ Task Force on Climate-Related Financial Disclosures ĘýǹŁķķěŪŪýýǹĘØţǹŁƃýşţěđĘŪǹŁĐǹŪĘýǹ:şŁůŜȬţǹ&ǹùØŪØǹØĸùǹ şýŜŁşŪěĸđǹØĸùǹşýóýěƃýùǹůŜùØŪýţǹĐşŁķǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹ ØĸùǹAýØùǹŁĐǹůţŪØěĸØòěıěŪƊǹŁĸǹţůţŪØěĸØòěıěŪƊǹşýŜŁşŪěĸđǹØĸùǹ ŜýşĐŁşķØĸóýǹùůşěĸđǹŪĘýǹƊýØşǿǹŪǹŪĘýǹƊýØşǹýĸùȀǹŪĘýǹŁķķěŪŪýýǹ şýƃěýƄýùǹŪĘýǹùşØĐŪǹ9"ǹùěţóıŁţůşýţǹţýŪŪěĸđǹŁůŪǹŪĘýǹ:şŁůŜȬţǹ ŪşØĸţěŪěŁĸØıǹØĸùǹŜĘƊţěóØıǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹşýıØŪěĸđǹ ŪŁǹóıěķØŪýǹóĘØĸđýǿǹDĸǹŜØşŪěóůıØşȀǹŪĘýǹŁķķěŪŪýýǹşýƃěýƄýùǹ ŪĘýǹţĘŁşŪȀǹķýùěůķȀǹØĸùǹıŁĸđțŪýşķǹĸØŪůşýǹŁĐǹŪĘýǹşěţĮţǹØĸùǹ ŁŜŜŁşŪůĸěŪěýţǹØĸùǹóŁĸţěùýşýùǹŪĘØŪǹŪĘýǹØŜŜşŁØóĘǹØùŁŜŪýùǹòƊǹ ŪĘýǹ:şŁůŜǹěĸǹØţţýţţěĸđǹŪĘýţýǹşěţĮţǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹşýķØěĸţǹ ØŜŜşŁŜşěØŪýǹØĸùǹşýØţŁĸØòıýǿ For more information on the Company’s TCFD: see pages 66 to 74. Cyber security "ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹŁķķěŪŪýýǹşýóýěƃýùǹůŜùØŪýţǹěĸǹşýıØŪěŁĸǹŪŁǹ ØóŪěŁĸţǹòýěĸđǹůĸùýşŪØĮýĸǹŪŁǹýĸĘØĸóýǹóƊòýşǹţýóůşěŪƊȀǹěĸóıůùěĸđǹ ýķŜıŁƊýýǹŪşØěĸěĸđǹØĸùǹØƄØşýĸýţţǿ Whistleblowing ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹ:şŁůŜȬţǹ©ĘěţŪıýòıŁƄěĸđǹŁıěóƊǹ ØĸùǹŜşŁóýùůşýţǹØĸĸůØııƊǹØĸùǹşýŜŁşŪţǹŁĸǹěŪţǹǇĸùěĸđţǹŪŁǹŪĘýǹ ŁØşùǿǹĘýǹ:şŁůŜȬţǹƄĘěţŪıýòıŁƄěĸđǹŜşŁóýùůşýţǹěĸóıůùýǹØĸǹ ěĸùýŜýĸùýĸŪȀǹóŁĸǇùýĸŪěØıǹĘŁŪıěĸýǹŪĘşŁůđĘǹƄĘěóĘǹýķŜıŁƊýýţǹ ØĸùǹŪĘěşùǹŜØşŪěýţǹóØĸǹØĸŁĸƊķŁůţıƊǹşØěţýǹØǹķØŪŪýşǹŁĐǹóŁĸóýşĸǿǹ ıŪýşĸØŪěƃýıƊȀǹýķŜıŁƊýýţǹØĸùǹŪĘěşùǹŜØşŪěýţǹóØĸǹóŁĸŪØóŪǹŪĘýǹ :ýĸýşØıǹŁůĸţýıȀǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǹŁşǹŪĘýǹĘØěşķØĸǹ ŁĐǹŪĘýǹůùěŪǹŁķķěŪŪýýǿǹ"ůşěĸđǹŪĘýǹƊýØşȀǹĸŁǹƄĘěţŪıýòıŁƄěĸđǹ ěĸţŪØĸóýţǹƄýşýǹşýŜŁşŪýùǿ Oversight of audit quality External auditor ĘýǹŁķŜØĸƊǹĘØţǹóŁķŜıěýùǹƄěŪĘǹŪĘýǹŜşŁƃěţěŁĸţǹŁĐǹŪĘýǹŪØŪůŪŁşƊǹ ůùěŪǹýşƃěóýţǹĐŁşǹWØşđýǹŁķŜØĸěýţǹ]ØşĮýŪǹDĸƃýţŪěđØŪěŁĸǹ ȡ]ØĸùØŪŁşƊǹţýǹŁĐǹŁķŜýŪěŪěƃýǹýĸùýşǹşŁóýţţýţǹØĸùǹůùěŪǹ ŁķķěŪŪýýǹýţŜŁĸţěòěıěŪěýţȢǹfşùýşǹǑǏǐǓǿ ĘýǹŁķķěŪŪýýǹĘØţǹŜşěķØşƊǹşýţŜŁĸţěòěıěŪƊǹĐŁşǹŁƃýşţýýěĸđǹŪĘýǹ şýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǿ ƄǹƄØţǹǇşţŪǹØŜŜŁěĸŪýùǹØţǹŪĘýǹŁķŜØĸƊȬţǹýƉŪýşĸØıǹØůùěŪŁşǹ ěĸǹǑǏǐǏȀǹØĸùȀǹĐŁııŁƄěĸđǹØǹóŁķŜýŪěŪěƃýǹØůùěŪǹŪýĸùýşǹŜşŁóýţţȀǹ ƄØţǹşýØŜŜŁěĸŪýùǹØţǹýƉŪýşĸØıǹØůùěŪŁşǹěĸǹRØĸůØşƊǹǑǏǑǏǿǹĸùşýƄǹ ØƊĸŪýşǹĘØţǹòýýĸǹŪĘýǹØůùěŪǹŜØşŪĸýşǹţěĸóýǹRØĸůØşƊǹǑǏǑǏǹØĸùǹŪĘýǹ ǑǏǑǓǹǇĸØĸóěØıǹƊýØşǹěţǹĘěţǹǇĸØıǹƊýØşǹŁĐǹıýØùěĸđǹŪĘýǹØůùěŪǿǹǹĸýƄǹ ØůùěŪǹŜØşŪĸýşǹĘØţǹòýýĸǹØŜŜŁěĸŪýùǹĐŁşǹŪĘýǹǑǏǑǔǹǇĸØĸóěØıǹƊýØşǿǹ ŪǹŪĘýǹǑǏǑǓǹ:]ȀǹţĘØşýĘŁıùýşţǹşýØŜŜŁěĸŪýùǹƄǹØţǹŪĘýǹ ýƉŪýşĸØıǹØůùěŪŁşǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹØĸùǹ ØůŪĘŁşěţýùǹŪĘýǹůùěŪǹŁķķěŪŪýýǹŪŁǹùýŪýşķěĸýǹŪĘýǹýƉŪýşĸØıǹ ØůùěŪŁşȬţǹşýķůĸýşØŪěŁĸǿ ĸùýşǹóůşşýĸŪǹşýđůıØŪěŁĸţȀǹŪĘýǹŁķŜØĸƊǹěţǹşýŞůěşýùǹŪŁǹşýŪýĸùýşǹ ŪĘýǹØůùěŪǹòƊǹĸŁǹıØŪýşǹŪĘØĸǹŪĘýǹǑǏǒǏǹǇĸØĸóěØıǹƊýØşǹØţǹŪĘýǹǑǏǑǘǹ ǇĸØĸóěØıǹƊýØşǹěţǹŪĘýǹıØţŪǹŜýşěŁùǹŪĘØŪǹƄǹØşýǹØòıýǹŪŁǹØůùěŪǿ "ůşěĸđǹŪĘýǹƊýØşȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹùýŜŪĘǹ ŁĐǹùěţóůţţěŁĸţǹĘýıùǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹØĸùǹĘŁƄǹěŪǹ ĘØùǹóĘØııýĸđýùǹŪĘýǹ:şŁůŜǹŁĸǹěŪţǹØŜŜşŁØóĘǹŪŁǹţěđĸěǇóØĸŪǹ ØţţůķŜŪěŁĸţǹØĸùǹýţŪěķØŪýţǿǹĘýǹŁķķěŪŪýýǹƄØţǹţØŪěţǇýùǹŪĘØŪǹ ƄǹĘØùǹţůǅóěýĸŪıƊǹóĘØııýĸđýùǹŪĘýǹ:şŁůŜǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǹ ØĸùǹŪĘØŪǹěŪţǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹƄǹƄØţǹŁĸýǹŁĐǹŁŜýĸĸýţţǹØĸùǹ ŜşŁĐýţţěŁĸØıěţķǿǹĘýǹýƉŪýşĸØıǹØůùěŪǹŜıØĸȀǹěĸóıůùěĸđǹůŜùØŪýţǹ ŁĸǹşěţĮǹØţţýţţķýĸŪǹØĸùǹØşýØţǹŁĐǹĐŁóůţȀǹěţǹóŁĸţěùýşýùǹòƊǹ ŪĘýǹŁķķěŪŪýýǹØŪǹýØóĘǹŁĐǹěŪţǹķýýŪěĸđţǹØĸùǹŪĘýǹĘØěşķØĸǹŁĐǹ ŪĘýǹůùěŪǹŁķķěŪŪýýǹķýýŪţǹƄěŪĘǹŪĘýǹýƉŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹ ěĸǹØùƃØĸóýǹŁĐǹØııǹůùěŪǹŁķķěŪŪýýǹķýýŪěĸđţǿǹ]ØĸØđýķýĸŪǹ ŜşŁƃěùýţǹóŁĸţŪşůóŪěƃýǹĐýýùòØóĮǹŪŁǹŪĘýǹØůùěŪǹŪýØķǹùůşěĸđǹŪĘýǹ óŁůşţýǹŁĐǹŪĘýǹƊýØşǹØĸùǹŪĘýǹýƉŪýşĸØıǹØůùěŪǹŜØşŪĸýşǹØıţŁǹşýŜŁşŪţǹ ŪŁǹýØóĘǹůùěŪǹŁķķěŪŪýýǹƄěŪĘŁůŪǹķØĸØđýķýĸŪǹŜşýţýĸŪǿ ŁǹýĸţůşýǹŪĘØŪǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹşýķØěĸţǹýǄýóŪěƃýǹØĸùǹ ěĸùýŜýĸùýĸŪȀǹŪĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹ ŪĘýǹØůùěŪŁşǹØĸùǹěŪţǹěĸùýŜýĸùýĸóýǹØĸĸůØııƊǿ 9ŁııŁƄěĸđǹŪĘýǹǑǏǑǒǹƊýØşǹýĸùǹØůùěŪȀǹŪĘýǹŁķķěŪŪýýǹØţţýţţýùǹ ŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşȀǹŪĘýǹØůùěŪǹŪýØķȬţǹ ŞůØıěǇóØŪěŁĸţȀǹýƉŜýşŪěţýȀǹşýţŁůşóýţǹØĸùǹěĸùýŜýĸùýĸóýȀǹØĸùǹ ŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹØůùěŪǹŜşŁóýţţǹěĸóıůùěĸđǹŪĘýǹŪěķýıěĸýţţǹ ŁĐǹóŁķķůĸěóØŪěŁĸǹŁĐǹØůùěŪǹķØŪŪýşţǿǹĘěţǹØţţýţţķýĸŪǹƄØţǹ ůĸùýşŪØĮýĸǹŪĘşŁůđĘǹùěţóůţţěŁĸţǹƄěŪĘǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹ fǅóýşǹØĸùǹ:şŁůŜǹ9ěĸØĸóěØıǹŁĸŪşŁııýşǹØĸùǹóŁĸţěùýşØŪěŁĸǹŁĐǹ ŪĘýǹĐýýùòØóĮǹđěƃýĸǹŁĸǹŪĘýǹţýşƃěóýǹŜşŁƃěùýùǹòƊǹƄǹùůşěĸđǹŪĘýǹ ØůùěŪǿǹƄǹţýŜØşØŪýıƊǹØıţŁǹóŁĸǇşķýùǹěŪţǹěĸùýŜýĸùýĸóýǹØĸùǹ óŁĸǇşķýùǹŪŁǹŪĘýǹŁķķěŪŪýýǹŪĘØŪȁ ȟ ěŪǹĘØţǹěĸŪýşĸØıǹŜşŁóýùůşýţǹěĸǹŜıØóýǹŪŁǹěùýĸŪěĐƊǹØĸƊǹØţŜýóŪţǹŁĐǹ ĸŁĸțØůùěŪǹƄŁşĮǹƄĘěóĘǹóŁůıùǹóŁķŜşŁķěţýǹěŪţǹşŁıýǹØţǹØůùěŪŁşǹ ØĸùǹŪŁǹýĸţůşýǹŪĘýǹŁòĪýóŪěƃěŪƊǹŁĐǹŪĘýǹØůùěŪǹşýŜŁşŪȂ ȟ ŪĘýǹŪŁŪØıǹĐýýţǹŜØěùǹòƊǹŪĘýǹ:şŁůŜǹùůşěĸđǹŪĘýǹƊýØşǹùŁǹĸŁŪǹ şýŜşýţýĸŪǹØǹķØŪýşěØıǹŜØşŪǹŁĐǹěŪţǹĐýýǹěĸóŁķýȂǹØĸù ȟ ěŪǹóŁĸţěùýşţǹŪĘØŪǹěŪǹĘØţǹķØěĸŪØěĸýùǹØůùěŪǹěĸùýŜýĸùýĸóýǹ ŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿ 136 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ DĸǹØţţýţţěĸđǹƄȬţǹóŁĸŪěĸůýùǹØůùěŪǹěĸùýŜýĸùýĸóýȀǹŪĘýǹ ŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹıýƃýıǹŁĐǹĸŁĸțØůùěŪǹĐýýţǿǹ9ØóŪŁşţǹ ŪØĮýĸǹěĸŪŁǹØóóŁůĸŪǹěĸóıůùýùȁ ȟ óŁĸǇşķØŪěŁĸǹşýóýěƃýùǹŪĘØŪǹƄǹùěùǹĸŁŪǹŜýşĐŁşķǹØĸƊǹĸŁĸț ØůùěŪǹţýşƃěóýţǹĐŁşǹŪĘýǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹ ǒǐǹ"ýóýķòýşǹǑǏǑǓǹØŜØşŪǹĐşŁķǹŪĘýǹĘØıĐǹƊýØşǹşýƃěýƄǹĸŁŪýùǹěĸǹ ŪĘýǹůùěŪǹĐýýţǹţýóŪěŁĸǿ ȟ ŪĘýǹĸØŪůşýǹŁĐǹŪĘýǹƄŁşĮǹůĸùýşŪØĮýĸǹòƊǹƄǹØĸùǹóŁĸţěùýşØŪěŁĸǹ ŁĐǹŪĘýǹşýıýƃØĸŪǹěĸùýŜýĸùýĸóýǹŪĘşýØŪţǹØĸùǹţØĐýđůØşùţǹěĸǹ ŜıØóýȂǹØĸù ȟ óŁĸţěùýşØŪěŁĸǹŁĐǹƄĘýŪĘýşǹØııǹŁĐǹŪĘýǹĸŁĸțØůùěŪǹţýşƃěóýţǹ ŜşŁƃěùýùǹěĸǹŪĘýǹƊýØşǹƄýşýǹŜýşķěţţěòıýǹůĸùýşǹŪĘýǹ9ǹ ýƃěţýùǹ&ŪĘěóØıǹŪØĸùØşùǹǑǏǑǓǹȡȩ&ŪĘěóØıǹŪØĸùØşùȪȢȂǹ ĘýǹŁķķěŪŪýýǹóŁĸóıůùýùǹŪĘØŪȁ ȟ ěŪǹƄØţǹţØŪěţǇýùǹƄěŪĘǹƄȬţǹŜýşĐŁşķØĸóýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşȀǹ ŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪǹØĸùǹŪĘýǹěĸŪýşØóŪěŁĸǹ ØĸùǹóŁķķůĸěóØŪěŁĸǹòýŪƄýýĸǹŪĘýǹØůùěŪŁşǹØĸùǹŪĘýǹ ŁķķěŪŪýýǹķýķòýşţȂ ȟ ěŪǹƄØţǹţØŪěţǇýùǹƄěŪĘǹŪĘýǹØůùěŪŁşȬţǹŞůØıěǇóØŪěŁĸţȀǹýƉŜýşŪěţýǹ ØĸùǹşýţŁůşóýţȂǹØĸù ȟ ěŪǹşýķØěĸýùǹóŁĸǇùýĸŪǹŪĘØŪǹƄȬţǹŁòĪýóŪěƃěŪƊǹØĸùǹ ěĸùýŜýĸùýĸóýǹƄýşýǹĸŁŪǹěķŜØěşýùǹòƊǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸț ØůùěŪǹţýşƃěóýţǿ ĘýǹŁķķěŪŪýýǹØıţŁǹóŁĸţěùýşýùǹŪĘýǹ9ǹǑǏǑǒȌǑǓǹůùěŪǹůØıěŪƊǹ DĸţŜýóŪěŁĸǹØĸùǹůŜýşƃěţěŁĸǹýŜŁşŪǹĐŁşǹƄǹěţţůýùǹěĸǹRůıƊǹǑǏǑǓǿ Audit fees 9ýýţǹŜØƊØòıýǹŪŁǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹĐŁşǹØůùěŪǹØĸùǹĸŁĸțØůùěŪǹ ţýşƃěóýţǹØşýǹţýŪǹŁůŪǹěĸǹĸŁŪýǹǔǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǿ ĘýǹŁķķěŪŪýýȬţǹŜŁıěóƊǹěţǹŪĘØŪǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪţǹØşýǹĸŁŪǹ ØƄØşùýùǹŪŁǹŪĘýǹýƉŪýşĸØıǹØůùěŪǹǇşķǹěĐǹŪĘýşýǹěţǹØǹşěţĮǹŪĘØŪǹØůùěŪǹ ěĸùýŜýĸùýĸóýǹØĸùǹŁòĪýóŪěƃěŪƊǹóŁůıùǹòýǹóŁķŜşŁķěţýùǿǹĸùýşǹ ŁůşǹĸŁĸțØůùěŪǹţýşƃěóýţǹŜŁıěóƊȀǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹşýŞůěşýķýĸŪţǹ ŁĐǹŪĘýǹ9Ȭţǹ&ŪĘěóØıǹŪØĸùØşùȀǹŁŪĘýşǹŪĘØĸǹěĸǹýƉóýŜŪěŁĸØıǹ óěşóůķţŪØĸóýţǹĸŁĸțØůùěŪǹĐýýţǹţĘŁůıùǹĸŁŪǹýƉóýýùǹǖǏǹŜýşǹóýĸŪǹ ŁĐǹŪĘýǹØůùěŪǹĐýýţǹŁƃýşǹØǹşŁııěĸđǹŪĘşýýțƊýØşǹŜýşěŁùǿǹĘýǹØƄØşùǹ ŁĐǹØĸƊǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪǹŪŁǹŪĘýǹØůùěŪŁşǹěĸǹýƉóýţţǹŁĐǹŪĘýǹ ıŁƄýşǹŁĐǹɏǔǏȀǏǏǏǹŁşǹǐǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹýţŪěķØŪýùǹØĸĸůØıǹıýƃýıǹ ŁĐǹŪĘýǹØůùěŪŁşȬţǹĐýýţǹØŪǹŪĘØŪǹŪěķýǹěţǹţůòĪýóŪǹŪŁǹŜşěŁşǹØŜŜşŁƃØıǹŁĐǹ ŪĘýǹŁķķěŪŪýýǿǹfůşǹĘěýĐǹ&ƉýóůŪěƃýǹŁşǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹ ĘØƃýǹØůŪĘŁşěŪƊǹŪŁǹØŜŜşŁƃýǹĸŁĸțØůùěŪǹØţţěđĸķýĸŪţǹŪŁǹŪĘýǹØůùěŪŁşǹ òýıŁƄǹŪĘěţǺŪĘşýţĘŁıùǿ ^ŁĸțØůùěŪǹĐýýţǹƄýşýǹǐǏǹŜýşǹóýĸŪǹŁĐǹØůùěŪǹĐýýţǹěĸǹŪĘýǹƊýØşǹýĸùýùǹ ǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡǑǏǑǒȁǹǐǐǹŜýşǹóýĸŪȢǹØĸùǹƄýşýǹǐǔǹŜýşǹóýĸŪǹ ȡǑǏǑǒȁǹǑǖǹŜýşǹóýĸŪȢǹŁĐǹŪĘýǹØƃýşØđýǹØůùěŪǹĐýýǹĐŁşǹŪĘýǹŜşýóýùěĸđǹ ŪĘşýýǹƊýØşţǿǹĘýǹýƉŪýşĸØıǹØůùěŪǹĐýýǹĐŁşǹŪĘýǹØůùěŪǹŁĐǹŪĘýǹĪŁěĸŪǹ ƃýĸŪůşýǹØĸùǹØţţŁóěØŪýǹƄØţǹɏǓǔȀǏǏǏǹȡǑǏǑǒȁǹɏǗǗȀǏǏǏȢǿǹĘýǹ :şŁůŜȬţǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŁĐǹŪĘěţǹƄØţǹɏǑǑȀǔǏǏǹȡǑǏǑǒȁǹɏǓǓȀǏǏǏȢǿǹ Independence and reappointment ĘýǹŁķķěŪŪýýǹşýķØěĸţǹţØŪěţǇýùǹƄěŪĘǹŪĘýǹýǄýóŪěƃýĸýţţǹŁĐǹŪĘýǹ ýƉŪýşĸØıǹØůùěŪǹØĸùǹƄěŪĘǹěŪţǹěĸŪýşØóŪěŁĸǹƄěŪĘǹƄǿǹDŪǹØıţŁǹşýķØěĸţǹ óŁĸǇùýĸŪǹŪĘØŪǹƄȬţǹŁòĪýóŪěƃěŪƊǹØĸùǹěĸùýŜýĸùýĸóýǹØşýǹĸŁŪǹ ěķŜØěşýùǹòƊǹŪĘýǹŜşŁƃěţěŁĸǹŁĐǹĸŁĸțØůùěŪǹţýşƃěóýţǿ ĘýǹşýØŜŜŁěĸŪķýĸŪǹŁĐǹŪĘýǹýƉŪýşĸØıǹØůùěŪŁşǹěţǹşýØţţýţţýùǹØĸĸůØııƊǿ 137Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Richard Akers Chairman Remuneration Directors’ remuneration report “The Committee’s focus in 2024 was on implementing the Policy to ensure ŁůŪóŁķýţǺØşýǹØŜŜşŁŜşěØŪýıƊǹØıěđĸýùǹƄěŪĘǹ ŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýǹØĸùǹţŪşØŪýđěóǹ ŜşŁđşýţţȀǹţŪØĮýĘŁıùýşţȬǹěĸŪýşýţŪţǹØĸùǹŪĘýǹ Company’s culture.” "ýØşǹĘØşýĘŁıùýş DǹØķǹŜıýØţýùǹŪŁǹŜşýţýĸŪǹŁůşǹǑǏǑǓǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǿǹ ǑǏǑǓǹƄØţǹŁůşǹǇşţŪǹĐůııǹǇĸØĸóěØıǹƊýØşǹĐŁııŁƄěĸđǹŪĘýǹķýşđýşǹŁĐǹ ØŜóŁǹØĸùǹĘØĐŪýţòůşƊǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿǹDĸǹŪĘýǹŜşěŁşǹƊýØşȀǹ the Remuneration Committee’s focus was on the impact of the ķýşđýşǹŁĸǹşýķůĸýşØŪěŁĸǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŪĘýǹƄěùýşǹ employee team. During 2024, the Committee’s time was spent on implementing the Directors’ Remuneration Policy which was ØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹ:]ǹěĸǹRůĸýǹǑǏǑǒǿǹĘěţǹěĸóıůùýùǹ ùýŪýşķěĸěĸđǹŪĘýǹŪýşķţǹŁĐǹŪĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹØĸùǹǹØƄØşùţȀǹ ØĸùǹŪĘýǹƊýØşǹýĸùǹŁůŪóŁķýţȀǹŪŁǹýĸţůşýǹŜØƊǹěţǹØŜŜşŁŜşěØŪýıƊǹØıěđĸýùǹ ƄěŪĘǹŜýşĐŁşķØĸóýǹØĸùǹŪĘýǹţŪØĮýĘŁıùýşǹýƉŜýşěýĸóýǿǹ ©ýǹƄýşýǹŜıýØţýùǹŪŁǹţýýǹǘǖǹŜýşǹóýĸŪǹŁĐǹƃŁŪýţǹóØţŪǹěĸǹĐØƃŁůşǹŁĐǹ ŪĘýǹØùƃěţŁşƊǹƃŁŪýǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǿǹ ©ýǹıŁŁĮǹĐŁşƄØşùǹŪŁǹƊŁůşǹóŁĸŪěĸůýùǹţůŜŜŁşŪǿ Business context ǑǏǑǓǹƄØţǹØǹƊýØşǹŁĐǹŜŁţěŪěƃýǹǇĸØĸóěØıǹØĸùǹŁŜýşØŪěŁĸØıǹ ŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹóĘØııýĸđěĸđǹýóŁĸŁķěóǹòØóĮǹùşŁŜǿǹ ĘýǺòůţěĸýţţǹùýıěƃýşýùǹđŁŁùǹŜşŁđşýţţǹØđØěĸţŪǹŪĘýǹķýùěůķțŪýşķǹ priorities that were set following the completion of the merger. ĘěţǹĘØţǹěĸóıůùýùǹǐǕǿǑǹŜýşǹóýĸŪǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹ ùşěƃýĸǹòƊǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹóŁţŪǹţØƃěĸđţȀǹØĸùǹǔǿǑǹŜýşǹóýĸŪǹ đşŁƄŪĘǹěĸǹ&ǹ^ǹùşěƃýĸǹòƊǹŜŁşŪĐŁıěŁǹƃØıůØŪěŁĸǹđşŁƄŪĘǿ ĘýţýǹǇĸØĸóěØıǹŁůŪóŁķýţǹĘØƃýǹòýýĸǹØóóŁķŜØĸěýùǹòƊǹýƉóýııýĸŪǹ ŁŜýşØŪěŁĸØıǹŜýşĐŁşķØĸóýȀǹƄěŪĘǹıěķěŪýùǹƃØóØĸóƊȀǹĘěđĘǹĐŁŁŪĐØııȀǹ óŁĸŪěĸůýùǹóůţŪŁķýşǹţØıýţǹđşŁƄŪĘȀǹ&¨ǹØĸùǹƃØıůØŪěŁĸǹđşŁƄŪĘǿǹ ĘýǹòůţěĸýţţǹĘØţǹØóŪěƃýıƊǹşýóƊóıýùǹóØŜěŪØıȀǹƄěŪĘǹɏǑǓǕǿǕǹķěııěŁĸǹ ŁĐǹØţţýŪǹùěţŜŁţØıţǹţěĸóýǹķýşđýşǹƄěŪĘǹɏǗǕǹķěııěŁĸǹşýěĸƃýţŪýùǹěĸǹ ţŪşØŪýđěóǹØóŞůěţěŪěŁĸţǿǹǹĸýƄǹóůţŪŁķýşǹţůşƃýƊǹƄØţǹıØůĸóĘýùǹ ùůşěĸđǹŪĘýǹƊýØşȀǹŪŁǹěùýĸŪěĐƊǹěķŜşŁƃýķýĸŪţǹØóşŁţţǹŁůşǹŁŜýşØŪěĸđǹ ŜıØŪĐŁşķǹƄĘěıţŪǹŜşŁƃěùěĸđǹýƉóýııýĸŪǹţýşƃěóýǹŪŁǹŁůşǹóůţŪŁķýşţǹ ƄĘŁǹØşýǹØŪǹŪĘýǹĘýØşŪǹŁĐǹŁůşǹòůţěĸýţţǿ ĘýǹòůţěĸýţţǹĘØţǹØıţŁǹķØěĸŪØěĸýùǹØǹţŪşŁĸđǹòØıØĸóýǹţĘýýŪǹ ƄěŪĘǹØóóýţţǹŪŁǹØŜŜşŁŜşěØŪýǹıýƃýıţǹŁĐǹıěŞůěùěŪƊȀǹƄěŪĘǹǇĸØĸóěĸđǹ ěĸěŪěØŪěƃýţǹŪŁŪØııěĸđǹɏǒǖǔǹķěııěŁĸǹóŁķŜıýŪýùǹùůşěĸđǹǑǏǑǓǿǹĘýşýǹ ĘØţǹòýýĸǹóŁĸŪěĸůýùǹŜşŁđşýţţǹŪŁƄØşùţǹØĸǹýǅóěýĸŪǹØĸùǹýǄýóŪěƃýǹ óŁţŪǹòØţýȀǹƄěŪĘǹØǹşýùůóŪěŁĸǹŁĐǹŁůşǹ&ǹóŁţŪǹşØŪěŁǹŪŁǹǒǖǹŜýşǹ óýĸŪȀǹĘØƃěĸđǹòýýĸǹŁƃýşǹǔǏǹŜýşǹóýĸŪǹØŪǹŪĘýǹŪěķýǹŁĐǹķýşđýşǿ ýţŜŁĸţěòıýǹţŪýƄØşùţĘěŜǹØĸùǹùýıěƃýşƊǹŁĐǹŪĘýǹ&ǹţŪşØŪýđƊǹ óŁĸŪěĸůýţǹŪŁǹòýǹØǹŜşěŁşěŪƊȀǹƄěŪĘǹØóĘěýƃýķýĸŪţǹěĸóıůùěĸđǹŪĘýǹ ØùŁŜŪěŁĸǹŁĐǹØǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊȀǹØıŁĸđţěùýǹ ŜşŁđşýţţěĸđǹØđØěĸţŪǹŁůşǹţůţŪØěĸØòěıěŪƊǹŪØşđýŪţǿǹfůşǹóŁķķěŪķýĸŪǹ ŪŁǹŁůşǹùƊĸØķěóǹóůıŪůşýǹØĸùǹƃØıůýţǹƄØţǹşýǈýóŪýùǹěĸǹŪĘýǹ ĐýýùòØóĮǹşýóýěƃýùǹĐşŁķǹŁůşǹǇşţŪǹýķŜıŁƊýýǹţůşƃýƊǿ 2024 incentive outcomes ǑǏǑǓǹƄØţǹØĸǹýƉóýııýĸŪǹƊýØşǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȀǹØĸùǹ ŪĘýǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹţůķķØşěţýùǹØòŁƃýǹěţǹşýǈýóŪýùǹěĸǹ ŪĘýǹØóĘěýƃýķýĸŪţǹØđØěĸţŪǹŪĘýǹǇĸØĸóěØıǹØĸùǹĸŁĸțǇĸØĸóěØıǹ performance targets set for our Executive Directors. ĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹƄØţǹòØţýùǹǖǔǹŜýşǹóýĸŪǹŁĸǹǇĸØĸóěØıǹ ķýØţůşýţǹØĸùǹǑǔǹŜýşǹóýĸŪǹŁĸǹĸŁĸțǇĸØĸóěØıǹŁòĪýóŪěƃýţǿǹŁŪØıǹ şŁŜýşŪƊǹýŪůşĸǹȡȩȪȢǹŁĐǹǖǿǕǹŜýşǹóýĸŪǹƄØţǹØĘýØùǹŁĐǹŪĘýǹŁŪØıǹ ýŪůşĸǹııțşŁŜýşŪƊǹěĸùýƉȀǹ&ǹ^ǹŜýşǹţĘØşýǹŁĐǹǑǏǏǿǑǹ ŜýĸóýǹěĸóşýØţýùǹòƊǹǔǿǑǹŜýşǹóýĸŪǹŁƃýşǹŪĘýǹƊýØşȀǹØĸùǹůĸùýşıƊěĸđǹ ýØşĸěĸđţǹŜýşǹţĘØşýǹȡȩ&ȪȢǹěĸóşýØţýùǹòƊǹǐǐǿǐǹŜýşǹóýĸŪǿǹĘěţǹ şýţůıŪýùǹěĸǹØııǹŪĘşýýǹķýŪşěóţǹòýěĸđǹØĘýØùǹŁĐǹŪĘşýţĘŁıùȀǹØıŪĘŁůđĘǹ òýıŁƄǹķØƉěķůķǿǹıŪŁđýŪĘýşȀǹŁůşǹŜýşĐŁşķØĸóýǹùýıěƃýşýùǹǔǑǹŜýşǹ óýĸŪǹŁĐǹŪĘýǹǖǔǹŜýşǹóýĸŪǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹØııŁóØŪýùǹŪŁǹŪĘýţýǹŪĘşýýǹ ǇĸØĸóěØıǹķýØţůşýţǿǹ ĘýǹĸŁĸțǇĸØĸóěØıǹýıýķýĸŪǹóŁķŜşěţýùǹŁòĪýóŪěƃýţǹşýıØŪěĸđǹŪŁǹ óŁşŜŁşØŪýǹţŪşØŪýđƊǹØĸùǹđŁØıţȀǹŜýŁŜıýȀǹǇĸØĸóěØıǹùýıěƃýşØòıýţǹ ØĸùǹŜŁşŪĐŁıěŁǹķØĸØđýķýĸŪǿǹĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹŜýşĐŁşķýùǹ ţŪşŁĸđıƊǹØđØěĸţŪǹŪĘýţýǹŁòĪýóŪěƃýţȀǹùýıěƃýşěĸđǹýƉŪýĸţěƃýǹ ıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊȀǹşýţŜŁĸţěòıýǹǇĸØĸóěØıǹ ķØĸØđýķýĸŪȀǹĸýƄǹýķŜıŁƊýýǹØĸùǹóůţŪŁķýşǹţůşƃýƊţȀǹŜşŁķŁŪěĸđǹ ØǹŜŁţěŪěƃýǹØĸùǹŜşŁđşýţţěƃýǹƄŁşĮěĸđǹóůıŪůşýǹØĸùǹóĘØķŜěŁĸěĸđǹ Łůşǹ&ǹţŪşØŪýđƊȀǹěĸóıůùěĸđǹùýƃýıŁŜķýĸŪǹŁĐǹØǹĸýƄǹŁķķůĸěŪƊǹ DĸƃýţŪķýĸŪǹŪşØŪýđƊǹØĸùǹØĸǹůŜùØŪýùǹ^ýŪǹ¸ýşŁǹØşòŁĸǹØŪĘƄØƊǿǹ ýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹĸŁĸțǇĸØĸóěØıǹŪØşđýŪţǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşţǹƄØţǹØţţýţţýùǹØŪǹòýŪƄýýĸǹǗǔǹØĸùǹǘǒǹŜýşǹóýĸŪǹŁĐǹŪĘýǹ ǑǔǹŜýşǹóýĸŪǹŁŜŜŁşŪůĸěŪƊǹØııŁóØŪýùǹŪŁǹŪĘýţýǹķýØţůşýţȀǹşýǈýóŪěĸđǹ ýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹýǄŁşŪţǿ ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘýǹØĸĸůØıǹòŁĸůţǹŁůŪóŁķýǹŁĐǹ òýŪƄýýĸǹǕǏǿǑǔǹØĸùǹǕǑǿǑǔǹŜýşǹóýĸŪǹŁĐǹķØƉěķůķǹĐŁşǹǑǏǑǓǹěţǹ ØǹĐØěşǹşýǈýóŪěŁĸǹŁĐǹŪĘýǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹùůşěĸđǹŪĘýǹƊýØşǿǹ ^ŁǺùěţóşýŪěŁĸǹƄØţǹØŜŜıěýùǹŪŁǹŪĘýǹĐŁşķůıØěóǹŁůŪóŁķýţǿ ĘýşýǹƄýşýǹĸŁǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹȡȩȪȢǹØƄØşùţǹ óØŜØòıýǹŁĐǹƃýţŪěĸđǹòØţýùǹŁĸǹŜýşĐŁşķØĸóýǹĐŁşǹŪĘýǹƊýØşǹýĸùěĸđǹ ǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹĘýǹǇşţŪǹǹØƄØşùţǹĐŁşǹŪĘýǹóŁķòěĸýùǹ Corporate governance report 138 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Incentive scheme performance measures 2025 annual bonus 2025 PSP EPRA net tangible assets (NTA) per share (25%) ȟ ǹĮýƊǹķýØţůşýǹùşěƃěĸđǹŪĘýǹıŁĸđțŪýşķǹŜŁŪýĸŪěØıǹŁĐǹŁůşǹØţţýŪţǿǹ Underlying earnings per share (EPS) (30%) ȟ ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹţůóóýţţǹěĸǹķØĸØđěĸđǹ óŁţŪţǿǹŜƄýěđĘŪýùǹĐşŁķǹǑǔǹŜýşǹóýĸŪǹěĸǹǑǏǑǒǹŪŁǹşýǈýóŪǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹ ùýıěƃýşěĸđǹěĸóŁķýǹđşŁƄŪĘȀǹóŁţŪǹţØƃěĸđţǹØĸùǹŁŜýşØŪěĸđǹýǅóěýĸóěýţǿ Relative Total Property Return (TPR) (20%) ȟ ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹØòŁƃýǹØĸƊǹ óĘØĸđýţǹěĸǹƃØıůýǹĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹØţǹķýØţůşýùǹ òƊǹŪĘýǺƄěùýıƊțůţýùǹ]DǹŁŪØıǹýŪůşĸǹııțşŁŜýşŪƊǹDĸùýƉǿ ^ŁĸțǇĸØĸóěØıǹȡóŁşŜŁşØŪýǹØĸùǹţůţŪØěĸØòěıěŪƊȢǹȡǑǔɬȢ ȟ ýţŜŁĮýȀǹţŪşØŪýđěóǹŁòĪýóŪěƃýţǹĐŁşǹýØóĘǹ"ěşýóŪŁşȀǹØĸùǺŪĘýǹùýıěƃýşƊǹŁĐǹóŁķķŁĸǹ ţůţŪØěĸØòěıěŪƊǹđŁØıţǿ ĘýǹŁķķěŪŪýýǹşýŪØěĸţǹùěţóşýŪěŁĸǹůĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹŪŁǺØķýĸùǹŪĘýǹŜØƊŁůŪǹ ŪŁǹýĸţůşýǹěŪǹØŜŜşŁŜşěØŪýıƊǹşýǈýóŪţǹůĸùýşıƊěĸđǹŜýşĐŁşķØĸóýǿ Relative Total Shareholder Return (TSR) (50%) ȟ ]ýØţůşýùǹşýıØŪěƃýǹŪŁǹşýØıǹýţŪØŪýǹţýóŪŁşǹ ŜýýşţȀǹşýǈýóŪěĸđǹŪĘýǹŪŁŪØıǹşýŪůşĸţǹùýıěƃýşýùǹ ŪŁǹţĘØşýĘŁıùýşţǿǹ Total Accounting Return (TAR) (50%) ȟ ýƄØşùţǹđşŁƄŪĘǹěĸǹ&ǹ^ǹØĸùǹùěƃěùýĸùţǹ ŜØěùǹŪŁǹţĘØşýĘŁıùýşţǹŪŁǹŪĘýǹýƉŪýĸŪǹşýŪůşĸţǹ ýƉóýýùǹşýØıǹýţŪØŪýǹţýóŪŁşǺŜýýşţǿ ĘýǹŁķķěŪŪýýǹşýŪØěĸţǹŪĘýǹØòěıěŪƊǹůĸùýşǹŪĘýǹ ŁıěóƊǹŪŁǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹůĸùýşǹ ŪĘýǹǹƄĘýĸǹùýŪýşķěĸěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹØĸǹ ØƄØşùǹŪĘØŪǹƃýţŪţǿ òůţěĸýţţǹƄýşýǹđşØĸŪýùǹěĸǹǑǏǑǒǹØĸùǹƄěııǹƃýţŪǹěĸǹǑǏǑǕȀǹţůòĪýóŪǹ ŪŁǺǹØĸùǹǹŜýşĐŁşķØĸóýǹĐŁşǹŪĘýǹŪĘşýýțƊýØşǹŜýşěŁùǹ ýĸùěĸđǺǒǐǹ"ýóýķòýşǹǑǏǑǔǿ Employees ĘýǹŁķķěŪŪýýǹěţǹŜşŁƃěùýùǹƄěŪĘǹůŜùØŪýţǹŁĸǹşýķůĸýşØŪěŁĸǹ ùýóěţěŁĸţǹŪØĮýĸǹĐŁşǹŪĘýǹƄěùýşǹýķŜıŁƊýýǹŜŁŜůıØŪěŁĸǿǹ"ůşěĸđǹŪĘýǹ ƊýØşȀǹŪĘěţǹěĸóıůùýùǹůŜùØŪýţǹŁĸǹŪĘýǹěķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŜŁţŪț ķýşđýşǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹţŪşØŪýđƊǹŜůŪǹěĸǹŜıØóýǹěĸǹǑǏǑǒǿǹ ĘýǹŁķķěŪŪýýǹŪØĮýţǹěŪţǹùýóěţěŁĸţǹƄěŪĘǹŪĘýǹƄěùýşǹýķŜıŁƊýýǹ ŜŁŜůıØŪěŁĸǹěĸǹķěĸùǹØĸùǹěţǹØƄØşýǹŁĐǹŪĘýǹěķŜØóŪǹŁĐǹùýóěţěŁĸţǹ taken on the Company as a whole. ĘýǹşýķůĸýşØŪěŁĸǹţŪşůóŪůşýǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ ýķŜıŁƊýýţǹòşŁØùıƊǹØıěđĸţǹƄěŪĘǹŪĘØŪǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹ ƄěŪĘǹýķŜıŁƊýýţǹòýěĸđǹýıěđěòıýǹĐŁşǹØǹùěţóşýŪěŁĸØşƊǹòŁĸůţǹØĸùǹ ǹØƄØşùţȀǹØţǹƄýııǹØţǹţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹýķŜıŁƊýýǹòýĸýǇŪţǿǹ ŁĸůţǹØƄØşùţǹòýıŁƄǹŁØşùǹıýƃýıǹØşýǹòØţýùǹǔǏǹŜýşǹóýĸŪǹŁĸǹŪĘýǹ ǇĸØĸóěØıǹķýØţůşýţǹùýţóşěòýùǹØòŁƃýǹØĸùǹǔǏǹŜýşǹóýĸŪǹŁĸǹĸŁĸț ǇĸØĸóěØıǹķýØţůşýţǿǹDĸǹØùùěŪěŁĸǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹşýŜŁşŪţǹ ŪŁǹŪĘýǹŁØşùȀǹŪĘýǹŁØşùǹşýóýěƃýţǹĐýýùòØóĮǹĐşŁķǹŁůşǹ&ķŜıŁƊýýǹ &ĸđØđýķýĸŪǹ9ŁşůķȀǹØŪŪýĸùýùǹěĸěŪěØııƊǹòƊǹĘØşıŁŪŪýǹŁƊıýǹØĸùǹ ţůòţýŞůýĸŪıƊǹòƊǹķýȀǹØĸùǹƄØţǹůŜùØŪýùǹŁĸǹŪĘýǹǇĸùěĸđţǹŁĐǹŁůşǹ ǇşţŪǹýķŜıŁƊýýǹţůşƃýƊǿǹĘýǹŁØşùǹØıţŁǹķýŪǹţýĸěŁşǹķØĸØđýşţǹ ĐşŁķǹØóşŁţţǹŪĘýǹòůţěĸýţţǹØŪǹØǹùěĸĸýşǹĐŁııŁƄěĸđǹěŪţǹØĸĸůØıǹ ţŪşØŪýđƊǹţýţţěŁĸȀǹƄĘěóĘǹŜşŁƃěùýùǹØǹđŁŁùǹŁŜŜŁşŪůĸěŪƊǹŪŁǹ hear the views of our employees. Key elements of employee şýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǔǹěĸóıůùýȁ ȟ ØıØşƊǹěĸóşýØţýţǹýǄýóŪěƃýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǔǹØşýǹóǿǹǑǿǓǹ ŜýşǹóýĸŪǹŁĸǹØƃýşØđýȂǹóǿǹǓǿǑǹŜýşǹóýĸŪǹěĸóıůùěĸđǹŜşŁķŁŪěŁĸØıǹ ěĸóşýØţýţȀǹƄĘěóĘǹØşýǹţýŪǹƄěŪĘǹşýđØşùǹŪŁǹķØşĮýŪǹıýƃýıţǿ ȟ ııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹØĸĸůØıǹòŁĸůţǹ ţóĘýķýǹØĸùǹƄěııǹşýóýěƃýǹØĸĸůØıǹòŁĸůţýţǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǓǹ ŜýşĐŁşķØĸóýǹòØţýùǹŁĸǹŪĘýǹǇĸØĸóěØıǹŪØşđýŪţǹȡěĸǹıěĸýǹƄěŪĘǹŪĘŁţýǹ ĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȢǹØĸùǹĸŁĸțǇĸØĸóěØıǹŁòĪýóŪěƃýţǿ ȟ ýǈýóŪěĸđǹŁůşǹěĸóıůţěƃýǹóůıŪůşýǹØĸùǹŁůşǹùýţěşýǹŪŁǹØıěđĸǹØııǹ ýķŜıŁƊýýţǹƄěŪĘǹıŁĸđțŪýşķǹđŁØıţȀǹØııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹ şýóýěƃýùǹǹØƄØşùţǹěĸǹǑǏǑǓǹòØţýùǹŁĸǹŪĘýǹţØķýǹķýØţůşýţǹ as the Executive Directors. ȟ ııǹŜýşķØĸýĸŪǹýķŜıŁƊýýţǹƄěııǹòýǹýıěđěòıýǹŪŁǹşýóýěƃýǹØĸĸůØıǹ òŁĸůţýţǹØĸùǹǹØƄØşùţǹěĸǹǑǏǑǔǿ ȟ ĘýǹýķŜıŁƊýşǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁĐǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹ applies to all employees. Implementation of Remuneration Policy in 2025 ȟ ØıØşěýţȁǹ9ŁşǹǑǏǑǔȀǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹƄěııǹěĸóşýØţýǹ òƊǹǑǿǓǹŜýşǹóýĸŪȀǹƄĘěóĘǹěţǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹ ØŜŜıƊěĸđǹŪŁǹŪĘýǹƄěùýşǹƄŁşĮĐŁşóýǿ ȟ DĸóýĸŪěƃýţȁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹěĸóýĸŪěƃýǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹ ǑǏǑǔǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǿǹĘýǹØĸĸůØıǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹ ƄěııǹòýǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹØĸùǹěŪǹěţǹěĸŪýĸùýùǹŪĘØŪǹǹ ØƄØşùţǹƄěııǹòýǹđşØĸŪýùǹØŪǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹěĸǹıěĸýǹƄěŪĘǹ the current Remuneration Policy. ĘýǹŁķķěŪŪýýǹĘØţǹóĘŁţýĸǹķýŪşěóţǹØĸùǹƄýěđĘŪěĸđţǹƄĘěóĘǹØşýǹ ůĸóĘØĸđýùǹĐşŁķǹǑǏǑǓǹØĸùǹţůŜŜŁşŪǹŪĘýǹķýùěůķțŪýşķǹđşŁƄŪĘǹ ŁòĪýóŪěƃýţǹŁĐǹŪĘýǹòůţěĸýţţȀǹŜşŁƃěùěĸđǹØĸǹØŜŜşŁŜşěØŪýǹòØıØĸóýǹ òýŪƄýýĸǹěĸŜůŪǹØĸùǹŁůŪŜůŪǹķýŪşěóţȀǹǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹ đŁØıţȀǹØĸùǹØòţŁıůŪýǹØĸùǹşýıØŪěƃýǹķýØţůşýķýĸŪǿǹ Chairman and Non-executive Directors 9ŁşǹǑǏǑǔȀǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹĐýýţǹ ȡěĸóıůùěĸđǹŁķķěŪŪýýǹĐýýţȢǹƄěııǹěĸóşýØţýǹòƊǹǑǿǔǹŜýşǹóýĸŪȀǹƄĘěóĘǹ ěţǹòşŁØùıƊǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹØŜŜıƊěĸđǹŪŁǹŪĘýǹ ƄěùýşǹƄŁşĮĐŁşóýǿǹĘýǹşýƃěţýùǹĐýýţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹØĸĸůØıǹ şýŜŁşŪǹŁĸǹşýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǗǿ 139Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report Conclusion ǑǏǑǓǹƄØţǹØǹţůóóýţţĐůıǹǇşţŪǹĐůııǹƊýØşǹŜŁţŪțķýşđýşǹĐŁşǹ ĘØĐŪýţòůşƊǹØŜěŪØıǿǹěđĸěǇóØĸŪǹƄŁşĮǹĘØţǹòýýĸǹůĸùýşŪØĮýĸǹ on remuneration to ensure fairness across our employee òØţýǹØĸùǹŪŁǹýĸţůşýǹØŜŜşŁŜşěØŪýǹØıěđĸķýĸŪǹòýŪƄýýĸǹŜØƊǹ ØĸùǹŜýşĐŁşķØĸóýǿǹĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘýǹǑǏǑǓǹòŁĸůţǹ ŁůŪóŁķýǹØĸùǹØŜŜşŁØóĘǹŪŁǹŜØƊǹěĸǹǑǏǑǔǹØşýǹØŜŜşŁŜşěØŪýǹěĸǹŪĘýǹ óŁĸŪýƉŪǹŁĐǹŁƃýşØııǹòůţěĸýţţǹŜýşĐŁşķØĸóýǿ ŪǹŪĘýǹţŪØşŪǹŁĐǹǑǏǑǓȀǹŪĘýǹŁķķěŪŪýýǹóŁĸóıůùýùǹØǹţĘØşýĘŁıùýşǹ óŁĸţůıŪØŪěŁĸǹýƉýşóěţýȀǹØĸùǹƄýǹƄýşýǹđşØŪýĐůıǹĐŁşǹŪĘýǹóŁĸţŪşůóŪěƃýǹ ĐýýùòØóĮǹşýóýěƃýùǿǹĘýǹùýóěţěŁĸǹŪŁǹşŁııǹŁƃýşǹŪĘýǹĐŁşķýşǹ Capco Remuneration Policy (with certain commitments ŪŁǹØùùşýţţǹŜşýƃěŁůţıƊǹşØěţýùǹěţţůýţȢǹƄØţǹţůŜŜŁşŪýùǹòƊǹ ţĘØşýĘŁıùýşţǿǹĘěţǺěţǹŪĘýǹǇĸØıǹƊýØşǹŁĐǹŪĘØŪǹŁıěóƊǹØĸùǹƄýǹěĸŪýĸùǹ ŪŁǹşýƃěýƄǹŪĘýǹŁıěóƊǹØĘýØùǹŁĐǹŪĘýǹòěĸùěĸđǹƃŁŪýǹØŪǹŪĘýǹǑǏǑǕǹ :]ǿǹţǺŜØşŪǹŁĐǹŪĘěţǹşýƃěýƄȀǹƄýǹƄěııǹţýýĮǹĐýýùòØóĮǹĐşŁķǹŁůşǹ ķØĪŁşǺţĘØşýĘŁıùýşţǿ If you have any questions on this report, please feel free to ùěşýóŪǹŪĘýķǹŪŁǹķýǹƃěØǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǿ Richard Akers Chairman of the Remuneration Committee ǑǕǹ9ýòşůØşƊǹǑǏǑǔ 140 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report Remuneration Committee at a glance Remuneration Committee members and meeting attendance ^ůķòýşǹŁĐǹķýýŪěĸđţǹØŪŪýĸùýùǹȡǓǹĘýıùȢ Richard Akers (Chairman) 4/4 Charlotte Boyle 2 ǒȌǒ Ruth Anderson 4/4 Helena Coles 3 0/0 Madeleine Cosgrave 1 ǐȌǐ Anthony Steains 3 0/0 Sian Westerman 1 ǐȌǐ Jennelle Tilling 3 0/0 ǐǿǹ ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊȀǹØĸùǹóŁůıùǹ ŁĸıƊǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŁĸýǺķýýŪěĸđǿ 2. ĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹǑǏǑǓǹØĸùǹƄØţǹŁĸıƊǹØòıýǹŪŁǹØŪŪýĸùǹØǹķØƉěķůķǹŁĐǹŪĘşýýǹķýýŪěĸđţǿ ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹ^ŁǹķýýŪěĸđţǹƄýşýǹĘýıùǹěĸǹǑǏǑǓǹŜşěŁşǹ ŪŁǹŪĘýěşǹùýŜØşŪůşýǿ Key responsibilities of the Committee ȟ "ýŪýşķěĸýţǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŪĘýǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮǹĐŁşǹţýĸěŁşǹķØĸØđýķýĸŪǿ ȟ ]ŁĸěŪŁşţǹŪĘýǹØŜŜşŁŜşěØŪýĸýţţǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǿ ȟ &ĸţůşýţǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýķůĸýşØŪýùǹĐØěşıƊǹØĸùǹşýţŜŁĸţěòıƊȀǹěĸǹØǹķØĸĸýşǹØıěđĸýùǹŪŁǹŪĘýǹıŁĸđțŪýşķǹěĸŪýşýţŪţǹŁĐǹ the Company. ȟ ýŪţǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹĘØěşķØĸȀǹŪĘýǹ&ƉýóůŪěƃýǹŁķķěŪŪýýǹØĸùǹùýţěđĸØŪýùǹţýĸěŁşǹķØĸØđýķýĸŪȀǹěĸóıůùěĸđǹŪĘýǹ Company Secretary. ȟ UýýŜţǹůĸùýşǹşýƃěýƄǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸȀǹşýıØŪýùǹŜŁıěóěýţǹØĸùǹØıěđĸķýĸŪǹŁĐǹěĸóýĸŪěƃýţǹØĸùǹşýƄØşùţǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹ óůıŪůşýǹØĸùǹƃØıůýţǿ ȟ ŁĸţěùýşţǹŪĘýǹØŜŜşŁŜşěØŪýĸýţţǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹĐşØķýƄŁşĮǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹØşşØĸđýķýĸŪţǹĐŁşǹŁŪĘýşǹ employees. ȟ ýƃěýƄţǹØĸùǹØŜŜşŁƃýţǹŪĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹØĸùǹŁůŪóŁķýţǹȡůţěĸđǹùěţóşýŪěŁĸǹƄĘýşýǹØŜŜşŁŜşěØŪýȢǹĐŁşǹŪĘýǹØĸĸůØıǹòŁĸůţǹ ţóĘýķýǹØĸùǹǿ ȟ &ĸţůşýţǹŪĘØŪǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØĸùǹùěţóıŁţůşýţǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹØşýǹýØţƊǹŪŁǹşýØùǹØĸùǹůĸùýşţŪØĸùØòıýǿ ȟ ŜŜŁěĸŪţǹØĸùǹķØĸØđýţǹŪĘýǹşýıØŪěŁĸţĘěŜǹƄěŪĘǹŪĘýǹŁķŜØĸƊȬţǹşýķůĸýşØŪěŁĸǹØùƃěţýşǿ How the Committee operates ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹóŁķŜşěţýţǹDĸùýŜýĸùýĸŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹŪǹŪĘýǹòýđěĸĸěĸđǹŁĐǹŪĘýǹƊýØşȀǹŪĘýǹķýķòýşţǹ ŁĐǹŪĘýǹŁķķěŪŪýýǹƄýşýǹěóĘØşùǹĮýşţǹȡƄĘŁǹěţǹĘØěşķØĸǹŁĐǹŪĘýǹŁķķěŪŪýýȢȀǹůŪĘǹĸùýşţŁĸȀǹĘØşıŁŪŪýǹŁƊıýȀǹAýıýĸØǹŁıýţȀǹ ĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǿǹAýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹ ŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǒǐǹůđůţŪǹ ǑǏǑǓǿǹ]ØùýıýěĸýǹŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØĸùǹŪĘýǹŁķķěŪŪýýǹŁĸǹǐǹůđůţŪǹǑǏǑǓǹØĸùǹǐǹ ýŜŪýķòýşǹǑǏǑǓȀǹşýţŜýóŪěƃýıƊǿ ĘýǹòěŁđşØŜĘěýţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǏǕǹŪŁǹǐǏǖǹùýķŁĸţŪşØŪýǹŪĘýǹùěƃýşţěŪƊǹŁĐǹýƉŜýşěýĸóýǹŁĐǹŪĘýǹŁķķěŪŪýýǹķýķòýşţǿ 9DǹýķůĸýşØŪěŁĸǹŁĸţůıŪØĸŪţǹWWǹȡȩ9DȪȢȀǹØĸǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹóŁĸţůıŪØĸóƊȀǹƄØţǹýĸđØđýùǹòƊǹŪĘýǹŁķķěŪŪýýǹ ĐŁııŁƄěĸđǹØǹŪýĸùýşǹŜşŁóýţţǹěĸǹǑǏǑǒǹØĸùǹŜşŁƃěùýùǹØùƃěóýǹŪĘşŁůđĘŁůŪǹŪĘýǹƊýØşǿǹ9DǹØŪŪýĸùýùǹØııǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţȀǹØţǹ ØŜŜşŁŜşěØŪýȀǹØĸùǹŜşŁƃěùýùǹØùƃěóýǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪŁđýŪĘýşǹƄěŪĘǹşýđůıØşǹķØşĮýŪǹØĸùǹòýţŪǹ ŜşØóŪěóýǹůŜùØŪýţǿ DĸǹØùùěŪěŁĸȀǹţŁķýǹŁşǹŜØşŪţǹŁĐǹķýýŪěĸđţȀǹØţǹØŜŜşŁŜşěØŪýȀǹƄýşýǹØŪŪýĸùýùǹòƊǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýȀǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşȀǹŪĘýǹ ŁķŜØĸƊǹýóşýŪØşƊǹØĸùǹŪĘýǹŁķŜØĸƊȬţǹAýØùǹŁĐǹAǹěĸǹşýıØŪěŁĸǹŪŁǹýķŜıŁƊýýǹşýķůĸýşØŪěŁĸǹØĸùǹşýıØŪýùǹŜŁıěóěýţǿǹ^Łǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşǹŜØşŪěóěŜØŪýùǹěĸǹùěţóůţţěŁĸţǹŁşǹùýóěţěŁĸţǹşýđØşùěĸđǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǿ ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹěŪţǹýǄýóŪěƃýĸýţţǹØĸùǹŪýşķţǹŁĐǹşýĐýşýĸóýǹØĸĸůØııƊǿ 141Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report Supporting clarity, simplicity, proportionality and predictability and ensuring risk mitigation and alignment to culture ĘýǹŪØòıýǹòýıŁƄǹýƉŜıØěĸţǹĘŁƄǹòŁŪĘǹŪĘýǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊȀǹØĸùǹŪĘýǹŁķķěŪŪýýȬţǹŜşØóŪěóýǹěĸǹØŜŜıƊěĸđǹŪĘýǹŁıěóƊǹŁƃýşǹŪĘýǹ ƊýØşǹůĸùýşǹşýƃěýƄȀǹØùùşýţţǹŪĘýǹĐØóŪŁşţǹţýŪǹŁůŪǹěĸǹşŁƃěţěŁĸǹǓǏǹŁĐǹŪĘýǹǑǏǐǗǹUǹŁşŜŁşØŪýǹ:ŁƃýşĸØĸóýǹŁùýȁ Clarity Simplicity Risk ȟ óĘěýƃýùǹŪĘşŁůđĘǹØǹóŁķòěĸØŪěŁĸǹŁĐǹ ýƉŜıØĸØŪěŁĸţǹĐŁşǹùýóěţěŁĸţǹŪØĮýĸǹ ØĸùǺùěţóıŁţůşýǹŁĐǹŪĘýǹĸØŪůşýǹØĸùǹ ƄýěđĘŪěĸđǹŁĐǹØĸĸůØıǹòŁĸůţǹØĸùǹ ǺŜýşĐŁşķØĸóýǹķýØţůşýţǿ ȟ ĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØĸùǹěŪţǹ implementation look to support ŪĘýǺƄěùýşǹĘØĐŪýţòůşƊǹØŜěŪØıǹ òůţěĸýţţǺţŪşØŪýđƊǿ ȟ óĘěýƃýùǹòƊǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹ şýķůĸýşØŪěŁĸǹòýěĸđǹóŁķŜŁţýùǹ ŁĐǹØǹıěķěŪýùǹĸůķòýşǹŁĐǹýıýķýĸŪţǹ ùýţěđĸýùǹŪŁǹòØıØĸóýǹŪĘýǹşýŪýĸŪěŁĸǹØĸùǹ incentivisation of Executive Directors ƄěŪĘǹŪĘýǹùýıěƃýşƊǹŁĐǹţŪşØŪýđƊǹØĸùǹ ţĘØşýĘŁıùýşǹşýŪůşĸţǿ ȟ Executive Director remuneration is óŁķŜŁţýùǹŁĐǹĐŁůşǹýıýķýĸŪţȁǹòØţýǹ ţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹŁŪĘýşǹòýĸýǇŪţȀǹ ØĸĸůØıǹòŁĸůţǹØĸùǹǿ ȟ ǹşØĸđýǹŁĐǹĐýØŪůşýţǹŁĐǹ&ƉýóůŪěƃýǹ Directors’ remuneration assist in ķěŪěđØŪěĸđǹŪĘýǹşěţĮţǹŁĐǹýƉóýţţěƃýǹşýƄØşùţǹ ØĸùǹěĸØŜŜşŁŜşěØŪýǹòýĘØƃěŁůşǿ ȟ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹýƉŜýóŪýùǹŪŁǹ òůěıùǹØǹķØŪýşěØıǹţĘØşýĘŁıùěĸđǹƄĘěóĘǹ ķůţŪǹòýǹķØěĸŪØěĸýùǹĐŁşǹØǹŜýşěŁùǹ ĐŁııŁƄěĸđǹùýŜØşŪůşýȂǹŪĘěţǹØıěđĸţǹ ŪĘýķǹƄěŪĘǹŪĘýǹıŁĸđțŪýşķǹěĸŪýşýţŪţǹŁĐǹ ĘØĐŪýţòůşƊǹØŜěŪØıǿ Predictability Proportionality Alignment to culture ȟ Some of the features of Executive Directors’ remuneration arrangements that mitigate risk also ensure that ŁůŪóŁķýţǹØşýǹƄěŪĘěĸǹØǹŜşýùěóŪØòıýǹ range. ȟ ĘØşýĘŁıùýşţǹØşýǹěĸĐŁşķýùǹŁĐǹŪĘýǹ ŜŁŪýĸŪěØıǹķØƉěķůķǹƃØıůýţǹƄĘěóĘǹóØĸǹòýǹ ØƄØşùýùǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹůĸùýşǹ ŪĘýǹØĸĸůØıǹòŁĸůţǹØĸùǹǿ ȟ óĘěýƃýùǹŪĘşŁůđĘǹţŪşŁĸđǹıěĸĮţǹòýŪƄýýĸǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹØĸùǹ corporate performance. ȟ óĘěýƃýùǹŪĘşŁůđĘǹţŪşŁĸđǹıěĸĮţǹòýŪƄýýĸǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹØĸùǹ ĘØĐŪýţòůşƊǹØŜěŪØıȬţǹƃØıůýţȁ ȟ ØĮýǹØǹşýţŜŁĸţěòıýǹıŁĸđțŪýşķǹƃěýƄ ȟ óŪǹƄěŪĘǹěĸŪýđşěŪƊ ȟ Take a creative approach ȟ WěţŪýĸǹØĸùǹóŁııØòŁşØŪý ȟ ]ØĮýǹØǹùěǄýşýĸóý 142 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report 1. Directors’ Remuneration Policy ĘěţǹţýóŪěŁĸǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹýŜŁşŪǹţýŪţǹŁůŪǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹƄĘěóĘǹŪŁŁĮǹýǄýóŪǹ ĐŁııŁƄěĸđǹŪĘýǹǑǏǑǒǹ:]ǹŁĸǹǐǔǹRůĸýǹǑǏǑǒȀǹƄĘýĸǹěŪǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǿǹĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹóØĸǹØıţŁǹòýǹĐŁůĸùǹ ŁĸǹŁůşǹƄýòţěŪýȁǹĘŪŪŜţȁȌȌƄƄƄǿţĘØĐŪýţòůşƊóØŜěŪØıǿóŁķȌýĸȌØòŁůŪțůţȌóŁşŜŁşØŪýțđŁƃýşĸØĸóýȌşýķůĸýşØŪěŁĸțŜŁıěóƊǿĘŪķıǿǹ"ýŪØěıţǹŁĐǹ ØóŪůØıǹşýķůĸýşØŪěŁĸǹŜØěùȀǹţĘØşýǹØƄØşùţǹķØùýȀǹØĸùǹŪĘýǹØŜŜşŁØóĘǹŪŁǹşýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǓǹØşýǹţýŪǹŁůŪǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹ ŁĸǹýķůĸýşØŪěŁĸȀǹƄĘěóĘǹţŪØşŪţǹŁĸǹŜØđýǹǐǔǐǿǹ©ĘěıýǹŪĘýǹǑǏǑǒǹţĘØşýĘŁıùýşțØŜŜşŁƃýùǹŁıěóƊǹƄěııǹóŁĸŪěĸůýǹŪŁǹØŜŜıƊǹěĸǹǑǏǑǔȀǹóýşŪØěĸǹ ŜıýùđýţǹĘØƃýǹòýýĸǹķØùýǹěĸǹĘŁƄǹŪĘýǹŁıěóƊǹƄěııǹòýǹŁŜýşØŪýùǹØĸùǹŪĘýţýǹƄýşýǹţýŪǹŁůŪǹěĸǹŪĘýǹǑǏǑǒǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹýŜŁşŪǿ 1.1 Remuneration policy ĘýǹĮýƊǹŁòĪýóŪěƃýţǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹýķůĸýşØŪěŁĸǹŁıěóƊǹØşýǹŪŁȁ ȟ ŪşŁĸđıƊǹØıěđĸǹýƉýóůŪěƃýǹØĸùǹţĘØşýĘŁıùýşǹěĸŪýşýţŪţ ȟ ĸùýşŜěĸǹØĸǹýǄýóŪěƃýǹŜØƊțĐŁşțŜýşĐŁşķØĸóýǹóůıŪůşý ȟ ůŜŜŁşŪǹŪĘýǹşýŪýĸŪěŁĸȀǹķŁŪěƃØŪěŁĸǹØĸùǹşýóşůěŪķýĸŪǹŁĐǹŪØıýĸŪýùǹŜýŁŜıýǹƄĘŁǹØşýǹóŁķķýşóěØııƊǹØţŪůŪý ȟ &ĸóŁůşØđýǹýƉýóůŪěƃýţǹŪŁǹØóŞůěşýǹØĸùǹşýŪØěĸǹţěđĸěǇóØĸŪǹĘŁıùěĸđţǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹţĘØşýţ ĘýǹŁķķěŪŪýýǹØěķţǹŪŁǹØóĘěýƃýǹØĸǹØŜŜşŁŜşěØŪýǹòØıØĸóýǹòýŪƄýýĸǹǇƉýùǹØĸùǹƃØşěØòıýǹşýķůĸýşØŪěŁĸȀǹØĸùǹòýŪƄýýĸǹƃØşěØòıýǹ şýķůĸýşØŪěŁĸǹòØţýùǹŁĸǹţĘŁşŪțŪýşķǹØĸùǹıŁĸđýşțŪýşķǹŜýşĐŁşķØĸóýǿǹ9ěƉýùǹşýķůĸýşØŪěŁĸǹěĸóıůùýţǹòØţýǹţØıØşƊȀǹòýĸýǇŪţǹØĸùǹŜýĸţěŁĸǿǹ ¨ØşěØòıýǹşýķůĸýşØŪěŁĸǹěĸóıůùýţǹØĸǹØĸĸůØıǹòŁĸůţȀǹŁĐǹƄĘěóĘǹŜØşŪǹěţǹùýĐýşşýùǹěĸǹţĘØşýţȀǹØĸùǹØƄØşùţǹůĸùýşǹŪĘýǹýşĐŁşķØĸóýǹĘØşýǹ ıØĸǺȡȩȪȢǿ ĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹěţǹØıěđĸýùǹŪŁǹŪĘýǹţŪşØŪýđƊǹØĸùǹĸØŪůşýǹŁĐǹŪĘýǹŁķŜØĸƊȀǹØĸùǹşýǈýóŪţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹŪŁŪØıǹşýŪůşĸǹØĸùǹŪĘýǹ ıŁĸđțŪýşķǹĸØŪůşýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹòůţěĸýţţȀǹşýƄØşùěĸđǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĐŁşǹùýıěƃýşěĸđǹţŪşŁĸđǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹ ŁķŜØĸƊȬţǹĮýƊǹŜýşĐŁşķØĸóýǹěĸùěóØŪŁşţǹȡȩUDţȪȢǿ DĸǹŁşùýşǹŪŁǹØƃŁěùǹØĸƊǹóŁĸǈěóŪǹŁĐǹěĸŪýşýţŪȀǹşýķůĸýşØŪěŁĸǹěţǹķØĸØđýùǹŪĘşŁůđĘǹƄýııțùýǇĸýùǹŜşŁóýţţýţǹýĸţůşěĸđǹŪĘØŪǹĸŁǹěĸùěƃěùůØıǹěţǹ ěĸƃŁıƃýùǹěĸǹŪĘýǹùýóěţěŁĸțķØĮěĸđǹŜşŁóýţţǹşýıØŪýùǹŪŁǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǿǹDĸǹŜØşŪěóůıØşȀǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹ ěţǹţýŪǹØĸùǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķķěŪŪýýȂǹĸŁĸýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹěĸƃŁıƃýùǹěĸǹŪĘýǹùýŪýşķěĸØŪěŁĸǹŁĐǹŪĘýěşǹŁƄĸǹşýķůĸýşØŪěŁĸǹ arrangements. &ØóĘǹƊýØşȀǹƄěŪĘǹŪĘýǹţůŜŜŁşŪǹŁĐǹýƉŪýşĸØıǹØùƃěţýşţȀǹŪĘýǹŁķķěŪŪýýǹůĸùýşŪØĮýţǹØǹşýƃěýƄǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹ DŪǹĘØţǹŁƃýşţěđĘŪǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹţýĸěŁşǹķØĸØđýşţǹěķķýùěØŪýıƊǹòýıŁƄǹŁØşùǹıýƃýıȀǹØĸùǹŪĘýǹŁķŜØĸƊǹýóşýŪØşƊǿǹDŪǹ óŁĸţěùýşţǹŪĘýǹşýţŜŁĸţěòěıěŪěýţȀǹýƉŜýşěýĸóýǹØĸùǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùǹŜØƊǹØóşŁţţǹŪĘýǹ:şŁůŜǿ ĘýǹŁıěóƊǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹǑǏǑǒǹ:]ǹØĸùǹØŜŜıěýţǹŪŁǹěĸóýĸŪěƃýǹØƄØşùţǹƄěŪĘǹŜýşĐŁşķØĸóýǹŜýşěŁùţǹòýđěĸĸěĸđǹŁĸǹ ǐǹRØĸůØşƊǹǑǏǑǒǿǹØƊķýĸŪţǹŪŁǹ"ěşýóŪŁşţǹóØĸǹŁĸıƊǹòýǹķØùýǹěĐǹŪĘýƊǹØşýǹóŁĸţěţŪýĸŪǹƄěŪĘǹØǹţĘØşýĘŁıùýşǹØŜŜşŁƃýùǹŁıěóƊǹŁşǹØķýĸùķýĸŪǹ to the Policy. "ýŪØěıţǹŁĐǹýØóĘǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸȀǹěŪţǹŁŜýşØŪěŁĸȀǹŜůşŜŁţýȀǹıěĸĮǹŪŁǹţŪşØŪýđƊǹØĸùǹŜýşĐŁşķØĸóýǹķýŪşěóţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘěţǹţýóŪěŁĸǿ 143Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report 1.2 Executive Director policy table ĘýǹŪØòıýǹòýıŁƄǹţůķķØşěţýţǹýØóĘǹŁĐǹŪĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŜØóĮØđýǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȁ Purpose and link to strategy Operation Maximum opportunity Performance metrics Base salary ŁǹŜşŁƃěùýǹØĸǹ appropriately óŁķŜýŪěŪěƃýǹòØţýǹ salary, whilst placing emphasis on the ŜýşĐŁşķØĸóýț şýıØŪýùǹýıýķýĸŪţǹ of remuneration. The Committee òýıěýƃýţǹòØţýǹţØıØşƊǹ ĐŁşǹĘěđĘțŜýşĐŁşķěĸđǹ ýƉŜýşěýĸóýùǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşţǹţĘŁůıùǹòýǹØŪǹ ıýØţŪǹķýùěØĸǿ ØţýǹţØıØşěýţǹØşýǹĸŁşķØııƊǹşýƃěýƄýùǹŁĸǹØĸǹ ØĸĸůØıǹòØţěţȀǹƄěŪĘǹØĸƊǹěĸóşýØţýǹĸŁşķØııƊǹ ŪØĮěĸđǹýǄýóŪǹĐşŁķǹǐǹŜşěıǿǹĘýǹŁķķěŪŪýýǹ şýƃěýƄţǹòØţýǹţØıØşěýţǹƄěŪĘǹşýĐýşýĸóýǹŪŁȁ – fŪĘýşǹŜşŁŜýşŪƊǹóŁķŜØĸěýţǹȡěĸóıůùěĸđǹŪĘýǹ óŁĸţŪěŪůýĸŪţǹŁĐǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹ plan’s comparator group) – UK companies of a similar size – &ØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȬţǹŜýşĐŁşķØĸóýǹØĸùǹ óŁĸŪşěòůŪěŁĸǹùůşěĸđǹŪĘýǹƊýØş – Scope of each Executive Director’s şýţŜŁĸţěòěıěŪěýţ – ĘØĸđýţǹŪŁǹŪĘýǹşýķůĸýşØŪěŁĸǹØĸùǹŁƃýşØııǹ óŁĸùěŪěŁĸţǹŁĐǹŁŪĘýşǹýķŜıŁƊýýţ ©ĘýĸǹşýƃěýƄěĸđǹòØţýǹţØıØşěýţȀǹŪĘýǹŁķķěŪŪýýǹ ěţǹķěĸùĐůıǹŁĐǹŪĘýǹđýØşěĸđǹýǄýóŪǹŪĘØŪǹěĸóşýØţýţǹ ěĸǹòØţýǹţØıØşƊǹƄěııǹĘØƃýǹŁĸǹŪĘýǹŜŁŪýĸŪěØıǹŪŁŪØıǹ remuneration of the Executive Directors. ØţýǹţØıØşƊǹěĸóşýØţýţǹƄěııǹòýǹØŜŜıěýùǹěĸǹıěĸýǹ ƄěŪĘǹŪĘýǹŁůŪóŁķýǹŁĐǹŪĘýǹşýƃěýƄǹØĸùǹƄěııǹ ĸŁşķØııƊǹòýǹěĸǹıěĸýǹƄěŪĘǹěĸóşýØţýţǹØƄØşùýùǹŪŁǹ other employees. AŁƄýƃýşȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØùùěŪěŁĸØıǹ ØùĪůţŪķýĸŪţǹěĸǹóýşŪØěĸǹóěşóůķţŪØĸóýţǹŪŁǹ şýǈýóŪȀǹĐŁşǹýƉØķŜıýȀǹØĸǹěĸóşýØţýǹěĸǹţóŁŜýǹ ŁşǹşýţŜŁĸţěòěıěŪƊȀǹùýƃýıŁŜķýĸŪǹěĸǹşŁıýȀǹŪŁǹ ØùùşýţţǹØĸǹěĸóşýØţýǹěĸǹţěƓýǹŁşǹóŁķŜıýƉěŪƊǹ ŁĐǹŪĘýǹòůţěĸýţţȀǹŪŁǹØùùşýţţǹØǹđØŜǹěĸǹķØşĮýŪǹ ŜŁţěŪěŁĸěĸđǹØĸùȌŁşǹŪŁǹşýƄØşùǹŪĘýǹıŁĸđț ŪýşķǹŜýşĐŁşķØĸóýǹŁĐǹØĸǹěĸùěƃěùůØıǿǹ9ŁşǹŪĘýǹ ŜůşŜŁţýţǹŁĐǹţŪØŪěĸđǹØǹķØƉěķůķǹØţǹşýŞůěşýùǹ òƊǹŪĘýǹşýķůĸýşØŪěŁĸǹşýđůıØŪěŁĸţȀǹĸŁǹěĸóşýØţýǹ ƄěııǹòýǹØŜŜıěýùǹŪŁǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȬţǹ òØţýǹţØıØşƊǹěĐǹŪĘýǹşýţůıŪěĸđǹòØţýǹţØıØşƊǹƄŁůıùǹ òýǹØòŁƃýǹŪĘýǹůŜŜýşǹŞůØşŪěıýǹòØţýǹţØıØşƊǹĐŁşǹ &fţǹØŪǹóŁķŜØĸěýţǹěĸǹŪĘýǹ9&ǺǒǔǏǿ ĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹ ěĸùěƃěùůØıǹØĸùǹŁķŜØĸƊǹ performance when setting òØţýǹţØıØşƊȀǹØţǹƄýııǹØţǹŪĘýǹ đýĸýşØıǹěĸóşýØţýǹØƄØşùýùǹŪŁǹ other employees ýĸýǇŪţ ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ competitive with those ŁǄýşýùǹØŪǹóŁķŜØşØŪŁşǹ companies. ýĸýǇŪţǹƄěııǹòýǹěĸǹıěĸýǹƄěŪĘǹŪĘŁţýǹŁǄýşýùǹ ŪŁǹţŁķýǹŁşǹØııǹýķŜıŁƊýýţǹØĸùǹķØƊǹěĸóıůùýǹ ŜşěƃØŪýǹùýĸŪØıǹØĸùǹĘýØıŪĘǹóØşýȀǹıěĐýǹěĸţůşØĸóýȀǹ ŜýşţŁĸØıǹØóóěùýĸŪǹóŁƃýşȀǹŪşØƃýıǹěĸţůşØĸóýȀǹ ěĸóŁķýǹŜşŁŪýóŪěŁĸȀǹØĸùǹØǹóØşǹØııŁƄØĸóýȀǹƄĘěóĘǹ ķØƊǹòýǹŜØěùǹěĸǹóØţĘǿǹ "ěşýóŪŁşţǹķØƊǹŜØşŪěóěŜØŪýǹěĸǹǈýƉěòıýǹòýĸýǇŪǹ ØşşØĸđýķýĸŪţǹŁǄýşýùǹŪŁǹŁŪĘýşǹýķŜıŁƊýýţȀǹ ěĸóıůùěĸđǹŪĘýǹØòěıěŪƊǹŪŁǹòůƊǹŁşǹţýııǹØĸĸůØıǹ leave. Directors may receive seasonal gifts ØĸùǹØǹđěĐŪǹŁĸǹıýØƃěĸđǹŪĘýǹŁØşùǹȡěĸóıůùěĸđǹ payment of any tax thereon), in appropriate circumstances. fŪĘýşǹòýĸýǇŪţǹķØƊǹòýǹěĸŪşŁùůóýùǹĐşŁķǹ ŪěķýǹŪŁǹŪěķýǹŪŁǹýĸţůşýǹŪĘýǹòýĸýǇŪţǹŜØóĮØđýǹ ěţǹØŜŜşŁŜşěØŪýıƊǹóŁķŜýŪěŪěƃýǹØĸùǹşýǈýóŪţǹ ěĸùěƃěùůØıǹóěşóůķţŪØĸóýţǿǹ9ŁşǹýƉØķŜıýȀǹ "ěşýóŪŁşţǹķØƊǹòýǹŁǄýşýùǹşýıŁóØŪěŁĸǹØĸùȌ ŁşǹýƉŜØŪşěØŪýǹòýĸýǇŪţǹţĘŁůıùǹØǹ"ěşýóŪŁşǹòýǹ şýŞůěşýùǹŪŁǹşýıŁóØŪýǹØţǹØǹşýţůıŪǹŁĐǹýķýşđěĸđǹ òůţěĸýţţǹşýŞůěşýķýĸŪţǿ Set at a level which the Committee óŁĸţěùýşţǹØŜŜşŁŜşěØŪýǹěĸǹıěđĘŪǹŁĐǹşýıýƃØĸŪǹ ķØşĮýŪǹŜşØóŪěóýǹĐŁşǹŪĘýǹşŁıýǹØĸùǹěĸùěƃěùůØıǹ óěşóůķţŪØĸóýţǿǹĘýǹóŁţŪǹŁĐǹØııǹòýĸýǇŪţǹƄěııǹ ĸŁŪǹĸŁşķØııƊǹýƉóýýùǹǐǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹ salary, with the exception of any future ýƉŜØŪşěØŪýǹØĸùȌŁşǹşýıŁóØŪěŁĸǹòýĸýǇŪţȀǹƄĘěóĘǹ ƄŁůıùǹòýǹùěţóıŁţýùǹěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹ ýķůĸýşØŪěŁĸǿǹĸƊǹşýØţŁĸØòıýǹòůţěĸýţţț şýıØŪýùǹýƉŜýĸţýţǹȡěĸóıůùěĸđǹŪØƉǹŪĘýşýŁĸȢǹóØĸǹ òýǹşýěķòůşţýùǹěĐǹùýŪýşķěĸýùǹŪŁǹòýǹØǹŪØƉØòıýǹ òýĸýǇŪǿǹ ^Ȍ Pension ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ competitive with that ŁǄýşýùǹòƊǹóŁķŜØşØŪŁşǹ companies. ĘØĐŪýţòůşƊǹØŜěŪØıǹŁǄýşţǹØǹùýǇĸýùǹ óŁĸŪşěòůŪěŁĸǹŜýĸţěŁĸǹţóĘýķýǿǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹķØƊǹýıýóŪǹŪŁǹòýǹŜØěùǹţŁķýǹ or all of their entitlement in cash. ĘýǹķØƉěķůķǹóŁĸŪşěòůŪěŁĸǹĐŁşǹØĸƊǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşǹƄěııǹòýǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹıýƃýıǹØƃØěıØòıýǹ for other employees at any given time (which ěţǹóůşşýĸŪıƊǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȢǿ ^Ȍ 144 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report Purpose and link to strategy Operation Maximum opportunity Performance metrics Annual bonus ŁǹěĸóýĸŪěƃěţýǹØĸùǹ şýƄØşùǹŜýşĐŁşķØĸóýǿ The Committee selects performance ķýØţůşýţǹØĸùǹŪØşđýŪţǹ each year to reinforce ŪĘýǹţŪşØŪýđěóǹòůţěĸýţţǹ priorities for the year. ĘýǹùýĐýşşØıǹěĸŪŁǹţĘØşýţǹ of 40% of any annual òŁĸůţǹěţǹùýţěđĸýùǹŪŁǹ further align executives ƄěŪĘǹţĘØşýĘŁıùýşţȬǹ interests. ĘýǹØĸĸůØıǹòŁĸůţǹØşşØĸđýķýĸŪţǹØşýǹşýƃěýƄýùǹ ØŪǹŪĘýǹţŪØşŪǹŁĐǹýØóĘǹǇĸØĸóěØıǹƊýØşǹŪŁǹýĸţůşýǹ ŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǹ ØşýǹØŜŜşŁŜşěØŪýǹØĸùǹţůŜŜŁşŪǹŪĘýǹòůţěĸýţţǹ strategy. The Committee reviews performance against ŪĘýǹØĸĸůØıǹòŁĸůţǹŪØşđýŪţǹòůŪǹĘØţǹŪĘýǹØòěıěŪƊǹŪŁǹ ŪØĮýǹěĸŪŁǹØóóŁůĸŪǹòşŁØùýşǹĐØóŪŁşţǹØĸùȀǹţůòĪýóŪǹ ŪŁǹŪĘýǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹķØƉěķůķȀǹķØƊǹ ýƉýşóěţýǹŪƄŁțƄØƊǹùěţóşýŪěŁĸǹŪŁǹýĸţůşýǹŪĘØŪǹ ŪĘýǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹŜşŁŜýşıƊǹşýǈýóŪţǹ ŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹýØóĘǹ Director. ĘýǹşØŪěŁĸØıýǹĐŁşǹØƄØşùǹŁĐǹòŁĸůţýţǹƄěııǹòýǹ ýƉŜıØěĸýùǹěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹ Report. ŁĸůţǹķØƊǹòýǹùýĐýşşýùǹěĸǹĘØĐŪýţòůşƊǹØŜěŪØıǹ ţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹĐŁşǹŪĘşýýǹƊýØşţǹ ůĸùýşǹŪĘýǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹƄěŪĘŁůŪǹ ĐůşŪĘýşǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹòůŪǹţůòĪýóŪǹŪŁǹ şěţĮǹŁĐǹĐŁşĐýěŪůşýǹţĘŁůıùǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹ leave the Company in certain circumstances. "ěşýóŪŁşţǹķØƊǹòýǹýĸŪěŪıýùǹŪŁǹòýǹŜØěùǹùěƃěùýĸùǹ ýŞůěƃØıýĸŪţǹŁĸǹùýĐýşşýùǹòŁĸůţǿǹ"ýĐýşşýùǹ òŁĸůţǹěţǹţůòĪýóŪǹŪŁǹķØıůţǹØţǹùýţóşěòýùǹěĸǹŪĘýǹ ĸŁŪýţǹŪŁǹŪĘěţǹŪØòıýǿ ĘýǹķØƉěķůķǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěţǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹ ØĸĸůØıǹţØıØşƊǹƄěŪĘǹØǹòŁĸůţǹŁĐǹǖǔǹŜýşǹóýĸŪǹŁĐǹ ţØıØşƊǹŜØƊØòıýǹĐŁşǹØóĘěýƃěĸđǹŪØşđýŪǹıýƃýıţǹŁĐǹ ŜýşĐŁşķØĸóýǿǹ^ŁǹòŁĸůţǹěţǹŜØƊØòıýǹĐŁşǹòýıŁƄǹ ŪĘşýţĘŁıùǹŜýşĐŁşķØĸóýǿǹĘýǹŜØƊķýĸŪǹĐŁşǹ ŪĘşýţĘŁıùǹŜýşĐŁşķØĸóýǹƄěııǹĸŁŪǹýƉóýýùǹǐǏǹ ŜýşǹóýĸŪǹŁĐǹķØƉěķůķǿǹƄØşùţǹØşýǹķØùýǹŁĸǹØǹ ţŪşØěđĘŪțıěĸýǹòØţěţǹĐŁşǹŜýşĐŁşķØĸóýǹòýŪƄýýĸǹ ŪĘşýţĘŁıùǹØĸùǹŪØşđýŪȀǹØĸùǹŁĸǹØǹţýŜØşØŪýǹ ţŪşØěđĘŪțıěĸýǹòØţěţǹĐŁşǹŜýşĐŁşķØĸóýǹòýŪƄýýĸǹ ŪØşđýŪǹØĸùǹķØƉěķůķǿ Executives’ performance ěţǹķýØţůşýùǹşýıØŪěƃýǹŪŁǹ óĘØııýĸđěĸđǹŁĸýțƊýØşǹŪØşđýŪţǹ ěĸǹĮýƊǹǇĸØĸóěØıȀǹŁŜýşØŪěŁĸØıǹ ØĸùǹţŪşØŪýđěóǹķýØţůşýţǿǹĘýǹ ķýØţůşýţǹţýıýóŪýùǹØĸùǹŪĘýěşǹ weightings may vary each ƊýØşǹØóóŁşùěĸđǹŪŁǹŪĘýǹđşŁůŜȬţǹ ţŪşØŪýđěóǹŜşěŁşěŪěýţǿǹŪǹıýØţŪǹ ǖǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹƄěııǹ òýǹķýØţůşýùǹØđØěĸţŪǹǇĸØĸóěØıǹ performance. Performance Share Plan ‘PSP’ ŁǹěĸóýĸŪěƃěţýǹØĸùǹ şýƄØşùǹıŁĸđțŪýşķǹ ŁůŪŜýşĐŁşķØĸóýȀǹØĸùǹ help retain Executive Directors over the ıŁĸđýşțŪýşķǿ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹýıěđěòıýǹŪŁǹşýóýěƃýǹ ØƄØşùţǹŁĐǹţĘØşýţǹůĸùýşǹŪĘýǹȀǹƄĘěóĘǹķØƊǹòýǹ ķØùýǹØţǹØƄØşùţǹŁĐǹţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţȀǹ ØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýǿǹ In assessing the outcome of the performance óŁĸùěŪěŁĸţȀǹŪĘýǹŁķķěŪŪýýǹķůţŪǹţØŪěţĐƊǹ ěŪţýıĐǹŪĘØŪǹŪĘýǹǇđůşýţǹØşýǹØǹđýĸůěĸýǹşýǈýóŪěŁĸǹ ŁĐǹůĸùýşıƊěĸđǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýȀǹØĸùǹ ķØƊǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹƄĘýĸǹ ùýŪýşķěĸěĸđǹŪĘýǹŜşŁŜŁşŪěŁĸǹŁĐǹØĸǹØƄØşùǹŪĘØŪǹ will vest. "ěƃěùýĸùǹýŞůěƃØıýĸŪţǹķØƊǹòýǹŜØěùǿǹĘýǹ ŁķķěŪŪýýǹĘØţǹŪĘýǹùěţóşýŪěŁĸǹěĸǹóýşŪØěĸǹ óěşóůķţŪØĸóýţǹŪŁǹđşØĸŪǹØĸùȌŁşǹţýŪŪıýǹØĸǹØƄØşùǹ ěĸǹóØţĘǿǹDĸǹŜşØóŪěóýǹŪĘěţǹƄěııǹŁĸıƊǹòýǹůţýùǹěĸǹ exceptional circumstances for Executive Directors. ǹØƄØşùţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹØĸùǹ óıØƄòØóĮǹØţǹùýţóşěòýùǹěĸǹŪĘýǹĸŁŪýţǹŪŁǹŪĘěţǹ ŪØòıýǿ ĘýǹķØƉěķůķǹđşØĸŪţǹƄĘěóĘǹķØƊǹòýǹķØùýǹŪŁǹ ŜØşŪěóěŜØĸŪţǹØţǹØƄØşùţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹØşýǹ ǒǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǿǹ ǑǔǹŜýşǹóýĸŪǹŁĐǹØĸǹØƄØşùǹƃýţŪţǹĐŁşǹŪĘşýţĘŁıùǹ performance, with full vesting taking place for ýŞůØııěĸđǹŁşǹýƉóýýùěĸđǹķØƉěķůķǹŜýşĐŁşķØĸóýǹ óŁĸùěŪěŁĸţǹØĸùǹţŪşØěđĘŪțıěĸýǹƃýţŪěĸđǹòýŪƄýýĸǹ ŪĘşýţĘŁıùǹØĸùǹķØƉěķůķǿ ǹØƄØşùţǹůţůØııƊǹƃýţŪǹŁĸǹ ŪĘýǹŪĘěşùǹØĸĸěƃýşţØşƊǹŁĐǹŪĘýǹ ùØŪýǹŁĐǹđşØĸŪȀǹØĸùǹØşýǹţůòĪýóŪǹ ŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹ ĘŁıùěĸđǹŜýşěŁùǿǹ ĘýǹƃýţŪěĸđǹŁĐǹØƄØşùţǹěţǹ ůţůØııƊǹţůòĪýóŪǹŪŁǹóŁĸŪěĸůýùǹ ýķŜıŁƊķýĸŪǹØĸùǹŪĘýǹ Company’s performance over ØǹŪĘşýýțƊýØşǹŜýşĐŁşķØĸóýǹ ŜýşěŁùǿǹ DŪǹěţǹěĸŪýĸùýùǹŪĘØŪǹŪĘýǹ performance measures that ƄěııǹØŜŜıƊǹŪŁǹŪĘýǹǑǏǑǔǹØƄØşùţǹ ƄěııǹòýǹţŜıěŪǹýŞůØııƊǹòýŪƄýýĸǹ şýıØŪěƃýǹŁŪØıǹóóŁůĸŪěĸđǹ ýŪůşĸǹØĸùǹşýıØŪěƃýǹŁŪØıǹ ĘØşýĘŁıùýşǹýŪůşĸǹķýŪşěóţǹ ƃţǿǹ9&ǹǒǔǏǹ&DţǿǹĘýǹ performance measures, ƄýěđĘŪěĸđţǹØĸùǹŪØşđýŪţǹƄĘěóĘǹ ØŜŜıƊǹŪŁǹŪĘýǹǹØşýǹşýƃěýƄýùǹ òƊǹŪĘýǹŁķķěŪŪýýǹØĸĸůØııƊǹ ØĸùȀǹţůòĪýóŪǹŪŁǹóŁĸţůıŪØŪěŁĸǹ ƄěŪĘǹţĘØşýĘŁıùýşţȀǹŪĘýǹ ŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹ to make changes to the measures, the weightings ØĸùȌŁşǹŪĘýǹóŁķŜØşØŪŁşǹđşŁůŜǹ ĐŁşǹĐůŪůşýǹØƄØşùţǹŪŁǹýĸţůşýǹ that they remain relevant to ŪĘýǹŁķŜØĸƊǹţŪşØŪýđƊǹØĸùǹ ØşýǹţůěŪØòıƊǹţŪşýŪóĘěĸđǿ All employee share schemes ĘýǹŁķŜØĸƊǹùŁýţǹĸŁŪǹóůşşýĸŪıƊǹŁŜýşØŪýǹ ØĸƊǹØııțýķŜıŁƊýýǹţĘØşýǹţóĘýķýţǿǹAŁƄýƃýşȀǹěĐǹ ţůóĘǹØǹţóĘýķýǹƄýşýǹěĸŪşŁùůóýùǹŪĘýǹ&ƉýóůŪěƃýǹ "ěşýóŪŁşţǹƄŁůıùǹòýǹØòıýǹŪŁǹŜØşŪěóěŜØŪýǹŁĸǹŪĘýǹ same terms as other employees. DĸǹıěĸýǹƄěŪĘǹA]țØŜŜşŁƃýùǹıěķěŪţǿ 145Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report ǐǿǹ &ƉŜşýţţýùǹØţǹŁŪØıǹýŪůşĸǹƄěŪĘěĸǹŪĘýǹ"ěşýóŪŁşţȬǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹěĸǹǑǏǑǒȀǹòůŪǹůŜùØŪýùǹŪŁǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹĘýşýǹĐŁşǹóŁĸţěţŪýĸóƊǹ ƄěŪĘǹşýŜŁşŪěĸđǹŪĘşŁůđĘŁůŪǹŪĘýǹĸĸůØıǹýŜŁşŪǿ 1.3 Notes to the policy table performance measurement selection ĸĸůØıǹòŁĸůţǹţóĘýķý &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹķØƊǹýØşĸǹòŁĸůţýţǹùýŜýĸùěĸđǹŁĸǹŪĘýǹŁķŜØĸƊȬţǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹØĸùǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹěĸùěƃěùůØıǹ ŜýşĐŁşķØĸóýǹŪØşđýŪţǹùýţěđĸýùǹŪŁǹùýıěƃýşǹţŪşØŪýđěóǹđŁØıţǿǹĘýǹóůşşýĸŪǹţŪşůóŪůşýǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹěţǹ ěııůţŪşØŪýùǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǖǿǹĘýǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹýØóĘǹ ØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǿǹĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹóĘØĸđýǹŪĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹěĸǹŪĘýǹØĸĸůØıǹ òŁĸůţȀǹòůŪǹƄěŪĘěĸǹŪĘýǹòŁůĸùţǹţýŪǹŁůŪǹěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØòıýǿ ĘýǹØĸĸůØıǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪØşđýŪţǹØşýǹţýŪǹòƊǹŪĘýǹŁķķěŪŪýýǹůţůØııƊǹěĸǹŪĘýǹǇşţŪǹŞůØşŪýşǹŁĐǹýØóĘǹƊýØşǹĐŁııŁƄěĸđǹ ØĸǹØĸØıƊţěţǹŁĐǹýƉŪýşĸØıǹØĸùǹěĸŪýşĸØıǹýƉŜýóŪØŪěŁĸţǹóŁķŜěıýùǹòƊǹŪĘýǹŁķķěŪŪýýȬţǹěĸùýŜýĸùýĸŪǹØùƃěţýşǿǹĘýǹŁķķěŪŪýýǹţýŪţǹŪØşđýŪţǹěŪǹ òýıěýƃýţǹŪŁǹòýǹØŜŜşŁŜşěØŪýıƊǹţŪşýŪóĘěĸđȀǹòůŪǹØóĘěýƃØòıýǿ ©ĘƊǹØşýǹŪĘýǹóůşşýĸŪǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØŜŜşŁŜşěØŪýǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıȆ Measure Reason &ǹ^ýŪǹØĸđěòıýǹ ţţýŪţǹŜýşǹţĘØşýǹȡ^Ȣ ŁĸţěùýşýùǹòƊǹŪĘýǹŁķķěŪŪýýǹŪŁǹòýǹØĸǹěķŜŁşŪØĸŪǹùşěƃýşǹŁĐǹƃØıůýǹóşýØŪěŁĸǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǿ ĸùýşıƊěĸđǹ&Øşĸěĸđţǹ per share ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹŪĘýǹķØĸØđýķýĸŪǹŁĐǹØùķěĸěţŪşØŪěŁĸȀǹǇĸØĸóěĸđǹØĸùǹ other costs. Relative Total Property Return ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹŜŁşŪĐŁıěŁǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹØòŁƃýǹØĸƊǹóĘØĸđýţǹěĸǹƃØıůýǹ ĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹØţǹķýØţůşýùǹòƊǹŪĘýǹ]DǹŁŪØıǹýŪůşĸǹııǹşŁŜýşŪƊǹ DĸùýƉȀǹØĸǹýƉŪýşĸØıǹòýĸóĘķØşĮǹƄěùýıƊǹůţýùǹěĸǹŪĘýǹŜşŁŜýşŪƊǹěĸùůţŪşƊǿ WŁĸđțŪýşķǹěĸóýĸŪěƃýţ ĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐŁşǹŪĘýǹǹóůşşýĸŪıƊǹóŁķŜşěţýǹŪƄŁǹķýØţůşýţȁ ȟ ĘşýýțƊýØşǹşýıØŪěƃýǹŁŪØıǹóóŁůĸŪěĸđǹýŪůşĸǹȡȀǹđşŁƄŪĘǹěĸǹ^ǹŜıůţǹùěƃěùýĸùţȢ ǐ ȟ ĘşýýțƊýØşǹşýıØŪěƃýǹŁŪØıǹĘØşýĘŁıùýşǹýŪůşĸǹȡȀǹěĸóşýØţýǹěĸǹŜşěóýǹŁĐǹØĸǹŁşùěĸØşƊǹţĘØşýǹŜıůţǹùěƃěùýĸùţȢ ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘØŪǹŪĘýţýǹŪƄŁǹķýØţůşýţǹØşýǹóůşşýĸŪıƊǹŪĘýǹķŁţŪǹØŜŜşŁŜşěØŪýǹķýØţůşýţǹŁĐǹıŁĸđțŪýşķǹţůóóýţţǹĐŁşǹĘØĐŪýţòůşƊǹ ØŜěŪØıǹØţǹıŁĸđțŪýşķǹşýıØŪěƃýǹŜýşĐŁşķØĸóýǹŜşŁƃěùýţǹØĸǹØŜŜşŁŜşěØŪýıƊǹŁòĪýóŪěƃýǹØĸùǹşýıýƃØĸŪǹķýØţůşýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹ ţůóóýţţȀǹƄĘěóĘǹěţǹţŪşŁĸđıƊǹØıěđĸýùǹƄěŪĘǹţĘØşýĘŁıùýşţȬǹěĸŪýşýţŪţǿ ĘýǹŁķķěŪŪýýǹòýıěýƃýţǹŪĘØŪǹ^ǹđşŁƄŪĘǹěţǹØĸǹěķŜŁşŪØĸŪǹěĸŪýşĸØıǹķýØţůşýǹŁĐǹţůóóýţţǹĐŁşǹĘØĐŪýţòůşƊǹØŜěŪØıǹØŪǹŪĘěţǹŪěķýǿǹ óóŁşùěĸđıƊȀǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşýùǹěŪǹØŜŜşŁŜşěØŪýǹŪŁǹşýƄØşùǹ^ǹŜýşĐŁşķØĸóýǹěĸǹòŁŪĘǹŪĘýǹţĘŁşŪțǹØĸùǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹ ØşşØĸđýķýĸŪţȀǹƄěŪĘǹØǹŁĸýțƊýØşǹØòţŁıůŪýǹ^ǹŪØşđýŪǹòýěĸđǹůţýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹØşşØĸđýķýĸŪţǹØĸùǹŪĘşýýțƊýØşǹşýıØŪěƃýǹ ^ǹȡØţǹŪĘýǹķØěĸǹóŁķŜŁĸýĸŪǹŁĐǹŪĘşýýțƊýØşǹŁŪØıǹýŪůşĸȢǹòýěĸđǹůţýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǿ ǹţěđĸěǇóØĸŪǹýıýķýĸŪǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹ^ǹěţǹŪĘýǹƃØıůýǹŁĐǹŜşŁŜýşŪěýţǹƄĘěóĘǹØşýǹòØţýùǹŁĸǹěĸùýŜýĸùýĸŪǹýƉŪýşĸØıǹƃØıůØŪěŁĸţǹóØşşěýùǹ ŁůŪǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹDǹ¨ØıůØŪěŁĸǹşŁĐýţţěŁĸØıǹŪØĸùØşùţǿ ýıØŪěƃýǹǹĘýıŜţǹØıěđĸǹŪĘýǹěĸŪýşýţŪţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěŪĘǹţĘØşýĘŁıùýşţǹòƊǹěĸóýĸŪěƃěţěĸđǹţĘØşýǹŜşěóýǹđşŁƄŪĘǹØĸùȀǹěĸǹŪĘýǹ ŁķķěŪŪýýȬţǹƃěýƄȀǹŜşŁƃěùýţǹØĸǹŁòĪýóŪěƃýǹķýØţůşýǹŁĐǹŪĘýǹŁķŜØĸƊȬţǹıŁĸđțŪýşķǹţůóóýţţǿ ĘýǹóůşşýĸŪǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹØşýǹţůķķØşěţýùǹƄěŪĘěĸǹŪĘýǹĸĸůØıǹýŜŁşŪǹŁĸǹýķůĸýşØŪěŁĸǹŁĸǹŜØđýǹǐǔǖǿǹ ýşĐŁşķØĸóýǹěţǹķýØţůşýùǹşýıØŪěƃýǹŪŁǹØǹòýţŜŁĮýǹóŁķŜØşØŪŁşǹđşŁůŜǹŁĐǹŜşŁŜýşŪƊǹóŁķŜØĸěýţǹØĸùǹĘØĐŪýţòůşƊǹØŜěŪØıǿǹ DĸǹŁşùýşǹĐŁşǹØĸƊǹØƄØşùţǹŪŁǹƃýţŪȀǹŪĘýǹŁķķěŪŪýýǹķůţŪǹØıţŁǹţØŪěţĐƊǹěŪţýıĐǹŪĘØŪǹŪĘýǹǹØĸùǹǹǇđůşýţǹØşýǹØǹđýĸůěĸýǹşýǈýóŪěŁĸǹŁĐǹ ůĸùýşıƊěĸđǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǿǹDĸǹØţţýţţěĸđǹŪĘýǹýƉŪýĸŪǹŪŁǹƄĘěóĘǹŪĘýǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĘØƃýǹòýýĸǹķýŪȀǹŪĘýǹŁķķěŪŪýýǹ óŁĸţůıŪţǹƄěŪĘǹěŪţǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹØùƃěţýşǿǹĘýǹóØıóůıØŪěŁĸǹŁĐǹŪĘýǹşýŪůşĸţǹěţǹØıţŁǹşýƃěýƄýùǹòƊǹŪĘýǹŁķŜØĸƊȬţǹØůùěŪŁşţǹØţǹ ØŜŜşŁŜşěØŪýǿǹĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹØşýǹţýŪǹòƊǹŪĘýǹŁķķěŪŪýýǹĐŁııŁƄěĸđǹØĸǹØĸØıƊţěţǹŁĐǹěĸŪýşĸØıǹØĸùǹýƉŪýşĸØıǹýƉŜýóŪØŪěŁĸţȀǹØĸùǹØşýǹ òýıěýƃýùǹŪŁǹòýǹØŜŜşŁŜşěØŪýıƊǹţŪşýŪóĘěĸđǿ 9ŁşǹĐůŪůşýǹØƄØşùţȀǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹóĘØĸđýǹŪĘýǹŜýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǿǹAŁƄýƃýşȀǹØĸƊǹ ţůóĘǹóĘØĸđýţǹƄŁůıùǹŁĸıƊǹòýǹķØùýǹØĐŪýşǹóŁĸţůıŪěĸđǹƄěŪĘǹţĘØşýĘŁıùýşţǿ 146 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Discretions ĸùýşǹŪĘýǹØĸĸůØıǹòŁĸůţǹţóĘýķýǹØĸùǹŪĘýǹȀǹŪĘýǹŁķŜØĸƊǹĘØţǹŪĘýǹţŪØĸùØşùǹùěţóşýŪěŁĸţǹŪŁǹŪØĮýǹØŜŜşŁŜşěØŪýǹØóŪěŁĸǹěĸǹŪĘýǹýƃýĸŪǹ ŁĐǹůĸĐŁşýţýýĸǹýƃýĸŪţǹƄĘěóĘǹØǄýóŪǹŪĘýǹţóĘýķýţȀǹţůóĘǹØţǹØǹƃØşěØŪěŁĸǹěĸǹţĘØşýǹóØŜěŪØıȀǹØţǹƄýııǹØţǹŪýşķěĸØŪěŁĸţǹØĸùǹŁĸǹØǹóĘØĸđýǹěĸǹ óŁĸŪşŁıȀǹØţǹùýţóşěòýùǹěĸǹŪĘýǹŁıěóƊǿǹĘýǹŁķķěŪŪýýǹùŁýţǹĸŁŪǹěĸŪýĸùǹŪŁǹķØĮýǹØùĪůţŪķýĸŪţǹŪŁǹŪĘýǹķýŪĘŁùţǹòƊǹƄĘěóĘǹěŪǹķýØţůşýţǹŪĘýǹ ŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹAŁƄýƃýşȀǹěŪǹşýţýşƃýţǹŪĘýǹùěţóşýŪěŁĸǹŪŁǹķØĮýǹØùĪůţŪķýĸŪţǹěĸǹƃýşƊǹýƉóýŜŪěŁĸØıǹóěşóůķţŪØĸóýţǿǹĘØşýĘŁıùýşţǹ ƄŁůıùǹòýǹđěƃýĸǹùýŪØěıţǹŁĐǹØĸƊǹýƉýşóěţýǹŁĐǹùěţóşýŪěŁĸǿ Payments resulting from existing arrangements ĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØĸƊǹşýķůĸýşØŪěŁĸǹŜØƊķýĸŪţǹØĸùǹŜØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁǅóýǹȡěĸóıůùěĸđǹýƉýşóěţěĸđǹØĸƊǹùěţóşýŪěŁĸţǹěŪǹĘØţǹ relating to such payments) even though they are not in line with the Policy set out in this report. This will apply where the entitlement ŪŁǹŪĘýǹŜØƊķýĸŪǹØşŁţýȁ ȡěȢǹòýĐŁşýǹŪĘýǹǑǏǐǓǹ:]ȂǹȡěěȢǹØŪǹØǹŪěķýǹƄĘýĸǹŪĘýǹşýıýƃØĸŪǹěĸùěƃěùůØıǹƄØţǹĸŁŪǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùȀǹěĸǹŪĘýǹŁŜěĸěŁĸǹŁĐǹ ŪĘýǹŁķķěŪŪýýȀǹŪĘýǹŜØƊķýĸŪǹƄØţǹĸŁŪǹěĸǹóŁĸţěùýşØŪěŁĸǹĐŁşǹŪĘýǹěĸùěƃěùůØıǹòýóŁķěĸđǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊȂǹŁşǹȡěěěȢǹůĸùýşǹØǹ şýķůĸýşØŪěŁĸǹŜŁıěóƊǹŜşýƃěŁůţıƊǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķŜØĸƊȬţǹţĘØşýĘŁıùýşţǿǹ9ŁşǹŪĘýţýǹŜůşŜŁţýţǹýĸŪěŪıýķýĸŪţǹØşěţěĸđǹůĸùýşǹŪĘýǹ ŁķŜØĸƊȬţǹŜşýƃěŁůţǹşýķůĸýşØŪěŁĸǹŜŁıěóěýţǹȡØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţǹØŪǹŪĘýǹǑǏǐǓȀǹǑǏǐǖǹØĸùǹǑǏǑǏǹ:]ţȢǹƄěııǹòýǹěĸóŁşŜŁşØŪýùǹ ěĸŪŁǹŪĘěţǹŜŁıěóƊȀǹȫŜØƊķýĸŪţȬǹěĸóıůùýţǹŪĘýǹŁķķěŪŪýýǹţØŪěţĐƊěĸđǹØƄØşùţǹŁĐǹƃØşěØòıýǹşýķůĸýşØŪěŁĸȀǹØĸùǹØĸǹýĸŪěŪıýķýĸŪǹůĸùýşǹØĸǹØƄØşùǹ ŁƃýşǹţĘØşýţǹØşěţýţǹØŪǹŪĘýǹŪěķýǹŪĘýǹØƄØşùǹěţǹđşØĸŪýùǿ ]ØıůţǹØĸùǹóıØƄòØóĮ ƄØşùţǹđşØĸŪýùǹůĸùýşǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØşşØĸđýķýĸŪţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹØĸùǹóıØƄòØóĮǹůĸŪěıǹŪĘýǹýĸùǹŁĐǹŪĘýǹşýţŜýóŪěƃýǹ ĘŁıùěĸđǹŜýşěŁùţǿǹ"ýĐýşşýùǹòŁĸůţǹØƄØşùţǹØşýǹţůòĪýóŪǹŪŁǹķØıůţǹŜşěŁşǹŪŁǹƃýţŪěĸđǿǹýØţŁĸţǹĐŁşǹØŜŜıƊěĸđǹķØıůţǹØĸùǹóıØƄòØóĮǹěĸóıůùýȁǹ ěĸǹŪĘýǹýƃýĸŪǹŁĐǹđşŁţţǹķěţóŁĸùůóŪǹŁĐǹØǹ"ěşýóŪŁşǹƄĘěóĘǹěţǹóŁĸţěùýşýùǹŪŁǹĘØƃýǹĘØùǹØǹķØŪýşěØıǹùýŪşěķýĸŪØıǹěķŜØóŪǹŁĸǹŪĘýǹòůţěĸýţţǹŁşǹ ØĸƊǹķýķòýşǹŁĐǹŪĘýǹ:şŁůŜǹŁşǹŪŁǹĘØƃýǹòşŁůđĘŪǹŪĘýǹòůţěĸýţţǹŁĐǹØĸƊǹţůóĘǹóŁķŜØĸƊǹěĸŪŁǹţěđĸěǇóØĸŪǹùěţşýŜůŪýǹěĸǹŪĘýǹýƃýĸŪǹŁĐǹØǹķØŪýşěØıǹ ķěţţŪØŪýķýĸŪǹěĸǹŪĘýǹØůùěŪýùǹØóóŁůĸŪţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹØǹŜýşěŁùǹŪĘØŪǹƄØţǹƄĘŁııƊǹŁşǹŜØşŪıƊǹòýĐŁşýǹŪĘýǹýĸùǹŁĐǹŪĘýǹǇĸØĸóěØıǹƊýØşǹ òƊǹşýĐýşýĸóýǹŪŁǹƄĘěóĘǹØĸƊǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹƄØţǹØţţýţţýùǹŁşǹěĸǹŪĘýǹýƃýĸŪǹŪĘØŪǹŪĘýǹØţţýţţķýĸŪǹŁĐǹŪĘýǹţØŪěţĐØóŪěŁĸǹŁĐǹØĸƊǹ ŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹƄØţǹòØţýùǹŁĸǹýşşŁşǹŁşǹěĸØóóůşØŪýǹŁşǹķěţıýØùěĸđǹěĸĐŁşķØŪěŁĸǿǹDĸǹŪĘýǹıØŪŪýşǹŪƄŁǹţóýĸØşěŁţȀǹŪĘěţǹƄŁůıùǹòýǹŪŁǹŪĘýǹ ýƉŪýĸŪǹØĸǹŁƃýşŜØƊķýĸŪǹşýţůıŪýùǿǹĘýǹØŜŜıěóØŪěŁĸǹŁĐǹØĸƊǹķØıůţǹŁşǹóıØƄòØóĮǹěţǹØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǿ ýķůĸýşØŪěŁĸǹŁĐǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşù ^ŁǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸǹěţǹŁŜýşØŪýùǹţŁıýıƊǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿǹĘØĐŪýţòůşƊǹØŜěŪØıǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹşýóýěƃýǹ òØţýǹţØıØşƊȀǹòýĸýǇŪţȀǹŜýĸţěŁĸȀǹØĸùǹØĸĸůØıǹòŁĸůţȀǹØĸùǹţŁķýǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹǿǹAŁƄýƃýşȀǹŪĘýşýǹØşýǹţŁķýǹùěǄýşýĸóýţǹěĸǹŁŜýşØŪěŁĸǹ ØţǹţýŪǹŁůŪǹòýıŁƄȁ ȟ DĸǹýƉóýŜŪěŁĸØıǹóěşóůķţŪØĸóýţȀǹţůóĘǹØţǹşýóşůěŪķýĸŪȀǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹØƄØşùţǹķØƊǹòýǹđşØĸŪýùǹƄěŪĘŁůŪǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹŪŁǹ ŜØşŪěóěŜØĸŪţǹòýıŁƄǹŪĘýǹŁØşù ȟ &ķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹØşýǹĸŁŪǹţůòĪýóŪǹŪŁǹØĸƊǹķěĸěķůķǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪ ȟ DĸóýĸŪěƃýǹØƄØşùţǹđşØĸŪýùǹŪŁǹýķŜıŁƊýýţǹòýıŁƄǹŪĘýǹŁØşùǹķØƊǹĸŁŪǹòýǹţůòĪýóŪǹŪŁǹĘŁıùěĸđǹŜýşěŁùţȀǹóıØƄòØóĮǹŁşǹķØıůţ ĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪţ ĘýǹĘěýĐǹ&ƉýóůŪěƃýǹěţǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊǹØĸùǹŪĘýǹŁŪĘýşǹ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹØşýǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹ òØţýǹţØıØşƊȀǹŪŁǹòýǹØóĘěýƃýùǹĸŁşķØııƊǹƄěŪĘěĸǹǇƃýǹƊýØşţǹòƊǹşýŪØěĸěĸđǹØŪǹıýØţŪǹǔǏǹŜýşǹóýĸŪǹŁĐǹØĸƊǹƃýţŪýùǹţĘØşýǹØƄØşùţǹȡĸýŪǹŁĐǹŪØƉǹØĸùǹ ^DȢǿǹĘýşýǹěţǹØǹŪƄŁțƊýØşǹŜŁţŪțóýţţØŪěŁĸǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪǹŁĐǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹóØŜŪůşěĸđǹ ØĸĸůØıǹòŁĸůţǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǑǹȡěĸǹşýţŜýóŪǹŁĐǹǑǏǑǐȢǹØĸùǹØııǹýşĐŁşķØĸóýǹĘØşýǹıØĸǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹ ǑǏǑǐǿǹĘýǹóůşşýĸŪǹţĘØşýĘŁıùěĸđţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹØıţŁǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǔǖǿ 1.4 Performance scenario charts ĘýǹŜŁŪýĸŪěØıǹşýƄØşùǹŁŜŜŁşŪůĸěŪěýţǹěııůţŪşØŪýùǹěĸǹ9ěđůşýǹǐǹØşýǹòØţýùǹŁĸǹŪĘýǹŁıěóƊǹƄĘěóĘǹƄěııǹØŜŜıƊǹěĸǹǑǏǑǔǹØĸùǹŜşŁƃěùýǹýţŪěķØŪýţǹŁĐǹ ŪĘýǹŜŁŪýĸŪěØıǹĐůŪůşýǹşýƄØşùǹŁŜŜŁşŪůĸěŪƊǹĐŁşǹýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØĸùǹŪĘýǹŜŁŪýĸŪěØıǹţŜıěŪǹòýŪƄýýĸǹŪĘýǹùěǄýşýĸŪǹýıýķýĸŪţǹŁĐǹ şýķůĸýşØŪěŁĸǹůĸùýşǹŪĘşýýǹùěǄýşýĸŪǹŜýşĐŁşķØĸóýǹţóýĸØşěŁţȁǹȫýıŁƄǹĘşýţĘŁıùȬȀǹȫØşđýŪȬǹØĸùǹȫ]ØƉěķůķȬǿ ĘýǹýıŁƄǹĘşýţĘŁıùǹţóýĸØşěŁǹěĸóıůùýţǹòØţýǹţØıØşƊȀǹŜýĸţěŁĸǹØĸùǹòýĸýǇŪţǹȡǇƉýùǹŜØƊȢǿǹ^ŁǹØĸĸůØıǹòŁĸůţǹŁşǹǹýıýķýĸŪţǹØşýǹ ěĸóıůùýùǺȡƃØşěØòıýǹŜØƊȢǿǹĘýǹØşđýŪǹţóýĸØşěŁǹěĸóıůùýţǹǇƉýùǹŜØƊȀǹŁĸțŪØşđýŪǹòŁĸůţǹȡǔǏǹŜýşǹóýĸŪǹŁĐǹŁŜŜŁşŪůĸěŪƊȢǹØĸùǹŪĘşýţĘŁıùǹƃýţŪěĸđǹ ŁĐǹǹØƄØşùţǿǹĘýǹ]ØƉěķůķǹţóýĸØşěŁǹěĸóıůùýţǹǇƉýùǹŜØƊȀǹķØƉěķůķǹòŁĸůţǹØĸùǹĐůııǹƃýţŪěĸđǹŁĐǹǹØƄØşùţǿǹ9ŁşǹƃØşěØòıýǹŜØƊȀǹŪĘýǹ ØķŁůĸŪţǹěııůţŪşØŪýùǹØşýǹŪĘýǹĸŁşķØıǹķØƉěķůķǹŁŜŜŁşŪůĸěŪěýţǿǹĘýǹ]ØƉěķůķǹţóýĸØşěŁţǹØıţŁǹěĸóıůùýǹØĸǹěııůţŪşØŪěŁĸǹŁĐǹŪĘýǹØķŁůĸŪǹŪĘØŪǹ ƄŁůıùǹòýǹŜØƊØòıýǹůĸùýşǹŪĘýǹǹýıýķýĸŪţǹěĐǹŪĘýşýǹƄØţǹţĘØşýǹŜşěóýǹØŜŜşýóěØŪěŁĸǹŁĐǹǔǏǹŜýşǹóýĸŪǹòýŪƄýýĸǹŪĘýǹùØŪýǹŁĐǹØƄØşùǹØĸùǹŪĘýǹ ùØŪýǹŁĐǺƃýţŪěĸđǿ 147Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report £2,084 £936 £5,526 £4,379 On Target Max Max with growth Below Threshold 100% 45% 21% 17% 27% 28% 26% 53% 41% 21% 21% On Target Max Max with growth Below Threshold £1,493 £670 £3,964 £3,140 100% 45% 21% 17% 27% 26% 21% 28% 53% 41% 21% LTIP Share price growth Ian Hawksworth, Chief Executive (£000) Situl Jobanputra, CFO (£000) ŁŪØıǹ9ěƉýùǹýķůĸýşØŪěŁĸ ĸĸůØıǹŁĸůţ DŪǹţĘŁůıùǹòýǹĸŁŪýùǹŪĘØŪǹŪĘýǹǹØƄØşùţǹđşØĸŪýùǹěĸǹØǹƊýØşǹùŁǹĸŁŪǹĸŁşķØııƊǹƃýţŪǹůĸŪěıǹŪĘýǹŪĘěşùǹØĸĸěƃýşţØşƊǹŁĐǹŪĘýǹùØŪýǹŁĐǹđşØĸŪǹØĸùǹØşýǹ ţůòĪýóŪǹŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁùǿǹĘýǹŜşŁĪýóŪýùǹƃØıůýţǹŁĐǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǹţĘŁƄĸǹĘýşýǹýƉóıůùýǹŪĘýǹěķŜØóŪǹŁĐǹ ţĘØşýǹŜşěóýǹķŁƃýķýĸŪǹØĸùǹùěƃěùýĸùţǹȡŁŪĘýşǹŪĘØĸǹƄĘýşýǹǔǏǹŜýşǹóýĸŪǹţĘØşýǹŜşěóýǹØŜŜşýóěØŪěŁĸǹěţǹØţţůķýùȢǿ 1.5 Approach to recruitment remuneration ©ĘýĸǹĘěşěĸđǹŁşǹØŜŜŁěĸŪěĸđǹØǹĸýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹƄĘěóĘǹěĸóıůùýţǹØŜŜŁěĸŪěĸđǹØĸǹěĸùěƃěùůØıǹƄĘŁǹěţǹĸŁŪǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹòůŪǹ ƄĘŁǹţŪěııǹĐØııţǹƄěŪĘěĸǹŪĘěţǹŁıěóƊȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹůţýǹŁĐǹØĸƊǹŁĐǹŪĘýǹýƉěţŪěĸđǹóŁķŜŁĸýĸŪţǹŁĐǹşýķůĸýşØŪěŁĸȀǹØţǹĐŁııŁƄţȁ Element of remuneration Policy on recruitment Maximum opportunity Salary ØţýùǹŁĸǹţóŁŜýǹØĸùǹĸØŪůşýǹŁĐǹşýţŜŁĸţěòěıěŪěýţǹŁĐǹŪĘýǹŜşŁŜŁţýùǹşŁıýȂǹŪĘýǹóØĸùěùØŪýȬţǹýƉŜýşěýĸóýȂǹ ěķŜıěóØŪěŁĸţǹĐŁşǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹŜŁţěŪěŁĸěĸđǹƃţǹķØşĮýŪǹŜØƊǹıýƃýıţǹĐŁşǹóŁķŜØşØòıýǹşŁıýţȂǹ ěĸŪýşĸØıǹşýıØŪěƃěŪěýţȂǹØĸùǹŪĘýǹóØĸùěùØŪýȬţǹóůşşýĸŪǹţØıØşƊǿ ǹĸýƄǹ"ěşýóŪŁşǹķØƊǹòýǹØŜŜŁěĸŪýùǹØŪǹØǹţØıØşƊǹƄĘěóĘǹěţǹıýţţǹŪĘØĸǹŪĘýǹŜşýƃØěıěĸđǹķØşĮýŪǹşØŪýǹòůŪǹ ěĸóşýØţýùǹŁƃýşǹØǹŜýşěŁùǹŪŁǹŪĘýǹùýţěşýùǹŜŁţěŪěŁĸěĸđǹţůòĪýóŪǹŪŁǹţØŪěţĐØóŪŁşƊǹŜýşĐŁşķØĸóýǿ ^Ȍ Pension ǹóŁĸŪşěòůŪěŁĸǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹıýƃýıǹØƃØěıØòıýǹĐŁşǹŁŪĘýşǹýķŜıŁƊýýţǹØŪǹØĸƊǹđěƃýĸǹŪěķýǹȡóůşşýĸŪıƊǹ ǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȢǹķØƊǹòýǹŁǄýşýùȀǹóŁĸţěţŪýĸŪǹƄěŪĘǹŜŁıěóƊǿ Consistent with the Policy ØòıýǹıěķěŪ ýĸýǇŪţ ŜŜşŁŜşěØŪýǹòýĸýǇŪţǹƄěııǹòýǹŜşŁƃěùýùȀǹƄĘěóĘǹķØƊǹěĸóıůùýǹŪĘýǹóŁĸŪěĸůØŪěŁĸǹŁĐǹòýĸýǇŪţǹşýóýěƃýùǹěĸǹ a previous role. Consistent with the Policy ØòıýǹıěķěŪ Annual bonus &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹýıěđěòıýǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹØĸĸůØıǹòŁĸůţǹţóĘýķýǹŁĸǹŪĘýǹţØķýǹòØţěţǹ ØţǹýƉěţŪěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŜşŁțşØŪýùǹĐŁşǹŜşŁŜŁşŪěŁĸǹŁĐǹƊýØşǹţýşƃýùǿ "ýŜýĸùěĸđǹŁĸǹŪĘýǹŪěķěĸđǹŁĐǹŪĘýǹØŜŜŁěĸŪķýĸŪȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹùýýķǹěŪǹØŜŜşŁŜşěØŪýǹŪŁǹţýŪǹ ùěǄýşýĸŪǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐşŁķǹŪĘýǹóůşşýĸŪǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹŪĘýǹǇşţŪǹ performance year of appointment. ǐǔǏǹŜýşǹóýĸŪǹ of salary, consistent with ŁıěóƊǹØòıýǿ Performance Share Plan ^ýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹýıěđěòıýǹŪŁǹŜØşŪěóěŜØŪýǹěĸǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹţóĘýķýǹţýŪǹŁůŪǹ ěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹØòıýǿ ǹǹØƄØşùǹóØĸǹòýǹķØùýǹţĘŁşŪıƊǹĐŁııŁƄěĸđǹØĸǹØŜŜŁěĸŪķýĸŪǹȡØţţůķěĸđǹŪĘýǹŁķŜØĸƊǹěţǹĸŁŪǹěĸǹØǹ ŜşŁĘěòěŪýùǹŜýşěŁùȢǿ ǒǏǏǹŜýşǹóýĸŪǹ of salary, consistent with ŁıěóƊǺØòıýǿ Other DĸǹùýŪýşķěĸěĸđǹØŜŜşŁŜşěØŪýǹşýķůĸýşØŪěŁĸǹĐŁşǹĸýƄǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹŪØĮýǹ ěĸŪŁǹóŁĸţěùýşØŪěŁĸǹØııǹşýıýƃØĸŪǹĐØóŪŁşţǹȡěĸóıůùěĸđǹŞůØĸŪůķȀǹŪĘýǹĸØŪůşýǹŁĐǹşýķůĸýşØŪěŁĸǹØĸùǹƄĘýşýǹ ŪĘýǹóØĸùěùØŪýǹƄØţǹşýóşůěŪýùǹĐşŁķȢȀǹŪŁǹýĸţůşýǹŪĘØŪǹØşşØĸđýķýĸŪţǹØşýǹěĸǹŪĘýǹòýţŪǹěĸŪýşýţŪţǹŁĐǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹØĸùǹěŪţǹţĘØşýĘŁıùýşţǿ ýķůĸýşØŪěŁĸȀǹƄĘěóĘǹķØƊǹòýǹŁůŪţěùýǹŪĘýǹůţůØıǹŜŁıěóƊǹıěķěŪţȀǹķØƊǹěĸóıůùýȁ ȟ ĸǹØƄØşùǹķØùýǹěĸǹşýţŜýóŪǹŁĐǹØǹĸýƄǹØŜŜŁěĸŪķýĸŪǹŪŁǹȫòůƊǹŁůŪȬǹýƉěţŪěĸđǹěĸóýĸŪěƃýǹØƄØşùţǹ ĐŁşĐýěŪýùǹŁĸǹıýØƃěĸđǹØǹŜşýƃěŁůţǹýķŜıŁƊýşǿǹDĸǹţůóĘǹóØţýţǹŪĘýǹóŁķŜýĸţØŪŁşƊǹØƄØşùǹƄŁůıùǹ ŪƊŜěóØııƊǹòýǹØǹıěĮýțĐŁşțıěĮýǹØƄØşùǹƄěŪĘǹţěķěıØşǹŪěķýǹŪŁǹƃýţŪěĸđȀǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹØĸùǹ ıěĮýıěĘŁŁùǹŁĐǹŪĘŁţýǹóŁĸùěŪěŁĸţǹòýěĸđǹķýŪǿǹĘýǹĐØěşǹƃØıůýǹŁĐǹŪĘýǹóŁķŜýĸţØŪŁşƊǹØƄØşùǹƄŁůıùǹĸŁŪǹ òýǹđşýØŪýşǹŪĘØĸǹŪĘýǹØƄØşùţǹòýěĸđǹşýŜıØóýùǿǹŁǹĐØóěıěŪØŪýǹţůóĘǹØǹòůƊŁůŪȀǹŪĘýǹŁķķěŪŪýýǹķØƊǹ ůţýǹØĸǹØƄØşùǹůĸùýşǹØǹùěǄýşýĸŪǹţŪşůóŪůşýǹŁşǹØĸǹØùùěŪěŁĸØıǹØƄØşùǹůĸùýşǹŪĘýǹǹ ȟ ǹşýıŁóØŪěŁĸǹŜØóĮØđýȀǹţĘŁůıùǹŪĘěţǹòýǹşýŞůěşýù ȟ 9ŁşǹØĸǹŁƃýşţýØţǹØŜŜŁěĸŪķýĸŪȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹĘØƃýǹùěţóşýŪěŁĸǹŪŁǹŁǄýşǹóŁţŪțýǄýóŪěƃýǹ òýĸýǇŪţǹØĸùǹŜýĸţěŁĸǹŜşŁƃěţěŁĸţǹƄĘěóĘǹşýǈýóŪǹıŁóØıǹķØşĮýŪǹŜşØóŪěóýǹØĸùǹşýıýƃØĸŪǹıýđěţıØŪěŁĸ ȟ DĸǹŪĘýǹýƃýĸŪǹŪĘØŪǹØĸǹýķŜıŁƊýýǹěţǹŜşŁķŁŪýùǹŪŁǹŪĘýǹŁØşùȀǹŪĘýǹŁķŜØĸƊǹƄŁůıùǹĘŁĸŁůşǹØĸƊǹ existing contractual arrangements 148 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ 1.6 Service contracts and exit payment policy ĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹØŜŜşŁƃýùǹòƊǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹØĸùǹØşýǹŁĸýțƊýØşǹşŁııěĸđǹóŁĸŪşØóŪţǿǹĘýǹ óŁķķýĸóýķýĸŪǹùØŪýţǹŁĐǹŪĘýǹóůşşýĸŪǹóŁĸŪşØóŪţǹØşýǹţĘŁƄĸǹòýıŁƄǿǹĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹķØƊǹòýǹŪýşķěĸØŪýùǹòƊǹýěŪĘýşǹŜØşŪƊǹđěƃěĸđǹ ŁĸýǹƊýØşȬţǹĸŁŪěóýǹŪŁǹŪĘýǹŁŪĘýşǿǹDŪǹěţǹŪĘýǹŁķŜØĸƊȬţǹŜŁıěóƊǹŪĘØŪǹŜØƊķýĸŪţǹěĸǹıěýůǹŁĐǹĸŁŪěóýǹţĘŁůıùǹĸŁŪǹýƉóýýùǹŪĘýǹ"ěşýóŪŁşȬţǹóůşşýĸŪǹ ţØıØşƊǹØĸùǹòýĸýǇŪţǹȡěĸóıůùěĸđǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸţȢǹĐŁşǹŪĘýǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹķØƊǹòýǹƃěýƄýùǹØŪǹŪĘýǹŁķŜØĸƊȬţǹ şýđěţŪýşýùǹŁǅóýǿ ĘýǹŁķķěŪŪýýǹƄěııǹòýǹýĸŪěŪıýùǹŪŁǹýĸŪýşǹěĸŪŁǹØǹţýŪŪıýķýĸŪǹØđşýýķýĸŪǹƄěŪĘǹØǹ"ěşýóŪŁşȀǹØĸùǹķØƊǹŜØƊǹØǹ"ěşýóŪŁşȬţǹıýđØıǹĐýýţǹěĸǹşýıØŪěŁĸǹ ŪŁǹØĸƊǹţýŪŪıýķýĸŪǹØđşýýķýĸŪǿǹĘýǹŁķķěŪŪýýǹķØƊǹķØĮýǹØùùěŪěŁĸØıǹěĸóěùýĸŪØıǹŜØƊķýĸŪţȀǹƄĘěóĘǹØşýǹĸŁŪǹķØŪýşěØıǹěĸǹŞůØĸŪůķȀǹŪŁǹØǹ ùýŜØşŪěĸđǹ"ěşýóŪŁşǹŁĸǹýƉěŪȀǹěĐǹØŜŜşŁŜşěØŪýȀǹĐŁşǹýƉØķŜıýǹěĸǹţýŪŪıýķýĸŪǹŁĐǹùěţŜůŪýţǹŁşǹŪŁǹŜØƊǹŁŪĘýşǹěĸóěùýĸŪØıǹţůķţǹěĸǹóŁĸĸýóŪěŁĸǹƄěŪĘǹ ŪĘýǹýƉěŪǿǹĘýǹŁķķěŪŪýýǹķØƊǹŜØƊǹƄĘØŪǹěŪǹĐýýıţǹØşýǹşýØţŁĸØòıýǹŁůŪŜıØóýķýĸŪǹĐýýţǹƄĘýşýǹóŁĸţěùýşýùǹØŜŜşŁŜşěØŪýǿ ©ĘýĸǹóŁĸţěùýşěĸđǹýƉěŪǹŜØƊķýĸŪţȀǹŪĘýǹŁķķěŪŪýýǹşýƃěýƄţǹØııǹŜŁŪýĸŪěØıǹěĸóýĸŪěƃýǹŁůŪóŁķýţȀǹĘØƃěĸđǹşýđØşùǹŪŁǹŪĘýǹşýØţŁĸǹĐŁşǹıýØƃěĸđǹ ØĸùǹŪĘýǹ"ěşýóŪŁşȬţǹŜýşĐŁşķØĸóýǿǹĘýǹŜØƊķýĸŪǹŁĐǹØĸƊǹØĸĸůØıǹòŁĸůţǹěţǹţůòĪýóŪǹŪŁǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹòŁŪĘǹŪĘýǹóØţĘǹ ØĸùǹùýĐýşşýùǹţĘØşýǹýıýķýĸŪţǹŁĐǹØĸǹØĸĸůØıǹòŁĸůţǹƄŁůıùǹĸŁşķØııƊǹòýǹŜØƊØòıýǹØŪǹŪĘýǹĸŁşķØıǹŜØƊķýĸŪǹùØŪýǿǹĸƊǹùýĐýşşýùǹţĘØşýǹ ýıýķýĸŪǹóŁůıùǹòýǹŜØěùǹěĸǹóØţĘǿǹĸƊǹŁůŪţŪØĸùěĸđǹùýĐýşşýùǹòŁĸůţǹķØƊǹòýǹşýıýØţýùǹŁşǹŜØěùǹěĸǹóØţĘȀǹţůòĪýóŪǹŪŁǹóıØƄòØóĮǹĐŁşǹØǹŜýşěŁùǹŁĐǹ ŪĘşýýǹƊýØşţǹĐşŁķǹŪĘýǹùØŪýǹŁĐǹđşØĸŪǿ Commencement date Notice period Ian Hawksworth ǐǖǹ]ØƊǹǑǏǐǏ ǐǑǹķŁĸŪĘţ ěŪůıǹRŁòØĸŜůŪşØ ǐǹRØĸůØşƊǹǑǏǐǖ ǐǑǹķŁĸŪĘţ ĸǹěĸùěƃěùůØıǹƄŁůıùǹđýĸýşØııƊǹòýǹóŁĸţěùýşýùǹØǹȫđŁŁùǹıýØƃýşȬǹěĐǹŪĘýƊǹıýĐŪǹŪĘýǹ:şŁůŜȬţǹýķŜıŁƊķýĸŪǹĐŁşǹşýØţŁĸţǹěĸóıůùěĸđǹěĸĪůşƊȀǹěııț ĘýØıŪĘȀǹùěţØòěıěŪƊǹØŜŜşŁƃýùǹòƊǹŪĘýǹŁķķěŪŪýýȀǹşýùůĸùØĸóƊȀǹşýŪěşýķýĸŪǹƄěŪĘǹŪĘýǹØđşýýķýĸŪǹŁĐǹŪĘýǹýķŜıŁƊěĸđǹóŁķŜØĸƊȀǹŪĘýǹýķŜıŁƊěĸđǹ óŁķŜØĸƊǹóýØţěĸđǹŪŁǹòýǹØǹķýķòýşǹŁĐǹŪĘýǹđşŁůŜȀǹŪĘýǹŪşØĸţĐýşǹŁĐǹŪĘýǹůĸùýşŪØĮěĸđǹŁşǹŜØşŪǹŁĐǹŪĘýǹůĸùýşŪØĮěĸđǹěĸǹƄĘěóĘǹŪĘýǹ"ěşýóŪŁşǹ ƄŁşĮţǹŪŁǹØǹŜýşţŁĸǹƄĘěóĘǹěţǹĸŁŪǹØǹķýķòýşǹŁĐǹŪĘýǹ:şŁůŜȀǹŁşǹěĸǹØĸƊǹŁŪĘýşǹóěşóůķţŪØĸóýţǹØŪǹŪĘýǹùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýǿǹĘýǹŪØòıýǹ òýıŁƄǹţůķķØşěţýţǹĘŁƄǹǹØƄØşùţǹØşýǹŪƊŜěóØııƊǹŪşýØŪýùǹěĸǹţŜýóěǇóǹıýØƃýşǹóěşóůķţŪØĸóýţȀǹƄěŪĘǹŪĘýǹǇĸØıǹŪşýØŪķýĸŪǹşýķØěĸěĸđǹţůòĪýóŪǹ ŪŁǹŪĘýǹŁķķěŪŪýýȬţǹùěţóşýŪěŁĸǿǹ9ŁşǹýƉØķŜıýȀǹØĸǹěĸùěƃěùůØıǹķØƊǹòýǹóŁĸţěùýşýùǹØǹȫđŁŁùǹıýØƃýşȬǹĐŁşǹØĸƊǹŁŪĘýşǹşýØţŁĸǹØŪǹŪĘýǹØòţŁıůŪýǹ ùěţóşýŪěŁĸǹŁĐǹŪĘýǹŁķķěŪŪýýȀǹØĸùǹŪĘýǹƃýţŪěĸđǹŁĐǹØƄØşùţǹķØƊǹòýǹşýùůóýùǹĐŁşǹȫđŁŁùǹıýØƃýşţȬǿ Reason for leaving Timing of vesting Treatment of awards :ŁŁùǹıýØƃýş ^ŁşķØıǹƃýţŪěĸđǹùØŪýȀǹØıŪĘŁůđĘǹŪĘýǹŁķķěŪŪýýǹĘØţǹ ùěţóşýŪěŁĸǹŪŁǹØóóýıýşØŪý ƄØşùţǹØşýǹĸŁşķØııƊǹŜşŁțşØŪýùǹĐŁşǹŪěķýǹØĸùǹşýķØěĸǹ ţůòĪýóŪǹŪŁǹŁůŪţŪØĸùěĸđǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿǹ ©ĘýşýǹƃýţŪěĸđǹěţǹØóóýıýşØŪýùȀǹŪĘýǹŁķķěŪŪýýǹƄěııǹ ùýŪýşķěĸýǹŪĘýǹýƉŪýĸŪǹŪŁǹƄĘěóĘǹŪĘýǹŜýşĐŁşķØĸóýǹ óŁĸùěŪěŁĸţǹĘØùǹòýýĸǹţØŪěţǇýùǹØŪǹŪĘýǹùØŪýǹŁĐǹıýØƃěĸđǿǹ ĘýǹĘŁıùěĸđǹŜýşěŁùǹƄŁůıùǹóŁĸŪěĸůýǹŪŁǹØŜŜıƊǿ Change of control DķķýùěØŪýıƊ ƄØşùţǹƄěııǹĸŁşķØııƊǹòýǹŜşŁțşØŪýùǹĐŁşǹŪěķýǹØĸùǹ şýķØěĸǹţůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǿ AŁƄýƃýşȀǹŪĘýǹŁķķěŪŪýýǹĘØţǹùěţóşýŪěŁĸǹŪŁǹØııŁƄǹ ØƄØşùţǹŪŁǹƃýţŪǹěĸǹĐůııǹěĸǹţůóĘǹóěşóůķţŪØĸóýţǹěĐǹěŪǹ ùýýķţǹŪĘěţǹŪŁǹòýǹĐØěşǹØĸùǹşýØţŁĸØòıýǿǹĘýǹĘŁıùěĸđǹ ŜýşěŁùǹƄŁůıùǹóýØţýǹŪŁǺØŜŜıƊǿ ĸƊǹŁŪĘýşǹ reason ƄØşùţǹıØŜţý ĘýşýǹØşýǹĸŁǹŁòıěđØŪěŁĸţǹŁĸǹŪĘýǹŁķŜØĸƊǹóŁĸŪØěĸýùǹƄěŪĘěĸǹŪĘýǹýƉěţŪěĸđǹ"ěşýóŪŁşţȬǹţýşƃěóýǹóŁĸŪşØóŪţǹƄĘěóĘǹƄŁůıùǹđěƃýǹşěţýǹŪŁǹ ŜØƊķýĸŪţǹĸŁŪǹùěţóıŁţýùǹěĸǹŪĘěţǹşýŜŁşŪǿ ĘýǹţýşƃěóýǹóŁĸŪşØóŪţǹŁĐǹØĸƊǹĐůŪůşýțØŜŜŁěĸŪýùǹ"ěşýóŪŁşţǹƄěııǹŜşŁƃěùýǹĐŁşǹķěŪěđØŪěŁĸǹěĸǹŪĘýǹýƃýĸŪǹŁĐǹŪýşķěĸØŪěŁĸǿ 1.7 Non-Executive Director policy table Ęýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹùŁǹĸŁŪǹĘØƃýǹţýşƃěóýǹóŁĸŪşØóŪţǹòůŪǹěĸţŪýØùǹĘØƃýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǿǹĘýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǹŁĐǹ ŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýƃěýƄýùǹòƊǹŪĘýǹŁØşùǹØĸĸůØııƊǹØĸùǹóŁĸŪØěĸǹØǹŁĸýțķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹĘØěşķØĸȬţǹıýŪŪýşǹŁĐǹ ØŜŜŁěĸŪķýĸŪǹóŁĸŪØěĸţǹØǹŪĘşýýțķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǿǹĘýǹıýŪŪýşţǹŁĐǹØŜŜŁěĸŪķýĸŪǹķØƊǹòýǹƃěýƄýùǹØŪǹŪĘýǹŁķŜØĸƊȬţǹşýđěţŪýşýùǹŁǅóýǿ 149Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹţýýĮěĸđǹýıýóŪěŁĸǹŁşǹşýțýıýóŪěŁĸǹØŪǹǑǏǑǔǹ:]ȁǹùØŪýţǹŁĐǹØŜŜŁěĸŪķýĸŪǹØĸùǹ ůĸýƉŜěşýùǺŪýşķţ Date of appointment Unexpired term as at 31 December 2024 RŁĸØŪĘØĸǹ^ěóĘŁııţ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ ěóĘØşùǹĮýşţ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ ůŪĘǹĸùýşţŁĸ Ǖǹ]ØşóĘǹǑǏǑǒ ǕǹķŁĸŪĘţ ]ØùýıýěĸýǹŁţđşØƃý ǐǹůđůţŪǹǑǏǑǓ ǕǹķŁĸŪĘţ Sian Westerman ǐǹýŜŪýķòýşǹǑǏǑǓ ǕǹķŁĸŪĘţ ĘýǹŪØòıýǹòýıŁƄǹţůķķØşěţýţǹýØóĘǹŁĐǹŪĘýǹóŁķŜŁĸýĸŪţǹŁĐǹŪĘýǹşýķůĸýşØŪěŁĸǹŜØóĮØđýǹĐŁşǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹȡěĸóıůùěĸđǹŪĘýǹ ĘØěşķØĸȢǿǹĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹùŁǹĸŁŪǹşýóýěƃýǹØĸƊǹŜýĸţěŁĸȀǹòŁĸůţǹŁşǹıŁĸđțŪýşķǹěĸóýĸŪěƃýǹòýĸýǇŪţǹĐşŁķǹŪĘýǹŁķŜØĸƊǿǹ ĘěţǺŜŁıěóƊǹØıţŁǹØŜŜıěýţǹŪŁǹŪĘýǹşýóşůěŪķýĸŪǹŁĐǹĸýƄǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǿ Purpose and link to strategy Operation Maximum opportunity Performance metrics Fee ŁǹşýóşůěŪǹØĸùǹ retain appropriately ŞůØıěǇýùǹ^Łĸț executive Directors ĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹØşýǹşýƃěýƄýùǹ ŁĸǹØĸǹØĸĸůØıǹòØţěţȀǹƄěŪĘǹØĸƊǹěĸóşýØţýǹŪØĮěĸđǹýǄýóŪǹĐşŁķǹǐǹ]ØƊǿ ĘýǹŁØşùǹØĸùǹŁķķěŪŪýýǹşýƃěýƄǹĐýýţǹƄěŪĘǹşýĐýşýĸóýǹŪŁȁ ȟ fŪĘýşǹŜşŁŜýşŪƊǹóŁķŜØĸěýţ ȟ UK companies of a similar size ȟ ĘýǹŪěķýǹŪĘØŪǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýŞůěşýùǹŪŁǹ ùýƃŁŪýǹŪŁǹŪĘýǹşŁıý In exceptional circumstances, if there is a temporary yet ķØŪýşěØıǹěĸóşýØţýǹěĸǹŪĘýǹŪěķýǹóŁķķěŪķýĸŪţǹĐŁşǹ^ŁĸțýƉýóůŪěƃýǹ "ěşýóŪŁşţȀǹŪĘýǹŁØşùǹķØƊǹŜØƊǹýƉŪşØǹĐýýţǹŁĸǹØǹŜşŁțşØŪØǹòØţěţǹŪŁǹ şýóŁđĸěţýǹŪĘýǹØùùěŪěŁĸØıǹƄŁşĮıŁØùǿ ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹ ķØƊǹěĸóıůùýǹØǹòØţěóǹĐýýǹ ØĸùǹŁķķěŪŪýýȌD"ǹĐýýţǹ ØţǹùěţóıŁţýùǹěĸǹŪĘýǹĸĸůØıǹ Report on Remuneration. These are set at a level that ěţǹóŁĸţěùýşýùǹØŜŜşŁŜşěØŪýıƊǹ competitive in light of market ŜşØóŪěóýȀǹØĸùǹƄěııǹĸŁŪǹýƉóýýùǹ ŪĘýǹØđđşýđØŪýǹĐýýţǹŜýşķěŪŪýùǹ òƊǹŪĘýǹŁķŜØĸƊȬţǹşŪěóıýţǹŁĐǹ ţţŁóěØŪěŁĸǿ ^Ȍ ýĸýǇŪţ ŁǹòýǹØŜŜşŁŜşěØŪýıƊǹ competitive with ŪĘŁţýǹŁǄýşýùǹ at comparator companies ĘýǹĘØěşķØĸȬţǹòýĸýǇŪţǹěĸóıůùýǹŜşěƃØŪýǹĘýØıŪĘóØşýǹØĸùǹ ŜýşţŁĸØıǹØóóěùýĸŪǹØĸùǹŪşØƃýıǹěĸţůşØĸóýǿ fŪĘýşǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹóŁƃýşýùǹòƊǹŪĘýǹ ŁķŜØĸƊȬţǹŪşØƃýıǹěĸţůşØĸóýǹŜŁıěóƊǹţĘŁůıùǹŪĘýƊǹòýǹşýŞůěşýùǹŪŁǹ ŪşØƃýıǹŁĸǹŁķŜØĸƊǹòůţěĸýţţǿ ĸƊǹşýØţŁĸØòıýǹòůţěĸýţţțşýıØŪýùǹýƉŜýĸţýţǹóØĸǹòýǹşýěķòůşţýùǹ ȡěĸóıůùěĸđǹŪØƉǹŪĘýşýŁĸǹěĐǹùýŪýşķěĸýùǹŪŁǹòýǹØǹŪØƉØòıýǹòýĸýǇŪȢǿ "ěşýóŪŁşţǹķØƊǹşýóýěƃýǹţýØţŁĸØıǹđěĐŪţǹØĸùǹØǹđěĐŪǹŁĸǹıýØƃěĸđǹ ŪĘýǺŁØşùǹȡěĸóıůùěĸđǹŜØƊķýĸŪǹŁĐǹØĸƊǹŪØƉǹŪĘýşýŁĸȢȀǹěĸǹ appropriate circumstances. The maximum value of the òýĸýǇŪţǹŜşŁƃěùýùǹŪŁǹ^Łĸț ýƉýóůŪěƃýǹ"ěşýóŪŁşţǹƄěııǹòýǹ the cost of purchasing them in ŪĘýǺķØşĮýŪǿ ^Ȍ 1.8 External directorships ĘýǹŁķŜØĸƊȬţǹŜŁıěóƊǹěţǹŪŁǹýĸóŁůşØđýǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŪŁǹŪØĮýǹůŜǹŁĸýǹŁşǹķŁşýǹĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşţĘěŜţȀǹţůòĪýóŪǹŪŁǹŁØşùǹ ØŜŜşŁƃØıǿǹ9ýýţǹşýóýěƃýùǹĐŁşǹţýşƃěĸđǹØţǹØǹĸŁĸțýƉýóůŪěƃýǹùěşýóŪŁşǹŁĐǹØǹóŁķŜØĸƊǹŁůŪţěùýǹŪĘýǹĘØĐŪýţòůşƊǹØŜěŪØıǹ:şŁůŜǹØşýǹşýŪØěĸýùǹòƊǹ the Executive Director. 1.9 Consideration of conditions elsewhere in the Company ©ĘýĸǹţýŪŪěĸđǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹŜØƊǹŪĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹŪĘýǹşýķůĸýşØŪěŁĸǹØĸùǹŁƃýşØııǹóŁĸùěŪěŁĸţǹŁĐǹØııǹýķŜıŁƊýýţǿǹţǹ ĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹØǹşýıØŪěƃýıƊǹţķØııǹƄŁşĮĐŁşóýȀǹŪĘýǹŁķķěŪŪýýǹùŁýţǹĸŁŪǹóŁĸţůıŪǹƄěŪĘǹýķŜıŁƊýýţǹƄĘýĸǹùýóěùěĸđǹýķůĸýşØŪěŁĸǹ ŁıěóƊȀǹòůŪǹěŪǹşýóýěƃýţǹşýđůıØşǹůŜùØŪýţǹĐşŁķǹŪĘýǹAýØùǹŁĐǹAǹŁĸǹţØıØşƊǹěĸóşýØţýţȀǹòŁĸůţǹØĸùǹţĘØşýǹØƄØşùţǹķØùýǹŪŁǹ:şŁůŜǹýķŜıŁƊýýţǹ ØĸùǹěţǹØƄØşýǹŁĐǹĘŁƄǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹ"ěşýóŪŁşţǹóŁķŜØşýţǹƄěŪĘǹŪĘØŪǹŁĐǹŁŪĘýşǹýķŜıŁƊýýţǿǹ9ŁşǹýƉØķŜıýȀǹţØıØşƊǹěĸóşýØţýţǹØşýǹ đýĸýşØııƊǹĸŁǹĘěđĘýşǹŪĘØĸǹěĸóşýØţýţǹØƄØşùýùǹŪŁǹŁŪĘýşǹýķŜıŁƊýýţȀǹƄĘěóĘǹØşýǹţýŪǹƄěŪĘǹşýĐýşýĸóýǹŪŁǹķØşĮýŪǹùØŪØǿ 1.10 Consideration of shareholder views DŪǹěţǹŪĘýǹŁķķěŪŪýýȬţǹŜŁıěóƊǹŪŁǹýĸđØđýǹƄěŪĘǹķØĪŁşǹţĘØşýĘŁıùýşţǹØţǹØŜŜşŁŜşěØŪýǿǹ9ŁşǹýƉØķŜıýȀǹŜşěŁşǹŪŁǹǇĸØıěţěĸđǹØĸƊǹķØĪŁşǹóĘØĸđýţǹ ŪŁǹěŪţǹýƉýóůŪěƃýǹýķůĸýşØŪěŁĸǹŁıěóƊǿǹĘØşýĘŁıùýşǹĐýýùòØóĮǹŁĸǹŪĘýǹŜşýƃěŁůţǹýķůĸýşØŪěŁĸǹŁıěóƊǹØĸùǹěĸƃýţŪŁşǹđůěùýıěĸýţǹƄýşýǹ óŁĸţěùýşýùǹòƊǹŪĘýǹŁķķěŪŪýýǹƄĘýĸǹŜşýŜØşěĸđǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊȀǹØĸùǹØǹĸůķòýşǹŁĐǹòýţŪǹŜşØóŪěóýǹķýØţůşýţǹƄýşýǹěĸóŁşŜŁşØŪýùǿ 150 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Salary 47.0% ØƉØòıýǹòýĸýǇŪţǹǑǿǒɬ ýĸţěŁĸǹǗǿǑɬ ŁĸůţǹǓǑǿǔɬ PSP N/A Salary 46.4% ØƉØòıýǹòýĸýǇŪţǹǑǿǑɬ ýĸţěŁĸǹǗǿǐɬ ŁĸůţǹǓǒǿǒɬ PSP N/A ěŪůıǹRŁòØĸŜůŪşØ DØĸǹAØƄĮţƄŁşŪĘ Salary 19.3% ØƉØòıýǹòýĸýǇŪţǹǐǿǐɬ ýĸţěŁĸǹǒǿǓɬ ŁĸůţǹǑǓǿǐɬ ǹǔǑǿǐɬ Salary 19.8% ØƉØòıýǹòýĸýǇŪţǹ1.1% ýĸţěŁĸǹ3.5% ŁĸůţǹǑǔǿǓɬ ǹǔǏǿǑɬ ěŪůıǹRŁòØĸŜůŪşØ DØĸǹAØƄĮţƄŁşŪĘ ŁķŜŁţěŪěŁĸǹŁĐǹǑǏǑǓǹţěĸđıýǹǇđůşýţǹȡɬȢ ŁķŜŁţěŪěŁĸǹŁĐǹǑǏǑǒǹţěĸđıýǹǇđůşýţǹȡɬȢ 1 ǐǿ ţǹşýŜŁşŪýùǹěĸǹıØţŪǹƊýØşȬţǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØĸùǹţůķķØşěţýùǹěĸǹŪĘýǹŜşŁţŜýóŪůţǹĐŁşǹŪĘýǹķýşđýşǹŪşØĸţØóŪěŁĸȀǹƄěŪĘǹòŁŪĘǹŪĘýǹşýŜŁşŪǹØĸùǹŪĘýǹŪşØĸţØóŪěŁĸǹ ØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţȀǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǹƃýţŪýùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹƄýşýǹŪĘýşýĐŁşýǹşýŞůěşýùǹŪŁǹòýǹěĸóıůùýùǹěĸǹ ŪĘýǹǑǏǑǒǹţěĸđıýǹǇđůşýǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹţĘØşýǹŜşěóýǹŁĸǹŪĘýǹùØŪýǹŁĐǹƃýţŪěĸđǹȡǐǑǓǿǔǹŜýĸóýȢǿ 2. Annual report on remuneration ĘěţǹţýóŪěŁĸǹŁĐǹŪĘýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹýƉŜıØěĸţǹĘŁƄǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊ ĘØţǹòýýĸǹěķŜıýķýĸŪýùǹùůşěĸđǹŪĘýǹƊýØşǿǹĘýǹşýŜŁşŪǹěţǹķØùýǹůŜǹŁĐǹŪĘýǹĐŁııŁƄěĸđǹŜØşŪţȁ Subject Issue Pay outcomes for 2024 ǑǿǐǹěĸđıýǹŪŁŪØıǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸ ǑǿǑǹĸĸůØıǹòŁĸůţǹŁůŪóŁķýţǹĐŁşǹǑǏǑǓ ǑǿǒǹØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁǅóýǹ 2.4 Payments to previous Directors Directors’ share ownership ØĸùǹţĘØşýǹěĸŪýşýţŪţ ǑǿǔǹǹØĸùǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǹđşØĸŪýùǹěĸǹǑǏǑǓ ǑǿǕǹfůŪţŪØĸùěĸđǹǹØĸùǹùýĐýşşýùǹòŁĸůţǹØƄØşùţ ǑǿǖǹŪØŪýķýĸŪǹŁĐǹ"ěşýóŪŁşţȬǹţĘØşýĘŁıùěĸđţǹØĸùǹţĘØşýǹěĸŪýşýţŪţ DķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹŁıěóƊǹěĸǹǑǏǑǔ ǑǿǗǹDķŜıýķýĸŪØŪěŁĸǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹěĸǹǑǏǑǔ Pay comparison ǑǿǘǹýşóýĸŪØđýǹóĘØĸđýǹěĸǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹƃýşţůţǹýķŜıŁƊýýǹŜØƊ ǑǿǐǏǹĘěýĐǹ&ƉýóůŪěƃýǹŜØƊǹşØŪěŁ ǑǿǐǐǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸđıýǹǇđůşýǹŁĐǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹĘěţŪŁşƊǹØĸùǹǹŜýşĐŁşķØĸóý ǑǿǐǑǹýıØŪěƃýǹěķŜŁşŪØĸóýǹŁĐǹţŜýĸùǹŁĸǹŜØƊ ýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹķýķòýşţĘěŜȀǹ đŁƃýşĸØĸóýǹØĸùǹƃŁŪěĸđǹ ǑǿǐǒǹDĸùýŜýĸùýĸŪǹØùƃěţýşǹŪŁǹŪĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýý ǑǿǐǓǹĘØşýĘŁıùýşǹƃŁŪěĸđ Pay outcomes for 2024 ǑǿǐǹěĸđıýǹŪŁŪØıǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸ ©ĘØŪǹěţǹěĸóıůùýùǹěĸǹŪĘýǹǑǏǑǓǹţěĸđıýǹǇđůşýȆ ȟ ĘýǹţØıØşƊǹŁşǹĐýýţǹŜØěùǹěĸǹŪĘýǹƊýØşǹĐŁşǹŪĘýǹŜýşěŁùǹŁĐǹŞůØıěĐƊěĸđǹţýşƃěóý ȟ ĘýǹƃØıůýǹŁĐǹØĸƊǹòýĸýǇŪţȀǹŁĸǹØǹđşŁţţțŁĐțŪØƉǹòØţěţȀǹƄĘýşýǹØŜŜıěóØòıý ȟ ĘýǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹĐŁşǹŪĘýǹƊýØşǹȝǹěĸóıůùěĸđǹòŁŪĘǹóØţĘǹØĸùǹŪĘýǹùýĐýşşýùǹýıýķýĸŪţ ȟ ĘýǹóØţĘǹƃØıůýǹŁĐǹØĸƊǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁşǹØııŁƄØĸóýǹěĸǹıěýů ĘýǹǇđůşýţǹòýıŁƄǹěııůţŪşØŪýǹŪĘýǹóŁĸŪşěòůŪěŁĸǹŪĘØŪǹýØóĘǹýıýķýĸŪǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹķØùýǹŪŁǹŪĘýǹţěĸđıýǹǇđůşýǹ ùěţóıŁţůşýţǿ 151Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹţěĸđıýǹŪŁŪØıǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹĐŁşǹýØóĘǹ"ěşýóŪŁşǹěĸǹǑǏǑǓǹØĸùǹǑǏǑǒǿǹĘýǹóĘØşŪţǹŁĸǹŪĘýǹŜşýƃěŁůţǹŜØđýǹ ěııůţŪşØŪýǹŪĘýǹóŁĸŪşěòůŪěŁĸǹŪĘØŪǹýØóĘǹýıýķýĸŪǹŁĐǹşýķůĸýşØŪěŁĸǹķØùýǹŪŁǹŪĘýǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǿ ěĸđıýǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹǑǏǑǓǹØĸùǹǑǏǑǒǹȡůùěŪýùȢ Executive Directors Base salary £’000 Taxable òýĸýǇŪţ 1 £’000 Pension- related òýĸýǇŪţ 2 £’000 ŁŪØıǹǇƉýùǹ remuneration £’000 Annual bonus 3 £’000 PSP vesting 4 £’000 Total variable remuneration £’000 Total £’000 Total excluding PSP 4 £’000 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2023 Current Executive Directors Ian Hawksworth 747 ǖǐǘ 37 Ǔǐ 131 ǐǑǕ 915 ǗǗǕ 675 Ǘǘǖ – ǐȀǘǓǏ 675 ǑȀǗǒǖ 1,590 ǒȀǖǑǒ ǐȀǖǗǒ ěŪůıǹRŁòØĸŜůŪşØ 536 ǔǏǘ 25 ǑǗ 94 Ǘǘ 655 ǕǑǕ 500 Ǖǔǒ – ǐȀǑǗǗ 500 ǐȀǘǓǐ 1,155 ǑȀǔǕǖ ǐȀǑǖǘ Former Executive Directors Ęşěţǹ©Øşù ǔ – Ǔǐǘ – ǑǗ – ǕǓ – ǔǐǐ – ǔǑǘ – – – ǔǑǘ – ǐȀǏǓǏ ǐȀǏǓǏ ]ěóĘýııýǹ]ó:şØŪĘ Ǖ – Ǖǖ – ǔ – ǐǑ – ǗǓ – ǐǏǐ – ǐȀǏǕǕ – ǐȀǐǕǖ – ǐȀǑǔǐ ǹǐǗǔ ǐǿǹ ŁķŜşěţýţǹķýùěóØıǹěĸţůşØĸóýȀǹŜýşķØĸýĸŪǹĘýØıŪĘǹěĸţůşØĸóýȀǹıěĐýǹØţţůşØĸóýȀǹŪşØƃýıǹěĸţůşØĸóýǹØĸùǹóØşǹØııŁƄØĸóýǹØĸùȌŁşǹòýĸýǇŪțěĸțĮěĸùǹƃØıůýǹŁĐǹóŁķŜØĸƊǹóØşȀǹƄĘýşýǹ ØŜŜıěóØòıýǿ 2. ŁķŜşěţýţǹŜØƊķýĸŪţǹěĸǹıěýůǹŁĐǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸţǹŪŁǹýØóĘǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØĸùȀǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǒȀǹóŁĸŪşěòůŪěŁĸţǹŪŁǹùýǇĸýùǹóŁĸŪşěòůŪěŁĸǹŜıØĸţǹòƊǹĘşěţǹ ©ØşùǹŁĐǹɏǖȀǗǒǒǹØĸùǹòƊǹ]ěóĘýııýǹ]ó:şØŪĘǹŁĐǹɏǐǐȀǕǘǔǿǹ^Łǹ"ěşýóŪŁşǹŜØşŪěóěŜØŪýùǹěĸǹØǹùýǇĸýùǹòýĸýǇŪǹŜýĸţěŁĸǹţóĘýķýǿ ǒǿǹ ØşŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹýØşĸýùǹěţǹùýĐýşşýùǹěĸŪŁǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýţǹŁşǹĸěıțóŁţŪǹŁŜŪěŁĸţǹĐŁşǹŪĘşýýǹƊýØşţȀǹţůòĪýóŪǹŪŁǹĐŁşĐýěŪůşýǹţĘŁůıùǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹ ıýØƃýǹŪĘýǹŁķŜØĸƊǿǹ9ŁşǹǑǏǑǓǹØĸùǹǑǏǑǒȀǹǓǏǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹěţǹùýĐýşşýùǹěĸŪŁǹţĘØşýţǿ 4. ţǹşýŜŁşŪýùǹěĸǹǑǏǑǑǹØĸùǹǑǏǑǒǹØĸùǹţůķķØşěţýùǹěĸǹŪĘýǹŜşŁţŜýóŪůţǹĐŁşǹŪĘýǹķýşđýşǹŪşØĸţØóŪěŁĸǹƄĘěóĘǹƄØţǹØŜŜşŁƃýùǹòƊǹţĘØşýĘŁıùýşţȀǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǹ ƃýţŪýùǹØĐŪýşǹŪĘýǹŜůòıěóØŪěŁĸǹŁĐǹŪĘýǹǑǏǑǑǹĸĸůØıǹýŜŁşŪǹØĸùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒȀǹØĸùǹƄýşýǹŪĘýşýĐŁşýǹşýŞůěşýùǹŪŁǹòýǹěĸóıůùýùǹěĸǹŪĘýǹǑǏǑǒǹ ţěĸđıýǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸȀǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýǹŜşěóýǹŁĸǹŪĘýǹùØŪýǹŁĐǹƃýţŪěĸđǹȡǐǑǓǿǔǹŜýĸóýȢǿǹŁŪØıǹşýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǒǹýƉóıůùěĸđǹŪĘýţýǹ ØķŁůĸŪţǹĘØţǹØıţŁǹòýýĸǹţĘŁƄĸǿǹ"ěƃěùýĸùǹýŞůěƃØıýĸŪţǹĘØƃýǹòýýĸǹěĸóıůùýùǹĐŁşǹØııǹƃýţŪýùǹØƄØşùţȀǹóØıóůıØŪýùǹůţěĸđǹŪĘýǹţØķýǹŜşěóýȀǹŁĸǹØǹşýěĸƃýţŪķýĸŪǹòØţěţǿ ǔǿǹ Ęşěţǹ©ØşùǹĪŁěĸýùǹŪĘýǹŁØşùǹØţǹĘěýĐǹfŜýşØŪěĸđǹfǅóýşǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹØĸùǹıýĐŪǹŪĘýǹŁķŜØĸƊǹŁĸǹǑǑǹ"ýóýķòýşǹǑǏǑǒǿǹAěţǹ şýķůĸýşØŪěŁĸǹĐŁşǹǑǏǑǒǹşýǈýóŪţǹŪĘýǹŜýşěŁùǹĘýǹƄØţǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹØĸùǹùŁýţǹĸŁŪǹěĸóıůùýǹŪĘýǹƃØıůýǹŁĐǹØĸƊǹĘØĐŪýţòůşƊǹWǹţĘØşýţǹƄĘěóĘǹƃýţŪýùǹěĸǹóŁĸĸýóŪěŁĸǹ ƄěŪĘǹŪĘýǹķýşđýşǹòýĐŁşýǹĘýǹĪŁěĸýùǹŪĘýǹŁØşùǿ Ǖǿǹ ]ěóĘýııýǹ]ó:şØŪĘǹţŪýŜŜýùǹùŁƄĸǹØţǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǹØĸùǹşýķØěĸţǹØĸǹýķŜıŁƊýýǹŁĐǹŪĘýǹ:şŁůŜǿǹAýşǹǇƉýùǹŜØƊǹØĸùǹØĸĸůØıǹòŁĸůţǹĐŁşǹǑǏǑǒǹ şýǈýóŪǹŪĘýǹŜýşěŁùǹţĘýǹƄØţǹěĸǹşŁıýǹØţǹØĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹØĸùǹŪĘýǹƃØıůýǹŁĐǹĘýşǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţȀǹƄĘěóĘǹƃýţŪýùǹŜşěŁşǹŪŁǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşȀǹĘØţǹòýýĸǹ ţĘŁƄĸǹěĸǹŪĘýǹǑǏǑǒǹǹƃýţŪěĸđǺóŁıůķĸǿ ĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţ Fees £’000 ØƉØòıýǹòýĸýǇŪţ 6 £’000 Total remuneration £’000 2024 2023 2024 2023 2024 2023 Current Non–executive Directors RŁĸØŪĘØĸǹ^ěóĘŁııţ ǐ 314 ǑǔǏ 4 4 318 ǑǔǓ ěóĘØşùǹĮýşţ ǐ 110 ǖǘ 1 – 111 ǖǘ ůŪĘǹĸùýşţŁĸ ǐ 95 ǖǖ – – 95 ǖǖ ]ØùýıýěĸýǹŁţđşØƃý 2 33 – – – 33 – Sian Westerman 2 27 – – – 27 – Former Non–executive Directors Charlotte Boyle ǒȀǔ 56 ǐǒǐ – – 56 ǐǒǐ Helena Coles ǐǿǒ 7 ǕǗ – – 7 ǕǗ ĸŪĘŁĸƊǹŪýØěĸţ ǒȀǔ 7 ǐǑǒ – Ǔǘ 7 ǐǖǑ Rýĸĸýııýǹěııěĸđ ǐȀǒ 7 ǖǖ – 2 7 ǖǘ Henry Staunton ǓȀǔ – ǐǏǐ – 2 – ǐǏǒ RŁĸØŪĘØĸǹWØĸý ǓȀǔ – ǖǔ – – – ǖǔ ǐǿǹ RŁĸØŪĘØĸǹ^ěóĘŁııţȀǹěóĘØşùǹĮýşţȀǹůŪĘǹĸùýşţŁĸȀǹRýĸĸýııýǹěııěĸđǹØĸùǹAýıýĸØǹŁıýţǹƄýşýǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿ 2. ]ØùýıýěĸýǹŁţđşØƃýǹƄØţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǐǹůđůţŪǹǑǏǑǓǿǹěØĸǹ©ýţŪýşķØĸǹƄØţǹØŜŜŁěĸŪýùǹŪŁǹŪĘýǹŁØşùǹŁĸǹǐǹýŜŪýķòýşǹǑǏǑǓǿ ǒǿǹ AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǿǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǒǐǹůđůţŪǹ 2024. 4. AýĸşƊǹŪØůĸŪŁĸǹØĸùǹRŁĸØŪĘØĸǹWØĸýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹŁĸǹǕǹ]ØşóĘǹǑǏǑǒǿǹ ǔǿǹ ţǹùěţóıŁţýùǹěĸǹıØţŪǹƊýØşȬţǹşýŜŁşŪȀǹěĸǹşýóŁđĸěŪěŁĸǹŁĐǹŪĘýǹěĸóşýØţýùǹƄŁşĮıŁØùǹŜıØóýùǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹóŁķŜıýŪěĸđǹŪĘýǹķýşđýşȀǹěĸǹǑǏǑǒǹØùùěŪěŁĸØıǹŁĸýțŁǄǹ ŜØƊķýĸŪţǹƄýşýǹķØùýǹØţǹĐŁııŁƄţȁǹAýĸşƊǹŪØůĸŪŁĸǹɏǓǘȀǔǏǏȀǹĘØşıŁŪŪýǹŁƊıýǹɏǒǗȀǏǏǏȀǹRŁĸØŪĘØĸǹWØĸýǹɏǔǘȀǔǏǏȀǹØĸùǹĸŪĘŁĸƊǹŪýØěĸţǹɏǒǗȀǏǏǏǿǹĘýţýǹØķŁůĸŪţǹƄýşýǹòØţýùǹ ŁĸǹØǹóŁĸţýşƃØŪěƃýǹýţŪěķØŪýǹŁĐǹŪĘýǹØùùěŪěŁĸØıǹŪěķýǹóŁķķěŪŪýùǹŪŁǹŪĘýǹŁķŜØĸƊȬţǹØǄØěşţǹŁĸǹØǹŪýķŜŁşØşƊǹòØţěţǿ Ǖǿǹ ŁķŜşěţýţǹķýùěóØıǹěĸţůşØĸóýǹØĸùǹŪşØƃýıǹýƉŜýĸţýţǹşýıØŪěĸđǹŪŁǹŁØşùǹķýýŪěĸđǹØŪŪýĸùØĸóýǹƄĘýşýǹŪĘýţýǹØşýǹŪØƉØòıýȀǹŁşǹƄŁůıùǹòýǹěĐǹŪĘýǹ"ěşýóŪŁşǹƄýşýǹşýţěùýĸŪǹěĸǹŪĘýǹUǹĐŁşǹ ŪØƉǹŜůşŜŁţýţǿǹ©ĘýşýǹØŜŜıěóØòıýȀǹŪĘýǹŁķŜØĸƊǹŜØƊţǹŪĘýǹŪØƉǹŜØƊØòıýǹŁĸǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹýƉŜýĸţýţǹØţǹŪĘýƊǹØşýǹěĸóůşşýùǹěĸǹŪĘýǹĐůıǇıķýĸŪǹŁĐǹ"ěşýóŪŁşţȬǹùůŪěýţǿ 152 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ 2.2 Annual bonus outcomes for 2024 (Audited) fŜŜŁşŪůĸěŪƊ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹĘØùǹŪĘýǹŁŜŜŁşŪůĸěŪƊǹŪŁǹýØşĸǹòŁĸůţýţǹŁĐǹůŜǹŪŁǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹŜýşĐŁşķØĸóýǹěĸǹǑǏǑǓǿǹǓǏǹŜýşǹóýĸŪǹŁĐǹŪĘýǹ ŪŁŪØıǹØķŁůĸŪǹŁĐǹØĸƊǹòŁĸůţǹýØşĸýùǹěţǹùýĐýşşýùǹĐŁşǹŪĘşýýǹƊýØşţȀǹţůòĪýóŪǹŪŁǹĐŁşĐýěŪůşýǹţĘŁůıùǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹıýØƃýǹŪĘýǹŁķŜØĸƊǿ ýşĐŁşķØĸóýǹķýØţůşýţǹØĸùǹŪØşđýŪţ ŁĸůţýţǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄýşýǹòØţýùǹǖǔǹŜýşǹóýĸŪǹŁĸǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýȀǹØĸùǹǑǔǹŜýşǹóýĸŪǹŁĸǹěĸùěƃěùůØıǹ performance. 9ěĸØĸóěØıǹķýØţůşýţȁǹĘýǹǑǏǑǓǹòŁĸůţǹěĸóıůùýùǹŪĘşýýǹǇĸØĸóěØıǹķýØţůşýţǹƄěŪĘǹŪĘýǹĐŁııŁƄěĸđǹƄýěđĘŪěĸđţȁ ȟ &ǹ^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹĘØşýǹȡǑǔȌǖǔȢ ȟ ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹĘØşýǹȡǒǏȌǖǔȢ ȟ ýıØŪěƃýǹŁŪØıǹşŁŜýşŪƊǹýŪůşĸǹȡǑǏȌǖǔȢ ^ŁĸțǇĸØĸóěØıǹķýØţůşýţȁǹĘýǹŁķķěŪŪýýǹØţţýţţýùǹěĸùěƃěùůØıǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹØǹţýŪǹŁĐǹĸŁĸțǇĸØĸóěØıǹŁòĪýóŪěƃýţǹƄĘěóĘǹØıěđĸǹƄěŪĘǹ ŪĘýǹŁķŜØĸƊȬţǹŁòĪýóŪěƃýţǹŁůŪıěĸýùǹŁĸǹŜØđýţǹǐǕǹØĸùǹǐǖǹŁĐǹŪĘěţǹĸĸůØıǹýŜŁşŪǿǹǹţůķķØşƊǹŁĐǹŪĘýǹØóĘěýƃýķýĸŪǹØđØěĸţŪǹŪĘýǹ"ěşýóŪŁşţȬǹ ĸŁĸțǇĸØĸóěØıǹŁòĪýóŪěƃýţǹěţǹţýŪǹŁůŪǹŁĸǹŜØđýţǹǐǔǒǹŪŁǹǐǔǓǿ fůŪóŁķýǹŁĐǹǑǏǑǓǹØĸĸůØıǹòŁĸůţǹŜýşĐŁşķØĸóýǹķýØţůşýţǹȡůùěŪýùȢ ĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹŪĘØŪǹØŜŜıěýùǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹØĸùǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹ ŪĘýķǹØşýǹţýŪǹŁůŪǹòýıŁƄȁǹ Performance measure Weighting Target range Actual performance % of bonus opportunity awarded (out of 100%) ĘşýţĘŁıù ȡǐǏɬǹŜØƊŁůŪȢ Target ȡǔǏɬǹŜØƊŁůŪȢ ]ØƉěķůķ ȡǐǏǏɬǹŜØƊŁůŪȢ ^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹţĘØşý ǑǔȌǖǔ ǐǘǏǿǏŜ ǐǘǔǿǏŜ ǑǏǔǿǏŜ 200.2p 76% ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹţĘØşý ǒǏȌǖǔ ǒǿǘŜ ǓǿǐŜ ǓǿǔŜ 4.0p 30% Relative Total Property Return ǑǏȌǖǔ &ŞůØıǹŪŁǹ]Dǹ ŁŪØıǹýŪůşĸǹııțǹ şŁŜýşŪƊǹěĸùýƉ fůŪŜýşĐŁşķØĸóýǹŁĐǹ Ǐǿǔɬ fůŪŜýşĐŁşķØĸóýǹŁĐǹ ǐǿǔɬ fůŪŜýşĐŁşķØĸóýǹŁĐǹ ǏǿǕɬ 55% ^ŁĸțǇĸØĸóěØıǹŁòĪýóŪěƃýţ Ǒǔɬ "ěţóıŁţůşýǹŁĐǹŁòĪýóŪěƃýţǹØĸùǹŪĘýěşǹØóĘěýƃýķýĸŪǹěţǹţýŪǹŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđý 85-93% Total bonus 60.25-62.25% ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţ ĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹţýŪǹĐŁşǹŪĘýǹƊýØşǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹƄØţǹòýŪƄýýĸǹ ŪĘýǹŪØşđýŪǹØĸùǹķØƉěķůķǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹĐŁşǹǹØĸùǹ&ǹ^ȀǹØĸùǹůĸùýşıƊěĸđǹ&ǹŜýşĐŁşķØĸóýǹƄØţǹòýŪƄýýĸǹŪĘşýţĘŁıùǹØĸùǹ ŪØşđýŪǿǹóóŁşùěĸđıƊȀǹǔǑǹŜýşǹóýĸŪǹŁĐǹķØƉěķůķǹòýóŁķýţǹŜØƊØòıýǹŪŁǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹěĸǹşýţŜýóŪǹŁĐǹŪĘýǹǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹ ķýØţůşýţǿǹ^ŁǹùěţóşýŪěŁĸǹƄØţǹØŜŜıěýùǹòƊǹŪĘýǹŁķķěŪŪýýǹŪŁǹØùĪůţŪǹŪĘýǹĐŁşķůıØěóǹŁůŪóŁķýţǿ ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹĸŁĸțǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţ ĘýǹŁķķěŪŪýýǹţýŪǹóıýØşǹĸŁĸțǇĸØĸóěØıǹķýØţůşýţǹĐŁşǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşȀǹƄĘěóĘǹƄýşýǹţŜıěŪǹěĸŪŁǹǇƃýǹóØŪýđŁşěýţǹóŁƃýşěĸđǹţŪşØŪýđěóǹ òůţěĸýţţǹŜşěŁşěŪěýţǿǹĘýǹşýıØŪěƃýǹƄýěđĘŪěĸđǹŁĐǹŪĘýǹóØŪýđŁşěýţǹƃØşěýùǹşýǈýóŪěĸđǹŪĘýǹĸØŪůşýǹŁĐǹýØóĘǹşŁıýǿǹĐŪýşǹŪĘýǹƊýØşǹýĸùȀǹŪĘýǹ ŁķķěŪŪýýǹóŁĸţěùýşýùǹŪĘýǹŜýşĐŁşķØĸóýǹŁĐǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØđØěĸţŪǹŪĘýěşǹĸŁĸțǇĸØĸóěØıǹŪØşđýŪţǹĐŁşǹǑǏǑǓǿǹǹţůķķØşƊǹŁĐǹŪĘýǹ ØţţýţţķýĸŪǹŁĐǹŜýşĐŁşķØĸóýǹØđØěĸţŪǹŪĘýţýǹŁòĪýóŪěƃýţǹØĸùǹŪĘýǹĮýƊǹØóĘěýƃýķýĸŪţǹěĸǹŪĘýǹƊýØşǹěţǹţýŪǹŁůŪǹŁĸǹŪĘýǹĐŁııŁƄěĸđǹŜØđýǿ 153Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report ýşĐŁşķØĸóýǹØđØěĸţŪǹǑǏǑǓǹĸŁĸțǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹȡóŁĸŪěĸůýùȢ Area Director Achievements Ian Hawksworth Situl Jobanputra Corporate ǑǕȌǒǏ ǑǓȌǑǔ ȟ şŁđşýţţǹŁĸǹùýıěƃýşěĸđǹŁĸǹŁķŜØĸƊǹŜşěŁşěŪěýţǹØĸùǹķýùěůķțŪýşķǹŪØşđýŪţ ȟ "ýıěƃýşýùǹýƉŪýĸţěƃýǹěĸƃýţŪŁşǹşýıØŪěŁĸţǹŜşŁđşØķķýǹěĸóıůùěĸđǹşýţůıŪţǹŜşýţýĸŪØŪěŁĸţȀǹƄýòóØţŪţȀǹ şŁØùţĘŁƄţȀǹěĸùůţŪşƊǹóŁĸĐýşýĸóýţȀǹØĸùǹěĸƃýţŪŁşǹØĸùǹķýùěØǹŜŁşŪĐŁıěŁǹŪŁůşţ ȟ &ƉýóůŪěŁĸǹŁĐǹŁķŜØĸƊǹţŪşØŪýđƊǹƄěŪĘǹØŜŜşŁŜşěØŪýǹşýţŜŁĸţěòěıěŪěýţǹØķŁĸđţŪǹŪĘýǹýƉýóůŪěƃýǺŪýØķ ȟ "ýƃýıŁŜķýĸŪǹŁĐǹĸýƄǹĸŁĸțǇĸØĸóěØıǹUDţǹ ȟ &ǄýóŪěƃýǹşěţĮǹķØĸØđýķýĸŪ People/ Positive impact ǐǖȌǑǏ ǐǑǿǔȌǐǑǿǔ ȟ ]ŁŪěƃØŪýùǹŪĘýǹŪýØķǹŪĘşŁůđĘŁůŪǹØǹŜýşěŁùǹŁĐǹţěđĸěǇóØĸŪǹóĘØĸđýȀǹùýıěƃýşěĸđǹýƉóýııýĸŪǹ performance against strategy ȟ ŁţěŪěƃýǹşýţůıŪţǹŁĐǹýķŜıŁƊýýǹţůşƃýƊȀǹØòŁƃýǹòýĸóĘķØşĮǹØĸùǹěĸǹıěĸýǹƄěŪĘǹŜýýşţȀǹƄěŪĘǹØĸǹØóŪěŁĸǹ ŜıØĸǹùýƃýıŁŜýùǹŪŁǹØùùşýţţǹţŜýóěǇóǹØşýØţǹěùýĸŪěǇýù ȟ "ýıěƃýşƊǹŁĐǹıýØùýşţĘěŜǹØĸùǹùýƃýıŁŜķýĸŪǹŜşŁđşØķķýţȀǹùýƃýıŁŜěĸđǹŪØıýĸŪǹØóşŁţţǹŪĘýǹòůţěĸýţţ ȟ "ýƃýıŁŜķýĸŪǹŁĐǹŜŁţěŪěƃýǹØĸùǹŜşŁđşýţţěƃýǹƄŁşĮěĸđǹóůıŪůşýǹØĸùǹýĸƃěşŁĸķýĸŪȀǹØĸùǹķŁùýııěĸđǹ òýĘØƃěŁůşǹěĸǹıěĸýǹƄěŪĘǹŁķŜØĸƊǹƃØıůýţǹ ȟ "ýƃýıŁŜķýĸŪǹŁĐǹţýĸěŁşǹıýØùýşţĘěŜǹŪýØķǹØĸùǹţůóóýţţěŁĸǹŜıØĸĸěĸđ ȟ ŁķŜıýŪěŁĸǹŁĐǹţýıĐțùýƃýıŁŜķýĸŪǹěĸěŪěØŪěƃýţ Financial ǐǖȌǑǏ ǑǑǿǔȌǑǔ ȟ "ýıěƃýşýùǹǐǕǹŜýşǹóýĸŪǹđşŁƄŪĘǹěĸǹůĸùýşıƊěĸđǹýØşĸěĸđţǹŪĘşŁůđĘǹşýĸŪØıǹđşŁƄŪĘǹØĸùǹóŁţŪǹ ýǅóěýĸóěýţȀǹşýţůıŪěĸđǹěĸǹØǹŜşŁđşýţţěƃýǹùěƃěùýĸùǹ ȟ DĸěŪěØıǹóŁţŪǹşýùůóŪěŁĸǹŪØşđýŪǹØóĘěýƃýùǹØĸùǹŁŜŜŁşŪůĸěŪěýţǹĐŁşǹĐůşŪĘýşǹýǅóěýĸóěýţǹěùýĸŪěǇýùȀǹŪŁǹ òýǹěķŜıýķýĸŪýùǹŁƃýşǹŪěķý ȟ ŁķŜıýŪěŁĸǹŁĐǹØǹĸýƄǹɏǖǔǹķěııěŁĸǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪƊȂǹŁĸýțƊýØşǹýƉŪýĸţěŁĸǹŁŜŪěŁĸǹŁĸǹ ŪĘýǹɏǒǔǏǹķěııěŁĸǹţýĸěŁşǹůĸţýóůşýùǹıŁØĸǹĐØóěıěŪěýţǹýƉýşóěţýùȂǹØĸùǹşýǇĸØĸóěĸđǹŁĐǹɏǒǏǏǹķěııěŁĸǹ şýƃŁıƃěĸđǹóşýùěŪǹĐØóěıěŪƊȀǹýĸĘØĸóěĸđǹıěŞůěùěŪƊǹØĸùǹýƉŪýĸùěĸđǹķØŪůşěŪƊǹŜşŁǇıý ȟ &ǅóěýĸŪǹşýţŜŁĸţýǹŪŁǹ9ǹıýŪŪýş Portfolio management/ Transactions, performance & technology ǐǕȌǑǏ ǑǑǿǔȌǑǔ ȟ "ýıěƃýşýùǹýƉóýııýĸŪǹıýØţěĸđǹØĸùǹØţţýŪǹķØĸØđýķýĸŪǹØóŪěƃěŪƊǹşýţůıŪěĸđǹěĸǹǖǿǖǹŜýşǹóýĸŪǹ&¨ǹ đşŁƄŪĘǹØĸùǹǓǿǔǹŜýşǹóýĸŪǹƃØıůØŪěŁĸǹđşŁƄŪĘǹ ȟ ǓǖǒǹıýØţěĸđǹŪşØĸţØóŪěŁĸţȀǹşýŜşýţýĸŪěĸđǹɏǓǗǿǖǹķěııěŁĸǹŁĐǹşýĸŪȀǹóŁķŜıýŪýùǹǘǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹ "ýóýķòýşǹǑǏǑǒǹ&¨ǹØĸùǹǐǓǹŜýşǹóýĸŪǹØĘýØùǹŁĐǹŜşýƃěŁůţǹŜØţţěĸđǹşýĸŪǹ ȟ AěđĘǹŁóóůŜØĸóƊǹķØěĸŪØěĸýùǹØóşŁţţǹŪĘýǹŜŁşŪĐŁıěŁǹƄěŪĘǹŁĸıƊǹǑǿǕǹŜýşǹóýĸŪǹŁĐǹ&¨ǹØƃØěıØòıýǹŪŁǺıýŪ ȟ ɏǐǔǗǹķěııěŁĸǹùěţŜŁţØıǹŜşŁóýýùţǹşýØıěţýùȀǹƄěŪĘǹɏǗǒǹķěııěŁĸǹşýěĸƃýţŪýùǹěĸǹţŪşØŪýđěóǹØóŞůěţěŪěŁĸţǹ improving the quality of the portfolio ȟ ØıýǹŁĐǹǔǏǹŜýşǹóýĸŪǹěĸŪýşýţŪǹěĸǹWŁĸđķØşŪěĸǹŪŁǹŁůşǹØţţŁóěØŪýǹŜØşŪĸýşǹĐŁşǹĸýŪǹóØţĘǹóŁĸţěùýşØŪěŁĸǹ ŁĐǹɏǘǓǹķěııěŁĸ ȟ WØůĸóĘǹŁĐǹóůţŪŁķýşǹţůşƃýƊǹƄěŪĘǹŁůŪŜůŪţǹĐŁóůţýùǹŁĸǹŜşŁƃěùěĸđǹýƉóýııýĸŪǹţýşƃěóýǹŪŁǹ ŁůşǺóůţŪŁķýşţ ȟ ]ØĸØđýķýĸŪǹŁĐǹýƉŪýşĸØıǹţůŜŜıěýşǹŜýşĐŁşķØĸóý ȟ "ýıěƃýşýùǹķØŪýşěØıǹěķŜşŁƃýķýĸŪţǹěĸǹùØŪØǹķØĸØđýķýĸŪǹØĸùǹşýŜŁşŪěĸđ ȟ ŁķŜıýŪýùǹěĸŪýđşØŪěŁĸǹŁĐǹŜşýțķýşđýşǹǇĸØĸóýǹţƊţŪýķţ ESG ǘȌǐǏ ǐǐǿǔȌǐǑǿǔ ȟ ĘØķŜěŁĸýùǹŁķŜØĸƊțƄěùýǹţůŜŜŁşŪǹŁĐǹ&ǹØĸùǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđěýţǹØĸùǹ ŜØşŪěóěŜØŪýùǹěĸǹěĸěŪěØŪěƃýţǹùůşěĸđǹŪĘýǹƊýØşǹ ȟ WØůĸóĘýùǹĸýƄǹŁķķůĸěŪƊǹDĸƃýţŪķýĸŪǹŪşØŪýđƊǹØĸùǹŜşŁƃěùýùǹóŁķķůĸěŪƊǹóŁĸŪşěòůŪěŁĸţǹƄěŪĘǹØǹ ƃØıůýǹŁĐǹɏǏǿǘǹķěııěŁĸ ȟ óĘěýƃýùǹşýțƃØıěùØŪěŁĸǹŁĐǹ^ýŪǹ¸ýşŁǹØşòŁĸǹŪØşđýŪţ ȟ ŁţěŪěƃýǹĐýýùòØóĮǹĐşŁķǹǑǏǑǓǹŁØşùǹýƃØıůØŪěŁĸ Total 85/100 93/100 ĘýǹǇĸØĸóěØıǹØĸùǹĸŁĸțǇĸØĸóěØıǹŁůŪóŁķýţǹĘØƃýǹşýţůıŪýùǹěĸǹòŁĸůţýţǹŁĐǹòýŪƄýýĸǹǕǏǿǑǔɬǹØĸùǹǕǑǿǑǔɬǹŁĐǹķØƉěķůķǹĐŁşǹǑǏǑǓǿǹĘýǹ ŁķķěŪŪýýǹòýıěýƃýţǹŪĘěţǹěţǹØǹĐØěşǹşýǈýóŪěŁĸǹŁĐǹŪĘýǹŁƃýşØııǹŜýşĐŁşķØĸóýǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹùůşěĸđǹŪĘýǹƊýØşǿ ůķķØşƊǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹØĸĸůØıǹòŁĸůţýţǹȡůùěŪýùȢ Executive Director Cash 60% Deferred shares 40% Total Ian Hawksworth ɏǓǏǔȀǏǕǏ ɏǑǖǏȀǏǓǐ £675,101 ěŪůıǹRŁòØĸŜůŪşØ ɏǒǏǏȀǑǘǓ ɏǑǏǏȀǐǘǕ £500,490 154 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ ǑǿǒǹØƊķýĸŪţǹĐŁşǹıŁţţǹŁĐǹŁǅóýǹȡůùěŪýùȢ "ůşěĸđǹǑǏǑǓȀǹŜØƊķýĸŪţǹŪŁŪØııěĸđǹɏǕǔǓȀǑǘǕǹƄýşýǹŜØěùǹŪŁǹĘşěţǹ©ØşùȀǹŪĘýǹ:şŁůŜȬţǹĐŁşķýşǹĘěýĐǹfŜýşØŪěĸđǹfǅóýşȀǹòƊǹƄØƊǹŁĐǹŜØƊķýĸŪǹ ěĸǹıěýůǹŁĐǹţØıØşƊǹØĸùǹóýşŪØěĸǹóŁĸŪşØóŪůØıǹòýĸýǇŪţǹȡěĸóıůùěĸđǹŜýĸţěŁĸȀǹóØşǹØııŁƄØĸóýȀǹıěĐýǹěĸţůşØĸóýȀǹĘýØıŪĘǹěĸţůşØĸóýȀǹùýØŪĘǹěĸǹţýşƃěóýǹ ŜýĸţěŁĸǹØĸùǹŪşØƃýıǹěĸţůşØĸóýȢǹěĸǹşýţŜýóŪǹŁĐǹĘěţǹǐǑǹķŁĸŪĘǹĸŁŪěóýǹŜýşěŁùǹȡóŁķķýĸóěĸđǹŁĸǹǐǑǹ"ýóýķòýşǹǑǏǑǒȢǿǹAýǹƄØţǹØıţŁǹŜØěùǹ ɏǑǏȀǏǏǏǹěĸǹıěýůǹŁĐǹĘěţǹØóóşůýùǹòůŪǹůĸŪØĮýĸǹĘŁıěùØƊǿ 2.4 Payments to previous Directors (Audited) "ůşěĸđǹǑǏǑǓȀǹĸŁǹŜØƊķýĸŪţǹƄýşýǹķØùýǹŪŁǹŜşýƃěŁůţǹ"ěşýóŪŁşţǹŪĘØŪǹĐØııǹƄěŪĘěĸǹŪĘýǹùěţóıŁţůşýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹýđůıØŪěŁĸţǿ Directors’ share ownership and share interests 2.5 PSP and deferred bonus awards granted in 2024 (Audited) ǑǏǑǓǹǹØƄØşùţ fĸǹǑǏǹ]ØşóĘǹǑǏǑǓȀǹŪĘýǹĐŁııŁƄěĸđǹǹØƄØşùţȀǹţŪşůóŪůşýùǹØţǹĸěıțóŁţŪǹŁŜŪěŁĸţȀǹƄýşýǹđşØĸŪýùǹŪŁǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȁ Scheme Market price on date of grant 1 Basis of award Number of awards Face value of awards Percentage vesting at threshold 2 Performance period end 3 Ian Hawksworth PSP – ĸěıțóŁţŪǹŁŜŪěŁĸţ ǐǒǑǿǘŜ ǒǏǏɬǹŁĐǹţØıØşƊ ǐȀǕǗǕȀǑǒǏǹ ɏǑȀǑǓǐȀǏǏǏ Ǒǔɬ ǒǐǹ"ýóýķòýşǹ ǑǏǑǕ ěŪůıǹRŁòØĸŜůŪşØ ǐȀǑǏǘȀǘǒǑ ɏǐȀǕǏǗȀǏǏǏ ǐǿǹ ĘýǹØƄØşùţǹƄýşýǹđşØĸŪýùǹØŪǹØǹŜşěóýǹŁĐǹǐǒǑǿǘǹŜýĸóýȀǹòýěĸđǹŪĘýǹŪĘşýýțùØƊǹØƃýşØđýǹţĘØşýǹŜşěóýǹŜşěŁşǹŪŁǹđşØĸŪ 2. ĘşýţĘŁıùǹƃýţŪěĸđǹůĸùýşǹýØóĘǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸǹ ǒǿǹ ĘýǹŜýşĐŁşķØĸóýǹŜýşěŁùǹşůĸţǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǓǹŪŁǹǒǐǹ"ýóýķòýşǹǑǏǑǕ ĘýǹØƄØşùţǹƄěııǹòýóŁķýǹýƉýşóěţØòıýǹŁĸǹǑǏǹ]ØşóĘǹǑǏǑǖǹØĸùǹØşýǹţůòĪýóŪǹŪŁǹŪƄŁǹŜýşĐŁşķØĸóýǹóşěŪýşěØȀǹýØóĘǹƄěŪĘǹØǹǔǏǹŜýşǹóýĸŪǹƄýěđĘŪěĸđȁ Threshold (25%) Maximum (100%) ýıØŪěƃýǹǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏɬȢ ]ýùěØĸ Upper quartile ýıØŪěƃýǹǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏɬȢ ]ýùěØĸ Upper quartile ĘýǹýķůĸýşØŪěŁĸǹŁķķěŪŪýýǹşýŪØěĸţǹŪĘýǹØòěıěŪƊǹŪŁǹýƉýşóěţýǹùŁƄĸƄØşùǹùěţóşýŪěŁĸǹƄĘýĸǹùýŪýşķěĸěĸđǹŪĘýǹƃýţŪěĸđǹŁĐǹŪĘýǹØƄØşùţǿ "ýĐýşşýùǹòŁĸůţǹØƄØşùţ fĸǹǑǏǹ]ØşóĘǹǑǏǑǓȀǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǹƄýşýǹđşØĸŪýùǹŪŁǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǿǹĘýţýǹØƄØşùţǹşýŜşýţýĸŪǹ ŪĘýǹùýĐýşşýùǹýıýķýĸŪǹŁĐǹŪĘýǹØĸĸůØıǹòŁĸůţǹØƄØşùýùǹěĸǹşýţŜýóŪǹŁĐǹǑǏǑǒǹşýŜŁşŪýùǹƄěŪĘěĸǹŪĘýǹŁķŜØĸƊȬţǹǑǏǑǒǹĸĸůØıǹýŜŁşŪǿ Scheme Market price on date of grant 1 Basis of award Number of awards Face value of awards Ian Hawksworth "ýĐýşşýùǹòŁĸůţǹȝ ĸěıțóŁţŪǹŁŜŪěŁĸţ ǐǒǑǿǘŜ ǓǏɬǹŁĐǹǑǏǑǒǹ ØĸĸůØıǹòŁĸůţ ǑǖǏȀǏǒǒ ɏǒǔǗȀǗǖǓ ěŪůıǹRŁòØĸŜůŪşØ ǐǘǕȀǕǐǒ ɏǑǕǐȀǑǘǘ ǐǿǹ ĘýǹØƄØşùţǹƄýşýǹđşØĸŪýùǹØŪǹØǹŜşěóýǹŁĐǹǐǒǑǿǘǹŜýĸóýȀǹòýěĸđǹŪĘýǹŪĘşýýțùØƊǹØƃýşØđýǹţĘØşýǹŜşěóýǹŜşěŁşǹŪŁǹđşØĸŪ 2.6 Outstanding PSP and deferred bonus awards (Audited) fůŪţŪØĸùěĸđǹØƄØşùţǹķØùýǹůĸùýşǹŪĘýǹ ØȢǹĸĸůØıǹǹØƄØşùţ ǐȀǑ Year granted Option price (pence) if any Held at 1 January 2024 Granted during the year Exercised during the year Lapsed during the year Held at 31 December 2024 Exercisable during or between Ian Hawksworth 2024 ^ěı – ǐȀǕǗǕȀǑǒǏ ––ǐȀǕǗǕȀǑǒǏ ǑǏǑǖȝǑǏǒǓ ǑǏǑǒ ^ěı ǐȀǘǑǕȀǓǗǒ –––ǐȀǘǑǕȀǓǗǒ ǑǏǑǕȝǑǏǒǒ ěŪůıǹRŁòØĸŜůŪşØ 2024 ^ěı – ǐȀǑǏǘȀǘǒǑ ––ǐȀǑǏǘȀǘǒǑ ǑǏǑǖȝǑǏǒǓ ǹǑǏǑǒ ^ěı ǐȀǒǗǐȀǖǔǒ –––ǐȀǒǗǐȀǖǔǒ ǑǏǑǕȝǑǏǒǒ Total 3,308,236 2,896,162 – – 6,204,398 ǐǿǹ ůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹŪĘØŪǹØŜŜıƊǹŪŁǹØƄØşùţǹķØùýǹůĸùýşǹŪĘýǹȀǹØţǹţýŪǹŁůŪǹŁĸǹŜØđýǹǐǔǖ 2. ůòĪýóŪǹŪŁǹØǹŪƄŁțƊýØşǹŜŁţŪțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁù 155Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report Value of Executive Director shareholdings and share interests as at 31 December 2024 (Audited) Situl Jobanputra Ian Hawksworth Actual holding as a % of base salary Deferred bonus (net of tax) as a % of base salary Shareholding guideline 433% 267% Directors’ shareholdings (including connected persons) – 2024 and 2023 (Audited) 2024 Number 2023 Number Executive Director Ian Hawksworth ǐ 2,245,623 ǑȀǐǔǕȀǖǒǔ ěŪůıǹRŁòØĸŜůŪşØ ǐ 910,779 ǘǐǏȀǖǖǘ Non–executive Director RŁĸØŪĘØĸǹ^ěóĘŁııţ 192,970 ǐǘǑȀǘǖǏ ěóĘØşùǹĮýşţ 133,550 ǐǒǒȀǔǔǏ ůŪĘǹĸùýşţŁĸ 16,780 ǐǕȀǖǗǏ ]ØùýıýěĸýǹŁţđşØƃý – ^Ȍ Sian Westerman – ^Ȍ Former Director Charlotte Boyle 2 15,052 ǐǔȀǏǔǑ Helena Coles 2 20,136 ǑǏȀǐǒǕ ĸŪĘŁĸƊǹŪýØěĸţ 2 – – Rýĸĸýııýǹěııěĸđ 2 41,950 ǓǐȀǘǔǏ ǐǿ &ƉóıůùýţǹùýĐýşşýùǹòŁĸůţǹØƄØşùţǿ 2. AýıýĸØǹŁıýţȀǹĸŪĘŁĸƊǹŪýØěĸţǹØĸùǹRýĸýııýǹěııěĸđǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹ ŁØşùǹŁĸǹǒǐǹRØĸůØşƊǹǑǏǑǓǹØĸùǹĘØşıŁŪŪýǹŁƊıýǹţŪýŜŜýùǹùŁƄĸǹĐşŁķǹŪĘýǹŁØşùǹ ŁĸǹǒǐǹůđůţŪǹǑǏǑǓǿǹĘýěşǹţĘØşýĘŁıùěĸđţǹØşýǹţŪØŪýùǹØţǹØŪǹŪĘýǹùØŪýǹŁĐǹóýØţěĸđǹŪŁǹ òýǹØǹ"ěşýóŪŁşǹŁĐǹŪĘýǹŁķŜØĸƊǿ òȢǹ"ýĐýşşýùǹòŁĸůţǹØƄØşùţ Year granted Option price (pence) if any Held at 1 January 2024 Granted during the year Exercised during the year Lapsed during the year Held at 31 December 2024 Exercisable during or between Ian Hawksworth 2024 ^ěı – ǑǖǏȀǏǒǒ ––ǑǖǏȀǏǒǒ ǑǏǑǖȝǑǏǒǓ ǑǏǑǒ ^ěı ǒǔǕȀǗǕǓ –––ǒǔǕȀǗǕǓ ǑǏǑǕȝǑǏǒǒ ěŪůıǹRŁòØĸŜůŪşØ 2024 ^ěı – ǐǘǕȀǕǐǒ ––ǐǘǕȀǕǐǒ ǑǏǑǖȝǑǏǒǓ ǑǏǑǒ ^ěı ǑǒǖȀǏǑǒ –––ǑǒǖȀǏǑǒ ǑǏǑǕȝǑǏǒǒ Total 593,887 466,646 1,060,533 2.7 Statement of Directors’ shareholdings and share interests (Audited) ØȢǹ"ěşýóŪŁşţȬǹţĘØşýĘŁıùěĸđţ ĘýǹòýĸýǇóěØıǹěĸŪýşýţŪţǹěĸǹŪĘýǹţĘØşýţǹŁĐǹŪĘýǹŁķŜØĸƊǹĐŁşǹýØóĘǹ"ěşýóŪŁşǹƄĘŁǹţýşƃýùǹùůşěĸđǹŪĘýǹǑǏǑǓǹǇĸØĸóěØıǹƊýØşȀǹØţǹØŪǹŪĘýǹıØŪýşǹ ŁĐǹóýţţØŪěŁĸǹŁĐǹòýěĸđǹØǹ"ěşýóŪŁşǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡØĸùǹƄĘěóĘǹØşýǹůĸóĘØĸđýùǹØţǹØŪǹǑǕǹ9ýòşůØşƊǹǑǏǑǔȀǹòýěĸđǹØǹùØŪýǹĸŁŪǹķŁşýǹ ŪĘØĸǹŁĸýǹķŁĸŪĘǹòýĐŁşýǹŪĘýǹùØŪýǹŁĐǹŪĘýǹ^ŁŪěóýǹŁĐǹǑǏǑǔǹĸĸůØıǹ:ýĸýşØıǹ]ýýŪěĸđȢȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄǿǹĘýǹĘěýĐǹ&ƉýóůŪěƃýǹ ěţǹşýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊǹØĸùǹŪĘýǹĘěýĐǹ9ěĸØĸóěØıǹfǅóýşǹěţǹ şýŞůěşýùǹŪŁǹØóĘěýƃýǹØǹţĘØşýĘŁıùěĸđǹěĸǹŪĘýǹŁķŜØĸƊǹýŞůěƃØıýĸŪǹŪŁǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹòØţýǹţØıØşƊȀǹŪŁǹòýǹØóĘěýƃýùǹòƊǹşýŪØěĸěĸđǹØŪǹıýØţŪǹǔǏǹ ŜýşǹóýĸŪǹŁĐǹØĸƊǹƃýţŪýùǹţĘØşýǹØƄØşùţǹȡĸýŪǹŁĐǹŪØƉȢǿǹ ĘýşýǹěţǹØǹŜŁţŪțóýţţØŪěŁĸǹţĘØşýĘŁıùěĸđǹşýŞůěşýķýĸŪǹŁĐǹǑǏǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊǹĐŁşǹØııǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹóØŜŪůşěĸđǹƃýţŪýùǹØĸĸůØıǹ òŁĸůţǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǑǹȡěĸǹşýţŜýóŪǹŁĐǹǑǏǑǐȢǹØĸùǹØııǹǹØƄØşùţǹķØùýǹĐşŁķǹǐǹRØĸůØşƊǹǑǏǑǐǿ ĘýǹóůşşýĸŪǹţĘØşýĘŁıùěĸđţǹŁĐǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹØĸùǹŪĘýěşǹƃØıůýǹòØţýùǹŁĸǹØǹţĘØşýǹŜşěóýǹŁĐǹǐǑǔǿǔǹŜýĸóýȀǹòýěĸđǹŪĘýǹŜşěóýǹŁĐǹ ØǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýǹŁĸǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡòýěĸđǹŪĘýǹıØţŪǹùØƊǹĐŁşǹŪşØùěĸđǹùůşěĸđǹŪĘýǹƊýØşȢȀǹØşýǹěııůţŪşØŪýùǹěĸǹŪĘýǹŪØòıýǹ òýıŁƄǿǹĘýǹţĘØşýţǹƄĘěóĘǹØşýǹěĸóıůùýùǹěĸǹŪĘýţýǹĘŁıùěĸđţǹØşýȁǹŪĘŁţýǹĘýıùǹòýĸýǇóěØııƊǹòƊǹŪĘýǹ"ěşýóŪŁşȀǹŪĘýěşǹţŜŁůţýǹŁşǹùýŜýĸùýĸŪǹĐØķěıƊǹ ķýķòýşţȂǹţĘØşýţǹĘýıùǹƄěŪĘěĸǹDţȀǹ&ţǹŁşǹŜýĸţěŁĸţȂǹţĘØşýţǹŪĘØŪǹØşýǹţůòĪýóŪǹŪŁǹØǹŜşýțƃýţŪěĸđǹĘŁıùěĸđǹŜýşěŁùȀǹţůóĘǹØţǹùýĐýşşýùǹòŁĸůţȂǹ ØĸùǹƃýţŪýùǹòůŪǹůĸýƉýşóěţýùǹØƄØşùţǿǹĘýǹıØţŪǹŪĘşýýǹóØŪýđŁşěýţǹØşýǹěĸóıůùýùǹŁĸǹØǹĸýŪțŁĐțŪØƉǹòØţěţǿ 156 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ òȢǹ"ěşýóŪŁşţȬǹţĘØşýǹěĸŪýşýţŪţǹȡůùěŪýùȢ "ýŪØěıţǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţĘØşýǹţóĘýķýǹěĸŪýşýţŪţȀǹěĸóıůùěĸđǹěĸĐŁşķØŪěŁĸǹŁĸǹƃýţŪýùǹØĸùǹůĸƃýţŪýùǹţĘØşýǹØƄØşùţǹŪĘØŪǹşýķØěĸǹ ţůòĪýóŪǹŪŁǹŜýşĐŁşķØĸóýȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ ȡěȢǹůķķØşƊǹŁĐǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹěĸŪýşýţŪţǹěĸǹţĘØşýţǹØĸùǹţĘØşýǹţóĘýķýţ Executive Director Shares held Nil–cost option awards in respect of deferred bonus Awards no longer subject to performance conditions Nil–cost option awards subject to performance conditions Total Ian Hawksworth ǑȀǑǓǔȀǕǑǒ ǕǑǕȀǗǘǖ – ǒȀǕǐǑȀǖǐǒ 6,485,233 ěŪůıǹRŁòØĸŜůŪşØ ǘǐǏȀǖǖǘ ǓǒǒȀǕǒǕ – ǑȀǔǘǐȀǕǗǔ 3,936,100 Total 3,156,402 1,060,533 – 6,204,398 10,421,333 ĘýǹķØşĮýŪǹŜşěóýǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹţĘØşýţǹŁĸǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹȡòýěĸđǹŪĘýǹıØţŪǹùØƊǹĐŁşǹŪşØùěĸđǹùůşěĸđǹŪĘýǹƊýØşȢǹƄØţǹǐǑǔǿǔǹ ŜýĸóýȀǹØĸùǹùůşěĸđǹŪĘýǹƊýØşǹŪĘýǹŜşěóýǹƃØşěýùǹòýŪƄýýĸǹǐǑǐǿǖǹŜýĸóýǹØĸùǹǐǔǒǿǘǹŜýĸóýǿǹ 2.8 Implementation of the Remuneration Policy in 2025 Salary Ęýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊǿǹ9ŁşǹǑǏǑǔȀǹýǄýóŪěƃýǹĐşŁķǹǐǹRØĸůØşƊȀǹŪĘýǹĘěýĐǹ&ƉýóůŪěƃýǹØĸùǹĘěýĐǹ9ěĸØĸóěØıǹ fǅóýşǹĘØƃýǹşýóýěƃýùǹØĸǹěĸóşýØţýǹŁĐǹǑǿǓǹŜýşǹóýĸŪȀǹƄĘěóĘǹěţǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹƄěùýşǹƄŁşĮĐŁşóýǹěĸóşýØţýǹŁĐǹǑǿǓǹŜýşǹóýĸŪǿ ĘýǹţØıØşěýţǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ &ƉýóůŪěƃýǹ"ěşýóŪŁşǹţØıØşěýţǹȝǹǑǏǑǓǹØĸùǹǑǏǑǔ 2025 2024 Percentage increase Ian Hawksworth ɏǖǕǔȀǏǏǏ ɏǖǓǖȀǏǏǏ 2.4% ěŪůıǹRŁòØĸŜůŪşØ ɏǔǓǘȀǏǏǏ ɏǔǒǕȀǏǏǏ 2.4% ýĸţěŁĸǹØĸùǹòýĸýǇŪţ &ƉýóůŪěƃýǹ"ěşýóŪŁşţǹşýóýěƃýǹØǹŜýĸţěŁĸǹóŁĸŪşěòůŪěŁĸǹŁşǹóØţĘǹØııŁƄØĸóýǹŁĐǹǐǖǿǔǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹƄĘěóĘǹěţǹØıěđĸýùǹƄěŪĘǹŪĘýǹƄŁşĮĐŁşóýǹ óŁĸŪşěòůŪěŁĸǹşØŪýȀǹØĸùǹòýĸýǇŪţǹØţǹùýţóşěòýùǹěĸǹŪĘýǹýķůĸýşØŪěŁĸǹŁıěóƊǹŁĸǹŜØđýǹǐǓǒǿ ĸĸůØıǹòŁĸůţ fŜŜŁşŪůĸěŪƊ ĘýǹØĸĸůØıǹòŁĸůţǹŁŜŜŁşŪůĸěŪƊǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǹĐŁşǹǑǏǑǔǹØŪǹǐǔǏǹŜýşǹóýĸŪǹŁĐǹţØıØşƊȀǹƄěŪĘǹǓǏǹŜýşǹóýĸŪǹŁĐǹØĸƊǹòŁĸůţǹØƄØşùýùǹŪŁǹ òýǹùýĐýşşýùǹěĸŪŁǹţĘØşýţǹĐŁşǹŪĘşýýǹƊýØşţǿ ýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹ 9ŁşǹǑǏǑǔȀǹŪĘýǹŪĘşýýǹǇĸØĸóěØıǹķýØţůşýţǹØĸùǹƄýěđĘŪěĸđţǹƄěııǹşýķØěĸǹůĸóĘØĸđýùǹĐşŁķǹǑǏǑǓǿǹĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹ^ǹŜýşǹţĘØşýȀǹ ĸùýşıƊěĸđǹ&ǹØĸùǹŁŪØıǹşŁŜýşŪƊǹýŪůşĸǹŪŁǹòýǹƄýııǹØıěđĸýùǹƄěŪĘǹţĘØşýĘŁıùýşţȬǹěĸŪýşýţŪţǿ Performance conditions Weighting Description &ǹ^ýŪǹØĸđěòıýǹţţýŪţǹŜýşǹĘØşý ǑǔȌǖǔ ǹĮýƊǹķýØţůşýǹùşěƃěĸđǹŪĘýǹıŁĸđțŪýşķǹŜŁŪýĸŪěØıǹŁĐǹŁůşǹØţţýŪţǹ ĸùýşıƊěĸđǹ&ØşĸěĸđţǹŜýşǹĘØşý ǒǏȌǖǔ ýƄØşùţǹƃØıůýǹđşŁƄŪĘǹěĸǹĸýŪǹşýĸŪØıǹěĸóŁķýǹØţǹƄýııǹØţǹţůóóýţţǹěĸǹķØĸØđěĸđǹ óŁţŪţǿǹ©ýěđĘŪěĸđǹşýǈýóŪţǹŪĘýǹěķŜŁşŪØĸóýǹŁĐǹùýıěƃýşěĸđǹóŁţŪǹţØƃěĸđţǹØĸùǹ ŁŜýşØŪěĸđǹýǅóěýĸóěýţ Relative Total Property Return ǑǏȌǖǔ ýƄØşùţǹŪĘýǹØùùěŪěŁĸØıǹŜŁşŪĐŁıěŁǹƃØıůýǹóşýØŪýùǹòƊǹķØĸØđýķýĸŪǹŁƃýşǹØĸùǹ ØòŁƃýǹØĸƊǹóĘØĸđýţǹěĸǹƃØıůýǹĐşŁķǹŪşØóĮěĸđǹŪĘýǹŜşŁŜýşŪƊǹķØşĮýŪǹØţǹØǹƄĘŁıýȀǹ ØţǹķýØţůşýùǹòƊǹŪĘýǹƄěùýıƊțůţýùǹ]DǹŁŪØıǹýŪůşĸǹııțşŁŜýşŪƊǹDĸùýƉ ĘýǹşýķØěĸěĸđǹǑǔǹŜýşǹóýĸŪǹŁĐǹŪĘýǹòŁĸůţǹƄěııǹòýǹòØţýùǹŁĸǹĸŁĸțǇĸØĸóěØıǹØĸùǹţůţŪØěĸØòěıěŪƊǹŁòĪýóŪěƃýţǿ 157Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report ĘýǹǹŪØşđýŪǹěţǹěĸóıůùýùǹěĸǹŪĘýǹŁķŜØĸƊȬţǹUDţǹŁĸǹŜØđýǹǑǏǿǹĘýǹUDţǹØşýǹěĸǹŜØşŪǹùýŜýĸùýĸŪǹůŜŁĸǹŪĘýǹŁóóůşşýĸóýǹŁĐǹóýşŪØěĸǹ ùěţóşýŪýǹýƃýĸŪţǿǹĘýşýĐŁşýȀǹƄĘěıţŪǹŪĘýǹŁůŪŜýşĐŁşķØĸóýǹŪØşđýŪţǹŪĘØŪǹØŜŜıƊǹŪŁǹŪĘýǹıŁĸđțŪýşķǹěĸóýĸŪěƃýţǹØşýǹùěţóıŁţýùȀǹŪĘýǹŁØşùǹĘØţǹ ùýóěùýùǹŪĘØŪȀǹØţǹŪĘýǹ:şŁůŜǹŁŜýşØŪýţǹěĸǹţŜýóěǇóǹıŁóØŪěŁĸţǹƄěŪĘěĸǹŪĘýǹóŁķŜýŪěŪěƃýǹóýĸŪşØıǹWŁĸùŁĸǹŜşŁŜýşŪƊǹķØşĮýŪȀǹŜşŁţŜýóŪěƃýǹ ùěţóıŁţůşýǹŁĐǹţŜýóěǇóǹţĘŁşŪțŪýşķǹ^ǹØĸùǹ&ǹŪØşđýŪţȀǹŁşǹĸŁĸțǇĸØĸóěØıǹŜýşĐŁşķØĸóýǹŪØşđýŪţȀǹƄŁůıùǹŜşŁƃěùýǹØǹıýƃýıǹŁĐǹěĸĐŁşķØŪěŁĸǹ ŪŁǹóŁůĸŪýşŜØşŪěýţǹŪĘØŪǹóŁůıùǹŜşýĪůùěóýǹŪĘýǹŁķŜØĸƊȬţǹóŁķķýşóěØıǹěĸŪýşýţŪţǿǹĘýǹŁķķěŪŪýýǹƄěııǹŜůòıěţĘǹŪĘýǹŜýşĐŁşķØĸóýǹŪØşđýŪţǹ şýŪşŁţŜýóŪěƃýıƊǹŁĸóýǹŪĘýƊǹĘØƃýǹóýØţýùǹŪŁǹòýǹóŁķķýşóěØııƊǹţýĸţěŪěƃýȀǹƄĘěóĘǹěţǹýƉŜýóŪýùǹŪŁǹòýǹƄĘýĸǹŪĘýǹòŁĸůţǹØķŁůĸŪţǹØşýǹ ùýŪýşķěĸýùǿǹ Further information on the Company’s KPIs can be found on pages 20 to 21. Performance Share Plan ǹØƄØşùţǹŁĐǹǒǏǏǹŜýşǹóýĸŪǹŁĐǹǑǏǑǔǹţØıØşƊǹƄěııǹòýǹķØùýǹŪŁǹýØóĘǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşǹØţǹØƄØşùţǹŁĐǹĸěıțóŁţŪǹŁŜŪěŁĸţǿǹĘýǹŜýşĐŁşķØĸóýǹ óŁĸùěŪěŁĸţǹØĸùǹóŁķŜØşØŪŁşǹđşŁůŜǹŪĘØŪǹƄěııǹØŜŜıƊǹŪŁǹŪĘýţýǹØƄØşùţȀǹØĸùǹØııǹŁůŪţŪØĸùěĸđǹØƄØşùţȀǹØşýǹţýŪǹŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ ýşĐŁşķØĸóýǹóŁĸùěŪěŁĸţǹĐŁşǹǹØƄØşùţ Threshold (25%) Maximum (100%) ǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏǹŜýşǹóýĸŪȢ ]ýùěØĸ Upper quartile ǹƃǹ9&ǹǒǔǏǹ&DţǹȡǔǏǹŜýşǹóýĸŪȢ ]ýùěØĸ Upper quartile ĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹşýķůĸýşØŪěŁĸ ĘýǹŁķķěŪŪýýǹşýƃěýƄţǹŪĘýǹĘØěşķØĸȬţǹĐýýǹØĸùǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹŪĘýǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹěţǹóŁĸţěùýşýùǹòƊǹŪĘýǹŁØşùǿǹĘýǹ ĐýýţǹŜØěùǹŪŁǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşţǹØşýǹşýƃěýƄýùǹØĸĸůØııƊȀǹØıŪĘŁůđĘǹĐýýţǹķØƊǹĸŁŪǹòýǹěĸóşýØţýùǹýƃýşƊǹƊýØşǿǹ 9ŁııŁƄěĸđǹŪĘýǹǑǏǑǓǹşýƃěýƄȀǹěŪǹƄØţǹØđşýýùǹŪĘØŪǹŪĘýǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹĐýýţǹƄŁůıùǹòýǹěĸóşýØţýùǹòƊǹǑǿǔǹŜýşǹóýĸŪȀǹ ƄĘěóĘǹěţǹòşŁØùıƊǹěĸǹıěĸýǹƄěŪĘǹŪĘýǹůĸùýşıƊěĸđǹěĸóşýØţýǹØƄØşùýùǹŪŁǹýķŜıŁƊýýţǿǹĘýǹĐýýţǹƄĘěóĘǹƄěııǹŪØĮýǹýǄýóŪǹĐşŁķǹǐǹ]ØƊǹǑǏǑǔǹØşýǹţýŪǹ ŁůŪǹěĸǹŪĘýǹŪØòıýǹòýıŁƄȁ ǑǏǑǔǹĘØěşķØĸǹØĸùǹ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹşýķůĸýşØŪěŁĸ 2025 2024 Chairman ɏǒǐǖȀǖǔǏ £310,000 ^ŁĸțýƉýóůŪěƃýǹ"ěşýóŪŁşǹòØţěóǹĐýý ɏǕǕȀǕǑǔ £65,000 ŁķķěŪŪýýǹķýķòýş ɏǔȀǐǑǔ £5,000 Committee Chairman ɏǑǏȀǔǏǏ £20,000 ýĸěŁşǹDĸùýŜýĸùýĸŪǹ"ěşýóŪŁş ɏǐǒȀǖǒǔ £13,400 158 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØı Report Pay comparison 2.9 Percentage change in Directors’ remuneration versus employee pay ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹƊýØşțŁĸțƊýØşǹŜýşóýĸŪØđýǹóĘØĸđýǹěĸǹŪĘýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹǒǐǹ "ýóýķòýşǹǑǏǑǒȀǹǒǐǹ"ýóýķòýşǹǑǏǑǑȀǹǒǐǹ"ýóýķòýşǹǑǏǑǐǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǏǹŁĐǹýØóĘǹ"ěşýóŪŁşǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹØƃýşØđýǹƊýØşț ŁĸțƊýØşǹŜýşóýĸŪØđýǹóĘØĸđýǹěĸǹşýķůĸýşØŪěŁĸǹŁĐǹØǹóŁķŜØşØŪŁşǹđşŁůŜǹŁĐǹĘØĐŪýţòůşƊǹØŜěŪØıǹýķŜıŁƊýýţȁ Salary/fees (% change) ýĸýǇŪţǹȡɬǹóĘØĸđýȢ Annual bonus (% change) 2024 2023 1 2022 2021 2020 2024 2023 2 2022 2021 2020 2024 2023 2022 2021 2020 Executive Directors Ian Hawksworth 3.89 ǗǿǑǗ ǒǿǖǔ Ǐǿǖǘ ǑǿǘǑ (9.76) ǒǑǿǑǕ ǐǏǿǖǐ ǖǿǕǘ – (24.75) țǐǏǿǘǑ ǓǑǿǑǒ ^Ȍ ȝǐǏǏ ěŪůıǹRŁòØĸŜůŪşØ 5.30 ǐǔǿǓǑ ǒǿǖǕ ǐǿǕǖ ǖǿǐǗ (10.71) 40.00 ȝǐǕǿǕǖ –4.00 Ǔǿǐǖ (23.43) țǑǿǒǘ ǓǑǿǒǓ ^Ȍ ȝǐǏǏ Non-executive Directors 3 RŁĸØŪĘØĸǹ^ěóĘŁııţ 25.60 ^Ȍ ^Ȍ ^Ȍ ^Ȍ 00.00 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ ěóĘØşùǹĮýşţ 39.24 ^Ȍ ^Ȍ ^Ȍ ^Ȍ 30.90 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ ůŪĘǹĸùýşţŁĸ 23.38 ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ ]ØùýıýěĸýǹŁţđşØƃý N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ Sian Westerman N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍȝ N/A ^Ȍ ^Ȍ ^Ȍ ^Ȍ Average employee 4 6.88 ǐǒǿǑǒ ǐǏǿǒ ǓǿǕǒ ǓǿǘǓ 1.16 ǐǒǿǐǒ Ǒǿǘǔ ǒǏǿǔǐ ǐǑǿǒǓ (23.95) ǒǒǿǕǒ ǑǏǿǘǘ ǔǓǿǐǗ ȝǕǘǿǓǖ ǐǿǹ ĘØĸđýţǹěĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹţØıØşěýţǹěĸǹǑǏǑǒǹşýǈýóŪýùǹŪĘýǹěĸóşýØţýùǹţóŁŜýǹŁĐǹşŁıýţǹĐŁııŁƄěĸđǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǿ 2. ĘØĸđýţǹěĸǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹòýĸýǇŪţǹşýǈýóŪýùǹěĸóıůţěŁĸǹŁĐǹŜýşķØĸýĸŪǹĘýØıŪĘǹěĸţůşØĸóýǹØĸùǹıěĐýǹěĸţůşØĸóýǹěĸǹŪĘýǹǑǏǑǒǹǇđůşýǹěĸǹØùùěŪěŁĸǹŪŁǹŪĘýǹěĸóşýØţýùǹóŁţŪǹŁĐǹ ĘýØıŪĘǹěĸţůşØĸóýǿǹ"ůýǹŪŁǹŪĘýǹşýıØŪěƃýıƊǹţķØııǹƃØıůýţǹŁĐǹŪĘýţýǹØķŁůĸŪţȀǹţķØııǹØòţŁıůŪýǹěĸóşýØţýţǹóØĸǹşýţůıŪǹěĸǹıØşđýǹŜýşóýĸŪØđýǹóĘØĸđýţǿ ǒǿǹ RŁĸØŪĘØĸǹ^ěóĘŁııţȀǹěóĘØşùǹĮýşţǹØĸùǹůŪĘǹĸùýşţŁĸǹĪŁěĸýùǹŪĘýǹŁØşùǹŁĸǹóŁķŜıýŪěŁĸǹŁĐǹŪĘýǹķýşđýşǹØĸùǹŪĘýşýĐŁşýǹŁĸıƊǹşýóýěƃýùǹĐýýţǹĐşŁķǹǐǒǹ]ØşóĘǹǑǏǑǒǿǹ]Øùýıýěĸýǹ ŁţđşØƃýǹØĸùǹěØĸǹ©ýţŪýşķØĸǹƄýşýǹØŜŜŁěĸŪýùǹùůşěĸđǹǑǏǑǓǹØĸùǹĸŁǹóŁķŜØşØŪŁşţǹóØĸǹòýǹóØıóůıØŪýùǿ 4. ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹWǹĘØţǹĸŁǹùěşýóŪǹýķŜıŁƊýýţȀǹěĸĐŁşķØŪěŁĸǹĐŁşǹ:şŁůŜǹýķŜıŁƊýýţǹĘØţǹòýýĸǹùěţóıŁţýùǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţǿǹŁǹØııŁƄǹØǹķýØĸěĸđĐůıǹóŁķŜØşěţŁĸȀǹŪĘýǹ ØĸØıƊţěţǹĐŁşǹýķŜıŁƊýýţǹěţǹòØţýùǹŁĸǹØǹóŁĸţěţŪýĸŪǹđşŁůŜǹŁĐǹěĸùěƃěùůØıţǹĐŁşǹýØóĘǹóŁķŜØşěţŁĸȀǹòýěĸđǹŪĘŁţýǹýķŜıŁƊýùǹòƊǹŪĘýǹ:şŁůŜǹØŪǹòŁŪĘǹǐǹRØĸůØşƊǹØĸùǹǒǐǹ"ýóýķòýşǹŁĐǹ ýØóĘǹŜýşěŁùȀǹØĸùǹĘØţǹòýýĸǹóØıóůıØŪýùǹŁĸǹØǹĐůııțŪěķýǹýŞůěƃØıýĸŪǹòØţěţǿǹĘýǹ"ěşýóŪŁşţǹØşýǹýƉóıůùýùǹĐşŁķǹŪĘýǹØƃýşØđýǹýķŜıŁƊýýǹǇđůşýţǿ 2.10 Chief Executive pay ratio ţǹĘØĐŪýţòůşƊǹØŜěŪØıǹĘØţǹĐýƄýşǹŪĘØĸǹǑǔǏǹýķŜıŁƊýýţȀǹěŪǹěţǹĸŁŪǹıýđØııƊǹşýŞůěşýùǹŪŁǹşýŜŁşŪǹŜØƊǹşØŪěŁţǿǹAŁƄýƃýşȀǹŪĘýǹşØŪěŁţǹòýıŁƄǹØşýǹ ùěţóıŁţýùǹŁĸǹØǹƃŁıůĸŪØşƊǹòØţěţǿ ĘýǹŪØòıýǹòýıŁƄǹţýŪţǹŁůŪǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹDØĸǹAØƄĮţƄŁşŪĘȀǹƄĘŁǹĘØţǹòýýĸǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸóýǹǑǏǐǏȀǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹǑǔ th , ķýùěØĸǹØĸùǹǖǔ th ǹŜýşóýĸŪěıýǹýķŜıŁƊýýǹƄěŪĘěĸǹŪĘýǹýķŜıŁƊýýǹşýĐýşýĸóýǹđşŁůŜǹØţǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǿǹfŜŪěŁĸǹǹØţǹùýǇĸýùǹěĸǹŪĘýǹ ŁķŜØĸěýţǹȡ]ěţóýııØĸýŁůţǹýŜŁşŪěĸđȢǹýđůıØŪěŁĸţǹǑǏǐǗǹƄØţǹůţýùǹŪŁǹóØıóůıØŪýǹŪĘýǹşØŪěŁţȀǹØţǹŪĘěţǹóØıóůıØŪěŁĸǹķýŪĘŁùŁıŁđƊǹƄØţǹ óŁĸţěùýşýùǹŪŁǹòýǹŪĘýǹķŁţŪǹØóóůşØŪýǹķýŪĘŁùǿǹ9ŁşǹǑǏǑǓȀǹŪĘýǹýķŜıŁƊýýţǹěĸóıůùýùǹěĸǹŪĘýǹóØıóůıØŪěŁĸǹØşýǹŪĘŁţýǹýķŜıŁƊýùǹòƊǹŪĘýǹ:şŁůŜǹ ØŪǹƊýØşǹýĸùȀǹŁĸǹØǹĐůııțŪěķýǹýŞůěƃØıýĸŪǹòØţěţǿǹĘýǹǇđůşýǹĐŁşǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹěţǹŪĘýǹţěĸđıýǹǇđůşýǹŁĐǹşýķůĸýşØŪěŁĸǹĐŁşǹ ýØóĘǹǇĸØĸóěØıǹƊýØşȁ Year Method 25 th percentile pay ratio Median pay ratio 75 th percentile pay ratio 2024 fŜŪěŁĸǹ ǑǏǿǐȁǐ ǐǑǿǗȁǐ ǖǿǕȁǐ ǑǏǑǒ fŜŪěŁĸǹ ǓǒǿǕȁǐ ǑǕǿǔȁǐ ǐǓǿǐȁǐ 2022 fŜŪěŁĸǹǹ ǒǐǿǏȁǐ ǐǖǿǒȁǐ ǐǏǿǘȁǐ ǑǏǑǐ fŜŪěŁĸǹǹ Ǒǒǿǘȁǐ ǐǓǿǑȁǐ ǘǿǔȁǐ 2020 fŜŪěŁĸǹ ǐǓǿǓȁǐ ǖǿǘȁǐ ǕǿǏȁǐ ĘýǹşýķůĸýşØŪěŁĸǹůţýùǹŪŁǹóØıóůıØŪýǹŪĘýǹǑǏǑǓǹŜØƊǹşØŪěŁţǹěţǹţýŪǹŁůŪǹòýıŁƄȁ Chief Executive £000 25 th percentile £000 Median £000 75 th percentile £000 Base salary ǖǓǖ ǔǕ Ǘǔ ǐǑǔ Total remuneration ǐȀǔǘǏ ǖǘ ǐǑǓ ǑǐǏ "ůýǹŪŁǹŪĘýǹşýıØŪěƃýǹƄýěđĘŪěĸđǹŁĐǹƃØşěØòıýǹşýķůĸýşØŪěŁĸǹĐŁşǹŪĘýǹ&ƉýóůŪěƃýǹ"ěşýóŪŁşţȀǹŪĘýǹŜØƊǹşØŪěŁţǹƄěııǹòýǹţěđĸěǇóØĸŪıƊǹţķØııýşǹěĸǹƊýØşţǹ ƄĘýĸǹǹØƄØşùţǹùŁǹĸŁŪǹƃýţŪǿǹDĸǹØùùěŪěŁĸȀǹùůýǹŪŁǹŪĘýǹ:şŁůŜȬţǹşýıØŪěƃýıƊǹţķØııǹĸůķòýşǹŁĐǹýķŜıŁƊýýţȀǹŪĘýǹşØŪěŁţǹóØıóůıØŪýùǹķØƊǹƃØşƊǹ òýŪƄýýĸǹƊýØşţǹØţǹØǹşýţůıŪǹŁĐǹýķŜıŁƊýýţǹĪŁěĸěĸđǹŁşǹıýØƃěĸđǹŪĘýǹ:şŁůŜǿ 159Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Corporate governance report | Directors’ remuneration report Total property return (%) Total accounting return (%) Dividends (£m) 1 Employee costs (£m) 0 20 40 60 80 100 120 140 31 Dec 2014 31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2024 31 Dec 2023 31 Dec 2022 31 Dec 2021 31 Dec 2020 31 Dec 2019 31 Dec 2018 FTSE 350 Real Estate Index Shaftesbury Capital £ ǐǿǹ ɏǓǿǒǹķěııěŁĸǹȡǑǏǑǒȁǹɏǐǿǘǹķěııěŁĸȢǹŁĐǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŜØěùǹùůşěĸđǹǑǏǑǓǹƄØţǹşýŪØěĸýùǹòƊǹØǹ:şŁůŜțóŁĸŪşŁııýùǹýĸŪěŪƊǹĐŁııŁƄěĸđǹŪĘýǹùěƃěùýĸùǹŪĘşýţĘŁıùǹŪýţŪǹØţǹţýŪǹŁůŪǹěĸǹŪĘýǹ ýƉóĘØĸđýØòıýǹòŁĸùǹóŁĸùěŪěŁĸţǿǹɏǐǓǿǔǹķěııěŁĸǹŁĐǹŪĘýǹŪŁŪØıǹùěƃěùýĸùǹŜØěùǹùůşěĸđǹǑǏǑǒǹƄØţǹŜØěùǹŜşěŁşǹŪŁǹŪĘýǹķýşđýşǿ 7.6 2.2 2024 2023 +5.4 65.4 43.8 2024 2023 +21.6 7.0 5.8 2024 2023 +1.2 23.0 25.1 2024 2023 -2.1 ǑǿǐǐǹĘěýĐǹ&ƉýóůŪěƃýǹţěĸđıýǹǇđůşýǹŁĐǹŪŁŪØıǹşýķůĸýşØŪěŁĸǹĘěţŪŁşƊǹØĸùǹǹ performance ĘýǹđşØŜĘǹòýıŁƄǹţĘŁƄţǹŪĘýǹŪŁŪØıǹţĘØşýĘŁıùýşǹşýŪůşĸǹØŪǹǒǐǹ"ýóýķòýşǹǑǏǑǓǹŁĐǹɏǐǏǏǹěĸƃýţŪýùǹěĸǹØŜěŪØıǹȺǹŁůĸŪěýţǹşŁŜýşŪěýţǹWǹ ȡĸŁƄǹĘØĐŪýţòůşƊǹØŜěŪØıǹWȢǹŁĸǹǐǹRØĸůØşƊǹǑǏǐǔȀǹóŁķŜØşýùǹƄěŪĘǹŪĘýǹ9&ǹǒǔǏǹýØıǹ&ţŪØŪýǹDĸùýƉǿǹĘýǹŁķķěŪŪýýǹóŁĸţěùýşţǹŪĘěţǹ òýĸóĘķØşĮǹŪŁǹòýǹŪĘýǹķŁţŪǹşýıýƃØĸŪǹòýĸóĘķØşĮǹĐŁşǹŪĘýǹŁķŜØĸƊȬţǹŜýşĐŁşķØĸóýǿ ĘýǹŪØòıýǹòýıŁƄǹŪĘýǹđşØŜĘǹţĘŁƄţȀǹĐŁşǹýØóĘǹǇĸØĸóěØıǹƊýØşȀǹěĸĐŁşķØŪěŁĸǹŁĸǹŪĘýǹşýķůĸýşØŪěŁĸǹŁĐǹDØĸǹAØƄĮţƄŁşŪĘȀǹƄĘŁǹĘØţǹòýýĸǹ ĘěýĐǺ&ƉýóůŪěƃýǹţěĸóýǹǑǏǐǏǿ Total shareholder return Financial year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 2024 ěĸđıýǹǇđůşýǹɏȬǏǏǏ ǒȀǑǖǔ ǘǐǗ ǐȀǒǏǖ ǘǘǐ ǐȀǔǕǕ Ǘǐǒ ǐȀǔǐǏ ǑȀǐǑǐ ǒȀǖǑǒ 1,590 ĸĸůØıǹòŁĸůţǹɬǹŁĐǹķØƉ ǘǐǿǑǔ ǑǐǿǑǔ ǕǐǿǕǏ Ǒǒǿǖǔ Ǘǒǿǒǒ 0 ǖǒǿǖǔ ǐǏǏǿǏǏ ǗǑǿǔǏ 60.25 ]ǹƃýţŪěĸđǹɬǹŁĐǹķØƉ ǓǏǹŁşǹǗǏ ǐ 000^Ȍ ^Ȍ ^Ȍ ^Ȍ ^Ȍ N/A PSP vesting % of max ǕǏ 000000Ǒǔ ǕǒǹØĸùǹǕǕǿǖǑ N/A ǐǿǹ "ýŜýĸùěĸđǹŁĸǹŪĘýǹØƄØşùǿǹıýØţýǹşýĐýşǹŪŁǹǑǏǐǔǹĸĸůØıǹýŜŁşŪǹĐŁşǹķŁşýǹěĸĐŁşķØŪěŁĸǿ 2. ǹƃýţŪěĸđǹĐŁşǹŪĘýǹǑǏǑǐǹØĸùǹǑǏǑǑǹǹØƄØşùţǿǹ^ŁŪýǹŪĘØŪǹØƄØşùţǹƄýşýǹØıţŁǹţůòĪýóŪǹŪŁǹŜşŁțşØŪěĸđǹĐŁşǹŪěķýǿ 2.12 Relative importance of spend on pay ĘýǹòØşǹđşØŜĘţǹòýıŁƄǹěııůţŪşØŪýǹùěƃěùýĸùţǹŜØěùǹØĸùǹŪŁŪØıǹýķŜıŁƊýýǹŜØƊǹýƉŜýĸùěŪůşýǹȡƄĘěóĘǹěĸóıůùýţǹŜýĸţěŁĸȀǹƃØşěØòıýǹŜØƊǹØĸùǹ ĸØŪěŁĸØıǹěĸţůşØĸóýȢǹĐŁşǹŪĘýǹǇĸØĸóěØıǹƊýØşţǹýĸùýùǹǒǐǹ"ýóýķòýşǹǑǏǑǒǹØĸùǹǒǐǹ"ýóýķòýşǹǑǏǑǓȀǹØĸùǹŪĘýǹƊýØşțŁĸțƊýØşǹóĘØĸđýǹěĸǹ ýØóĘǿǹĘýǹǑǏǑǒǹùěţóıŁţůşýǹěţǹòØţýùǹţŁıýıƊǹŁĸǹØŜóŁȌĘØĐŪýţòůşƊǹØŜěŪØıǹŜşýțǹØĸùǹŜŁţŪțķýşđýşǹØĸùǹùŁýţǹĸŁŪǹŪØĮýǹěĸŪŁǹØóóŁůĸŪǹ ĘØĐŪýţòůşƊȬţǹùěƃěùýĸùţǹØĸùǹýķŜıŁƊýýǹţŜýĸùǿǹĘýǹØĐŁşýķýĸŪěŁĸýùǹķýØţůşýţǹØşýǹŪĘŁţýǹŜşýţóşěòýùǹòƊǹŪĘýǹşýķůĸýşØŪěŁĸǹùěţóıŁţůşýǹ şýđůıØŪěŁĸţȂǹĘŁƄýƃýşȀǹŪĘýƊǹùŁǹĸŁŪǹşýǈýóŪǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹUDţȀǹƄĘěóĘǹØşýǹýƉŜıØěĸýùǹŁĸǹŜØđýţǹǑǏǹØĸùǹǑǐǿǹóóŁşùěĸđıƊȀǹòØşǹ đşØŜĘţǹţĘŁƄěĸđǹĘØĐŪýţòůşƊǹØŜěŪØıȬţǹŁĸýțƊýØşǹǹØĸùǹǹØşýǹØıţŁǹěĸóıůùýùǿ 160 Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Remuneration Committee adviser and voting 2.13 Independent adviser to the Remuneration Committee ĘýǹŁķķěŪŪýýǹØŜŜŁěĸŪýùǹ9DǹØţǹěŪţǹěĸùýŜýĸùýĸŪǹşýķůĸýşØŪěŁĸǹØùƃěţýşǹěĸǹǑǏǑǒǹĐŁııŁƄěĸđǹØǹóŁķŜýŪěŪěƃýǹŪýĸùýşǿǹ9DǹěţǹØǹķýķòýşǹ ŁĐǹŪĘýǹýķůĸýşØŪěŁĸǹŁĸţůıŪØĸŪţǹ:şŁůŜǹØĸùǹØùĘýşýţǹŪŁǹěŪţǹóŁùýǹŁĐǹóŁĸùůóŪǿǹĘýǹŁķķěŪŪýýǹĘØţǹşýóýěƃýùǹóŁĸǇşķØŪěŁĸǹŁĐǹ ěĸùýŜýĸùýĸóýǹĐşŁķǹ9DȀǹØĸùǹěţǹţØŪěţǇýùǹŪĘØŪǹŪĘýǹØùƃěóýǹşýóýěƃýùǹƄØţǹŁòĪýóŪěƃýǹØĸùǹěĸùýŜýĸùýĸŪǿǹDĸǹØùùěŪěŁĸǹŪŁǹØùƃěóýǹŜşŁƃěùýùǹ ŪŁǹŪĘýǹŁķķěŪŪýýȀǹ9DǹŜşŁƃěùýùǹţĘØşýǹØƄØşùǹƃØıůØŪěŁĸǹØĸùǹţĘØşýǹŜıØĸǹěķŜıýķýĸŪØŪěŁĸǹţýşƃěóýţǹŪŁǹŪĘýǹŁķŜØĸƊǿǹ"ůşěĸđǹǑǏǑǓȀǹŪĘýǹ ŁķŜØĸƊǹƄØţǹóĘØşđýùǹØǹŪŁŪØıǹŁĐǹɏǔǘȀǏǏǏǹòƊǹ9DǹěĸǹşýţŜýóŪǹŁĐǹØùƃěóýǹŪŁǹŪĘýǹŁķķěŪŪýýǿǹ9ýýţǹƄýşýǹóĘØşđýùǹŁĸǹØǹŪěķýǹţŜýĸŪǹòØţěţǿ 2.14 Shareholder voting ĘýǹŪØòıýǹòýıŁƄǹţĘŁƄţǹŪĘýǹşýţůıŪţǹŁĐǹŪĘýǹØùƃěţŁşƊǹƃŁŪýǹŁĸǹŪĘýǹǑǏǑǒǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǹØĸùǹŪĘýǹòěĸùěĸđǹ ƃŁŪýǹŁĸǹŪĘýǹóůşşýĸŪǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŪĘýǹǑǏǑǒǹ:]ǿ ¨ŁŪěĸđǹŁĸǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹØŪǹŪĘýǹǑǏǑǓǹ:]ǹØĸùǹýķůĸýşØŪěŁĸǹŁıěóƊǹØŪǹŪĘýǹǑǏǑǒǹ:] Year Votes for % for Votes against % against Total votes cast Votes withheld (abstentions) 2024 ŜŜşŁƃØıǹŁĐǹýķůĸýşØŪěŁĸǹýŜŁşŪ ǐȀǓǑǘȀǗǔǏȀǑǖǓ ǘǖǿǏǕ ǓǒȀǒǓǔȀǔǔǐ ǑǿǘǓ ǐȀǓǖǒȀǐǘǔȀǗǑǔ ǑǓȀǐǏǕȀǕǐǕ ǑǏǑǒ ŜŜşŁƃØıǹŁĐǹýķůĸýşØŪěŁĸǹŁıěóƊ ǐȀǑǖǘȀǔǑǔȀǖǘǏ ǗǘǿǐǗ ǐǔǔȀǑǐǗȀǗǓǘ ǐǏǿǗǑ ǐȀǓǒǓȀǖǓǓȀǕǒǘ ǐǏȀǖǘǏȀǖǘǏ Ęěţǹ"ěşýóŪŁşţȬǹşýķůĸýşØŪěŁĸǹşýŜŁşŪǹƄØţǹØŜŜşŁƃýùǹĐŁşǹěţţůýǹòƊǹŪĘýǹŁØşùǹŁĐǹ"ěşýóŪŁşţǹŁĸǹǑǕǹ9ýòşůØşƊǹǑǏǑǔǿ Richard Akers Chairman of the Remuneration Committee 161Shaftesbury Capital PLCǹɁǹǑǏǑǓǹĸĸůØıǹýŜŁşŪ Directors’ report Ęýǹ"ěşýóŪŁşţǹŜşýţýĸŪǹŪĘýěşǹĸĸůØıǹýŜŁşŪǹØĸùǹŪĘýǹØůùěŪýùǹóŁĸţŁıěùØŪýùǹǇĸØĸóěØıǹ statements for the year ended 31 December 2024. Additional disclosures Certain Directors’ report disclosures, including a number of those required under the Companies Act 2006 (the “CA 2006”), Schedule 7, Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, the Listing Rules and the Disclosure Guidance and Transparency Rules, have been incorporated into this Directors’ report by reference and can be found within other sections of the Annual Report as follows: Content Pages Strategic report (which includes information on likely future developments in the business of the Company) Inside cover to 103 Chief Executive’s statement 12 to 15 Our purpose-led strategy 16 Our business model 17 Key performance indicators 20 and 21 Portfolio and operating review 32 to 43 Stakeholder engagement 44 to 49 Our people and culture 100 and 101 Financial review 50 to 58 Risk management 59 to 65 Principal risks and uncertainties 61 to 65 Task Force on Climate-related Financial Disclosures 66 to 74 Viability statement 75 and 76 Going concern statement 58 Sustainability (which includes information on the Group’s environmental, sustainability and community matters and the Group’s disclosures on greenhouse gas emissions, energy consumption ØĸùǹýĸýşđƊǹýǅóěýĸóƊǹØóŪěƃěŪěýţȢ 78 to 99 Section 172(1) statement 118 to 120 Non-pre-emptive issue of equity (note 24 to the ǇĸØĸóěØıǹţŪØŪýķýĸŪţȢ 207 DĸŪýşýţŪţǹěĸǹţěđĸěǇóØĸŪǹóŁĸŪşØóŪţǹȡĸŁŪýǹǑǗǹŪŁǹŪĘýǹ ǇĸØĸóěØıǹţŪØŪýķýĸŪţȢ 209 Company status and listings The Company has a primary and premium listing on the London Stock Exchange main market and a secondary listing on the Johannesburg Stock Exchange and the A2X. For the purposes of its listing on the Johannesburg Stock Exchange, the Company maintains an overseas branch register in South Africa. The Company’s secured exchangeable bonds due in 2026 are listed on the Frankfurt Stock Exchange. Directors Ęýǹ"ěşýóŪŁşţǹŁĐǹŪĘýǹŁķŜØĸƊǹƄĘŁǹĘýıùǹŁǅóýǹùůşěĸđǹŪĘýǹ ƊýØşǹØĸùǹůŜǹŪŁǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţȀǹŁşǹ ùůşěĸđǹŪĘýǹƊýØşǹØĸùǹŜşěŁşǹŪŁǹŪĘýǹùØŪýǹŁĐǹţěđĸěĸđǹŪĘýǹǇĸØĸóěØıǹ ţŪØŪýķýĸŪţȀǹƄýşýǹØţǺĐŁııŁƄţȁ Chairman Jonathan Nicholls Executive Directors Ian Hawksworth Situl Jobanputra Non- executive Directors Richard Akers Ruth Anderson Madeleine Cosgrave (appointed 1 August 2024) Sian Westerman (appointed 1 September 2024) Charlotte Boyle (stepped down 31 August 2024) Helena Coles (stepped down 31 January 2024) Anthony Steains (stepped down 31 January 2024) Jennelle Tilling (stepped down 31 January 2024) Biographies of each current Director can be found on pages 106 and 107. Details of the remuneration of current Directors, and other Directors who served during the year and prior to the date ŁĐǹţěđĸěĸđǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţȀǹØıŁĸđţěùýǹùýŪØěıţǹŁĐǹýØóĘǹ Director’s interests in the Company’s shares, are set out in the Directors’ remuneration report (which is incorporated by reference into this report) on pages 138 to 161. The powers of the Directors are determined by UK legislation and the Company’s Articles of Association (the “Articles”), ŪŁđýŪĘýşǹƄěŪĘǹØĸƊǹţŜýóěǇóǹØůŪĘŁşěŪěýţǹŪĘØŪǹţĘØşýĘŁıùýşţǹķØƊǹ approve from time to time. The rules governing the appointment and replacement of Directors are contained in UK legislation and the Company’s Articles. In compliance with the UK Corporate Governance Code 2024 (the “2024 Code”), all the current Directors will şýŪěşýǹĐşŁķǹŁǅóýǹØĸùǹƄěııǹŁǄýşǹŪĘýķţýıƃýţǹĐŁşǹýıýóŪěŁĸǹŁşǹşýț election, as relevant, at the 2025 Annual General Meeting. ŁķŜýĸţØŪěŁĸǹĐŁşǹıŁţţǹŁĐǹŁǅóý The Company does not have any agreements with any Executive Director or employee that would provide compensation ĐŁşǹıŁţţǹŁĐǹŁǅóýǹŁşǹýķŜıŁƊķýĸŪǹşýţůıŪěĸđǹĐşŁķǹØǹŪØĮýŁƃýşȀǹ except that provisions of the Company share schemes may cause share options and awards to vest on a takeover. Corporate governance report 162 Shaftesbury Capital PLC | 2024 Annual Report "ěşýóŪŁşţȬǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪ The Company has procedures in place for the management ŁĐǹóŁĸǈěóŪţǹŁĐǹěĸŪýşýţŪǿǹĘŁůıùǹØǹ"ěşýóŪŁşǹòýóŁķýǹØƄØşýǹŪĘØŪǹ they, or a connected party, have an interest in an existing or proposed transaction with the Group, they should notify the Company Secretary before or at the next Board meeting. Directors have a continuing obligation to notify any changes ŪŁǺŪĘýěşǹŜŁŪýĸŪěØıǹóŁĸǈěóŪţǿ Directors’ indemnities and insurance In accordance with the Company’s Articles, the Company has ěĸùýķĸěǇýùǹŪĘýǹ"ěşýóŪŁşţǹŪŁǹŪĘýǹĐůııǹýƉŪýĸŪǹØııŁƄýùǹòƊǹUǹıØƄǿǹ The indemnity arrangements were in force throughout the year ȡØĸùǹØŪǹŪĘýǹùØŪýǹŁĐǹØŜŜşŁƃØıǹŁĐǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţȢǹØĸùǹ are qualifying indemnity provisions under the CA 2006. The ŁķŜØĸƊǹķØěĸŪØěĸţǹùěşýóŪŁşţȬǹØĸùǹŁǅóýşţȬǹıěØòěıěŪƊǹěĸţůşØĸóýȀǹ which is reviewed annually. Articles of Association Changes to the Articles must be approved by shareholders in accordance with UK legislation. Dividends The Directors have proposed the following dividends: Interim dividend paid on 1 October 2024 1.70 pence per ordinary share şŁŜŁţýùǹǇĸØıǹùěƃěùýĸùǹ to be paid on 30 May 2025 1.80 pence per ordinary share Total dividend for 2024 3.50 pence per ordinary share ĘýǹŜşŁŜŁţýùǹǇĸØıǹùěƃěùýĸùǹƄěııǹòýǹŜØěùǹƄĘŁııƊǹØţǹØǹşŁŜýşŪƊǹ Income Distribution (“PID”). There will be no ordinary dividend (“non-PID”). The dividend will be paid on 30 May 2025 to shareholders whose names are on the register on 25 April 2025. The interim dividend consisted of 1.0 pence paid as a D"ǺØĸùǹǏǿǖǹŜýĸóýǹŜØěùǹØţǹØǹĸŁĸțD"ǿ Capital structure Details of the Company’s issued ordinary share capital, including details of movements in the issued share capital during the year, and authorities to issue or repurchase shares ØşýǹţĘŁƄĸǹòýıŁƄǹØĸùǹěĸǹĸŁŪýǹǑǓǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹ page 207. Each share carries the right to one vote at general meetings of the Company. The Company was granted authority at the 2024 Annual General Meeting to make market purchases of its own ordinary shares. This authority will expire at the conclusion of the 2025 Annual General Meeting, or, if earlier, on 23 August 2025, and a resolution will be proposed to seek further authority to make market purchases of the Company’s own ordinary shares. No ordinary shares were purchased under this authority during the year or in the period from 1 January 2025 to 26 February 2025 (the latter being a date not more than one month before the date of the Notice of 2025 Annual General Meeting). At 26 February 2025, the Company had an unexpired authority to repurchase shares up to a maximum of 182,481,970 shares with a nominal value of £45.6 million, and the Directors had an unexpired authority to allot up to a maximum of 1,217,446,234 shares with a nominal value of £304.4 million, of which 608,723,117 shares with a nominal value of £152.2 million óØĸǺŁĸıƊǹòýǹØııŁŪŪýùǹŜůşţůØĸŪǹŪŁǹØǹşěđĘŪţǺěţţůýǿ ĘýşýǹØşýǹĸŁǹţŜýóěǇóǹşýţŪşěóŪěŁĸţǹŁĸǹŪĘýǹŪşØĸţĐýşǹŁĐǹţĘØşýţǹ beyond those standard provisions set out in the Articles. ^ŁǺţĘØşýĘŁıùýşǹĘŁıùţǹţĘØşýţǹóØşşƊěĸđǹţŜýóěØıǹşěđĘŪţǹƄěŪĘǹ şýđØşùǺŪŁǹóŁĸŪşŁıǹŁĐǹŪĘýǹŁķŜØĸƊǿ ţýǹŁĐǹǇĸØĸóěØıǹěĸţŪşůķýĸŪţ DĸĐŁşķØŪěŁĸǹŁĸǹǇĸØĸóěØıǹşěţĮǹķØĸØđýķýĸŪǹŁòĪýóŪěƃýţǹØĸùǹŜŁıěóěýţȀǹ including hedging policies and exposure of the Company in şýıØŪěŁĸǹŪŁǹŪĘýǹůţýǹŁĐǹǇĸØĸóěØıǹěĸţŪşůķýĸŪţȀǹóØĸǹòýǹĐŁůĸùǹěĸǹĸŁŪýǹ ǑǑǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹŜØđýţǹǑǏǐǹŪŁǹǑǏǕǿ Change of control provisions There are a number of agreements which (should consent not be obtained from the counterparty to a change of control) alter or terminate upon a change of control of the Company. The £350 million, the £300 million and the £75 million Shaftesbury Capital facilities, the Covent Garden £380 million loan notes, the £450 million Shaftesbury AV Limited facility, and the ɏǐǒǓǿǗǺķěııěŁĸǹĘØĐŪýţòůşƊǹWǹWěķěŪýùǹĐØóěıěŪƊǹóŁĸŪØěĸǹŜşŁƃěţěŁĸţǹ requiring outstanding facilities to be repaid on a change of control. The £275 million exchangeable bonds (due to be repaid in 2026) provide bondholders the right of early redemption on ØǹóĘØĸđýǹŁĐǹóŁĸŪşŁıȀǹţůòĪýóŪǹŪŁǹóýşŪØěĸǹýƉóýŜŪěŁĸţǿ ĘýǹWěııěýǹŞůØşýǹùýƃýıŁŜķýĸŪǹĪŁěĸŪǹƃýĸŪůşýǹóŁĸŪØěĸţǹŜşŁƃěţěŁĸţǹ which are triggered by a change of control. The Performance Share Plan includes provisions relating to the treatment of awards in the event of a change of control. Substantial shareholdings ĘýǹţěđĸěǇóØĸŪǹĘŁıùěĸđţǹŁĐǹƃŁŪěĸđǹşěđĘŪţǹěĸǹŪĘýǹţĘØşýǹóØŜěŪØıǹ ŁĐǹŪĘýǹŁķŜØĸƊǹĸŁŪěǇýùǹŪŁǹŪĘýǹ9ěĸØĸóěØıǹŁĸùůóŪǹůŪĘŁşěŪƊǹ and disclosed in accordance with Disclosure Guidance and Transparency Rule 5, as at 26 February 2025, are shown in ŪĘýǺŪØòıýǹòýıŁƄǿ Substantial shareholdings disclosed as at 26 February 2025 Holder Number of shares held at time of ıØţŪǹĸŁŪěǇóØŪěŁĸ ýşóýĸŪØđýǹŁĐǹŪŁŪØıǹěţţůýùǹţĘØşýǹ óØŜěŪØıǹĘýıùǹØŪǹŪěķýǹ ŁĐǹıØţŪǹĸŁŪěǇóØŪěŁĸ 1,2 Nature of holding Date of last ĸŁŪěǇóØŪěŁĸ Norges Bank 459,649,804 23.53% Direct interest 8 March 2023 BlackRock, Inc. 115,373,385 5.89% Indirect interest 29 March 2024 1. ^ŁŪěǇýùǹĘŁıùěĸđţǹØşýǹóØıóůıØŪýùǹƄěŪĘǹşýĐýşýĸóýǹŪŁǹŪĘýǹŪŁŪØıǹěţţůýùǹţĘØşýǹóØŜěŪØıǹŁĸǹŪĘýǹùØŪýǹŪĘýǹŪĘşýţĘŁıùǹƄØţǹşýØóĘýùǿ 2. The existing issued share capital of the Company includes 128,350,793 ordinary shares held by a Group entity, of which 127,008,786 are held as security under the terms of the £275 million exchangeable bond. The 128,350,793 ordinary shares will not vote whilst they are held by a Group entity. 163Shaftesbury Capital PLC | 2024 Annual Report Corporate governance report | Directors’ report Corporate governance statement ĘýǹěĸĐŁşķØŪěŁĸǹĐůıǇııěĸđǹŪĘýǹşýŞůěşýķýĸŪţǹŁĐǹŪĘýǹóŁşŜŁşØŪýǹ governance statement should be deemed to be incorporated within this Directors’ report. This includes the requisite disclosures in relation to diversity (see pages 104 to 161) ØĸùǺţĘØşýǹóØŜěŪØıǹȡţýýǹĸŁŪýǹǑǓǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹ ȡŜØđýǺǑǏǖȢȢǿ Application of the Principles of the UK Corporate Governance Code 2018 (the “2018 Code”) can be found on pages 104 to 161. Full details of the 2018 and 2024 Codes can be found ŁĸǺŪĘýǹ9ěĸØĸóěØıǹýŜŁşŪěĸđǹŁůĸóěıȬţǹƄýòţěŪýȁǹ https://www.frc.org.uk. Employees Information on the Group’s employees, and engagement with our employees during the year, can be found on pages 46 and ǓǖȀǹŜØđýţǹǐǏǏǹØĸùǹǐǏǐȀǹŜØđýǹǐǐǒǹØĸùǹěĸǹĸŁŪýǹǔǹŪŁǹŪĘýǹǇĸØĸóěØıǹ statements on page 190. Engagement with stakeholders Information on the ways in which the Directors have regard to the need to foster the Company’s relationships with stakeholders, including customers, the local community and ǇĸØĸóýǹŜşŁƃěùýşţȀǹØĸùǹŪĘýǹýǄýóŪǹŁĐǹŪĘØŪǹşýđØşùǹŁĸǹŜşěĸóěŜØıǹ decisions taken by the Board, is set out in the stakeholder engagement section on pages 44 to 49 and our section 172(1) statement on pages 118 to 120 of this report. Political donations The Company did not make any political donations during the year (2023: nil). The environment Details of the Group’s ESC Strategy and its aims and activities during the year are set out on pages 78 to 99. Further information is available on the Company’s website: https://www.shaftesburycapital.com/en/responsibility/ our-approach.html. Disclosure to external auditor So far as the Directors are aware, there is no relevant audit information of which the external auditor is unaware. Each Director has taken all steps that they ought to have taken as a Director in order to make themself aware of any relevant audit information, and to establish that the auditor is aware of ŪĘØŪǹěĸĐŁşķØŪěŁĸǿǹĘěţǹóŁĸǇşķØŪěŁĸǹěţǹđěƃýĸǹěĸǹØóóŁşùØĸóýǹƄěŪĘǹ section 418 of the CA 2006. Independent auditor The Board has recommended that PricewaterhouseCoopers LLP (“PwC”), who have indicated their willingness to continue in ŁǅóýȀǹòýǹşýØŜŜŁěĸŪýùǹØţǹŪĘýǹŁķŜØĸƊȬţǹěĸùýŜýĸùýĸŪǹØůùěŪŁşǹ and that a resolution seeking PwC’s reappointment will be proposed at the 2025 Annual General Meeting. The external audit contract was last put out to competitive tender in 2019 and PwC was reappointed as external auditor in January 2020. Under current regulations, the Company is required to retender ŪĘýǹØůùěŪǹòƊǹĸŁǹıØŪýşǹŪĘØĸǹŪĘýǹǑǏǒǏǹǇĸØĸóěØıǹƊýØşǿ Events after the reporting period Details of events after the reporting period can be found in ĸŁŪýǹǒǑǹŪŁǹŪĘýǹǇĸØĸóěØıǹţŪØŪýķýĸŪţǹŁĸǹŜØđýǹǑǐǑǿ Annual General Meeting The 2025 Annual General Meeting of the Company will be held on 22 May 2025 at 11.30 am (London time) at the London ŁǅóýţǹŁĐǹAýşòýşŪǹķěŪĘǹ9şýýĘěııţǹWWǹȡŪĘýǹȩ:]ȪȢǿǹĘýǹ:]ǹ ĸŁŪěóýǹƄěııǹóŁĸŪØěĸǹŪĘýǹţŜýóěǇóǹùýŪØěıţǹØĸùȀǹŪŁđýŪĘýşǹƄěŪĘǹØĸǹ explanation of the business to be dealt with at the meeting, will be included as a separate document sent to shareholders dependent on their election via electronic or hard copy means. The notice of AGM will be issued to shareholders at least 20 working days before the meeting, and will also be made available on the Company’s website. Shareholders are requested to check the website for the latest details concerning the 2025 AGM. By order of the Board Ruth Pavey Company Secretary 26 February 2025 164 Shaftesbury Capital PLC | 2024 Annual Report Financial statements 165Shaftesbury Capital PLC | 2024 Annual Report Financial statements Directors’ responsibilities Statement of Directors’ responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with UK-adopted international accounting standards and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101, ‘Reduced Disclosure Framework’, and applicable law). Under company law, Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period. In preparing the financial statements, the Directors are required to: – select suitable accounting policies and then apply them consistently; – state whether applicable UK-adopted international accounting standards have been followed for the Group financial statements and United Kingdom Accounting Standards, comprising FRS 101 have been followed for the Company financial statements, subject to any material departures disclosed and explained in the financial statements; – make judgements and accounting estimates that are reasonable and prudent; and – prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Company will continue in business. The Directors are responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group’s and Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors’ remuneration report comply with the Companies Act 2006. The Directors are responsible for the maintenance and integrity of the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors’ confirmations The Directors consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s and Company’s position and performance, business model and strategy. Each of the Directors, whose names and functions are listed in the Corporate governance section of the Annual Report confirm that, to the best of their knowledge: – the Group financial statements, which have been prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; – the Company financial statements, which have been prepared in accordance with United Kingdom Accounting Standards, comprising FRS 101, give a true and fair view of the assets, liabilities and financial position of the Company; and – the Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that it faces. In the case of each director in office at the date the Directors’ report is approved: – so far as the Director is aware, there is no relevant audit information of which the Group’s and Company’s auditors are unaware; and – they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Group’s and Company’s auditors are aware of that information. The financial statements on pages 174 to 217 were approved by the Board of Directors on 26 February 2025 and signed on its behalf by: Ian Hawksworth Situl Jobanputra Chief Executive Chief Financial Officer 26 February 2025 166 Shaftesbury Capital PLC | 2024 Annual Report Independent auditors’ report to the members of Shaftesbury Capital PLC Report on the audit of the financial statements Opinion In our opinion: – Shaftesbury Capital PLC’s Group financial statements and Company financial statements (the “financial statements”) give a true and fair view of the state of the Group’s and of the Company’s affairs as at 31 December 2024 and of the Group’s profit and the Group’s cash flows for the year then ended; – the Group financial statements have been properly prepared in accordance with UK-adopted international accounting standards as applied in accordance with the provisions of the Companies Act 2006; – the Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and – the financial statements have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements, included within the Annual Report, which comprise: the Consolidated and Company balance sheets as at 31 December 2024; the Consolidated income statement, the Consolidated statement of comprehensive income, the Consolidated and Company statements of changes in equity and the Consolidated statement of cash flows for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information. Our opinion is consistent with our reporting to the Audit Committee. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. To the best of our knowledge and belief, we declare that non-audit services prohibited by the FRC’s Ethical Standard were not provided. Other than those disclosed in Note 5 (c), we have provided no non-audit services to the Company or its controlled undertakings in the period under audit. Our audit approach Overview Audit scope – We audited the complete financial information of the Group, which comprises the Group’s property portfolio and the Group’s share of joint ventures and associates.  Key audit matters – Valuation of investment property (Group) – Valuation of investment in Group companies and amounts owed by subsidiaries (Company) Materiality – Overall Group materiality: £52.3 million (2023: £52.1 million) based on 1 per cent of total assets. – Overall Company materiality: £36.6 million (2023: £37.4 million) based on 1 per cent of total assets. – Performance materiality: £39.2 million (2023: £39.1 million) (Group) and £27.4 million (2023: £28.1 million) (Company). 167Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Independent auditors’ report The scope of our audit As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements. Key audit matters Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. This is not a complete list of all risks identified by our audit. Valuation of the acquired assets and liabilities of Shaftesbury PLC was a key audit matter last year, due to the acquisition of Shaftesbury PLC in March 2023. This represented a large and non-recurring transaction in 2023, but it is no longer a key audit matter this year. Otherwise, the key audit matters below are consistent with last year. Key audit matter How our audit addressed the key audit matter Valuation of investment property (Group) Refer to the Audit Committee report and notes 1, 6, and 12 of the financial statements. The valuation of the Group’s investment property is the key component of the net asset value. The result of the revaluation this year was a profit of £202.9 million (2023: £68.5 million loss) as set out in notes 6 and 12, and is accounted for within ‘Gain/Loss on revaluation and sale of investment property’ in the Group’s Consolidated income statement. The Group engages third party real estate valuation experts (‘third party valuers’) to support them with determining the fair value of the Group’s properties. These valuers were engaged to perform valuations in accordance with the Royal Institution of Char tered Surveyors Valuation – Professional Standards (“RICS”). The Group’s property portfolio comprises mixed use investment property (including retail, food and beverage, office and residential) in London’s West End, and these properties are not uniform in nature. There are a number of different assumptions made by t he Group’s third party valuers, CBRE (for the Covent Garden properties) and Cushman & Wakefield (for the remainder of the West End wholly owned property portfolio), in determining fair value. The assumptions on which the property values are based are influenced by tenure and tenancy details, prevailing market yields and the estimated rental values for each property. Macroeconomic factors and uncertain market conditions also impact the valuation of investment property. In addition, the valuation of the investment property is particularly subjective given the current macroeconomic conditions. There is also growing scrutiny on the valuation of assets given the potential impacts of climate change. Accordingly we identified this area as a key audit matter. The focus of our work was on the Investment property financial statement line item, but we also perform similar procedures over property assets held as owner occupied and within joint ventures and associates. A ssessing the third party valuers’ expertise and objectivity We assessed the competence and capabilities of the valuers and verified their qualifications. The valuers are reputable and established real estate valuation f irms. We also assessed their independence by discussing the scope of their work and reviewing the terms of their engagement for unusual terms or f ee arrangements. We engaged our own auditors’ real estate valuation experts who are qualified chartered surveyors with relevant market knowledge to support our audit procedures. This included reading the external valuation reports prepared by CBRE, Cushman & Wakefield, and the other valuers engaged to undertake property valuations for the Group’s joint ventures and associates. Our audit experts also attended meetings with the third party valuers to discuss and challenge assumptions applied, supporting the audit team with identifying where additional audit evidence was required. Our audit experts also confirmed that the valuation approaches applied by the third party valuers were in accordance with the RICS standards and in accordance with IFRS 13, and therefore suitable for use in determining the fair value of investment property for the purpose of the financial statements. Data provided to the third party valuers For investment properties the key data that management provides to the t hird party valuers is tenancy schedules. These contain information for each property, of leases, square footages, use and other details. We tested a sample of this data to ensure it was complete and accurate. A ssumptions and estimates used by the third party valuers With the assistance of our own valuation experts, we met with the third party valuers independently of management and gained an understanding of the valuation methods and assumptions used. The nature of assumptions used varied across the portfolio depending on the nature of each property, but they included estimated investment yields and rental values and also factored in void rates and rent free periods. We utilised independent sources of information and employed our own data analytics tools to develop our own ranges of the expected yields and capital value movements for the properties in the portfolio, based on their individual uses and locations. This allowed us to identify assumptions and property capital value movements that fell outside of our expected range, and t herefore focus our audit challenge on understanding the reasons for these (from the third party valuers and management) and obtaining further audit evidence as required. For the Group’s largest properties (by capital value) we also made specific enquiries of the third party valuers and assessed the basis f or the key assumptions used in determining these property values, obtaining audit evidence to support these. 168 Shaftesbury Capital PLC | 2024 Annual Report Key audit matter How our audit addressed the key audit matter Valuation of investment property (Group) continued Assumptions and estimates used by the third party valuers continued We evaluated whether, based on these procedures together with our experience of this sector, the estimate or assumptions applied were reasonable. We considered the reasonableness of assumptions that are not so readily comparable with published benchmarks, in particular ERV where, for a sample of individual properties, we specifically challenged the third party valuers to support their individual ERV assumptions with reference to available evidence and in the context of the impact of macroeconomic uncertainties and trends. It was evident from our interaction with the external valuers, and from our review of the valuation reports, that close attention had been paid to each property’s individual characteristics at a detailed, tenant by tenant level, as well as considering spec ific factors such as the latest leasing and sale activity, the desirability of the asset and the extent to which macroeconomic factors impacted or not on the asset. Overall findings Based on the procedures performed and the evidence obtained, we concluded that the valuation of investment property was reasonable. Key audit matter How our audit addressed the key audit matter Valuation of investment in Group companies and amounts owed by subsidiaries (Company) Refer to notes II and III of the financial statements. The Company holds investments in Group companies of £2,129.4 million (2023: £2,129.4 million), and amounts owed by subsidiaries of £1,523.4 million (2023: £1,616.3 million). The impairment assessment of the Company’s investments in subsidiaries and determination of any expected credit loss allowance in respect of amounts owed by subsidiaries is performed on an annual basis. Management’s current year assessment concluded that the carrying value of investments was supported by the net assets of the underlying subsidiaries. The classification of the amounts owed by subsidiaries is presented as non - current receivables this year, reflecting the conclusions of a post-merger entity reorganisation that is expected to be completed during 2025. This area was identified as a key audit matter given the materiality of these balances. We assessed the accounting policies for investments and amounts owed by subsidiaries to ensure these were compliant with UK Generally Accepted Accounting Practice (specifically FRS 101). We verified that the methodology used by management in arriving at the carrying value of each subsidiary and the expected credit loss for amo unts owed by subsidiaries, was compliant with UK GAAP FRS 101. We obtained management’s impairment and expected credit loss allowance assessments and validated that input data used was consistent with the Group financial statements and underlying subsidiary carrying values. Based on our audit procedures and the evidence we obtained, we concluded that the valuation of investments in Group companies and amounts owed by subsidiaries were supportable. How we tailored the audit scope We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial statements as a whole, taking into account the structure of the Group and the Company, the accounting processes and controls, and the industry in which they operate. All audit procedures were performed by the Group engagement team. The impact of climate risk on our audit We also read the disclosures included in the Strategic Report in relation to climate change, explaining the governance processes in place to assess climate risk and additional reporting requirements. The Group has made commitments to a Net Zero Carbon Pathway by 2040. A detailed description of the commitments and targets to achieve these is set out in the Strategic Report. As part of our audit we made enquiries of management to understand the process adopted to assess the potential impacts of climate risks on the Group’s financial statements. The key area of the financial statements where management evaluated that climate risk has a potential significant impact is in relation to the valuation of investment properties (see note 12 of the Group financial statements). We also considered this an area which may be potentially materially impacted by climate risk and consequently we focused our audit work in this area. Further details of our audit work performed is set out in the key audit matters section of this report, ‘Valuation of investment property (Group)’. We also considered the disclosures in relation to climate change in the financial statements and whether these were consistent with the information included in the Strategic Report, including the Task Force on Climate-related Financial Disclosures (TCFD). Our procedures did not identify any material issues in the context of our audit of the financial statements as a whole, and as set out in the key audit matters section of this report, ‘Valuation of investment property (Group)’. Materiality The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds for materiality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of 169Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Independent auditors’ report our audit procedures on the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Financial statements – Group Financial statements – Company Overall materiality £52.3 million (2023: £52.1 million). £36.6 million (2023: £37.4 million). How we determined it 1 per cent of total assets 1 per cent of total assets Rationale for benchmark applied The key measure of the Group’s performance is the valuation of investment property and the balance sheet as a whole. On this basis, and consistent with the prior year, we set an overall Group materiality level based on total assets. The Company is predominantly an investment holding Company and therefore total assets is deemed the most appropriate benchmark. In addition to overall Group materiality, specific materialities were also applied to certain areas of the Consolidated income statement and related working capital balances. Our specific materialities were aligned with the metrics in the Annual Report and Group financial statements that we believe are of particular interest to the members and we determined those metrics to be gross profit and gross finance costs. In order to reflect their specific characteristics, we applied materiality levels of £8.3 million which is 5 per cent of the current year gross profit (2023: £7.0 million, 5 per cent) and £3.9 million which is 5 per cent of current year gross finance costs (2023: £5.3 million, 5 per cent). We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, for example in determining sample sizes. Our performance materiality was 75 per cent (2023: 75 per cent) of overall materiality, amounting to £39.2 million (2023: £39.1 million) for the Group financial statements and £27.4 million (2023: £28.1 million) for the Company financial statements. In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment and aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range was appropriate. We agreed with the Audit Committee that we would report to them misstatements identified during our audit above £2.6 million (Group audit) (2023: £2.6 million) and £1.8 million (Company audit) (2023: £1.9 million) as well as misstatements below those amounts that, in our view, warranted reporting for qualitative reasons. Conclusions relating to going concern Our evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to adopt the going concern basis of accounting included: – Obtaining management’s analysis of the going concern of the Group and Company and supporting cash flow forecasts and covenant compliance calculations. Management prepared forecasts for a base case, severe but plausible downside case, and undertook reverse stress testing; – Understanding and assessing the reasonableness of the key assumptions used in the cash flow forecasts, including assessing whether we considered the downside sensitivities to be appropriately severe, the availability of committed finance and covenant compliance during the forecast period; – Corroborating key assumptions in the cash flow forecasts (e.g. investment property valuations, rental income and finance costs) to other evidence including external research and historical performance, and ensuring this was consistent with our audit work in these and other areas; – Evaluating the audit evidence we obtained and assessing whether management’s conclusions were supportable; and – Reviewing the disclosures in the financial statements relating to the going concern basis of preparation and evaluating whether these provided an explanation of the Directors’ assessment that was consistent with the audit evidence we obtained. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group’s and the Company’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Group’s and the Company’s ability to continue as a going concern. In relation to the Directors’ reporting on how they have applied the UK Corporate Governance Code, we have nothing material to add or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it appropriate to adopt the going concern basis of accounting. 170 Shaftesbury Capital PLC | 2024 Annual Report Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The Directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. With respect to the Strategic Report and Directors’ report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included. Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. Strategic Report and Directors Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors’ report for the year ended 31 December 2024 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements. In light of the knowledge and understanding of the Group and Company and their environment obtained in the course of the audit, we did not identify any material misstatements in the Strategic Report and Directors’ report. Directors’ remuneration In our opinion, the part of the Directors’ remuneration report to be audited has been properly prepared in accordance with the Companies Act 2006. Corporate governance statement The Listing Rules require us to review the Directors’ statements in relation to going concern, longer-term viability and that part of the corporate governance statement relating to the Company’s compliance with the provisions of the UK Corporate Governance Code specified for our review. Our additional responsibilities with respect to the corporate governance statement as other information are described in the Reporting on other information section of this report. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit, and we have nothing material to add or draw attention to in relation to: – The Directors’ confirmation that they have carried out a robust assessment of the emerging and principal risks; – The disclosures in the Annual Report that describe those principal risks, what procedures are in place to identify emerging risks and an explanation of how these are being managed or mitigated; – The Directors’ statement in the financial statements about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them, and their identification of any material uncertainties to the Group’s and Company’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements; – The Directors’ explanation as to their assessment of the Group’s and Company’s prospects, the period this assessment covers and why the period is appropriate; and – The Directors’ statement as to whether they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of its assessment, including any related disclosures drawing attention to any necessary qualifications or assumptions. Our review of the Directors’ statement regarding the longer-term viability of the Group and Company was substantially less in scope than an audit and only consisted of making inquiries and considering the Directors’ process supporting their statement; checking that the statement is in alignment with the relevant provisions of the UK Corporate Governance Code; and considering whether the statement is consistent with the financial statements and our knowledge and understanding of the Group and Company and their environment obtained in the course of the audit. 171Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Independent auditors’ report In addition, based on the work undertaken as part of our audit, we have concluded that each of the following elements of the corporate governance statement is materially consistent with the financial statements and our knowledge obtained during the audit: – The Directors’ statement that they consider the Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for the members to assess the Group’s and Company’s position, performance, business model and strategy; – The section of the Annual Report that describes the review of effectiveness of risk management and internal control systems; and – The section of the Annual Report describing the work of the Audit Committee. We have nothing to report in respect of our responsibility to report when the Directors’ statement relating to the Company’s compliance with the Code does not properly disclose a departure from a relevant provision of the Code specified under the Listing Rules for review by the auditors. Responsibilities for the financial statements and the audit Responsibilities of the Directors for the financial statements As explained more fully in the Statement of Directors’ responsibilities, the Directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The Directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to those governed by the Financial Conduct Authority, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006 and compliance with UK income tax rules, specifically compliance with the Real Estate Investment Trust (REIT) status Part 12 of the Corporation Tax Act 2010. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to revenue primarily, and management bias in accounting estimates and judgemental areas of the financial statements particularly in relation to the estimation of the fair value of investment property (and other property portfolio assets). Audit procedures performed by the engagement team included: – Enquiries with management and parties outside of the finance function, including the Group’s internal auditors, regarding any known or suspected instances of non-compliance with laws and regulations and fraud; – Evaluation of management’s controls designed to prevent and detect irregularities; – Evaluation of audit evidence obtained to support the Group’s compliance with the Real Estate Investment Trust (REIT) status Part 12 of the Corporation Tax Act 2010; – Challenging assumptions and judgements made by management in their significant accounting estimates, in particular in relation to the valuation of investment property (see the key audit matters set out earlier in this report); – Identifying and testing journal entries, in particular any journal entries posted to revenue with unusual account combinations; and – Reviewing the whistleblowing log and relevant minutes of meetings, including those of the Board and Audit Committee. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non- compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting fro m error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 172 Shaftesbury Capital PLC | 2024 Annual Report Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. Use of this report This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion: – we have not obtained all the information and explanations we require for our audit; or – adequate accounting records have not been kept by the Company, or returns adequate for our audit have not been received from branches not visited by us; or – certain disclosures of Directors’ remuneration specified by law are not made; or – the Company financial statements and the part of the Directors’ remuneration report to be audited are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Appointment Following the recommendation of the Audit Committee, we were appointed by the members on 3 June 2010 to audit the financial statements for the year ended 31 December 2010 and subsequent financial periods. The period of total uninterrupted engagement is 15 years, covering the years ended 31 December 2010 to 31 December 2024. Other matter The Company is required by the Financial Conduct Authority Disclosure Guidance and Transparency Rules to include these financial statements in an annual financial report prepared under the structured digital format required by DTR 4.1.15R – 4.1.18R and filed on the National Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no assurance over whether the structured digital format annual financial report has been prepared in accordance with those requirements. Andrew Paynter (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 26 February 2025 173Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Consolidated income statement and consolidated statement of comprehensive income Consolidated income statement For the year ended 31 December 2024 2024 2023 Note £m £m Revenue 4 227.1 195.1 Costs 4 (60.0) (53.2) Gross profit 4 167.1 141.9 Other income – 2.7 Administration expenses 5 (42.7) (83.8) Gain/(loss) on revaluation and sale of investment property 6 194.6 (65.0) Change in value of investments and other receivables 7 (7.0) (12.5) Change in fair value of financial assets through profit or loss 22 – 52.0 Operating profit 312.0 35.3 Finance income 8 14.8 15.6 Finance costs 9 (72.0) (67.5) Other finance income 8 4.5 4.1 Other finance costs 9 (6.5) (31.3) Change in fair value of derivative financial instruments 15 (0.9) (11.3) Net finance costs (60.1) (90.4) Profit from joint ventures and associates 14 4.5 0.2 Gain on bargain purchase 31 – 805.5 Loss on sale of associate 14 (4.0) – Profit before tax 252.4 750.6 Taxation 10 (0.3) (0.2) Profit for the year 252.1 750.4 Earnings per share Basic earnings per share 3 13.8p 45.5p Dilutive earnings per share 3 13.8p 45.3p Consolidated statement of comprehensive income For the year ended 31 December 2024 2024 2023 Note £m £m Profit for the year 252.1 750.4 Other comprehensive (expense)/income Items that will not be reclassified to profit or loss: Revaluation (loss)/gain on owner-occupied property 13 (0.1) 1.8 Total comprehensive income for the year 252.0 752.2 174 Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Consolidated balance sheet Consolidated balance sheet As at 31 December 2024 2024 2023 Note £m £m Non-current assets Investment property 12 4,899.1 4,740.2 Property, plant and equipment 13 25.5 24.0 Investments in joint ventures and associates 14 – 83.4 Derivative financial instruments 15 – 1.4 Trade and other receivables 16 139.7 116.1 5,064.3 4,965.1 Current assets Trade and other receivables 16 30.4 42.7 Derivative financial instruments 15 3.4 8.3 Cash and cash equivalents 17 124.0 200.2 157.8 251.2 Assets held for sale Investment property held for sale 12 9.8 – 9.8 – Total assets 5,231.9 5,216.3 Non-current liabilities Borrowings 19 (1,467.8) (1,534.8) Lease liabilities 20 (2.7) (2.7) Derivative financial instruments 15 (1.8) (7.2) (1,472.3) (1,544.7) Current liabilities Borrowings 19 – (94.9) Lease liabilities 20 (0.3) (0.3) Tax liabilities (0.2) (0.2) Trade and other payables 18 (84.8) (96.0) (85.3) (191.4) Total liabilities (1,557.6) (1,736.1) Net assets 3,674.3 3,480.2 Equity Share capital 24 488.2 488.2 Other components of equity 3,186.1 2,992.0 Total equity 3,674.3 3,480.2 These consolidated financial statements on pages 174 to 212 have been approved for issue by the Board of Directors on 26 February 2025 and signed on its behalf by: Ian Hawksworth Situl Jobanputra Chief Executive Chief Financial Officer 175Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Consolidated statement of changes in equity Consolidated statement of changes in equity For the year ended 31 December 2024 Capital Share-based Share Share Own redemption Merger payment Other Retained Total capital premium shares 1 reserve reserve 2 reserve reserves earnings equity Note £m £m £m £m £m £m £m £m £m At 1 January 2023 212.8 232.5 – 1.5 293.7 9.8 (0.4) 811.7 1,561.6 Profit for the year – – – – – – – 750.4 750.4 Other comprehensive income for the year – – – – – – – 1.8 1.8 Total comprehensive income for the year – – – – – – – 752.2 752.2 Completion of all-share merger 273.9 – (32.1) – 962.3 – – – 1,204.1 Dividends 11 – – – – – – – (41.9) (41.9) Issue of shares and realisation of the share-based payment reserve on issue of the employee share options 3 1.5 – (0.8) – – (9.8) – 11.9 2.8 Fair value of share-based payment 29 – – – – – 1.3 – – 1.3 Realisation of cash flow hedge – – – – – – 0.1 – 0.1 Balance at 31 December 2023 488.2 232.5 (32.9) 1.5 1,256.0 1.3 (0.3) 1,533.9 3,480.2 Profit for the year – – – – – – – 252.1 252.1 Other comprehensive expense for the year – – – – – – – (0.1) (0.1) Total comprehensive income for the year – – – – – – – 252.0 252.0 Dividends 11 – – – – – – – (61.1) (61.1) Fair value of share-based payment 29 – – – – – 3.1 – – 3.1 Realisation of cash flow hedge – – – – – – 0.1 – 0.1 Balance at 31 December 2024 488.2 232.5 (32.9) 1.5 1,256.0 4.4 (0.2) 1,724.8 3,674.3 1. Represents the nominal value of 128,350,793 shares issued to a controlled entity in respect of secured shares previously held as collateral for the exchangeable bonds and 3,146,886 shares held by the Group’s Employee Benefit Trust in respect of employee share awards. 2. Represents non-qualifying consideration received following previous share placings and the all-share merger with Shaftesbury PLC completed on 6 March 2023. The amounts taken to the merger reserve do not currently meet the criteria for qualifying consideration and therefore will not form part of distributable reserves as they form part of linked transactions. 3. Represents the issue of 6,170,629 new shares and subsequent realisation of the outstanding share-based payment reserve on the close out of the Group’s share scheme prior to completion of the all-share merger. Following the vesting, 3,146,886 shares were purchased by the Group’s Employee Benefit Trust. 176 Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Consolidated statement of cash flows Consolidated statement of cash flows For the year ended 31 December 2024 2024 2023 Note £m £m Cash flows from operating activities Cash generated from operations 27 108.7 29.8 Finance costs paid (72.0) (59.5) Interest received 15.0 16.1 Net cash inflow/(outflow) from operating activities 51.7 (13.6) Cash flows from investing activities Purchase and development of property (130.4) (51.2) Purchase of fixed assets (2.3) (3.4) Sale of property 136.6 88.1 Cash acquired in a business combination – 118.1 Dividends received from associate 1.2 1.5 Sale of associate 82.5 – Loans to joint ventures and associates repayment received 15.6 2.7 Net cash inflow from investing activities 103.2 155.8 Cash flows from financing activities Borrowings repaid (305.0) (1,151.0) Borrowings drawn 135.0 1,126.0 Acquisition of derivative financial instruments – (5.0) Cash dividends paid 11 (61.1) (41.9) Net cash outflow from financing activities (231.1) (71.9) Net movement in cash and cash equivalents (76.2) 70.3 Cash and cash equivalents at 1 January 200.2 129.9 Cash and cash equivalents at 31 December 17 124.0 200.2 177Shaftesbury Capital PLC | 2024 Annual Report Financial statements Notes to the financial statements For the year ended 31 December 2024 1 Principal accounting policies General information Shaftesbury Capital PLC (the “Company”) was incorporated and registered in England and Wales and domiciled in the United Kingdom on 3 February 2010 under the Companies Act 2006 as a public company limited by shares, registration number 7145051. The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity of the Company is to act as the ultimate parent company of Shaftesbury Capital PLC Group (the “Group”), whose principal activity is the investment and management of property. The Group’s assets principally comprise investment property within the West End of London, including Covent Garden, Carnaby, Soho and Chinatown. Basis of preparation The Group’s consolidated financial statements are prepared in accordance with United Kingdom-adopted international accounting standards (“UK-adopted IFRS” or “IFRS”), and the applicable legal requirements of the Companies Act 2006. The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of property and derivative financial instruments. All income, expenses and cash flows are generated from continuing operations and there is no material seasonal impact on the Group’s financial performance. Going concern The Directors have considered the appropriateness of adopting the going concern basis in preparing the consolidated financial statements. The Group’s going concern assessment covers the period to 30 June 2026 (the “going concern period”), being at least 12 months from the date of authorisation of these consolidated financial statements. The core West End occupational market continues to demonstrate its enduring appeal, with excellent levels of leasing activity, low vacancy and continued customer sales growth. There is good leasing demand across all uses, delivering rental income and valuation growth. While geopolitical risk remains elevated and there is macroeconomic volatility, the West End and the Group’s unique portfolio of prime investments have demonstrated remarkable resilience. The Group maintains a strong balance sheet with a focus on resilience, flexibility and efficiency. There is significant headroom against debt covenants and access to significant liquidity. In preparing the assessment of going concern, the Directors have considered projections of the Group’s liquidity, committed capital expenditure, income, costs, cash flows and debt covenants. The Directors have assessed a base case and a downside scenario (being a “severe but plausible” scenario). As at the year end, the Group had net debt of £1.4 billion, an EPRA LTV ratio of 27 per cent and Group interest cover of 2.9 times. The Group is projected to have sufficient cash reserves and undrawn facilities to meet debt maturities during the going concern period. Drawn debt is at fixed rates or currently has interest rate protection in place. Interest rate hedging is in place which caps SONIA exposure at 3.0 per cent on £250 million of notional value to December 2025. Further hedging arrangements will be put in place as appropriate. The Group’s debt matures between March 2026 and 2037. Debt maturities during the going concern assessment period relate to the £275 million exchangeable bond, which can be repaid or refinanced in both the base case and the downside scenario. The Group’s financial resources are expected to be sufficient to cover its commitments over the going concern period. Relative to the Group’s base case forecast, the downside scenario includes the following key assumptions: – Substantial reduction in forecast rental income due to combination of extended voids and tenant failures; – Elevated SONIA rates in excess of current market expectations; and – Declines in rental values, along with a widening of valuation yields, resulting in reduced asset values. 178 Shaftesbury Capital PLC | 2024 Annual Report The near-term impact of climate change risks within the going concern period have been considered in the downside scenario and are expected to be immaterial. Under the downside scenario, the Group is expected to remain in compliance with the loan-to-value and interest cover covenants of its individual financing arrangements. In addition to considering a downside scenario, the Board has also undertaken reverse stress testing, which indicates that the Group could withstand a decrease of approximately 45 per cent in income and valuations before breaching its debt financial covenants. Based on their analysis, the Directors are satisfied that there is a reasonable expectation that the Group will be able to meet its ongoing and future commitments for at least 12 months from the date of approval of the consolidated financial statements and have therefore resolved that the Group’s consolidated financial statements be prepared on a going concern basis. Critical accounting judgements and key sources of estimation and uncertainty The preparation of consolidated financial statements in accordance with IFRS requires the Directors to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, income and expenses from sources not readily apparent. Although these estimates and assumptions are based on management’s best knowledge of the amount, historical experiences and other factors, actual results ultimately may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period. The most significant area of estimation uncertainty is in respect of the valuation of the property portfolio where external valuations are obtained. The fair value of the Group’s investment and trading property (trading property included within the Lillie Square joint venture) at 31 December 2024 was determined by independent, appropriately qualified external valuers CBRE and Cushman & Wakefield for the wholly-owned property portfolio, and JLL for the Lillie Square joint venture. The valuations conform to the Royal Institution of Chartered Surveyors (“RICS”) Valuation Professional Standards. As various inputs used in the valuation calculations are based on assumptions, property valuations are inherently subjective and subject to a degree of estimation uncertainty. The Group’s external valuers have made a number of assumptions including, but not limited to, market yields, ERVs and void periods. These assumptions are in accordance with the RICS Valuation Professional Standards, however, if any prove to be incorrect, it may mean that the value of the Group’s properties differs from their valuation reported in the financial statements, which could have a material effect on the Group’s financial position. The key unobservable inputs used in the valuation models are those in respect of equivalent yields and ERV, which are summarised within note 12 ‘Property portfolio’ and additional information is provided on page 226. Further information on the approach taken by the valuers in valuing the property portfolio and a sensitivity analysis on equivalent yields and ERV, which are the most significant assumptions impacting the fair values, is set out in note 12 ‘Property portfolio’. Other areas of judgement and estimation in the financial statements (which are not considered critical) include REIT compliance, the impairment of and expected credit loss allowance on trade receivables, and share-based payments.  179Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 1 Principal accounting policies continued New accounting policies In the current year, the Group has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2024. – IAS 1 ‘Presentation of Financial Statements’ (amendment) (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants) – IFRS 16 ‘Leases’ (amendment) (Lease liability in a sale and leaseback) – IAS 7 ‘Statement of cash flows’ and IFRS 7 ‘Financial Instruments: Disclosures’ (amendment) (Supplier finance arrangements) The adoption of the above amendments has not had a material impact on the amounts reported in the consolidated financial statements or on the disclosures apart from the amendments to IAS 1, which have resulted in additional disclosure in note 22, but have not had an impact on the classification of the Group’s liabilities. At the date of approval of the consolidated financial statements the following new accounting standards and amendments to accounting standards were in issue but are not yet effective. These new standards and amendments have not been applied in these consolidated financial statements. – IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (amendment) (Lack of Exchangeability) – IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’ (amendment) (Classification and Measurement of Financial Instruments) – IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (new standard) The amendment to IAS 21 is effective for periods beginning on or after 1 January 2025 whilst the amendments to IFRS 9 and IFRS 7 are effective for annual periods beginning on or after 1 January 2026. The Group has assessed the impact of these amendments and does not anticipate any material impact on the consolidated financial statements. IFRS 18 is effective for annual periods beginning on or after 1 January 2027. The Group is assessing the impact of this new standard and the Group’s financial reporting will be presented in accordance with this standard from 1 January 2027, in line with requirements. Basis of consolidation These consolidated financial statements include the consolidation of Capital & Counties CGP Limited Partnership. The members of this qualifying partnership have taken advantage of exemptions available in Statutory Instrument 2008/569 and therefore will not produce consolidated financial statements at the partnership level or submit such annual reports to Companies House. The consolidated financial statements are prepared in British pounds sterling, which is also determined to be the functional currency of the Company. Subsidiaries Subsidiaries are fully consolidated from the date on which the Group has control, is exposed, or has rights to variable returns from its involvement with an entity and has the ability to affect those returns through its power over an entity. Subsidiaries cease to be consolidated from the date this control is lost. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method (at the point the Group gains control over a business as defined by IFRS 3 ‘Business Combinations’). The cost of an acquisition is measured as the aggregate of the consideration transferred, which includes the cash paid and the aggregate of the fair values, at the date of exchange, of other assets transferred, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, and the amount of any non-controlling interests in the acquiree. Acquisition-related costs are expensed as incurred. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 ‘Business Combinations’ are recognised at their fair value at the acquisition date. Goodwill represents the excess of the cost of acquisition of a business combination over the fair value of the identifiable net assets of the business acquired at the date of acquisition. In the case that the fair value of the identifiable net assets acquired is greater than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognised as a gain on bargain purchase in the consolidated income statement. 180 Shaftesbury Capital PLC | 2024 Annual Report Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. When joint control is no longer demonstrated, but significant influence is, a previously accounted for joint venture is accounted for as an associate. Investments in joint ventures and associates are accounted for using the equity method. On initial recognition the investment is recognised at cost, and the carrying amount is subsequently increased or decreased to recognise the Group’s share of the profit or loss of the joint venture or associate after the date of acquisition. The Group’s investments in joint ventures or associates are presented separately on the consolidated balance sheet and the Group’s share of the joint ventures or associates’ post-tax profit or loss for the period is also presented separately in the consolidated income statement. Where there is an indication that the Group’s investment in a joint venture or associate may be impaired, the Group evaluates the recoverable amount of its investment, being the higher of the joint venture or associate’s fair value less costs to sell and value in use. If the recoverable amount is lower than the carrying value an impairment loss is recognised in the consolidated income statement. If the Group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the Group does not recognise further losses, unless it has legal or constructive obligations to make payments on behalf of the joint venture or associate. Dividends received or receivable from joint ventures or associates are recognised as a reduction in the carrying amount of the investment. Where the Group disposes of its entire interest in a joint venture or associate, a gain or loss is recognised in the consolidated income statement on the difference between the amount received on the sale of the joint venture or associate and the carrying value of the investment in joint venture or associate less costs of disposal. Revenue recognition Rental receivable arises from operating leases granted to customers and is recognised as revenue on a straight-line basis over the lease term. Tenant lease incentives, and in certain instances surrender premium payments which are directly linked to new leases, are amortised on a straight-line basis over the non-cancellable period of the lease, being the earlier of its expiry date or the date of the first break option as a reduction in net rental income. Surrender premiums received for early termination of leases are reflected in gross profit. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through costs in the year. When a concession is provided for rent receivables past due the concession is accounted for as an impairment through the expected credit loss model in accordance with IFRS 9. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are recorded as income in the periods in which they are earned. Service charge income in the ordinary course of business is recorded as income over time in the year in which the services are provided. As the Group acts as a principal, service charge income and costs are shown gross in the financial statements.  181Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 1 Principal accounting policies continued Income taxes Current tax is the amount payable on the taxable income for the year and any adjustment in respect of prior years. It is calculated using rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax is provided for using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the tax bases of those assets and liabilities. However, temporary differences are not recognised to the extent that they arise from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting nor taxable profit or loss (except leases); or are associated with investments in subsidiaries, joint ventures and associates where the timing of the reversal of the temporary difference can be controlled by the parent, venture or investor, respectively, and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that management believes it is probable that future taxable profit will be available against which the deferred tax assets can be recovered. Deferred tax assets and liabilities are only offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable group or different taxable entities where there is an intention to settle balances on a net basis. Tax is included in the consolidated income statement except when it relates to items recognised directly in equity, in which case the related tax is also recognised directly in equity. Share-based payment The Group administers the following share-based remuneration to employees and Directors: Long-term incentive plan Long-term incentive awards will only vest and become exercisable upon achievement of performance targets, linked to the Group’s total accounting return and total shareholder return, as well as being conditional upon continued employment with the Group. The fair value of the awards is determined using an option pricing model, which applies assumptions around expected yields, forfeiture rates, exercise price and volatility, at the grant date of the awards. Non-market vesting conditions are taken into account by adjusting the number of awards expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of awards that will eventually vest. Market vesting conditions are factored into the fair value of the awards granted. The cumulative expense is not adjusted for failure to meet a market vesting condition. The cost of granting share options to employees is charged to the consolidated income statement over the vesting period of the options with a corresponding increase in equity. Employer’s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the consolidated income statement. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement. Deferred shares Executive Directors’ annual bonuses may be deferred in Company shares or nil-cost options for three years under the long-term incentive plan without further performance conditions but subject to risk of forfeiture should an Executive Director leave the Company in certain circumstances. The Group accrues the cost of the non-cash bonus over the relevant period. Employer’s National Insurance contributions are payable, on exercise, on the market value of the award and are accrued for within the share-based payments expense in the consolidated income statement. Upon eventual exercise, a reserves transfer occurs with no further charge reflected in the consolidated income statement. Own shares held in connection with employee share plans and other share-based payment arrangements are treated as treasury shares and deducted from equity.  182 Shaftesbury Capital PLC | 2024 Annual Report Investment property Investment property is owned or leased by the Group and held for long-term rental income and capital appreciation. The Group has chosen to use the fair value model. Property and any related obligations are initially recognised when the significant risks and rewards attached to the property have transferred to the Group. Payments made in respect of the future acquisition of investment property are initially recognised as prepayments until the recognition criteria outlined above have been met. Investment property is recorded at cost and subsequently revalued at the balance sheet date to fair value as determined by professionally qualified external valuers on the basis of market value. The fair value of property is arrived at by adjusting the market value as above for directly attributable tenant lease incentives, deferred letting fees and fixed head leases. Property held under leases is stated gross of the recognised lease liability. The valuation is based upon assumptions as outlined within the property portfolio note. These assumptions conform to the RICS Valuation Professional Standards. When the Group redevelops a property for continued future use, that property is classified as investment property during the redevelopment period and continues to be measured at fair value. Gains or losses arising from changes in the fair value of investment property are recognised in the consolidated income statement in the period in which they arise. Depreciation is not provided in respect of investment property including plant and equipment integral to such investment property. Investment properties cease to be recognised as investment property when they have been disposed of or when they cease to be held for the purpose of generating rental income or for capital appreciation. Disposals are recognised on completion. Gains or losses arising are recognised in the consolidated income statement. The gain or loss on disposal is determined as the difference between the net sales proceeds and the carrying amount of the asset at the commencement of the accounting period, plus capital expenditure in the period. When the use of a property changes from trading property to investment property, the property is transferred at fair value with any resulting gain or loss recognised in the consolidated income statement. Investment property is classified as held for sale when the property has exchanged, though not yet completed. Transfers from investment property to investment property held for sale will occur at market value. The Group will subsequently determine the fair value of the property less costs to sell, and to the extent that the market value of the property exceeds the fair value of the property less costs to sell, an impairment loss will be recognised. Should an uplift occur in valuation in a subsequent period, a gain shall be recognised however, the gain recognised may not exceed the cumulative impairment loss recognised. Trading property Trading property comprises those properties that in the Directors’ view are not held for long-term rental income or capital appreciation and are expected to be disposed of within one year of the balance sheet date or to be developed with the intention to sell. Such property is constructed, acquired, or if transferred from investment and development property, transferred at fair value which is deemed to represent cost. Subsequently trading property is carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling costs. This approximates market value as determined by professionally qualified external valuers at the balance sheet date. Details of the valuation methodology are set out in note 12 ‘Property Portfolio’. The amount of any write down of trading property to market value is recognised as an expense in the period the write down occurs. Should a valuation uplift occur in a subsequent period, the amount of any reversal shall be recognised as a reduction in the previous write down in the period in which the uplift occurs. This may not exceed the property’s cost. The sale of trading property is recognised as revenue when the buyer obtains control of the property. Total costs incurred in respect of trading property are recognised simultaneously as an expense. Owner-occupied property Owner-occupied property comprises property held for use in the production or supply of goods or services or for administrative purposes. Transfers are made from investment property to owner-occupied property when there is a change in use of the property. The property is transferred and subsequently carried at market value, which is determined in the same manner as investment property. Revaluation gains are recognised in equity. A revaluation loss will reverse any previous revaluation gain recorded in equity with the residual recognised in profit or loss. 183Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 1 Principal accounting policies continued Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. Group as a lessee The Group’s leases predominately relate to head leases in relation to leasehold properties. At the commencement date of the lease, the Group recognises a right of use asset equal to the value of the lease liability and direct costs incurred, less any lease incentives received by the Group. The right of use asset is recognised within investment property. The lease liability is measured at the present value of lease payments over the lease term. The lease payments include fixed payments and variable lease payments that depend on an index or rate. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments). The Group’s lease liabilities are detailed in note 20. Short-term leases and leases of a low-value As a lessee the Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Group as a lessor As a lessor the Group classifies its leases as either operating or finance leases. A lease is classified as a finance lease if it transfers substantially all the risk and rewards incidental to ownership of the underlying asset, and classified as an operating lease if it does not. Other financial assets The Group’s other financial assets comprise of listed equity investments and amounts receivable from joint ventures and associates. Listed equity investments Listed equity investments are classified as financial assets at fair value through profit or loss. At initial recognition, the financial assets are measured at fair value, with transactions costs attributable to the acquisition, expensed in the consolidated income statement. The financial assets are subsequently carried in the consolidated balance sheet at fair value, with net changes in fair value recognised in the consolidated income statement. The purchase and sale of the financial assets are recognised on trade date, being the date on which the Group commits to purchase or sell the asset. The financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. Listed equity investments included the Group’s investment in Shaftesbury PLC until the date of the all-share merger during the prior year. Amounts receivable from joint ventures and associates Amounts receivable from joint ventures and associates are classified as financial assets at amortised cost. At initial recognition, the Group measures the financial asset at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment review. The financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.  184 Shaftesbury Capital PLC | 2024 Annual Report Derivative financial instruments The Group uses non-traded derivative financial instruments to manage exposure to interest rate risk. They are initially recognised on the trade date at fair value and subsequently remeasured at fair value based on market price. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Instruments that have not been designated as qualifying for hedge accounting are classified as fair value through profit and loss. Changes in the fair value of these instruments are split into interest (calculated as the accrued and realised cash flows) and other changes in fair value. Interest is recognised in finance income or costs and changes in fair value are recognised in change in fair value of derivative financial instruments in the consolidated income statement. Trade and other receivables Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost. The methodology for assessment of impairment is defined in the following paragraph. Impairment of financial assets The Group applies the IFRS 9 expected credit loss model in order to calculate a lifetime expected loss allowance for all financial assets. To measure the expected credit loss, receivables are reviewed on an individual contract basis. The expected loss rates are based on forward-looking information as well as historical evidence of collection. For rent receivables, all customers are allocated a risk rating, as determined by management, and provided a rating of maximum, high, medium and low risk. The classification is developed by taking into consideration information on the customer’s credit rating, current financial position, historical trading performance, historical default rate and the operational performance of the business. In assessing the provision the Group identifies risk factors associated by sector (retail, food and beverage, office and residential) and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by customer basis, the Group considers both recent payment history and future expectations of the customer’s ability to pay or possible default in order to recognise an expected credit loss allowance. Based on sector and rent receivable type, a provision is made in addition to a full provision for maximum risk customers or customers with significant financial issues. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the original impairment was recognised, the impairment reversal is recognised in the consolidated income statement on a basis consistent with the original charge. Tenant lease incentives are impaired based on an assessment of affordability. For amounts receivable from joint ventures and associates, impairment is assessed by comparing the carrying amount of the loans and receivables to the discounted present value of the estimated future cash flows from the joint ventures and associates. Cash and cash equivalents Cash and cash equivalents are recognised at fair value. Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, certain tenant deposits and other short-term highly liquid investments with original maturities of three months or less. Tenant deposits held against tenants’ rent payment obligations in bank accounts administered by the Group are classified as cash and cash equivalents. Tenant deposits held against tenants’ rent payment obligations in bank accounts administered by the Group’s managing agent are not included within the consolidated balance sheet. The Group holds cash on deposit as security for certain secured term loans and secured bank facilities, and where there are certain conditions restricting their use. Cash held on deposit which has conditions restricting its use and is not available on demand, liquid or readily convertible, is classified within other receivables. Trade and other payables Trade payables are obligations for goods or services acquired in the ordinary course of business. Trade and other payables are recognised at fair value and subsequently measured at amortised cost until settled.  185Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 1 Principal accounting policies continued Borrowings Borrowings comprise bank loans, secured loan facilities, loan notes and compound financial instruments. Bank loans, secured loan facilities and loan notes are ordinarily recognised initially at their net proceeds as an approximation of fair value. If the transaction price is not an approximation of fair value at initial recognition, the Group determines the fair value as evidenced by a quoted price in an active market for an identical instrument or based on a valuation technique that uses data from observable markets. Bank loans and loan notes are subsequently carried at amortised cost. Any transaction costs, premiums or discounts are capitalised and recognised over the contractual life of the loan using the effective interest rate method, or on a straight-line basis where it is impractical to do so. In the event of early repayment, transaction costs, premia or discounts paid and unamortised costs are recognised immediately in the consolidated income statement. Compound financial instruments issued by the Group comprise exchangeable bonds that are convertible into shares. The exchangeable bonds were bifurcated into a liability and embedded derivative option component on initial recognition. The carrying value of the liability at initial recognition is the difference between the fair value of the entire instrument as a whole and the embedded derivative’s fair value. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. The issue costs apportioned to the embedded derivative are recognised immediately in the consolidated income statement. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability are included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. When a facility has been modified an assessment of modification and extinguishment is performed reviewing both quantitative and qualitative factors. Interest related to the financial liability is recognised in the consolidated income statement. The embedded derivative is measured at fair value with the fair value adjustment accounted for in the consolidated income statement. Pensions The costs of the defined contribution scheme and the Group’s personal pension plans are charged against profits or losses in the year in which they are incurred. Contingent liabilities and capital commitments Contingent liabilities are disclosed where there are present or possible obligations arising from past events, but the economic impact is uncertain in timing, occurrence or amount. A description of the nature and, where possible, an estimate of the financial effect of contingent liabilities are disclosed. Capital commitments are disclosed when the Group has a contractual future obligation which has not been provided for at the balance sheet date. Amounts are only provided for where such obligations are onerous. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own shares Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognised in the share premium.  186 Shaftesbury Capital PLC | 2024 Annual Report 2 Segmental reporting IFRS 8 requires operating segments to be reported in a manner consistent with the internal financial reporting reviewed by the chief operating decision maker. The chief operating decision maker of the Group is the Executive Committee, which consists of the Chief Executive, Chief Financial Officer and the two Executive Directors. The information reviewed by the Executive Committee is prepared on a basis consistent with these financial statements. That is, the information is provided and monitored at a Group level and includes the IFRS reported results, EPRA and underlying measures. In assessing the identification of operating segments, the Group considers the activities of the chief operating decision maker including decision making authorities for allocation of resources and the information they regularly receive. This consideration also factors that performance measures are set and only monitored at a single Group level. The Annual Report includes additional operational information on the property portfolio grouped by village and use. This information is used within certain levels of the business and is also considered useful for readers of the Annual Report but is not used by the chief operating decision maker for monitoring performance or the allocation of resources. 3 Performance measures The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (“APMs”) in these annual results. An APM is a financial measure of historical or future financial performance, position or cash flow of the Group which is not a measure defined or specified in IFRS. Details of all APMs used by the Group are set out in the APM section on page 218. As is usual practice in the sector, the Group presents APMs for certain indicators, including earnings, earnings per share and net tangible assets, making adjustments as set out by EPRA in its Best Practice Recommendations. These recommendations are designed to make the financial statements of public real estate companies more comparable across Europe, enhancing the transparency, comparability and coherence of the sector. One of the key performance measures which the Group uses is underlying earnings. The underlying earnings measure reflects the underlying financial performance of the Group’s West End property rental business and is used for the calculation of dividends. The measure aligns with the main principles of EPRA earnings. EPRA earnings excludes valuation movements on the wholly-owned, joint venture and associate properties, profit or loss on disposal of investment properties and investments in associates, fair value changes of financial instruments and listed investments, cost of early close out of debt, gain on bargain purchase and IFRS 3 merger-related transaction costs. Following updated guidance issued by EPRA in 2024, EPRA earnings now also includes adjustments for certain non-operating and exceptional items. The non-operating and exceptional items adjusted for by the Group in the current and prior year include the fair value movements of the option component of the exchangeable bond, the unwinding of the IFRS 3 fair value of debt following the completion of the all-share merger in March 2023 and merger-related integration and other non-underlying expenses incurred. These costs are non-recurring as they relate to significant transactions outside the ongoing operations of the Group. In calculating underlying earnings in both years, additional adjustments are made to exclude the financial performance of the Lillie Square joint venture, associated tax adjustments and the interest receivable on the loan issued to the joint venture by the Group. Lillie Square is not considered to be a core part of the operations of the Group and therefore its results are not included in underlying earnings. A summary of the number of shares, on a basic and diluted basis, in issue at the year end, and on a weighted average basis for the year, is set out in the table below: Number of shares 2024 2023 Weighted 2024 Weighted 2023 average In issue average In issue million million million million Ordinary shares 1,953.2 1,953.2 1,757.0 1,953.2 Own shares – employee benefit trust (3.1) (3.1) (2.6) (3.1) Own shares – exchangeable bond 1 (128.4) (128.4) (105.5) (128.4) Number of shares – basic 2 1,821.7 1,821.7 1,648.9 1,821.7 Dilutive effect of contingently issuable share option awards 3 5.7 10.0 6.5 6.5 Dilutive effect of contingently issuable deferred share awards 3 0.7 1.6 0.6 0.6 Number of shares – diluted 4 1,828.1 1,833.3 1,656.0 1,828.8 1. Includes 127,008,786 shares held as collateral for the exchangeable bonds. 2. Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share. 3. Further information on these potential ordinary shares can be found in note 29 ‘Share based payments’. 4. Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings and net assets per share. 187Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 3 Performance measures continued Earnings per share – IFRS 2024 2023 Basic earnings (£m) 252.1 750.4 Basic earnings per share (pence) 13.8p 45.5p Diluted earnings per share (pence) 13.8p 45.3p Earnings per share – EPRA and Underlying earnings 2024 2023 Note £m £m Basic earnings 252.1 750.4 EPRA Group adjustments: (Gain)/loss on revaluation and sale of investment property 6 (194.6) 65.0 Change in value of investments and other receivables 7 7.0 12.5 Change in fair value of financial instruments – interest rate derivatives 15 6.3 7.4 Change in fair value of financial assets at fair value through profit or loss 22 – (52.0) Exceptional finance items – accelerated unwind of unamortised finance costs and interest on early close out of debt 1 9 1.0 26.8 Loss on sale of associate 1 14 4.0 – Gain on bargain purchase 31 – (805.5) Merger-related transaction costs 5 – 35.8 Deferred tax adjustments 10 – (0.1) EPRA unusual items: Merger-related integration costs and non-underlying administrative expenses 5 3.3 8.7 Other exceptional finance items 2 0.4 9.1 Impact of change in accounting policy on gross profit 3 – 5.1 EPRA joint venture and associate adjustments: Profit on sale and transfer of trading property (1.5) (5.1) (Gain)/loss on revaluation of investment property (3.0) 3.3 (Reversal of write down)/write down of trading property (0.9) 6.6 Deferred tax adjustments 1.2 (0.1) EPRA earnings 75.3 67.9 EPRA earnings per share (pence) 4 4.1 4.1 Underlying earnings adjustments: Joint ventures adjustment – Lillie Square 5 (2.3) (7.5) Underlying earnings 73.0 60.4 Underlying earnings per share (pence) 6 4.0 3.7 1. Reflects the accelerated unwind of unamortised costs on the refinancing of the revolving credit facility. The 2023 amount comprises £24.6 million unamortised fair value adjustment that arose on completion of the merger which was accelerated on the early redemption of the Carnaby and Chinatown bonds in April 2023 and the unamortised costs on the loan facility of £2.2 million which was accelerated on early repayment during the prior year. The unwind of the remaining fair value balance on the Longmartin debt of £1.4 million has been recognised in the loss on sale of associate on sale of our 50 per cent share during the year. 2. Other exceptional finance items include the unwind of the fair value adjustments on the debt facilities acquired on merger of £6.1 million (including our share of the fair value unwind of the Longmartin debt of £0.6 million up to date of disposal), offset by the fair value movement of the exchangeable bond option of £5.4 million (31 December 2023: £3.9 million) and other non-underlying finance income of £0.3 million. £5.5 million (31 December 2023: £4.5 million) of the unwind of the fair value of the debt is recorded through other finance costs included in note 10 ‘Finance costs’ and £0.6 million (31 December 2023: £0.7 million) within the profit from Longmartin per note 14 ‘Investments in joint ventures and associates’. 3. The £5.1 million relates to the alignment of accounting policies on completion of the merger in the prior year. £4.1 million of the adjustment was recognised through the straight lining of tenant lease incentives and £1.0 million in property expenses. Historically, the Group amortised tenant lease incentives and deferred letting fees on a straight-line basis over the lease term to lease expiry as the assumption was that the lessees were reasonably certain not to exercise their option to break. This was amended in the prior year, such that all lease incentives are amortised over the non-cancellable period of the lease. As a result, other receivables within the consolidated balance sheet at 31 December 2023 decreased by £5.1 million with a corresponding reduction to gross profit. The £5.1 million reduction to gross profit had been adjusted for in order to reflect the true performance of the business during 2023. 4. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of updated EPRA Best Practice Recommendations Guidelines in September 2024. 5. The Lillie Square joint venture is not considered part of the core underlying business of the Group and therefore its results are excluded from underlying earnings. The adjustment includes £3.8 million (31 December 2023: £3.7 million) interest receivable by the Group on the interest-bearing loans issued to the joint venture, offset by £1.5 million (31 December 2023: £3.8 million) of adjustments made to EPRA earnings for profit on sale and transfer of trading property, loss on revaluation of investment property and reversal of write down of trading property. 6. Had the all-share merger of Capital & Counties Properties PLC and Shaftesbury PLC completed on 1 January 2023, the underlying earnings of the Group would have been £62.8 million or 3.4 pence per share.  188 Shaftesbury Capital PLC | 2024 Annual Report Net assets per share 2024 2023 EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV £m £m £m £m £m £m IFRS total equity 1 3,674.3 3,674.3 3,674.3 3,480.2 3,480.2 3,480.2 Unrecognised surplus on trading property – joint venture 0.1 0.1 0.1 1.7 1.7 1.7 Fair value of financial instruments – interest rate derivatives 2 (3.4) (3.4) – (9.7) (9.7) – Fair value adjustment of exchangeable bond 3 (0.4) (0.4) – 2.0 2.0 – Real Estate Transfer Tax 333.1 – – 332.2 – – Adjustment of fixed rate debt from carrying value to fair value 4 – – 50.8 – – 29.8 Deferred tax adjustments 0.5 0.5 – 5.2 5.2 – NAV 4,004.2 3,671.1 3,725.2 3,811.6 3,479.4 3,511.7 NAV per share (pence) 218.4p 200.2p 203.2p 208.4p 190.3p 192.0p 1. IFRS total equity of 200.4 pence per share (31 December 2023: 190.3 pence per share). 2. This relates to the fair value of interest rate derivatives. Further details are disclosed within note 15 ‘Derivative financial instruments’. 3. Adjustment to remove the exchangeable bond option fair value and include the exchangeable bond liability at nominal value of £275 million. 4. Excludes fair value of exchangeable bond option component included under derivative liabilities as disclosed in note 15 ‘Derivative financial instruments’. Headline earnings per share Headline earnings per share is calculated in accordance with Circular 1/2023 issued by the South African Institute of Chartered Accountants, a requirement of the Group’s Johannesburg Stock Exchange secondary listing. This measure is not a requirement of IFRS. 2024 2023 £m £m Basic earnings 252.1 750.4 Group adjustments: Gain on bargain purchase – (805.5) Loss on sale of associate 4.0 – (Gain)/loss on revaluation and sale of investment property (194.6) 65.0 Headline earnings 61.5 9.9 Basic and diluted headline earnings per share (pence) 3.4p 0.6p 4 Gross profit All revenue has been generated from operations within the United Kingdom. 2024 2023 £m £m Rental receivable 197.2 171.9 Straight-lining of tenant lease incentives 1 7.8 3.9 Service charge income 22.1 19.3 Revenue 227.1 195.1 Provision for expected credit loss (3.9) (2.0) Property expenses 1 (33.1) (31.1) Service charge expenses (22.1) (19.3) Tenant lease incentives loss allowance (0.9) (0.8) Costs (60.0) (53.2) Gross profit 167.1 141.9 1. Included in the prior year is a charge of £5.1 million relating to the alignment of accounting policies on completion of the merger. £4.1 million of the adjustment was recognised through the straight lining of tenant lease incentives and £1.0 million in property expenses.  189Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 5 Administration expenses 2024 2023 £m £m Depreciation 0.3 0.4 Employee costs 23.0 25.1 Head office administration expenses 16.1 13.8 Merger-related transaction costs 1 – 35.8 Merger-related integration costs and non-underlying administration expenses 3.3 8.7 Administration expenses 42.7 83.8 1. Costs relate to transaction fees and expenses in respect of the merger of Shaftesbury PLC and Capital & Counties Properties PLC during the prior year. (a) Employee costs (including Executive Directors) 2024 2023 Note £m £m Wages and salaries 16.3 19.9 Social security costs 2.1 2.6 Pension costs 1.5 1.5 Share-based payment 1 29 3.1 1.1 Employee costs 23.0 25.1 1. Share-based payment charges are calculated based on the expected fair value of share awards as calculated using the Black-Scholes option pricing model. Details of the share option schemes, and principal assumptions made at the last grant and measurement dates are set out in note 29 ‘Share-based payments’. (b) Employee numbers Average monthly number of people (including Executive Directors) employed 2024 2023 Total average headcount 98 105 The details of individual Directors’ remuneration and pension benefits as set out in the tables contained in the Directors’ Remuneration Report on pages 138 to 161 form part of these consolidated financial statements. (c) Auditors’ remuneration 2024 2023 £m £m Remuneration to the principal auditors in respect of audit fees: Company and Group consolidated financial statements 1.0 1.1 Audit of the financial statements of the Company’s subsidiaries 0.3 0.2 Audit of the financial statements of the Company’s joint ventures and associates – 0.1 Fees related to the audit of the Company, subsidiaries, joint ventures and associates 1.3 1.4 Audit related assurance services including interim review 0.1 0.2 Total fees for audit and audit related services 1.4 1.6 The Group’s auditors, PricewaterhouseCoopers LLP, have engaged on assignments in addition to their audit engagement duties where their expertise and experience of the Group are important. 2024 non-audit fees, including the interim review, represented 10.0 per cent of the total audit fee (31 December 2023: 11.0 per cent). Further details on the Audit Committee’s non-audit services policy can be found on page 137. 6 Gain/(loss) on revaluation and sale of investment property 2024 2023 £m £m Gain/(loss) on revaluation of investment property 202.9 (68.5) (Loss)/profit on sale of investment property (8.3) 3.5 Gain/(loss) on revaluation and sale of investment property 194.6 (65.0)  190 Shaftesbury Capital PLC | 2024 Annual Report 7 Change in value of investments and other receivables Included in the change in value of investments and other receivables are impairments in relation to amounts receivable from the Lillie Square joint venture of £5.2 million (31 December 2023: £12.5 million) and other impairments of £1.8 million (31 December 2023: nil). The investment and other receivables in Lillie Square consist of the equity investment, interest bearing loans and a working capital facility. Due to the joint venture being in a net liability position, and incurring losses in the year, the equity investment is held at nil (31 December 2023: nil). As at the balance sheet date, prior to impairment, the Group held an interest-bearing loan at £89.9 million (31 December 2023: £90.1 million) and working capital facility of £29.2 million (31 December 2023: £29.0 million). As required by IFRS 9, an impairment assessment was performed comparing the carrying amount of the interest-bearing loans and working capital facility to the present value of the estimated future cash flows from the joint venture. The key assumptions made in the impairment assessment were the expected cash flows to be generated over the project life and the timing thereof. In terms of IFRS 9 requirements the Group applied a discount rate of 4.25 per cent (being the effective interest rate on the loan to the joint venture) to the cash flows which are in line with the strategic plan of the joint venture. As a result, the Group has booked an impairment of £5.2 million during 2024 leading to a cumulative impairment of £48.3 million (31 December 2023: £43.1 million cumulative impairment). The cumulative impairment takes into consideration the losses from the joint venture. Factoring in the impairment, the interest-bearing loan is held at a net book value of £70.7 million (31 December 2023: £76.0 million) and working capital facility at nil (31 December 2023: nil). The balances are included within Trade and other receivables at the balance sheet date. Further details are set out in note 16 ‘Trade and other receivables’. 8 Finance income 2024 2023 £m £m Finance income: On deposits and current accounts 5.0 6.3 On interest rate derivatives 9.8 9.3 Finance income 14.8 15.6 Other finance income: On loans to joint ventures and associates 4.2 4.1 Non-underlying finance income 0.3 – Other finance income 4.5 4.1 9 Finance costs 2024 2023 £m £m On bank facilities and loan notes 35.8 40.3 On exchangeable bonds 1 8.5 8.4 On mortgage bonds – 1.8 On secured loans 27.4 16.5 On obligations under lease liabilities 0.3 0.5 Finance costs 72.0 67.5 Other finance costs: Non-underlying finance charges 2 6.5 31.3 Other finance costs 6.5 31.3 1. On 30 November 2020 the Group issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component. The debt component is accounted for at amortised cost and, after taking into account transaction costs, accrues interest at an effective interest rate of 3.1 per cent, of which 2 per cent (£5.5 million) represents the cash coupon on the bond. 2. Non-underlying finance charges have been excluded from the calculation of underlying earnings as these are non-recurring costs and do not represent the underlying performance of the business. Non-underlying finance charges include £1.0 million (31 December 2023: £2.2 million) for the accelerated amortisation on the refinancing of the revolving credit facility during the year and £5.5 million (31 December 2023: £4.5 million) for the unwind of the fair value adjustment of debt on completion of merger. The prior year charge includes an additional £24.6 million in relation to the accelerated unwind of the finance costs on early redemption of the Chinatown and Carnaby bonds.  191Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 10 Taxation 2024 2023 £m £m Current income tax: Current income tax charge 0.5 0.2 Adjustments in respect of previous years (0.2) – Current tax on profits 0.3 0.2 Deferred income tax: On accelerated capital allowances – 0.1 On Group losses 0.9 (1.4) On other temporary differences (0.9) 1.3 Deferred tax on profits – – Total taxation charge in the consolidated income statement 0.3 0.2 Factors affecting the tax charge for the year The tax charge for the year is £0.3 million (31 December 2023: £0.2 million) against a profit before tax of £252.4 million (31 December 2023: £750.6 million). A reconciliation against the standard rate of corporation tax in the United Kingdom (“UK”) is set out below: 2024 2023 £m £m Profit before tax 252.4 750.6 Profit on ordinary activities multiplied by the standard rate in the UK of 25.0% (2023: 23.5%) 63.1 176.4 Revaluation (gains)/losses attributable to the REIT business (50.8) 3.9 Expenses disallowed 2.8 18.4 Non-taxable items (1.5) (0.2) Non-taxable items: Gain on bargain purchase – (189.3) REIT tax-exempt rental profits (12.6) (6.5) Share of partnership loss (0.1) (1.0) Other temporary differences not provided 1.3 (0.1) Utilisation of losses not recognised for deferred tax (1.7) (1.4) Adjustments in respect of previous years (0.2) – Total taxation charge in the consolidated income statement 0.3 0.2 As a UK REIT, the Group is exempt from UK corporation tax on income and gains from qualifying activities. Non-qualifying activities are subject to UK corporation tax. As a UK REIT, the Group must distribute at least 90 per cent of the Group’s income profits from its tax-exempt property rental business (calculated by reference to tax rather than accounting rules), by way of a dividend, which is known as a Property Income Distribution (“PID”). A corporation tax charge will arise for the Group at the main corporation tax rate if the minimum PID requirement is not met within 12 months of the end of the period. Further details regarding the PID is set out in note 11 ‘Dividends’. The main corporation tax rate increased from 19 to 25 per cent with effect from 1 April 2023. 192 Shaftesbury Capital PLC | 2024 Annual Report 11 Dividends Group and Company PID Non-PID Date paid 2024 2023 Pence per share £m £m Ordinary shares For the year ended 31 December 2022: Second interim dividend of 1.7 pence per share 0.7 1.0 20 March 2023 – 14.5 For the year ended 31 December 2023: Interim cash dividend of 1.5 pence per share – 1.5 18 September 2023 – 29.3 Final dividend of 1.65 pence per share 0.65 1.0 31 May 2024 32.2 – For the year ended 31 December 2024: Interim cash dividend of 1.7 pence per share 1.0 0.7 1 October 2024 33.2 – Dividend expense 1 65.4 43.8 1. Includes £4.3 million (31 December 2023: £1.9 million) paid to a controlled entity, Capco Investment London (No.7) Scottish Limited Partnership, in respect of 128,350,793 shares, of which 127,008,786 are held as collateral for the exchangeable bonds. The entity has provided an undertaking not to exercise its voting rights in respect of such ordinary shares but will receive the proposed dividend, all of which was retained by the Group following calculation of the dividend threshold test as set out in the exchangeable bond conditions. The Group’s dividend expense recorded in the consolidated statement of cash flows is £61.1 million (31 December 2023: £41.9 million). As a UK REIT, Shaftesbury Capital is required to distribute at least 90 per cent of the Group’s income profits from its tax-exempt property rental business, by way of a PID. These distributions can be subject to withholding tax at 20 per cent. Dividends from profits of the Group’s taxable residual business are ordinary dividends and will be taxed as an ordinary dividend. On 26 February 2025, the Directors proposed a final cash dividend for 2024 of 1.8 pence per ordinary share which will be paid wholly as a PID. The final cash dividend will be paid on 30 May 2025 to all shareholders on the register on 25 April 2025. 12 Property Portfolio 2024 2023 Note £m £m At 1 January 4,740.2 1,715.1 Investment property acquired on merger at 6 March 2023 fair value – 3,141.0 Additions from acquisitions 84.9 17.4 Additions from subsequent expenditure 43.1 35.1 Disposals (162.2) (81.5) Transfer to owner-occupied property 13 – (18.4) Gain/(loss) on revaluation 6 202.9 (68.5) Transfer to held for sale 1 (9.8) - Carrying value of investment property 4,899.1 4,740.2 Adjustment in respect of fixed head leases (3.0) (3.0) Adjustment in respect of tenant lease incentives and deferred letting fees 16 47.5 37.9 Market value of investment property 4,943.6 4,775.1 1. Two properties had exchanged for sale at year end and were accordingly classified as held for sale. The sale of one property completed post year end with the other anticipated to complete during the first quarter of 2025. 2024 2023 £m £m The investment property valuation comprises: Freehold properties 3,849.0 3,791.3 Leasehold properties 1,094.6 983.8 Market value of investment property 4,943.6 4,775.1 Market value of property portfolio 2024 2023 Note £m £m Market value of investment property 4,943.6 4,775.1 Market value of investment property held for sale 9.8 – Market value of owner-occupied property 13 20.1 20.2 Market value of wholly-owned property portfolio 4,973.5 4,795.3  193Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 12 Property Portfolio continued Revaluation gain/(loss) of property portfolio 2024 2023 Note £m £m Revaluation gain/(loss) reported in consolidated income statement 6 202.9 (68.5) Revaluation (loss)/gain reported in consolidated statement of comprehensive income 13 (0.1) 1.8 Total revaluation gain/(loss) of wholly-owned property portfolio 202.8 (66.7) Valuation process The fair value of the Group’s wholly-owned investment property and owner-occupied property at 31 December 2024 was determined by independent, appropriately qualified external valuers, CBRE and Cushman & Wakefield. The valuations conform to the Royal Institution of Chartered Surveyors (“RICS”) Valuation Professional Standards. Fees paid to valuers are based on fixed price contracts. Each year the Company appoints the external valuers. The valuers are selected based on their knowledge, independence and reputation for valuing assets such as those held by the Group. Valuations are performed bi-annually and are performed consistently across all properties in the Group’s portfolio. At each reporting date, appropriately qualified employees of the Group verify all significant inputs and review computational outputs. Valuers submit and present summary reports to the Group’s Audit Committee, with the Executive Committee reporting to the Board on the outcome of each valuation round. Net zero carbon and EPC compliance We are committed to meeting our 2030 carbon reduction targets and have reset our Net Zero Carbon target to 2040 to align with SBTi long-term carbon reduction requirements, achieving SBTi validation in January 2025. A key element in achieving this will come from carbon efficiencies created through refurbishments of the Group’s property portfolio. During 2024, the Group’s additions from subsequent expenditure were £43.1 million (31 December 2023: £35.1 million). Included within the £43.1 million total subsequent expenditure is work which related to enhancing the environmental performance of assets, and design stage work aimed at delivering environmental enhancements. We aim for 75 per cent of commercial units to have a “B” or above EPC compliance rating by 2027 and for all commercial units to have a “B” or above and residential units a “C” or above rating by 2030. Any committed capital expenditure has been included in note 25 ‘Capital commitments’. Valuation techniques Valuations are based on what is determined to be the highest and best use. When considering the highest and best use a valuer will consider, on a property-by-property basis, its actual and potential uses which are physically, legally and financially viable. Where the highest and best use differs from the existing use, the valuer will consider the cost and the likelihood of achieving and implementing this change in use in arriving at its valuation. The fair value of the Group’s investment properties has primarily been determined using a market approach, which provides an indication of value by comparing the subject asset with similar assets for which price information is available. The external valuers use information provided by the Group, such as tenancy information and capital expenditure expectations. In deriving fair value, the valuer also makes a series of assumptions, using professional judgement and market observations. These assumptions include, but are not limited to, market yields, ERVs and void periods. The critical key assumptions are the equivalent yields and ERVs, as set out within the table on the next page and within the Analysis of property portfolio on page 226. Equivalent yields are based on current market prices, depending on, inter alia, the location, condition and use of the properties. ERVs are calculated using a number of factors which include current rental income, market comparatives and local occupancy levels. Whilst there is market evidence for the key inputs, and recent transaction prices for similar properties, there is still a significant element of estimation and judgement. As a result of adjustments made to market observable data, these significant inputs are deemed unobservable.  194 Shaftesbury Capital PLC | 2024 Annual Report Non-financial assets carried at fair value, as is the case for investment property held by the Group, are required to be analysed by level depending on the valuation method adopted under IFRS 13 ‘Fair Value Measurement’ (“IFRS 13”). The different valuation levels are defined as: Level 1: valuation based on quoted market prices traded in active markets; Level 2: valuation based on inputs other than quoted prices included within Level 1 that maximise the use of observable data either directly or from market prices or indirectly derived from market prices; and Level 3: where one or more inputs to valuation are not based on observable market data. Valuations at this level are more subjective and therefore more closely managed, including sensitivity analysis of inputs to valuation models. When the degree of subjectivity or nature of the measurement inputs change, consideration is given as to whether a transfer between fair value levels is deemed to have occurred. Unobservable data becoming observable market data would determine a transfer from Level 3 to Level 2. All investment properties held by the Group are classified as Level 3 in the current and prior year. The following table sets out the key unobservable inputs used in the valuation models of the wholly-owned property portfolio: 2024 2023 Range Range Key unobservable inputs (weighted average) (weighted average) Estimated rental value per square foot per annum £19–£296 £19–£276 (£92) (£83) Equivalent yield 2.9%–6.5% 2.4%–6.0% (4.45%) (4.30%) Sensitivity to changes in key assumptions As noted in the critical accounting judgements and key sources of estimation and uncertainty section in note 1 ‘Principal accounting policies’, the valuation of the Group’s property portfolio is inherently subjective. As a result, the valuations are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the commercial property market. The sensitivity analysis below illustrates the impact on the fair value of the Group’s properties, from changes in the key assumptions: Change in ERV –10% –5% +5% +10% £m £m £m £m (Decrease)/increase in fair value (402.2) (202.7) 205.7 413.0 Change in Yield –50bps –25bps +25bps +50bps £m £m £m £m Increase/(decrease) in fair value 660.1 309.1 (273.0) (523.2) The table above shows movements in key assumptions in isolation. These key unobservable inputs are interdependent. All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation, and an increase in estimated rental value would increase the capital value, and vice versa. However, there are interrelationships between the key unobservable inputs which are partially determined by market conditions, which would impact these changes. At 31 December 2024, the Group was contractually committed to £24.1 million (31 December 2023: £24.8 million) of future expenditure for the purchase, construction, refurbishment and enhancement of investment property. Refer to note 25 ‘Capital commitments’ for further information on capital commitments. 195Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 13 Property, plant and equipment Owner- occupied property Other Total £m £m £m Net carrying value at 1 January 2023 – 0.6 0.6 Additions – 3.4 3.4 Property, plant and equipment acquired on merger at 6 March 2023 fair value – 0.2 0.2 Transfer from investment property 18.4 – 18.4 Depreciation – (0.4) (0.4) Revaluation 1.8 – 1.8 Net carrying value at 31 December 2023 20.2 3.8 24.0 Additions – 2.3 2.3 Depreciation 1 – (0.7) (0.7) Revaluation (0.1) – (0.1) Net carrying value at 31 December 2024 20.1 5.4 25.5 1. £0.3 million of depreciation is recognised within note 5 ‘Administration expenses’ and £0.4 million is recognised within note 4 ‘Gross profit’. 14 Investments in joint ventures and associates Investments in joint ventures and associates are measured using the equity method. All the Group’s joint ventures and associates are held with other investors on a 50:50 basis. At 31 December 2024, investments comprised of Lillie Square joint venture (“LSJV”). The Group disposed of its interest in the Longmartin associate (“Longmartin”) on 24 October 2024. The table below reconciles the opening to closing carrying value of investments in joint ventures and associates as presented on the consolidated balance sheet. Longmartin LSJV Innova Total Investments in joint ventures and associates £m £m £m £m At 1 January 2023 – – 0.2 0.2 Investments in associate acquired at fair value on completion of merger 84.7 – – 84.7 Share of profit/(loss) for the period 1 0.2 (7.6) – (7.4) Losses restricted 1 – 7.6 – 7.6 Dividend received (1.5) – – (1.5) Disposal of joint venture – – (0.2) (0.2) At 31 December 2023 83.4 – – 83.4 Share of profit/(loss) for the period 1 4.5 (1.8) – 2.7 Losses restricted 1 – 1.8 – 1.8 Dividend received (1.2) – – (1.2) Disposal of associate (86.7) – – (86.7) At 31 December 2024 – – – – 1. The loss from the Lillie Square joint venture for the year of £1.8 million (31 December 2023: £7.6 million) has been restricted in accordance with the requirements of IAS 28. Restricted losses represent the Group’s share of losses from LSJV in the year of £1.8 million (31 December 2023: £7.6 million) allocated to the cumulative losses which exceed the Group’s investment in the joint venture. Cumulative losses of £40.2 million have been restricted to date (31 December 2023: £38.4 million) and as a result the carrying value of the investment in LSJV is nil (31 December 2023: nil). The Group holds £70.7 million (31 December 2023: £76.0 million) of recoverable loans from LSJV within note 16 ‘Trade and other receivables’. The profit from joint ventures and associates included within the consolidated income statement consists of our share of the Longmartin profit for the year of £4.5 million (31 December 2023: £0.2 million). LSJV LSJV was established as a joint venture arrangement with the Kwok Family Interests (“KFI”) in August 2012. The joint venture was established to own, manage and develop land interests at Lillie Square. LSJV comprises Lillie Square LP, Lillie Square GP Limited, acting as general partner to the partnership, and its subsidiaries. All major decisions regarding LSJV are taken by the Board of Lillie Square GP Limited, through which the Group shares strategic control. The summarised income statement and balance sheet of LSJV is presented below and overleaf. Summarised income statement 2024 2023 £m £m Revenue 3.6 7.3 Gross profit/(loss) 1.3 (0.5) Gain/(loss) on revaluation, sale and transfer of investment and trading property 3.0 (7.5) Administration expenses (0.7) (0.4) Net finance costs 1 (7.1) (6.8) Loss for the year after taxation (3.5) (15.2) 1. Net finance costs include £7.6 million (31 December 2023: £7.4 million) interest payable on the interest-bearing loans issued to the joint venture by the Group and KFI. Finance income receivable by the Group from LSJV of £3.8 million (31 December 2023: £3.7 million) is recognised in the consolidated income statement within other finance income. 196 Shaftesbury Capital PLC | 2024 Annual Report 2024 2023 Summarised balance sheet £m £m Investment property 87.4 46.8 Other non-current assets 5.6 5.6 Non-current assets 93.0 52.4 Trading property 42.8 80.3 Other current assets 1.3 1.5 Cash and cash equivalents 9.7 15.9 Current assets 53.8 97.7 Amounts payable to joint venture partners 1 (224.8) (224.9) Other current liabilities (2.1) (1.7) Current liabilities (226.9) (226.6) Net liabilities (80.1) (76.5) Carrying value of investment and trading property 130.2 127.1 Unrecognised surplus on trading property 2 0.3 3.3 Market value of investment and trading property 2 130.5 130.4 1. Amounts payable to joint venture partners include working capital facilities advanced by the Group and KFI of £29.2 million (31 December 2023: £29.0 million) and an interest-bearing loan of £163.0 million (nominal value) advanced by the Group and KFI to the joint venture. The carrying value of the loan before impairment, including accrued interest was £179.8 million (31 December 2023: £180.2 million). Recoverable amounts receivable by the Group, net of impairments, are recognised on the consolidated balance sheet within non-current trade and other receivables. 2. The unrecognised surplus on trading property and the market value of LSJV’s property portfolio are shown for informational purposes only and are not a requirement of IFRS. Trading property continues to be measured at the lower of cost and net realisable value. Longmartin Longmartin was a joint venture arrangement with The Mercers’ Company. Pursuant to the terms of the Longmartin investment, the merger between Capital & Counties Properties PLC and Shaftesbury PLC during the prior year triggered the right for the Mercers to acquire the Company’s shares in the Longmartin investment. As a result of the Mercers duly exercising their option to acquire the Company’s shares in the Longmartin investment, a sale of the Company’s entire interest in the investment was concluded on 24 October 2024. The total proceeds from the sale amounted to £82.9 million, which comprised cash proceeds of £82.5 million and a receivable of £0.4 million. In addition to the £82.5 million cash received, the loan to associate balance of £11.6 million was repaid on disposal. The carrying value of the investment in associate immediately prior to disposal amounted to £86.7 million. The loss on sale of associate of £4.0 million included transaction costs of £0.2 million. The summarised income statement of Longmartin up until the date of disposal, is presented below. 1 January 6 March 2024 to 24 2023 to 31 October December 2024 2023 Summarised income statement £m £m Revenue 17.0 14.9 Gross profit 11.4 10.6 Administration expenses (0.3) (0.2) Gain/(loss) on revaluation of investment property 7.8 (1.9) Net finance costs (6.6) (7.5) Taxation (3.3) (0.6) Profit for the period after taxation 9.0 0.4 Dividends paid 2.4 3.0 197Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 15 Derivative financial instruments 2024 2023 Derivative financial assets £m £m Non-current Interest rate derivatives – 1.4 Current Interest rate derivatives 3.4 8.3 Derivative financial assets 3.4 9.7 2024 2023 Derivative financial liabilities £m £m Non-current Derivative liability – exchangeable bonds 1 1.8 7.2 Derivative financial liabilities 1.8 7.2 1. On 30 November 2020 the Group issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity of Shaftesbury Capital. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through profit or loss. During the year, the following movements on derivative financial instruments were recognised in profit or loss: 2024 2023 Profit or loss £m £m Fair value loss on interest rate derivatives (6.3) (7.4) Fair value gain/(loss) on derivative liability – exchangeable bonds 5.4 (3.9) Change in fair value of derivative financial instruments (0.9) (11.3) 16 Trade and other receivables 2024 2023 £m £m Non-current Prepayments and accrued income 1 39.9 28.5 Amounts receivable from joint ventures 2 70.7 76.0 Amounts receivable from associates 3 – 11.6 Other receivables 4 29.1 – Trade and other receivables 139.7 116.1 Current Rent receivable 5 9.9 13.6 Prepayments and accrued income 1 15.2 17.1 Other receivables 4 5.3 12.0 Trade and other receivables 30.4 42.7 1. Includes tenant lease incentives and deferred letting fees of £47.5 million (31 December 2023: £37.9 million). 2. Amounts receivable from joint ventures represents an interest-bearing loan of £89.9 million (31 December 2023: £90.1 million) provided to LSJV. The loan bears interest at 4.25 per cent per annum and is repayable on demand. As it is not the intention of the Group to call on the loan in the next 12 months it has been presented as non-current. £4.0 million of the loan balance was repaid in the current year. The loan has been impaired by £19.2 million (31 December 2023: £14.1 million) to date. Included within current trade and other receivables is working capital funding of £29.2 million due from LSJV (31 December 2023: £29.0 million) that has been fully impaired. 3. The amount receivable from associates in the prior year represented the loan of £11.6 million provided to Longmartin, which was settled in the current year as part of the disposal of Longmartin. 4. Other receivables include £29.1 million (31 December 2023: £7.0 million) of restricted cash held on deposit as security for the secured term loans and bank facilities with certain conditions restricting the use. 5. Rent receivable is shown net of an expected credit loss provision of £8.0 million (31 December 2023: £4.8 million). 17 Cash and cash equivalents 2024 2023 £m £m Cash at hand 11.7 10.4 Cash on short-term deposits 98.1 175.3 Cash 109.8 185.7 Tenant deposits 1 14.2 14.5 Cash and cash equivalents 124.0 200.2 1. Tenant deposits included above relate to cash held on deposit as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group. The deposits are held in bank accounts administered by Group Treasury and therefore included within cash and cash equivalents in the consolidated balance sheet. Cash deposits against tenants’ rent payment obligations totalling £22.2 million (31 December 2023: £18.9 million) are held in bank accounts administered by the Group’s managing agents which are not included within the consolidated balance sheet. 198 Shaftesbury Capital PLC | 2024 Annual Report 18 Trade and other payables 2024 2023 £m £m Rent in advance 22.1 17.7 Accruals 42.7 60.4 Other payables 14.9 10.4 Other taxes and social security 5.1 7.5 Trade and other payables 84.8 96.0 19 Borrowings 2024 Carrying Fixed Floating Fair Nominal value Secured Unsecured rate rate value value £m £m £m £m £m £m £m Non-current Bank loans 269.9 – 269.9 – 269.9 269.9 275.0 Loan notes (USPPs) 379.3 – 379.3 379.3 – 341.0 380.0 Secured loans 545.8 545.8 – 545.8 – 544.8 584.8 Exchangeable bonds 1 272.8 272.8 – 272.8 – 263.1 275.0 1,467.8 818.6 649.2 1,197.9 269.9 1,418.8 1,514.8 Total borrowings 1,467.8 1,514.8 Cash, excluding tenant deposits (109.8) Net debt 1,405.0 1. Fair value of exchangeable bonds includes the fair value of the option component of £1.8 million as disclosed in note 15 ‘Derivative financial instruments’. 2023 Carrying Fixed Floating Fair Nominal value Secured Unsecured rate rate value value £m £m £m £m £m £m £m Current Loan notes (USPPs) 94.9 – 94.9 94.9 – 93.0 95.0 94.9 – 94.9 94.9 – 93.0 95.0 Non-current Bank loans 345.9 – 345.9 – 345.9 350.0 350.0 Loan notes (USPPs) 379.2 – 379.2 379.2 – 340.7 380.0 Secured loans 539.9 539.9 – 539.9 – 569.5 584.8 Exchangeable bonds 1 269.8 269.8 – 269.8 – 256.9 275.0 1,534.8 809.7 725.1 1,188.9 345.9 1,517.1 1,589.8 Total borrowings 1,629.7 1,684.8 Cash, excluding tenant deposits (185.7) Net debt 1,499.1 1. Fair value of exchangeable bonds includes the fair value of the option component of £7.2 million as disclosed in note 15 ‘Derivative financial instruments’. £584.8 million (nominal value) of the Group’s borrowings are secured by fixed charges over certain investment properties held by subsidiaries, with a market value of £1,681.1 million (31 December 2023: £1,624.2 million), and by floating charges over the assets of certain subsidiaries. There are currently no restrictions on the remittance of income from investment properties. Certain borrowing agreements contain financial and other covenants that, if contravened, could alter the repayment profile. Details of financial covenants are included in note 22 ‘Financial risk management’. The Group has complied with the financial covenants of all its borrowings during both years presented. The Group has two revolving credit facilities totalling £450 million, which are undrawn at 31 December 2024. Undrawn facilities and cash attributable to the Group, excluding tenant deposits, at 31 December 2024 were £559.8 million (31 December 2023: £485.7 million). The fair value of the Group’s borrowings has been estimated using the market value for floating rate borrowings, which approximates nominal value, and are classified as Level 2 fair values as defined by IFRS 13. The fair values of fixed rate borrowings have been determined by using a discounted cash flow approach, using a current borrowing rate. The loans are classified as Level 3 fair value measurements as defined by IFRS 13 due to the use of unobservable inputs, including own credit risk. The different valuation levels are defined in note 12 ‘Property portfolio’. 199Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 19 Borrowings continued 2024 Current Non-current borrowings borrowings Analysis of movement in borrowings £m £m Balance at 1 January 94.9 1,534.8 Borrowings drawn – 135.0 Borrowings repaid (95.0) (210.0) Other net cash movements – (3.5) Other non-cash movements 0.1 11.5 Balance at 31 December – 1,467.8 2023 Current Non-current borrowings borrowings Analysis of movement in borrowings £m £m Balance at 1 January – 738.3 Borrowings assumed on completion of merger – 889.0 Borrowings drawn – 1,124.0 Borrowings repaid – (1,151.0) Other net cash movements – (12.3) Other non-cash movements 94.9 (53.2) Balance at 31 December 94.9 1,534.8 The maturity profile of gross debt is as follows: 2024 2023 £m £m Wholly repayable in one year – 95.0 Wholly repayable in more than one year but not more than five years 982.3 887.5 Wholly repayable in more than five years 532.5 702.3 1,514.8 1,684.8 20 Lease liabilities Lease liabilities included within investment property (a) Minimum lease payments under lease obligations 2024 2023 £m £m Not later than one year 0.3 0.3 Later than one year and not later than five years 1.2 1.2 Later than five years 7.6 7.6 9.1 9.1 Future finance charges on lease liabilities (6.1) (6.1) Total undiscounted lease liabilities 3.0 3.0 (b) Present value of minimum lease obligations 2024 2023 £m £m Not later than one year 0.3 0.3 Later than one year and not later than five years 1.0 1.0 Later than five years 1.7 1.7 Present value of lease liabilities 3.0 3.0 Lease liabilities included under investment property are in respect of leasehold interests in investment property. Certain leases provide for payment of contingent rent, usually a proportion of rental income in addition to the minimum lease payments above. £0.3 million contingent rent has been paid during the year (31 December 2023: £0.3 million). These lease liabilities are effectively secured obligations, as the rights to the leased asset revert to the lessor in the event of default.  200 Shaftesbury Capital PLC | 2024 Annual Report 21 Operating leases The Group earns rental income by leasing its investment property to tenants under operating leases. In the United Kingdom standard commercial leases vary considerably between markets and locations but typically are for a term of five to fifteen years at market rent with provisions to review every five years. The Group is exposed to changes in the residual value of properties at the end of the current leases. This residual value risk is mitigated through the implementation of active asset management initiatives which aim to ensure the Group enters into new leasing deals prior to the expiry of current leases. The Group also offers lease incentives to encourage high quality tenants to remain in properties for longer lease terms. Expectations about the future residual values are reflected in the fair value of the properties. The future undiscounted minimum lease amounts receivable under non-cancellable operating leases are as follows: 2024 2023 1 £m £m Within one year 165.8 159.5 Between one and two years 141.8 134.3 Between two and three years 120.8 111.5 Between three and four years 99.7 95.3 Between four and five years 75.3 77.8 Later than five years 353.7 329.2 Total undiscounted minimum lease receivables 957.1 907.6 1. The presentation of the 2023 balances has changed due to additional disaggregation of the maturity analysis of the lease payments. The consolidated income statement includes £0.4 million (31 December 2023: £0.4 million) recognised in respect of expected increased rent resulting from outstanding reviews where the actual rent will only be determined on settlement of the rent review. 22 Financial risk management The Group’s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group is exposed to a variety of risks arising from the Group’s operations: market risk, liquidity risk and credit risk. The following table sets out each class of financial asset and financial liability as at 31 December: Categories of financial instruments 2024 2023 Gain/(loss) Gain/(loss) Carrying to income Carrying to income value statement value statement Note £m £m £m £m Derivative financial assets 15 3.4 (6.3) 9.7 (7.4) Total held for trading assets 3.4 (6.3) 9.7 (7.4) Cash and cash equivalents 17 124.0 – 200.2 – Other financial assets 1 16 115.0 – 113.2 – Total cash and other financial assets 239.0 – 313.4 – Investment held at fair value through profit or loss 2 – – – 52.0 Total investment held at fair value through profit or loss – – – 52.0 Derivative financial liabilities 15 (1.8) 5.4 (7.2) (3.9) Total held for trading liabilities (1.8) 5.4 (7.2) (3.9) Borrowings 19 (1,467.8) – (1,629.7) – Lease liabilities 20 (3.0) – (3.0) – Other financial liabilities 3 18 (62.7) – (78.5) – Total borrowings and other financial liabilities (1,533.5) – (1,711.2) – 1. Includes rent receivable, amounts due from joint ventures and associates and other receivables. 2. £52.0 million gain recognised in 2023 relates to the fair value movement on the 97 million Shaftesbury PLC shares held until completion of the all-share merger on 6 March 2023. 3. Includes trade and other payables (excluding rents in advance). The majority of the Group’s financial risk management is carried out by the Group’s treasury function under policies approved by the Board of Directors. The policies for managing each of these risks and the principal effects of these policies on the results for the year are summarised on the following pages.  201Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 22 Financial risk management continued Market risk Interest rate risk Interest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates. The Group’s interest rate risk arises from borrowings issued at variable rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. It is Group policy, and often a requirement of our lenders, to eliminate substantially all short and medium-term exposure to interest rate fluctuations in order to establish certainty over medium-term cash flows by using fixed interest rate derivatives. Interest rate derivatives have the economic effect of converting borrowings from floating to fixed rates. Interest rate caps protect the Group by capping the maximum interest rate payable at the caps ceiling. Interest rate collars protect the Group by capping the maximum interest rate payable at the collar’s ceiling but sacrifice the profitability of interest rate falls below a certain floor. Group policy is to ensure that interest rate protection on Group external debt is greater than 25 per cent. The Group has entered into various non-traded derivative instruments to manage its exposure to interest rate risk. These derivatives have not been designated as hedging instruments and therefore they are classified as financial derivatives at fair value through profit or loss. All of the Group’s drawn debt is at fixed rates or currently has interest rate protection in place, taking into account £250 million of hedging which provides for a cap of 3.0 per cent and a floor of 2.0 per cent on SONIA exposure until the end of 2025, and interest on cash deposits. The derivative contracts require settlement of net interest receivable or payable every 90 days. The settlement dates coincide with the dates on which interest is payable on the underlying debt. The sensitivity analysis below illustrates the impact of a 100 basis point (“bps”) shift, upwards and downwards, in the level of interest rates on the movement in fair value of interest rate derivatives entered into by the Group. Increase in Decrease in Increase in Decrease in interest rates interest rates interest rates interest rates by 100 bps by 100 bps by 100 bps by 100 bps 2024 2024 2023 2023 £m £m £m £m Effect on profit before tax (change in fair value of derivative financial instruments): Increase/(decrease) 2.3 (2.1) 4.9 (4.6) The sensitivity analysis above is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may actually occur and represents management’s assessment of possible changes in interest rates. 100 bps has been used in 2024 (31 December 2023: 100 bps) to reflect current macroeconomic conditions. The fixed rate derivative financial instruments are matched by floating rate debt, therefore such a movement would have a very limited effect on Group cash flow overall. Liquidity risk Liquidity risk is managed to ensure that the Group is able to meet future payment obligations when financial liabilities fall due. The Group’s policy is to seek to minimise its exposure to liquidity risk by managing its exposure to interest rate risk and to refinancing risk. The Group seeks to achieve an appropriate balance between a number of factors, including tenor and costs. Liquidity analysis is intended to provide sufficient headroom to meet the Group’s operational requirements and investment commitments. The Group’s policy also includes maintaining adequate cash, as well as maintaining adequate committed and undrawn facilities. A key factor in ensuring existing facilities remain available to the Group is the borrowing entity’s ability to meet the relevant facility’s financial covenants. The Group has a process to regularly monitor both current and projected compliance with the financial covenants. The Group regularly reviews the maturity profile of its financial liabilities and will seek to avoid concentrations of maturities through the regular replacement of facilities and by staggering maturity dates. Refinancing risk may be reduced by reborrowing prior to the contracted maturity date, effectively switching liquidity risk for market risk. This is subject to credit facilities being available at the time of the desired refinancing. 202 Shaftesbury Capital PLC | 2024 Annual Report Liquidity risk The tables below set out the maturity analysis of the Group’s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. The unsecured revolving credit facility of £300 million is not included for 2024 and 2023 and the unsecured revolving credit facility of £150 million is not included for 2024 as these facilities were undrawn as at the respective balance sheet dates. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve. 2024 Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs value (2025) (2026-2027) (2028-2029) (2030 onwards) Total Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Group £m £m £m £m £m £m £m £m £m £m £m Non-derivatives Loan notes 379.3 10.2 – 16.2 212.5 10.6 85.0 7.6 82.5 44.6 380.0 Unsecured bank loans 1 269.9 20.2 – 23.2 200.0 6.5 75.0 – – 49.9 275.0 Secured loans 545.8 27.0 – 54.0 – 69.2 264.8 56.8 320.0 207.0 584.8 Exchangeable bonds 272.8 5.5 – 2.7 275.0 – – – – 8.2 275.0 Other payables 62.7 – 62.7 – – – – – – – 62.7 Total non-derivatives 1,530.5 62.9 62.7 96.1 687.5 86.3 424.8 64.4 402.5 309.7 1,577.5 Derivatives Interest rate derivatives (3.4) (3.4) – - – – – – – (3.4) – Total derivatives (3.4) (3.4) – - – – – – – (3.4) – 2023 Carrying Within 1 yr Between 1-2 yrs Between 3-5 yrs Over 5 yrs value (2024) (2025-2026) (2027-2028) (2029 onwards) Total Interest Principal Interest Principal Interest Principal Interest Principal Interest Principal Group £m £m £m £m £m £m £m £m £m £m £m Non-derivatives Loan notes 474.1 13.0 95.0 10.2 – 16.2 212.5 18.1 167.5 57.6 475.0 Unsecured bank loans 1 345.9 25.0 – 19.8 – 17.2 350.0 – – 62.0 350.0 Secured loans 539.9 27.1 – 27.0 – 54.0 – 124.9 584.8 233.0 584.8 Exchangeable bonds 269.8 5.5 – 5.5 – 2.7 275.0 – – 13.7 275.0 Other payables and tax liabilities 96.2 – 96.2 – – – – – – – 96.2 Total non-derivatives 1,725.9 70.6 191.2 62.5 – 90.1 837.5 143.0 752.3 366.3 1,781.0 Derivatives Interest rate derivatives (9.7) (7.0) – (1.2) – – – – – (8.2) – Total derivatives (9.7) (7.0) – (1.2) – – – – – (8.2) – 1. £150 million nominal value of the unsecured bank loans were repaid on 8 February 2024. The unsecured bank loan has an initial maturity in December 2026 with the option to extend the tenor by a further two periods of one year each, subject to lender approval. Contractual maturities reflect the expected maturities of financial instruments. The interest payments on variable interest rate loans and bonds issued in the table above reflect market forward interest rates at the reporting date and these amounts may change as market interest rates change. The future cash flows on derivative instruments may be different from the amount in the above table as interest rates change. Except for these financial liabilities, it is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts based on the current drawn facility balances. 203Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 22 Financial risk management continued Financial covenants The Group has an unsecured revolving credit facility, loan notes, secured loans and an unsecured corporate loan facility that contain loan covenants. Details of these loans are disclosed in note 19 ‘Borrowings’. A future breach of covenant may require the Group to repay the facilities earlier than indicated in the above table. Details of the loan covenants are set out below: 31 December 2024 Nominal value as at 31 Carrying value at December 2024 31 December 2024 LTV Interest cover Maturity £m £m covenant 2 covenant 2 Private placement loan notes 2026–2037 380.0 379.3 60% 1.20x Exchangeable bond 2026 275.0 272.8 N/A N/A Unsecured term facilities 1 2027–2029 275.0 269.9 60% 1.20x Secured term loans (Canada Life) 2029 134.8 128.5 60% 1.40x Secured term loans (Aviva) 2030–2035 450.0 417.3 65% 1.35x Unsecured revolving credit facility (undrawn) 1 2027 150.0 – 60% 1.20x Revolving credit facility (undrawn) 2028 300.0 – 60% 1.20x 1. Additional requirements that Group unencumbered assets are equal to or exceed 1.5x of Group unsecured debt. 2. The covenants of the drawn loan balances are defined within the Glossary. Under the terms of the debt agreements, the secured term loan covenants are calculated quarterly, and the covenants for the remaining debt agreements are calculated at the end of each annual and interim reporting period. There are no indications that the Group would have difficulties complying with the covenants when they will next be tested. Credit risk The Group’s principal financial assets are trade and other receivables, amounts receivable from joint ventures and cash and cash equivalents. Credit risk is the risk of financial loss if a customer or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables relating to customers but also from the Group’s undrawn commitments and holdings of assets such as cash deposits and loans with counterparties. The carrying value of financial assets recorded in the consolidated financial statements represents the Group’s maximum exposure to credit risk without taking into account the value of any deposits or guarantees obtained. Trade and other receivables: Credit risk associated with trade receivables is actively managed; customers are managed individually by asset managers, who continuously monitor and work with customers, anticipating and wherever possible identifying and addressing risks prior to default. Customers are managed through a large and diverse customer base to reduce the credit risk to the Group. Trade receivables are less than one per cent of total assets at 31 December 2024 (31 December 2023: less than one per cent) and are £17.9 million as at 31 December 2024 (31 December 2023: £18.4 million). Prospective customers are assessed through an internally conducted review process, by obtaining credit ratings and reviewing financial information. As a result, deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2024 was £36.4 million (31 December 2023: £33.4 million). £22.2 million (31 December 2023: £18.9 million) of the cash deposits held against customers’ rent payment obligations are in bank accounts administered by the Group’s managing agents which are not included within the consolidated balance sheet. Rent receivable balances are provided against by applying the IFRS 9 expected credit loss model which uses a lifetime expected loss allowance. In assessing the provision the Group identifies risk factors associated by sector and the type of rent receivable outstanding (rent arrears, service charge, other). In determining the provision on a customer by customer basis, the Group considers both recent payment history and future expectations of the customer’s ability to pay or possible default in order to recognise an expected credit loss allowance. Trade receivable balances are written off when there is no reasonable expectation of recovery or when a rent concession is provided for past due rent. Indicators that there is no reasonable recovery include the failure of the debtor to engage in a repayment plan with the Group and a failure to make contractual payments. The amounts of trade receivables presented in the consolidated balance sheet are net of impairment for doubtful receivables. During the year, the loss allowance provision increased due to a limited number of customer administrations or anticipated failures in early 2025. 204 Shaftesbury Capital PLC | 2024 Annual Report Ageing of gross trade receivables and loss allowances were as follows: 2024 2023 £m £m Gross Gross carrying Loss carrying Loss amount allowance amount allowance Not yet due – – 0.5 – 0-90 days 7.4 (1.1) 9.1 (1.3) 91-180 days 4.0 (1.3) 4.5 (0.7) Over 180 days 6.5 (5.6) 4.3 (2.8) Trade receivables 17.9 (8.0) 18.4 (4.8) As at 31 December 2024 there is a provision for trade receivables of £8.0 million (31 December 2023: £4.8 million). The total provision for the year is £3.9 million (31 December 2023: £2.0 million), as shown in note 4 ‘Gross Profit’, reflecting impairments during the year and movements in the provision. As the Group operates predominantly in central London, it is subject to some geographical concentration risk. However, this is mitigated by the extensive range of customers from varying business sectors and the credit review process as noted above. Amounts receivable from joint ventures: Included within receivables, net of impairment is nil (31 December 2023: nil) working capital facility advanced to the Lillie Square joint venture and an interest-bearing loan of £70.7 million (31 December 2023: £76.0 million). The carrying value of the investment in the joint venture is nil (31 December 2023: nil) as the Group’s share of losses exceeds the cost of its investment. Total funding advanced to the joint venture, including the working capital facility and an interest-bearing loan has been impaired by £48.3 million cumulatively. Details of the impairment are set out in note 7 ‘Change in value of investments and other receivables’. The Lillie Square joint venture is in a net liability position due to carrying trading property at the lower of cost and net realisable value and the amortisation of the previously issued deep discount bonds. However, based on a market valuation undertaken by the Group’s valuers JLL, there is an unrecognised surplus of £0.1 million (Group share) as at 31 December 2024. This surplus will only be evidenced on sale of trading property when significant risks and rewards have transferred to the buyer. Therefore, while Lillie Square demonstrates positive pricing evidence commercially and funding provided is not deemed to be at risk of default, for reporting purposes the Group is required to allocate losses against amounts advanced to the joint venture, to the extent that losses do not exceed the investment, until the unrecognised surplus on trading property is realised through sale. Cash, deposits and derivative financial instruments: The credit risk relating to cash, deposits and derivative financial instruments is actively managed by the Group’s treasury function. Relationships are maintained with a number of institutional counterparties, ensuring compliance with Group cash investment policy relating to limits on the credit ratings of counterparties. The maximum exposure to cash and deposits, excluding tenant deposits, as at 31 December 2024 amounted to £114.7 million (31 December 2023: £195.6 million), including the Group’s share of joint venture cash. The maximum fair value exposure to derivative financial instruments is £1.8 million (31 December 2023: £9.7 million). Gross carrying value and loss allowance of other receivables (excluding trade receivables) are set out in the table below: 2024 2023 £m £m Gross Gross carrying Loss carrying Loss amount allowance amount allowance Amounts receivable from joint ventures and associates 1 119.0 (48.3) 130.7 (43.1) Other receivables 2 90.4 (0.9) 58.5 (0.9) 1. Included within amounts receivable as at 31 December 2023 is an interest-bearing loan of £11.6 million advanced to the Longmartin associate. The interest-bearing loan was settled on disposal of Longmartin in the current year. Refer to note 14 ‘Investments in joint ventures and associates’ for further detail. 2. £0.9 million (31 December 2023: £0.9 million) loss allowance relates to the provision against tenant lease incentives.  205Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 22 Financial risk management continued Capital structure The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure appropriately. The Group uses a mix of equity, debt and other financial instruments, and aims to access both debt and equity capital markets efficiently. The key ratios used to monitor the capital structure of the Group are loan-to-value and the interest cover ratio. The Group aims not to exceed a loan-to-value ratio of more than 40 per cent and to maintain interest cover above 125 per cent. These ratios are disclosed on the nominal value of debt and market value of investment properties. These metrics are discussed in the Financial review on page 50. 2024 2023 Loan -to-value Note £m £m Debt at nominal value 19 1,514.8 1,684.8 Less: cash 17 (109.8) (185.7) Net debt (A) 19 1,405.0 1,499.1 Total property portfolio at market value (B) 12 4,973.5 4,795.3 Loan-to-value (A/B) 28.2% 31.3% 2024 2023 Interest cover Note £m £m Finance costs 9 (72.0) (67.5) Finance income 8 14.8 15.6 Net finance costs (A) (57.2) (51.9) Gross profit 1 4 167.1 147.0 Other income – 2.7 Underlying operating income (B) 167.1 149.7 Interest cover (B/A) 292.1% 288.4% 1. 2023 gross profit excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger. Fair value estimation Financial instruments carried at fair value are required to be analysed by level depending on the valuation method adopted under IFRS 13. The different valuation levels are defined in note 12 ‘Property portfolio’. The table below presents the Group’s financial assets and liabilities recognised at fair value at 31 December 2024 and 31 December 2023. There were no transfers between levels during the year. 2024 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total £m £m £m £m £m £m £m £m Held for trading assets Derivative financial assets – 3.4 – 3.4 – 9.7 – 9.7 Total assets – 3.4 – 3.4 – 9.7 – 9.7 Held for trading liabilities Derivative financial liabilities – (1.8) - (1.8) – (7.2) – (7.2) Total liabilities – (1.8) - (1.8) – (7.2) – (7.2) The fair values of derivative financial instruments are determined from observable market prices or estimated using appropriate yield curves at 31 December each year by discounting the future contractual cash flows to the net present values. The fair values of the Group’s cash and cash equivalents, other financial assets carried at amortised cost and other financial liabilities are not materially different from those at which they are carried in the consolidated financial statements.  206 Shaftesbury Capital PLC | 2024 Annual Report 23 Deferred tax The change in corporation tax rate referred to in note 10 ‘Taxation’ has been enacted for the purposes of IAS 12 ‘Income Taxes’ (‘IAS 12’) and therefore has been reflected in these consolidated financial statements based on the expected timing of the realisation of deferred tax. Deferred tax on investment property is calculated under IAS 12 provisions on a disposals basis by reference to the property’s original tax base cost. Properties that fall within the Group’s qualifying REIT activities will be outside the charge to UK corporation tax subject to certain conditions being met. The Group’s recognised deferred tax position on investment property as calculated under IAS 12 is nil at 31 December 2024 (31 December 2023: nil). Fair value of Accelerated derivative Other Non-REIT capital financial temporary group allowances instruments differences losses Total £m £m £m £m £m Provided deferred tax provision: At 31 December 2022 0.4 – (0.4) – – Consolidated income statement items 0.1 0.9 0.4 (1.4) – At 31 December 2023 0.5 0.9 – (1.4) – Consolidated income statement items – (0.9) – 0.9 – At 31 December 2024 0.5 – – (0.5) – Unrecognised deferred tax assets: At 31 December 2022 – – (0.3) (24.2) (24.5) Consolidated income statement items – – (0.6) 2.8 2.2 At 31 December 2023 – – (0.9) (21.4) (22.3) Consolidated income statement items – (0.7) (1.5) (1.0) (3.2) At 31 December 2024 – (0.7) (2.4) (22.4) (25.5) In accordance with the requirements of IAS 12, deferred tax assets are only recognised to the extent that the Group believes it is probable that future taxable profits will be available against which the deferred tax assets can be recovered. As at 31 December 2024, the Group has unrecognised deferred tax assets of £25.5 million (31 December 2023: £22.3 million) in relation to £89.8 million (31 December 2023: £86.0 million) of gross losses carried forward within its residual business and £12.4 million (31 December 2023: £3.5 million) of other deductible temporary differences. 24 Share capital and share premium Group and Company Issue Share Share Transaction price Number capital premium Issue type date (pence) of shares £m 1 £m At 1 January 2023 851,450,638 212.8 232.5 Issued to satisfy employee share scheme awards March 25 6,170,629 1.5 – Issued on completion of all-share merger 2 March 25 1,095,549,228 273.9 – At 31 December 2023 1,953,170,495 488.2 232.5 Issued to satisfy employee share scheme awards 3 June 25 7,643 – – At 31 December 2024 1,953,178,138 488.2 232.5 1. Nominal value of share capital of 25 pence per share. 2. On completion of the all-share merger on 6 March 2023, 1,095,549,228 new shares were issued (including 128,350,793 shares issued to a Shaftesbury Capital controlled entity in respect of secured shares previously held as collateral for the exchangeable bonds). 3. On 10 June 2024, 7,643 new shares were issued to satisfy employee share scheme awards. 25 Capital commitments At 31 December 2024, the Group was contractually committed to £24.1 million (31 December 2023: £24.8 million) of future expenditure for the purchase, construction, refurbishment and enhancement of investment property. The Group’s share of joint venture capital commitments arising on LSJV amounts to nil (31 December 2023: nil). 26 Contingent liabilities The Group has contingent liabilities in respect of legislation, sustainability targets, legal claims, guarantees and warranties arising from the ordinary course of business. There are no contingent liabilities that require disclosure or recognition in the consolidated financial statements. 207Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 27 Cash flow information (a) Cash generated from operations 2024 2023 Note £m £m Profit before tax 252.4 750.6 Adjustments: (Gain)/loss on revaluation and sale of investment property 1 (197.6) 65.0 Gain on bargain purchase 31 – (805.5) Change in value of investments and other receivables 7 7.0 12.5 Change in fair value of financial assets at fair value through profit or loss 22 – (52.0) Depreciation 2 13 0.7 0.4 Amortisation of tenant lease incentives and other direct costs (5.6) 0.1 Provision for expected credit loss 3.9 2.0 Profit from joint ventures and associates 14 (4.5) (0.2) Share-based payment 29 3.1 7.9 Finance income 8 (14.8) (15.6) Other finance income 8 (4.5) (4.1) Finance costs 9 72.0 67.5 Other finance costs 9 6.5 31.3 Change in fair value of derivative financial instruments 15 0.9 11.3 Loss on sale of associate 14 4.0 – Change in working capital: Change in trade and other receivables (4.6) (27.1) Change in trade and other payables (10.2) (14.3) Cash generated from operations 108.7 29.8 1. Included within the gain on revaluation and sale of investment property in the consolidated income statement is cash transaction costs of £3.0 million incurred on the disposal of property. 2. £0.3 million of depreciation is recognised within note 5 ‘Administration expenses’ and £0.4 million is recognised within note 4 ‘Gross profit’. (b) Reconciliation of cash flows from financing activities The table below sets out the reconciliation of the movements in borrowings to cash flows arising from financing activities: Derivative liability – Total liabilities Long-term Short-term exchangeable from financing borrowings borrowings bond activities Note £m £m £m £m Balance at 1 January 2023 738.4 – 3.3 741.7 Cash flows from financing activities Repayment of bank loans 19 (1,151.0) – – (1,151.0) Drawdown of revolving credit facility and secured loan 19 1,126.0 – – 1,126.0 Total cash flows used in financing activities (25.0) – – (25.0) Other movements Debt acquired on completion of merger 889.0 – – 889.0 Reclassification from long-term to short-term at year end 19 (94.9) 94.9 – – Amortisation 27.3 – – 27.3 Changes in fair value 15 – – 3.9 3.9 Total other movements 821.4 94.9 3.9 920.2 Balance at 31 December 2023 1,534.8 94.9 7.2 1,636.9 Cash flows from financing activities Repayment of bank loans (210.0) (95.0) – (305.0) Drawdown of revolving credit facility and secured loan 135.0 – – 135.0 Total cash flows used in financing activities (75.0) (95.0) – (170.0) Other movements Transaction costs associated with financing activities (3.5) – – (3.5) Amortisation and unwind of fair value adjustment on debt 11.5 0.1 (5.4) 6.2 Total other movements 8.0 0.1 (5.4) 2.7 Balance as at 31 December 2024 1,467.8 – 1.8 1,469.6  208 Shaftesbury Capital PLC | 2024 Annual Report 28 Related party transactions (a) Transactions with Directors 2024 2023 Key management compensation 1 £m £m Short-term employee benefits 3.4 5.3 Post-employment pension – – Termination benefits 0.7 – Share-based payment 1.7 0.7 5.8 6.0 1. Key management comprises the Directors of the Company, who have been determined to be the only individuals with authority and responsibility for planning, directing and controlling the activities of the Group. Share dealings No Director had any dealings in the shares of any Group company between 31 December 2024 and 26 February 2025, being a date not more than one month prior to the date of the notice convening the Annual General Meeting. Other than as disclosed in these consolidated financial statements, no Director of the Company had a material interest in any contract (other than service contracts), transaction or arrangement with any Group company during the year ended 31 December 2024. (b) Transactions between the Group and its joint ventures and associates Transactions during the year between the Group and its joint ventures and associates, which are related parties, are disclosed in notes 14 ‘Investment in joint ventures and associates’, 16 ‘Trade and other receivables’ and 25 ‘Capital commitments’. During the year the Group received management fees of nil (31 December 2023: £0.1 million) that were charged on an arm’s length basis. Property purchased by Directors of the Company A related party of the Group, Lillie Square GP Limited, entered into the following related party transaction as defined by IAS 24 ‘Related Party Disclosures’: – Situl Jobanputra, Chief Financial Officer of Shaftesbury Capital, and a family member own an apartment in the Lillie Square development. The disclosures in respect of this purchase were included in previous financial statements. – Owners of apartments in the Lillie Square development are required to pay annual ground rent, insurance premium fees, maintenance work fees and bi-annual service charge fees, which for Directors are related party transactions. During 2024, £7,962.78 had been paid to a related party of the Shaftesbury Capital Group, Lillie Square GP Limited, in relation to these charges. Transactions with Directors are conducted at fair and reasonable market prices based upon similar comparable transactions at that time. Where applicable, appropriate approval has been provided. Lillie Square GP Limited acts in the capacity of general partner to Lillie Square LP, a joint venture between the Group and KFI.  209Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 29 Share-based payments The Group operates a number of share-based payment schemes relating to employee benefits and incentives. All schemes are equity settled with the increase in equity measured by reference to the fair value of the Group’s equity instruments at the grant date of the share awards. The corresponding expense is recognised on a straight-line basis over the vesting period based on Group estimates of the number of shares that are expected to vest. The total expense recognised in the consolidated income statement in respect of share-based payments for 2024 was £3.1 million (31 December 2023: £7.9 million). All options have a vesting period of three years and a maximum contractual life of 10 years. The fair value of share awards is determined by the market price of the shares at the grant date. Full details of the performance criteria, vesting outcomes and any additional holding periods for the performance share plan are set out within the Directors’ remuneration report on pages 138 to 161. 1. Performance share plan Nil cost options to subscribe for ordinary shares and conditional awards of free shares may be awarded under the Performance Share Plan (“PSP”). The Company may make a proportion of awards as HMRC approved market value options. Share options outstanding at 31 December 2024 have an exercise price of nil and a weighted average remaining contractual life of five years and are exercisable between 2026 and 2029. (a) Nil cost option awards Number of nil cost options 2024 2023 Outstanding at 1 January 6,476,714 8,382,021 Awarded during the year 5,430,059 7,409,650 Forfeited/lapsed during the year – (4,543,139) Exercised during the year 1 – (4,771,818) Outstanding at 31 December 11,906,773 6,476,714 Exercisable at 31 December – – 1. The weighted average share price at the date of exercise in the prior year was 124.5 pence. (b) Deferred share awards Number of deferred share awards 2024 2023 Outstanding at 1 January 3,230,147 2,629,395 Awarded during the year 2,899,064 3,571,056 Forfeited/lapsed during the year (594,727) (1,571,493) Exercised during the year 1 – (1,398,811) Outstanding at 31 December 5,534,484 3,230,147 Exercisable at 31 December – – 1. The weighted average share price at the date of exercise in the prior year was 124.5 pence. 2. Fair value of share-based payment The fair value of share awards is calculated using the Black-Scholes option pricing model for the half that is subject to the total return performance condition and using the stochastic pricing model for the half that is subject to the total shareholder return performance condition. Inputs to the models for share awards during the year are as follows: Year of share award 2024 2023 Closing share price at grant date 135p 113p Exercise price 0p–135p 0p–113p Expected option life 3-5 years 3–5 years Risk-free rate 3.24% 3.25% Expected volatility 1 30.33–31.46% 30.16–37.04% Expected dividend yield 0% 0% Fair value per option 79p–135p 73p–113p 1. Expected volatility is a measure of an amount by which the share price is expected to fluctuate during the period. Volatility is calculated by determining the movement in share price over the period commensurate with the holding period immediately prior to the grant date. 210 Shaftesbury Capital PLC | 2024 Annual Report 30 Related undertakings The Company’s subsidiaries and other related undertakings at 31 December 2024 are listed below. All Group entities are included in the consolidated financial statements. Unless otherwise stated, the Company holds 100 per cent of the voting rights and beneficial interests in the shares of the subsidiaries listed below. The share capital of each of the companies, where applicable, comprises ordinary shares unless otherwise stated. Registered address: Regal House, 14 James Street, London, WC2E 8BU Related undertakings 20 The Piazza Limited Covent Garden Management Services Limited 1,2 20 The Piazza Management Limited 1 Covent Garden Real Estate Holdings Limited 1,6 22 Southampton Street Limited Floral Court Collection Management Limited 1 22 Southampton Street Management Limited 1 Floral Court Limited 34 Henrietta Street Limited Innova Investment Management Limited 1 34 Henrietta Street Management Company Limited 1 Lillie Square Clubhouse Limited (50%) 1,4 C & C Management Services Limited 2 Lillie Square Developments Limited (50%) 4 C&C Properties UK Limited 2 Lillie Square GP Limited (50%) 4 Capco Covent Garden Limited 2 Lillie Square LP (50%) 4 Capco Covent Garden Residential Limited Lillie Square Management Limited (50%) 4 Capco Group Treasury Limited 2 Lillie Square Nominee Limited (50%) 1,4 Capco London Limited 1 Shaftesbury AV Investment Limited Capital & Counties CG Limited Shaftesbury AV Limited Capital & Counties CGP Shaftesbury Carnaby PLC Capital & Counties CG Nominee Limited 1 Shaftesbury Charlotte Street Limited 1 Capital & Counties Limited 2,3 Shaftesbury Chinatown PLC Carnaby Estate Holdings Limited 1 Shaftesbury CL Investment Limited Carnaby Investments Limited 1 Shaftesbury CL Limited Carnaby Property Investments Limited 1 Shaftesbury Covent Garden Limited Charlotte Street Estate Holdings Limited 1 Shaftesbury Covent Garden Property Investments Limited 1 Chinatown Estate Holdings Limited 1 Shaftesbury Investments 2 Limited 1 Chinatown London Ltd 1 Shaftesbury Investments 4 Limited 1 Chinatown Property Investments Limited 1 Shaftesbury Investments 6 Limited 1 Covent Garden Estate Holdings Limited 1 Shaftesbury Investments 7 Limited 1 Covent Garden (43 Management) Limited 1 Shaftesbury Investments 8 Limited 1 Covent Garden (49 Wellington Street) Limited Shaftesbury Investments 9 Limited 1 Covent Garden Group Holdings Limited Shaftesbury Investments 10 Limited 1 Covent Garden Holdings (No.1) Limited 1 Shaftesbury PLC 2 Covent Garden Holdings (No.2) Limited 1 Shaftesbury Soho Limited Covent Garden Holdings (No.3) Limited 5 Shaftesbury West End Limited 1 1. Dormant entity. 2. Direct undertakings of the Company. 3. Ordinary and non-voting deferred shares. 4. Equity accounted joint ventures and associates. 5. With effect from 20 January 2024, the company changed its name from CG Treasury Limited to Covent Garden Holdings (No.3) Limited and ceased to be a direct undertaking of the Company. 6. Incorporated on 15 November 2024. Registered address: C/O Shepherd and Wedderburn LLP, 9 Haymarket Square, Edinburgh, Scotland, EH3 8FY Related undertakings Capco Investment London (No.6) Limited 1,2 Capco Investment London (No.7) Scottish Limited Partnership 2 1. Dormant entity. 2. Direct undertakings of the Company. Registered address: 27 Esplanade, St Helier, Jersey, JE1 1SG Related undertakings Capital & Counties Properties (Jersey) 3 Limited 1,2 Innova Investment Holdings Limited Capvestco Earls Court Limited Lillie Square LP Limited Capvestco Limited 1,2 1. Dormant entity. 2. Direct undertakings of the Company. Registered address: 28 Esplanade, St Helier, Jersey, JE2 3QA Related undertaking Covent Garden Unit Trust 211Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Notes to the financial statements 31 Gain on bargain purchase In the prior year, on 6 March 2023, the all-share merger between Capital & Counties Properties PLC (now called Shaftesbury Capital PLC) and Shaftesbury PLC, was completed. The merger was effected through the issuance of shares, which had a fair value of £1,612.9 million on completion date (including the fair value of the 25.2 per cent that the Group already owned). The fair value of the net identifiable assets acquired on completion amounted to £2,418.4 million, resulting in a gain on bargain purchase of £805.5 million. During the prior year £35.8 million of transaction costs in connection with the all-share merger were incurred. These costs were recorded within administrative expenses in the consolidated income statement. Shaftesbury PLC contributed £121.9 million to revenue and reduced profit before tax by £64.3 million for the year ended 31 December 2023. Had the merger taken place at the beginning of the 2023 financial year, it is estimated that the Group’s reported revenue would have increased by £24.9 million and profit before tax would have declined by £1.7 million. The Group’s reported underlying earnings before tax would have increased by £5.0 million. 32 Events after the reporting date In January 2025, the Group completed on the disposal of an investment property for £3.0 million (before costs). The property was classified as held for sale as at 31 December 2024. In February 2025, the Group acquired an investment property for £6.0 million (before costs).  212 Shaftesbury Capital PLC | 2024 Annual Report Shaftesbury Capital PLC Company balance sheet As at 31 December 2024 Note 2024 £m 2023 £m Non-current assets Investments in Group companies II 2,129.4 2,129.4 Trade and other receivables III 1,523.4 – 3,652.8 2,129.4 Current assets Trade and other receivables III 0.5 1,616.8 Derivative financial instruments 3.4 – 3.9 1,616.8 Total assets 3,656.7 3,746.2 Non-current liabilities Borrowings IV (542.7) (616.6) Derivative financial instruments V (1.8) (7.2) (544.5) (623.8) Current liabilities Trade and other payables (16.1) (3.7) (16.1) (3.7) Total liabilities (560.6) (627.5) Net assets 3,096.1 3,118.7 Equity Share capital 24 488.2 488.2 Other components of equity 2,607.9 2,630.5 Total equity 3,096.1 3,118.7 The profit for the year attributable to shareholders of the Company is £39.7 million (31 December 2023: £89.7 million loss). References in Roman numerals refer to the notes to the Company financial statements, references in numbers refer to the notes to the Group financial statements. These financial statements of Shaftesbury Capital PLC (registered number: 07145051) have been approved for issue by the Board of Directors on 26 February 2025 and signed on its behalf by: Ian Hawksworth Situl Jobanputra Chief Executive Chief Financial Officer 213Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Company financial statements Shaftesbury Capital PLC Company statement of changes in equity For the year ended 31 December 2024 Note Share capital £m Share premium £m Own shares 1 £m Capital redemption reserve £m Merger reserve £m Share- based payment reserve £m Retained earnings £m Total equity £m At 1 January 2023 212.8 232.5 – 1.5 293.7 9.8 1,293.7 2,044.0 Loss and total comprehensive expense for the year – – – – – – (89.7) (89.7) Completion of all-share merger 2 273.9 – – – 930.2 – – 1,204.1 Dividends 11 – – – – – – (43.8) (43.8) Issue of shares and realisation of share-based payment reserve on issue of employee share options 3 1.5 – (0.8) – – (9.8) 11.9 2.8 Fair value of share-based payment 29 – – – – – 1.3 – 1.3 Balance at 31 December 2023 488.2 232.5 (0.8) 1.5 1,223.9 1.3 1,172.1 3,118.7 Profit and total comprehensive income for the year – – – – – – 39.7 39.7 Dividends 11 – – – – – – (65.4) (65.4) Fair value of share-based payment 29 – – – – – 3.1 – 3.1 Balance at 31 December 2024 488.2 232.5 (0.8) 1.5 1,223.9 4.4 1,146.4 3,096.1 1. Represents 3,146,886 shares held by the Group’s Employee Benefit Trust in respect of employee share awards. 2. Represents non-qualifying consideration received by the Group following previous share placings and the all-share merger with Shaftesbury PLC, which completed on 6 March 2023. The amounts taken to the merger reserve do not currently meet the criteria for qualifying consideration and therefore will not form part of distributable reserves as they form part of linked transactions. 3. Represents the issue of 6,170,629 new shares and subsequent realisation of the outstanding share-based payment reserve on the close out of the Capco share scheme prior to completion of the all-share merger. Following the vesting, 3,146,886 shares were purchased by the Group’s Employee Benefit Trust.  214 Shaftesbury Capital PLC | 2024 Annual Report Shaftesbury Capital PLC Notes to the Company financial statements I Principal accounting policies General information Shaftesbury Capital PLC (the “Company”) was incorporated and registered in England and Wales and domiciled in the United Kingdom on 3 February 2010 under the Companies Act as a public company limited by shares, registration number 7145051. The registered office of the Company is Regal House, 14 James Street, London, WC2E 8BU, United Kingdom. The principal activity of the Company is to act as the ultimate parent company of Shaftesbury Capital PLC Group (the “Group”), whose principal activity is the investment in and management of property. Basis of preparation The Company’s financial statements are prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (‘FRS 101’), and in conformity with the requirements of the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention as modified for the revaluation of derivative financial instruments. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement or statement of comprehensive income for the Company. Historically the Company’s financial statements have been prepared in accordance with United Kingdom-adopted accounting standards (‘UK-adopted IFRS’ or ‘IFRS’). In the current year the Company has elected to apply FRS 101. The change in basis of preparation has not resulted in a change in accounting policies and as a result, all accounting policies have been applied consistently to all the years presented and are the same as those applied by the Group as set out on pages 178 to 186. However, the change from IFRS to FRS 101 has resulted in reduced disclosure when compared to the Company’s prior year financial statements. The full list of disclosure exemptions taken by the Company are: – IFRS 7, ‘Financial instruments: Disclosures’; – Paragraphs 10(d) (statement of cash flows); 16 (statement of compliance with all IFRS); 38A (requirement for minimum of two primary statements, including cash flow statements); 38B-D (additional comparative information); 111 (statement of cash flows information); and 134-136 (capital management disclosures), 10(f) (a statement of financial position as at the beginning of the preceding period when an entity applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statements, or when it reclassifies items in its financial statements); and 40A–D (requirements for a third statement of financial position) of IAS 1, ‘Presentation of financial statements’; – IAS 7, ‘Statement of cash flows’; – Paragraphs 30 and 31 of IAS 8, ‘Accounting policies, changes in accounting estimates and errors’ (requirement for the disclosure of information when an entity has not applied a new IFRS that has been issued but is not yet effective); – Paragraph 17 of IAS 24, ‘Related party disclosures’ (key management compensation); – The requirements in IAS 24, ‘Related party disclosures’, to disclose related party transactions entered between two or more members of a group. In the current year, the Company has applied the below amendments to IFRS Standards and Interpretations issued by the International Accounting Standards Board that are effective for annual periods that begin on or after 1 January 2024. – IAS 1 ‘Presentation of Financial Statements’ (amendment) (Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants) – IFRS 16 ‘Leases’ (amendment) (Lease liability in a sale and leaseback) The adoption of the above amendments have not had a material impact on the amounts reported in the financial statements or on the disclosures. 215Shaftesbury Capital PLC | 2024 Annual Report Financial statements | Company financial statements I Principal accounting policies continued Investments in Group companies Investments in Group companies, which eliminates on consolidation, are stated in the Company’s separate financial statements at cost less impairment losses, if any. Impairment losses are determined with reference to the investment’s fair value less estimated selling costs and value-in-use calculations. Fair value is derived from the subsidiaries’, and their subsidiaries’ net assets at the balance sheet date. Value-in-use calculations which require the use of estimates, comprise discounted cash flows based on the latest strategic plan. On disposal, the difference between the net disposal proceeds and the carrying amount is included in the income statement. Other The preparation of financial statements in conformity with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, include the assessment and classification of the recoverable amounts of loans and investments. The Directors did not make any significant judgements in the preparation of these financial statements. The auditors’ remuneration for audit and other services is disclosed in note 5 ‘Administration expenses’ to the Group financial statements. II Investment in Group companies 2024 £m 2023 £m At 1 January 2,129.4 516.4 Additions – 1,613.0 At 31 December 2,129.4 2,129.4 Investments in Group companies are carried at cost less impairment losses, if any. An impairment test is performed on an annual basis. An impairment charge of nil was recorded in the current year (31 December 2023: nil). III Trade and other receivables 2024 £m 2023 £m Non-current Amounts owed by subsidiaries 1,523.4 – Trade and other receivables 1,523.4 – Current Amounts owed by subsidiaries – 1,616.3 Prepayments and accrued income 0.5 0.5 Trade and other receivables 0.5 1,616.8 As at 31 December 2023, it was deemed appropriate to classify the receivable balances as current based on the Group’s intention to review the post-merger holding structure, including amounts owed by subsidiaries. The post-merger review of the holding structure was completed post the 2024-year end, and following recapitalisations and settlements of receivables from further down in the group will result in a reduction in the amounts owed by subsidiaries and a corresponding increase in investments in Group companies. As the Company does not have the intention in the short term to recall the remaining balances post the restructure, the amounts owed by subsidiaries as at 31 December 2024 have been classified as non-current. An impairment test is performed on an annual basis to determine the recoverability of amounts owed by subsidiaries. The key assumptions made in the impairment assessment are the expected cash flows to be generated by each subsidiary, discounted at a rate of 4.6 per cent (31 December 2023: 4.6 per cent). As a result, an impairment of nil (31 December 2023: £96.9 million) was raised against the amounts owed by subsidiaries.  216 Shaftesbury Capital PLC | 2024 Annual Report IV Borrowings 2024 Carrying value £m Secured £m Unsecured £m Fixed rate £m Floating rate £m Fair value £m Nominal value £m Non-current Bank loans 269.9 – 269.9 – 269.9 269.9 275.0 Exchangeable bonds 1 272.8 272.8 – 272.8 – 263.1 275.0 Borrowings 542.7 272.8 269.9 272.8 269.9 533.0 550.0 1. Fair value of exchangeable bonds includes the fair value of the option component of £1.8 million as disclosed in note V ‘Derivative financial instruments’. 2023 Carrying value £m Secured £m Unsecured £m Fixed rate £m Floating rate £m Fair value £m Nominal value £m Non-current Bank loans 346.8 – 346.8 – 346.8 350.0 350.0 Exchangeable bonds 1 269.8 269.8 – 269.8 – 256.9 275.0 Borrowings 616.6 269.8 346.8 269.8 346.8 606.9 625.0 1. Fair value of exchangeable bonds includes the fair value of the option component of £7.2 million as disclosed in note V ‘Derivative financial instruments’. The Company has two revolving credit facilities totalling £450 million, which are undrawn at 31 December 2024. The maturity profile of gross debt is as follows: 2024 £m 2023 £m Wholly repayable in more than one year but not more than five years 550.0 625.0 550.0 625.0 V Derivative financial instruments Derivative financial assets 2024 £m 2023 £m Current Interest rate derivatives 3.4 – Derivative financial assets 3.4 – Derivative liabilities 2024 £m 2023 £m Non-current Derivative liability – exchangeable bonds 1 1.8 7.2 Derivative financial liabilities 1.8 7.2 1. On 30 November 2020 the Company issued £275 million of secured exchangeable bonds maturing in March 2026. The net proceeds received from the issue of the exchangeable bonds have been split between the financial liability element and an option component, representing the fair value of the embedded option to convert the financial liability into equity of Shaftesbury. The debt component is accounted for at amortised cost at the effective interest rate method and the derivative liability is accounted for at fair value through profit or loss. 217Shaftesbury Capital PLC | 2024 Annual Report Additional information Alternative performance measures (unaudited) For the year ended 31 December 2024 The Group has applied the European Securities and Markets Authority guidelines on alternative performance measures (“APMs”) in these results. An APM is a financial measure of historical or future finance performance, position or cash flow of the Group which is not a measure defined or specified in IFRS. Set out below is a summary of the APMs used in this Annual Report. Many of the APMs included are based on the EPRA Best Practice Recommendations reporting framework, a set of standard disclosures for the property industry, which aims to improve the transparency, comparability and relevance of published results of public real estate companies in Europe. The Group also uses underlying earnings, property portfolio and financial debt ratio APMs. Financial debt ratios are supplementary ratios which we believe are useful in monitoring the capital structure of the Group. Additionally, loan-to-value and interest cover are covenants within many of the Group’s borrowing facilities. APM Definition of measure Nearest IFRS measure Explanation and reconciliation 2024 2023 Underlying earnings EPRA earnings adjusted for items not considered part of t he core underlying activities of the Group Profit for the year Note 3 £73.0m £60.4m 2023 pro forma underlying earnings 1 Profit for the year Table 5 N/A £62.8m Underlying earnings per share Underlying earnings per weighted average number of ordinary shares Basic earnings per share Note 3 4.0p 3.7p 2023 pro forma underlying earnings per weighted average number of ordinary shares Basic earnings per share Table 5 N/A 3.4p EPRA earnings 2 Earnings that reflect the operational performance of t he Group Profit for the year Note 3 £75.3m £67.9m EPRA earnings per share 2 EPRA earnings per weighted average number of ordinary shares Basic earnings per share Note 3 4.1p 4.1p EPRA NTA Net asset value adjusted to include properties at fair value and exclude items not expected to crystallise in a long- t erm investment property business model Net assets attributable to shareholders Note 3 £3,671.1m £3,479.4m EPRA NTA per share EPRA NTA per the diluted number of ordinary shares Net assets attributable to shareholders per share Note 3 200.2p 190.3p Market value of property portfolio Market value of wholly-owned property portfolio Investment properties Note 12 £4,973.5m £4,795.3m Loan-to-value Net debt, at nominal value and excluding tenant deposits, divided by market value of property portfolio N/A Note 22 28.2% 31.3% Interest cover Underlying gross profit and other income divided by net underlying finance costs N/A Note 22 292.1% 288.4% Interest cover (excluding non -underlying administrative expenses) Underlying gross profit and other income less underlying administrative expenses divided by net underlying f inance costs N/A Table 1 223.3% 212.7% Total accounting return (“TAR”) The movement in EPRA NTA per share plus dividends per share paid during the year N/A Table 2 7.0% 5.8% Total property return (“TPR”) Capital growth including gains and losses on disposals, rent received (less associated costs) and ground rent N/A Table 3 7.6% 2.2% Net debt to EBITDA Net debt, at nominal value, excluding tenant deposits, divided by EBITDA N/A Table 4 10.9 13.9 Gross debt with interest rate protection Proportion of gross debt with interest rate protection, including interest on cash deposits N/A Note 22 100% 100% Weighted average cost of debt – gross Cost of debt weighted by the drawn balance of external borrowings N/A Financial Review, page 50 4.0% 4.2% Weighted average cost of debt – net Cost of debt weighted by the drawn and undrawn balance of external borrowings N/A Financial Review, page 50 3.7% 3.4% Cash and undrawn committed facilities Cash and cash equivalents, excluding tenant deposits, plus undrawn committed facilities N/A Financial Review, page 50 £559.8m £485.7m 1. The underlying earnings growth on a pro forma basis is 16.2 per cent. 2. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of EPRA Best Practice Recommendations Guidelines in September 2024. Refer to note 3 ‘Performance measures’ for further details. Where this report uses like-for-like comparisons, these are defined within the Glossary. 218 Shaftesbury Capital PLC | 2024 Annual Report 1. Interest cover (excluding non-underlying administration expenses) Interest cover Note 2024 £m 2023 £m Finance costs 9 (72.0) (67.5) Finance income 8 14.8 15.6 Net finance costs (A) (57.2) (51.9) Gross profit 1 4 167.1 147.0 Other income – 2.7 Administration expenses 5 (42.7) (83.8) Less: merger-related transaction and integration costs and non-underlying administration expenses 5 3.3 44.5 Underlying operating profit (B) 127.7 110.4 Interest cover (excluding non-underlying administration expenses) (B/A) 223.3% 212.7% 1. 2023 excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger. 2. Total accounting return Note 2024 2023 Opening EPRA NTA (A) 3 190.3p 182.1p Closing EPRA NTA 3 200.2p 190.3p Increase in the year 9.9p 8.2p Adjusted for: Dividends per share paid in the current year 11 3.4p 2.3p Total accounting return (B) 13.3p 10.5p Total accounting return % (B/A) 7.0% 5.8% 3. Total property return Note 2024 £m Gross profit 4 167.1 Gain on revaluation and sale of investment property 6 194.6 Total capital return (A) 361.7 Market value of wholly-owned property portfolio 12 4,973.5 Gain on revaluation and sale of investment property 6 (194.6) Capital employed (B) 4,778.9 Total property return % (A/B) 1 7.6% 1. The prior year total property return of 2.2 per cent was calculated based on pro forma information (obtained from internal management accounts), assuming the all-share merger had completed at the start of the financial year. 4. Net debt to EBITDA Note 2024 £m 2023 £m Underlying gross profit 1 4 167.1 147.0 Underlying administration expenses 2 5 (39.4) (39.3) 127.7 107.7 Adjusted for: Depreciation 0.7 0.4 EBITDA (A) 128.4 108.1 Net debt (B) 19 1,405.0 1,499.1 Net debt to EBITDA (B/A) 10.9 13.9 1. 2023 excludes a £5.1 million charge relating to the alignment of accounting policies on completion of the merger. 2. Underlying administration expenses exclude £3.3 million (31 December 2023: £44.5 million) of merger-related transaction and integration costs and non-underlying administration expenses.  219Shaftesbury Capital PLC | 2024 Annual Report Additional information | Alternative performance measures (unaudited) Alternative performance measures (unaudited) continued 5. 2023 pro forma underlying earnings Pro forma 2023 £m Shaftesbury Capital PLC 31 December 2023 1 57.8 Shaftesbury PLC 1 January 2023 to 5 March 2023 2 5.0 Pro forma underlying earnings 62.8 Weighted average number of shares (million) 3 1,821.7 Underlying earnings per share 3.4p 1. Represents the standalone results of Capital & Counties Properties PLC for the period 1 January to 5 March 2023 and that of the Group for the period 6 March to 31 December 2023, less the dividend income of £2.6 million received for the shareholding held in Shaftesbury PLC pre-merger. 2. Reflects the underlying earnings for Shaftesbury PLC for the period 1 January to 5 March 2023 obtained from internal management accounts of Shaftesbury PLC. 3. Weighted average number of shares used reflects that the shares issued on completion of the merger had been effective from the beginning of the financial year. 220 Shaftesbury Capital PLC | 2024 Annual Report EPRA measures (unaudited) For the year ended 31 December 2024 EPRA Net Reinstatement Value (“EPRA NRV”), EPRA Net Tangible Assets (“EPRA NTA”) and EPRA Net Disposal Value (“EPRA NDV”) are alternative performance measures that are calculated in accordance with the Best Practices Recommendations of the European Public Real Estate Association (“EPRA”) to provide a transparent and consistent basis to enable comparison between European property companies. EPRA NTA is considered to be the most relevant measure for the Group’s operating activity and is the primary measure of net asset value. The following is a summary of EPRA performance measures and key Group measures included within this Annual Report. The measures are defined in the Glossary. EPRA measure Definition of measure Explanation/ reconciliation 2024 2023 EPRA earnings 1 Earnings that reflect the operational performance of the Group Note 3 £75.3m £67.9m EPRA earnings per share 1 EPRA earnings per weighted average number of ordinary shares Note 3 4.1p 4.1p EPRA NTA Net asset value adjusted to include properties at fair value and exclude items not expected to crystallise in a long-term investment property business model Note 3 £3,671.1m £3,479.4m EPRA NTA per share EPRA NTA per diluted number of ordinary shares Note 3 200.2p 190.3p EPRA NDV EPRA NTA amended to include the fair value of financial instruments and debt Note 3 £3,725.2m £3,511.7m EPRA NDV per share EPRA NDV per diluted number of ordinary shares Note 3 203.2p 192.0p EPRA NRV EPRA NTA amended to include real estate transfer tax Note 3 £4,004.2 £3,811.6m EPRA NRV per share EPRA NRV per diluted number of ordinary shares Note 3 218.4p 208.4p EPRA net initial yield Annualised rental income less non-recoverable costs as a percentage of market value plus assumed purchaser’s costs Table 1 3.8% 3.8% EPRA topped-up initial yield Net initial yield adjusted for the expiration of rent-free periods Table 1 4.1% 4.2% EPRA vacancy ERV of un-let units (including those under offer) expressed as a percentage of the ERV of the wholly owned property portfolio excluding units under development Table 2 3.9% 4.9% Capital expenditure Capital expenditure on acquisition and development of investment property portfolio Table 3 £131.4m £53.8m EPRA cost ratio Total costs as a percentage of gross rental income (including direct vacancy costs) Table 4 38.9% 65.6% Total costs as a percentage of gross rental income (excluding direct vacancy costs) Table 4 34.8% 60.8% Adjusted Company cost ratio Total adjusted costs as a percentage of adjusted gross rental income (including direct vacancy costs) Table 4 37.3% 39.9% Total adjusted costs as a percentage of adjusted gross rental income (excluding direct vacancy costs) Table 4 33.3% 35.2% EPRA LTV (loan-to-value) Ratio of adjusted net debt, including net payables, to the sum of the net assets, including net receivables, of the Group, its subsidiaries, joint ventures and associates, all on a proportionate basis, expressed as a percentage Table 5 27.4% 30.9% Like-for-like rental growth Rental income for properties which have been owned throughout both years without significant capital expenditure in either year, so income can be compared on a like- for-like basis Table 6 5.7% 13.2% 1. Prior year comparatives have been re-presented based on changes to EPRA earnings following the publication of EPRA Best Practice Recommendations Guidelines in September 2024. Refer to note 3 ‘Performance measures’ for further details.  221Shaftesbury Capital PLC | 2024 Annual Report Additional information | EPRA measures (unaudited) EPRA measures (unaudited) continued 1. EPRA net initial yield and EPRA ‘topped-up’ net initial yield Note 2024 £m 2023 £m Investment property – wholly owned 12 4,973.5 4,795.3 Investment property – share of joint ventures and associates 43.7 182.2 Trading property (including share of joint ventures) 21.6 41.8 Less: developments (228.0) (284.1) Completed property portfolio 4,810.8 4,735.2 Allowance for estimated purchasers’ costs 333.1 316.8 Gross up completed property portfolio valuation (A) 5,143.9 5,052.0 Annualised cash passing rental income 204.7 202.7 Property outgoings (6.9) (10.6) Annualised net rents (B) 197.8 192.1 Add: notional rent expiration of rent periods or other lease incentives 14.9 18.2 Topped-up net annualised rent (C) 212.7 210.3 EPRA net initial yield (B/A) 3.8% 3.8% EPRA ‘topped-up’ net initial yield (C/A) 4.1% 4.2% The EPRA net initial yield and EPRA ‘topped-up’ net initial yield are calculated based on EPRA guidelines and include the wholly- owned property portfolio and the Group’s share of Lillie Square and Longmartin (the latter applicable only up until the point of disposal in October 2024). 2. EPRA vacancy rate 2024 £m 2023 £m Estimated rental value of vacant space 9.3 10.9 Estimated rental value of the portfolio less refurbishment estimated rental value 237.1 223.0 EPRA vacancy rate 3.9% 4.9% EPRA vacancy rate includes units under offer, net of which vacancy relating to units available to let is 2.6 per cent (31 December 2023: 2.1 per cent). Investment properties held within the joint venture at Lillie Square totalling £43.7 million (the Group’s share) (31 December 2023: £182.2 million (the Group’s share of Lillie Square and Longmartin)) is not included in the vacancy rate above. 3. Property related capital expenditure 2024 2023 1 Group (excluding joint ventures and associates) £m Joint ventures and associates £m Total Group £m Group (excluding joint ventures and associates) £m Joint ventures and associates £m Total Group £m Acquisitions 84.9 – 84.9 17.4 – 17.4 Development – 0.2 0.2 – 0.8 0.8 Investment property – – – Incremental lettable space 2.0 – 2.0 5.1 – 5.1 No incremental lettable space 38.3 0.8 39.1 28.5 0.5 29.0 Tenant lease incentives 2.8 – 2.8 1.5 0.3 1.8 Capitalised interest – – – – – – Total CapEx 128.0 1.0 129.0 52.5 1.6 54.1 Conversion from accrual to cash basis 2.4 – 2.4 (1.3) 1.0 (0.3) Total CapEx on cash basis 130.4 1.0 131.4 51.2 2.6 53.8 1. The property related capital expenditure represents the standalone performance of Capco for the period to 6 March 2023 and that of the combined Group from that date to 31 December 2023. Further detail on the capital expenditure and acquisitions incurred in the year can be found in the Portfolio and operating review on pages 32 to 43. 222 Shaftesbury Capital PLC | 2024 Annual Report 4. EPRA cost ratio 2024 £m 2023 £m Administrative expenses 1 42.7 83.8 Total property outgoings 56.1 51.2 Provision for expected credit loss 3.9 2.0 Less: Service charge expense (22.1) (19.3) Management fee (0.1) (0.1) Share of joint ventures and associates expenses 2.9 3.5 Exclude: Ground rent cost (0.4) (0.8) EPRA costs (including direct vacancy costs) (A) 83.0 120.3 Direct vacancy costs (8.6) (8.9) EPRA costs (excluding direct vacancy costs) (B) 74.4 111.4 Gross rental income less ground rent costs 226.7 194.3 Less: Service charge income (22.1) (19.3) Share of joint ventures and associates property income 8.8 8.3 Adjusted gross rental income (C) 213.4 183.3 EPRA cost ratio (including direct vacancy costs) (A/C) 38.9% 65.6% EPRA cost ratio (excluding direct vacancy costs) (B/C) 34.9% 60.8% Company specific adjustments 2 : Non-underlying administrative expenses (3.3) (44.5) Impact of change in accounting policy on property outgoings – (1.0) Company specific adjustments for costs (D) (3.3) (45.5) Adjusted Company cost (including direct vacancy costs) (E = A+D) 79.7 74.8 Adjusted Company cost (excluding direct vacancy costs) (F = B+D) 71.1 65.9 Impact of change in accounting policy on rental income – 4.1 Adjusted Company gross rental income (G) 213.4 187.4 Adjusted Company cost ratio (including direct vacancy costs) (E/G) 37.3% 39.9% Adjusted Company cost ratio (excluding direct vacancy costs) (F/G) 33.3% 35.2% 1. £0.7 million (31 December 2023: £0.3 million) of administrative expenses were capitalised during the year. These capitalised costs mainly relate to employee costs as it is the Group’s policy to capitalise directly attributable overheads and operating expenses to assets under refurbishment or development. 2. Company specific adjustments relates to non-underlying administrative expenses and do not represent the recurring, underlying performance of the Group. Details of non-underlying expenses are set out in note 5 ‘Administration expenses’. The prior year Company specific adjustments include an adjustment relating to the alignment of accounting policies on completion of the merger. £4.1 million of the adjustment was recognised through the straight-lining of tenant lease incentives and £1.0 million in property expenses.  223Shaftesbury Capital PLC | 2024 Annual Report Additional information | EPRA measures (unaudited) EPRA measures (unaudited) continued 5. EPRA LTV 2024 Group £m Share of joint ventures £m Total £m Borrowings from financial institutions (1,239.8) – (1,239.8) Exchangeable bond (275.0) – (275.0) Exclude: Cash and cash equivalents 1 124.0 4.9 128.9 EPRA net debt (B) (1,390.8) 4.9 (1,385.9) Investment properties at fair value 4,943.6 43.7 4,987.3 Owner-occupied property at fair value 20.1 – 20.1 Investment property held for sale 9.8 – 9.8 Properties under development – 21.6 21.6 Net receivables 85.5 (61.5) 24.0 Total property value (A) 5,059.0 3.8 5,062.8 EPRA LTV (B/A) 27.4% 1. Includes tenant deposits of £14.2 million held as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group. 2023 Group £m Share of joint ventures and associates £m Total £m Borrowings from financial institutions (1,409.8) (60.0) (1,469.8) Exchangeable bond (275.0) – (275.0) Net payables 62.6 (80.4) (17.8) Exclude: Cash and cash equivalents 1 200.2 9.9 210.1 EPRA net debt (B) (1,422.0) (130.5) (1,552.5) Investment properties at fair value 4,775.1 182.2 4,957.3 Owner-occupied property at fair value 20.2 – 20.2 Properties under development – 41.8 41.8 Total property value (A) 4,795.3 224.0 5,019.3 EPRA LTV (B/A) 30.9% 1. Includes tenant deposits of £14.5 million held as security against tenant rent payments which are subject to certain restrictions and therefore not available for general use by the Group.  224 Shaftesbury Capital PLC | 2024 Annual Report 6. Like-for-like rental growth The like-for-like rental growth presented represents 100 per cent of the wholly owned property portfolio, where all assets are located in the West End of London. The like-for-like rental growth compares the growth of rental income of property which has been owned throughout both years without significant capital expenditure in either year. 2024 £m Pro forma 2023 £m Rental income in current year 205.0 196.5 Adjusted for impact of: Acquisitions (2.8) (0.4) Disposals (2.9) (4.1) Change in accounting policy 1 – 4.1 Like-for-like rental income in current year (A) 199.3 196.1 Rental income in previous year 196.5 178.2 Adjusted for impact of: Acquisitions – (0.1) Disposals (12.1) (4.8) Change in accounting policy 1 4.1 – Like-for-like rental income in prior year (B) 188.5 173.3 Like-for-like growth in rental income ((A-B)/B) 5.7% 13.2% 1. There was a £4.1 million reduction to 2023 straight-lining of tenant lease incentives as a result of the alignment of accounting policies following the merger. Rental income for the year ended 31 December 2023 used within the like-for-like rental growth calculation above, has been determined based on pro forma information. The table below summarises the pro forma information. Shaftesbury Capital PLC 31 December 2023 1 £m Shaftesbury PLC 1 January 2023 to 5 March 2023 2 £m Pro forma 2023 £m Rent receivable 171.9 21.2 193.1 Straight-lining of tenant lease incentives 3.9 (0.5) 3.4 Rental income 175.8 20.7 196.5 1. As reported in note 4 ‘Gross profit’. Represents the standalone results of Capital & Counties Properties PLC for the period 1 January to 5 March 2023 and that of the Group from 6 March to 31 December 2023. 2. Reflects the rental income for Shaftesbury PLC for the period 1 January to 5 March 2023 obtained from internal management accounts of Shaftesbury PLC. The amounts have not been adjusted for accounting policy alignments or fair value adjustments. 225Shaftesbury Capital PLC | 2024 Annual Report Additional information Analysis of property portfolio (unaudited) For the year ended 31 December 2024 Wholly-owned portfolio valuation by use 31 December 2024 Retail Food & beverage Offices Commercial Residential Wholly-owned portfolio Valuation (£m) 1 1,784.2 1,664.8 877.9 4,326.9 644.7 4,971.6 Valuation (%) 36% 33% 18% 87% 13% 100% L-f-L valuation movement (FY 2024) +7.5% +4.7% +3.1% +5.5% –1.6% +4.5% L-f-L valuation movement (H2 2024) +6.5% +2.2% +1.2% +3.7% –1.0% +3.1% Annualised gross income (£m) 73.2 73.0 33.6 179.8 23.0 202.8 Annualised gross income (%) 36% 36% 17% 89% 11% 100% L-f-L annualised gross income (FY 2024) +9.1% +4.2% +18.3% +8.6% +3.9% +8.0% L-f-L annualised gross income (H2 2024) +5.3% – +12.0% +4.2% +2.9% +4.1% ERV (£m) 90.2 85.0 50.5 225.7 24.9 250.6 ERV (%) 36% 34% 20% 90% 10% 100% L-f-L ERV movement (FY 2024) +11.2% +7.2% +6.1% +8.4% +1.4% +7.7% L-f-L ERV movement (H2 2024) +8.8% +3.4% +1.5% +5.0% +1.6% +4.7% ERV psf (£) 126 91 79 98 60 92 Net initial yield 3.8% 4.0% 3.3% 3.8% 2.9% 3.6% Topped-up net initial yield 4.0% 4.3% 3.8% 4.1% N/A 3.9% Equivalent yield 4.5% 4.7% 4.9% 4.6% 3.1% 4.4% WAULT (years) 3.0 8.1 2.7 4.8 1.1 4.4 Floor area (sq ft m) 2 0.7 1.0 0.6 2.3 0.4 2.7 Unit count 2 415 394 404 1,213 656 1,869 1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary). 2. Excludes long-leasehold residential interests. Wholly-owned portfolio valuation by location 31 December 2024 Covent Garden Carnaby | Soho Chinatown Fitzrovia Wholly-owned portfolio Valuation (£m) 1 2,652.7 1,597.1 716.3 5.5 4,971.6 Valuation (%) 53% 32% 15% – 100% L-f-L valuation movement (FY 2024) +3.7% +6.4% +3.7% –7.1% +4.5% L-f-L valuation movement (H2 2024) +2.8% +4.3% +2.0% –6.1% +3.1% Annualised gross income (£m) 104.3 66.2 32.0 0.3 202.8 Annualised gross income (%) 51% 33% 16% – 100% L-f-L annualised gross income (FY 2024) +7.2% +12.1% +2.8% –5.3% 8.0% L-f-L annualised gross income (H2 2024) +2.7% +8.4% +0.4% –0.6% +4.1% ERV (£m) 134.0 81.9 34.4 0.3 250.6 ERV (%) 53% 33% 14% – 100% L-f-L ERV movement (FY 2024) +9.1% +7.1% +4.1% – +7.7% L-f-L ERV movement (H2 2024) +5.5% +4.5% +2.0% – +4.7% ERV psf (£) 96 92 81 58 92 Net initial yield 3.6% 3.6% 4.0% 5.0% 3.6% Topped-up net initial yield 3.8% 4.0% 4.1% 5.0% 3.9% Equivalent yield 4.5% 4.5% 4.3% 4.4% 4.4% WAULT (years) 4.4 4.0 5.6 6.1 4.4 Floor area (sq ft m) 2 1.4 0.9 0.4 – 2.7 Unit count 2 853 660 350 6 1,869 1. Excludes £1.9 million of Group properties primarily held in Lillie Square LP Limited (a wholly-owned subsidiary). 2. Excludes long-leasehold residential interests. 226 Shaftesbury Capital PLC | 2024 Annual Report Historical record (unaudited) For the year ended 31 December 2024 Continuing and discontinued operations Consolidated income statement 2024 £m 2023 £m 2022 £m 2021 £m 2020 £m Gross profit 167.1 141.9 57.3 52.0 24.7 Other income/(costs) 0.1 2.7 13.5 2.7 (0.5) Gain/(loss) on revaluation and sale of investment property 194.6 (65.0) (0.8) (15.8) (693.3) Change in value of investments and other receivables (7.0) (12.5) (7.9) - – Revaluation of equity investment – 52.0 (239.5) 44.6 50.9 Non-recurring costs (3.3) (44.5) (14.6) (68.6) (1.4) Administration expenses (39.4) (39.3) (26.0) (22.7) (31.5) Operating profit/(loss) 312.1 35.3 (218.0) (7.8) (651.1) Net finance (costs)/income (60.2) (90.4) 12.2 (44.4) (29.7) Profit/(loss) after finance costs 251.9 (55.1) (205.8) (52.2) (680.8) Profit/(loss) on disposal and IFRS 5 impairment of discontinued operation – – – – 1.0 Gain on bargain purchase – 805.5 – – – Loss on sale of associate (4.0) – – – – Profit from joint ventures and associates 4.5 0.2 – – – Profit/(loss) before tax 252.4 750.6 (205.8) (52.2) (679.8) Taxation (0.3) (0.2) (6.0) (0.7) 1.0 Profit/(loss) for the year 252.1 750.4 (211.8) (52.9) (678.8) Consolidated balance sheet Investment property 4,899.1 4,740.2 1,715.1 1,705.6 1,795.8 Other non-current assets 156.1 224.9 485.4 713.3 681.5 Cash and cash equivalents 124.0 200.2 129.9 331.1 365.1 Other current assets 42.9 51.0 20.8 48.9 65.7 Assets held for sale 9.8 – – – – Total assets 5,231.9 5,216.3 2,351.2 2,798.9 2,908.1 Non-current borrowings (1,470.5) (1,534.8) (738.3) (934.9) (1,070.7) Other non-current liabilities (1.8) (9.9) (8.7) (37.5) (30.8) Current borrowings (0.3) (94.9) – – – Other current liabilities (85.0) (96.5) (42.6) (39.7) (46.9) Total liabilities (1,557.6) (1,736.1) (789.6) (1,012.1) (1,148.4) Net assets 3,674.3 3,480.2 1,561.6 1,786.8 1,759.7 Per share information Pence Pence Pence Pence Pence Basic earnings/(loss) per share 13.8 45.5 (24.9) 4.1 (82.6) Underlying earnings/(loss) per share 1 4.0 3.7 2.2 0.1 (0.7) Basic net assets per share 200.4 190.3 183.2 209.7 210.4 EPRA NTA per share 200.2 190.3 182.1 213.0 212.1 Dividend per share 3.50 3.15 2.50 1.50 – 1. Underlying earnings for the year ended 31 December 2024 is £73.0 million (31 December 2023: £60.4 million). 227Shaftesbury Capital PLC | 2024 Annual Report Additional information Board and advisers Chairman Jonathan Nicholls Executive Directors Ian Hawksworth, Chief Executive Situl Jobanputra, Chief Financial Officer Non-executive Directors Richard Akers Ruth Anderson Madeleine Cosgrave Sian Westerman Company Secretary Ruth Pavey General Counsel Alison Fisher Registered office Regal House 14 James Street London WC2E 8BU Telephone: +44 (0) 20 3214 9150 Registered number 7145051 Websites www.shaftesburycapital.com www.carnaby.co.uk www.chinatown.co.uk www.coventgarden.london www.thisissoho.co.uk Independent auditor PricewaterhouseCoopers LLP Solicitors Herbert Smith Freehills LLP Financial adviser Rothschild & Co. Corporate brokers Jefferies International Limited Peel Hunt LLP UBS AG London Branch South Africa sponsor Java Capital Trustees and Sponsors Proprietary Limited 228 Shaftesbury Capital PLC | 2024 Annual Report Dividends The Directors of Shaftesbury Capital PLC have proposed a final cash dividend of 1.8 pence per ordinary share (ISIN GB00B62G9D36) payable on Friday, 30 May 2025. Dates The following are the salient dates for the payment of the proposed 2024 final cash dividend: Proposed 2024 final dividend announced Thursday, 27 February 2025 Sterling/Rand exchange rate struck Wednesday, 9 April 2025 Sterling/Rand exchange rate and dividend amount in Rand announced by 11 .00 am (South African time) Thursday, 10 April 2025 Last day to trade cum-dividend Tuesday, 22 April 2025 Ordinary shares listed ex-dividend on the Johannesburg Stock Exchange Wednesday, 23 April 2025 Ordinary shares listed ex-dividend on the London Stock Exchange Thursday, 24 April 2025 Record date for the 2024 final dividend in UK and South Africa Friday, 25 April 2025 Deadline for submission of declaration of eligibility to receive gross PID payment to UK registrar Friday, 25 April 2025 (COB) Annual General Meeting Thursday, 22 May 2025 Dividend payment date for shareholders Friday, 30 May 2025 The proposed 2024 final cash dividend is subject to approval at the Company’s Annual General Meeting, to be held on Thursday, 22 May 2025. *South African shareholders should note that, in accordance with the requirements of Strate, the last day to trade cum-dividend on the Johannesburg Stock Exchange will be Tuesday, 22 April 2025. No dematerialisation or rematerialisation of shares will be possible from Wednesday, 23 April 2025 to Friday, 25 April 2025 inclusive. No transfers between the UK and South African registers may take place from close of business on Thursday, 10 April 2025 to Friday, 25 April 2025 inclusive. The above dates are proposed and subject to change. The proposed 2024 final cash dividend will be paid wholly as a Property Income Distribution (“PID”). There will be no non-PID (ordinary dividend) element of the final cash dividend. As such, the entire final cash dividend will be subject to a deduction of a 20 per cent UK withholding tax unless exemptions apply. Information for shareholders The information below is included only as a general guide to taxation for shareholders based on Shaftesbury Capital’s understanding of the law and the practice currently in force. Any shareholder who is in any doubt as to their tax position should seek independent professional advice. UK shareholders The proposed 2024 final cash dividend will be paid wholly as a PID. Certain categories of shareholders may be eligible for exemption from the 20 per cent UK withholding tax and may register to receive their dividends on a gross basis. Further information, including the required forms, is available from the ‘Investor Information’ section of the Company’s website (https://www.shaftesburycapital.com/en/investors/investor- information.html), or on request from the Company’s UK registrar, MUFG Corporate Markets. Validly completed forms must be received by MUFG Corporate Markets no later than the dividend record date, as advised; otherwise the dividend will be paid after deduction of tax. There will be no non-PID element of the final cash dividend. South African shareholders The proposed 2024 final cash dividend proposed by the Company is a foreign payment and the funds are sourced from the UK. PID: The proposed 2024 final cash dividend will be paid wholly as a PID and a 20 per cent UK withholding tax is applicable to a PID. As such, South African shareholders may apply to HMRC after payment of the proposed 2024 final cash dividend for a refund of the difference between the 20 per cent UK withholding tax and the UK/South African double taxation treaty rate of 15 per cent. The proposed 2024 final cash dividend will be exempt from income tax but will constitute a dividend for Dividends Taxpurposes, as it will be declared in respect of a share listed on the exchange operated by the JSE. SA Dividends Tax will therefore be withheld from the proposed 2024 final cash dividend at a rate of 20 per cent, unless a shareholder qualifies for an exemption and the prescribed requirements for effecting the exemption are in place by the requisite date. Certain shareholders may also qualify for a reduction of SA Dividends Tax liability to 5 per cent (being the difference between the SA dividends tax rate and the effective UK withholding tax rate of 15 per cent) if the prescribed requirements for effecting the reduction are in place by the requisite date. Non-PID: There will be no non-PID element of the proposed 2024 final cash dividend. Other overseas shareholders Other non-UK shareholders may be able to make claims for a refund of UK withholding tax deducted pursuant to the application of a relevant double taxation convention. UK withholding tax refunds can only be claimed from HMRC, the UK tax authority. Additional information on PIDs and ordinary dividends (non-PIDs) can be found at https://www.shaftesburycapital.com/en/investors/investor- information/reit.html 229Shaftesbury Capital PLC | 2024 Annual Report Additional information Glossary Annualised gross income Total annualised actual and “estimated income” from leases at a valuation date. It includes sundry non-leased income and estimated turnover related rents. No rent is attributed to leases which were subject to rent free periods at that date. It does not reflect any head rents and estimated irrecoverable outgoings at the valuation date. “Estimated income” refers to gross ERVs in respect of rent reviews outstanding at the valuation date and, where appropriate, ERV in respect of lease renewals outstanding at the valuation date where the fair value reflects terms for a renewed lease. APM (Alternative Performance Measure) A financial measure of historical or future financial performance, position or cash flows of the Group which is not a measure defined or specified in IFRS. BREEAM Building Research Establishment Environmental Assessment Method is a method of assessing, rating and certifying sustainability of buildings. Capco Capco represents Shaftesbury Capital PLC, formerly Capital & Counties Properties PLC, (also referred to as “the Company”) and all its subsidiaries and group undertakings, collectively referred to as “the Group”. Cash and undrawn committed facilities Cash and cash equivalents, excluding tenant deposits, plus undrawn committed facilities. Category A (Cat A) A Category A (Cat A) office refurbishment refers to the basic fit-out of an office space, typically including essential infrastructure such as raised floors, suspended ceilings, lighting, air conditioning, and basic fire and safety systems. This level of refurbishment prepares the space for tenant occupation but does not include interior design elements, partitions, or bespoke fittings. CDP CDP Worldwide, a global not-for-profit sustainability disclosure system. Shaftesbury Capital participates in the CDP Climate Change Programme, which measures progress on climate change disclosure. Contracted income Includes rent frees and contracted rent increases. CRREM Carbon Risk Real Estate Monitor. The leading global standard and initiative for operational decarbonisation of real estate assets. EBITDA EBITDA represents underlying earnings before interest, tax, depreciation and amortisation. Embodied Carbon The total carbon emissions generated during the creation or refurbishment of a product. Including the extraction, manufacture, transportation, processing, assembly, replacement and deconstruction of the materials required to create or refurbish the product. EPC Energy Performance Certificate. EPRA European Public Real Estate Association, the publisher of Best Practice Recommendations intended to make financial statements of public real estate companies in Europe clearer, more transparent and comparable. EPRA cost ratio (including direct vacancy costs) EPRA cost ratio (including direct vacancy costs) is a proportionally consolidated measure of the ratio of net overheads and operating expenses against gross rental income (with both amounts excluding ground rents payable). Net overheads and operating expenses relate to all administrative and operating expenses, net of any service fees, recharges or other income specifically intended to cover overhead and property expenses. EPRA cost ratio (excluding direct vacancy costs) EPRA cost ratio (excluding direct vacancy costs) is the ratio defined above, but with direct vacancy costs removed from the net overheads and operating expenses balance. EPRA earnings per share Profit or loss for the year excluding valuation movements on the wholly-owned, joint venture and associate properties, fair value changes of financial instruments and listed investments, cost of early close out of debt, gain on bargain purchase, IFRS 3 merger-related transaction costs, and items that are unusual in nature and unlikely to reoccur in the foreseeable future, divided by the weighted average number of shares in issue during the year. EPRA LTV (loan-to-value) Ratio of net debt, including net payables, to the sum of the net assets, including net receivables, of the Group, its subsidiaries and joint ventures and associates, all on a proportionally consolidated basis, expressed as a percentage. The calculation includes trading properties at fair value and debt at nominal value. EPRA NDV (net disposal value) per share The net assets as at the end of the year including the excess of the fair value of trading property over its cost, revaluation of other non-current investments and the adjustment required to reflect fixed interest rate debt at fair value, divided by the diluted number of ordinary shares. EPRA net initial yield Annualised net rent (after deduction of revenue costs such as head rent, running void, service charge after shortfalls and empty rates) on investment and trading property expressed as a percentage of the gross market value before deduction of theoretical acquisition costs, all on a proportionally consolidated basis. 230 Shaftesbury Capital PLC | 2024 Annual Report EPRA NTA (net tangible assets) per share The net assets as at the end of the year including the excess of the fair value of trading property over its cost and revaluation of other non-current investments, excluding the fair value of financial instruments and deferred tax on revaluations, divided by the diluted number of ordinary shares. EPRA NRV (net reinstatement value) per share The net assets as at the end of the year including the excess of the fair value of trading property over its cost and excluding the fair value of financial instruments, deferred tax on revaluations plus a gross up adjustment for related costs such as Real Estate Transfer Tax, divided by the diluted number of ordinary shares. EPRA sBPR European Public Real Estate Association Sustainability Best Practice Recommendations for Reporting, a guidance framework for reporting environmental performance. The Group publishes details of its environmental performance in line with the EPRA sBPR. EPRA topped-up initial yield EPRA net initial yield adjusted for the expiration of rent free periods. EPRA vacancy ERV of un-let units, including those under offer, expressed as a percentage of the ERV of the wholly-owned property portfolio excluding units under development. ERV (Estimated rental value) The external valuers’ estimate of the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of the property. ESC Environment, Sustainability and Community. F&B (Food & beverage) A sector within the portfolio which includes establishments primarily engaged in the preparation and sale of food and beverages. This encompasses a diverse range of customers including restaurants, cafés, bars, pubs and other hospitality venues. FTSE 350 Real Estate Index London Stock Exchange index derived from real estate companies in the FTSE 100 and FTSE 250 indices. FTSE4GOOD FTSE4GOOD Index Series, hosted by FTSE Russell, a sustainability index in which Shaftesbury Capital participates. FRC Financial Reporting Council. FRS 101 Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. GRESB The Global Real Estate Sustainability Benchmark, a sustainability index. Shaftesbury Capital participates in the GRESB Real Estate Assessment. Gross income The Group’s share of passing rent plus sundry non-leased income. Headline earnings Headline earnings per share is calculated in accordance with Circular 1/2023 issued by the South African Institute of Chartered Accountants (“SAICA”), a requirement of the Group’s JSE listing. This measure is not a requirement of IFRS. IFRS United Kingdom-adopted international accounting standards. ISO International Organisation for Standardisation. KPI Key Performance Indicators. LETI The London Energy Transformation Initiative, a network of built environment professionals working to put London on the path to Net Zero Carbon. Like-for-like property Property which has been owned throughout both years without significant capital expenditure in either year, so income can be compared on a like-for-like basis. For the purposes of comparison of capital values, this will also include assets owned at the previous balance sheet date but not necessarily throughout the prior year. LTV (loan to value) LTV is calculated on the basis of net debt divided by the market value of the wholly-owned property portfolio. Longmartin The Longmartin associate was a 50 per cent investment arrangement between Shaftesbury Capital and The Mercers’ Company. The Group disposed of its share in Longmartin during the year. LSJV The Lillie Square joint venture is a 50 per cent joint venture between the Group and Kwok Family Interests (KFI). MSCI Producer of an independent benchmark of property returns. NAV Net Asset Value. Net debt Total borrowings, at nominal value, less cash and cash equivalents, excluding tenant deposits. Net initial yield The net initial income at the valuation date expressed as a percentage of the gross valuation. Yields reflect net income after deduction of any ground rents, head rents and rent charges and estimated irrecoverable outgoings at the valuation date.  231Shaftesbury Capital PLC | 2024 Annual Report Additional information | Glossary Nominal equivalent yield Effective annual yield to a purchaser on the gross market value, assuming rent is receivable annually in arrears, and that the property becomes fully occupied and that all rents revert to the current market level (ERV) at the next review date or lease expiry. Occupancy rate The ERV of let and under offer units expressed as a percentage of the ERV of let and under offer units plus ERV of un-let units, excluding units under development. This is equivalent to 100 per cent less the EPRA vacancy rate. Passing rent Contracted annual rents receivable at the balance sheet date. This takes no account of accounting adjustments made in respect of rent free periods or tenant lease incentives, the reclassification of certain lease payments as finance charges or any irrecoverable costs and expenses, and does not include excess turnover rent, additional rent in respect of unsettled rent reviews or sundry income. PID (Property Income Distributions) Distribution under the REIT regime that constitutes at least 90 per cent of the Group’s taxable income profits arising from its qualifying property rental business, by way of dividend. PIDs can be subject to withholding tax at 20 per cent. If the Group distributes profits from its non-qualifying business, the distribution will be taxed as an ordinary dividend in the hands of the investors. Private placement loan notes interest cover Interest cover is calculated based on net rental income, less an administration adjustment of £5.0 million, divided by net finance costs. Private placement loan notes LTV LTV is calculated on the basis of net debt divided by the market value of wholly owned property portfolio. This measure is consistent with the LTV ratio disclosed in ‘Alternative performance measures’ table. PSP Performance Share Plan. REIT (Real Estate Investment Trust) A REIT is exempt from corporation tax on income and gains of its property rental business (qualifying activities) provided a number of conditions are met. It remains subject to corporation tax on non-exempt income and gains (non- qualifying activities) which would include any trading activity, interest income and development and management fee income. RETT (Real Estate Transfer Tax) Purchasers’ cost as included within the independent valuation of investment and trading properties. Reversionary potential The amount by which ERV exceeds annualised gross income, measured at a valuation date. RICS Royal Institution of Chartered Surveyors. SBTi Science Based Target initiative. S&P Global Corporate Sustainability Assessment A sustainability index of Standard & Poor Global to which Shaftesbury Capital submits information. Section 106 Section 106 of the Town and Country Planning Act 1990, pursuant to which the relevant planning authority can impose planning obligations on a developer to secure contributions to services, infrastructure and amenities in order to support and facilitate a proposed development. Secured loans interest cover Interest cover is calculated based on net rental income of the company which holds the loan divided by net finance costs associated with the secured loan. Secured loans LTV LTV is calculated on the basis of the secured loan balance outstanding divided by the market value of specified properties. Shaftesbury Capital Shaftesbury Capital represents Shaftesbury Capital PLC (also referred to as “the Company”), and all its subsidiaries and Group undertakings, collectively referred to as “the Group”. Sterling Overnight Interbank Average Rate (SONIA) The average overnight Sterling risk-free interest rate, set in arrears, paid by banks for unsecured transactions. TAR (Total Accounting Return) The movement in EPRA NTA per share plus dividends per share paid during the year. TCFD (Task Force on Climate-Related Financial Disclosure) The TCFD developed a framework to help companies more effectively disclose climate-related risks and opportunities through existing reporting processes. Tenant lease incentives Any incentives offered to customers to enter into a lease. Typically incentives are in the form of an initial rent free period and/or a cash contribution to fit-out the premises. Under IFRS the value of incentives granted to customers is amortised through the consolidated income statement on a straight-line basis to the earlier of break or lease expiry. TOMs Themes, Outcomes and Measures system. TPR (Total Property Return) Capital growth including gains and losses on disposals plus rent received less associated costs, including ground rent. TSR (Total Shareholder Return) The movement in the price of an ordinary share plus dividends paid during the year assuming re-investment in ordinary shares. Underlying earnings EPRA earnings adjusted for the non-core property rental income business. The Lillie Square joint venture is not considered part of the core underlying business of the Group and therefore its results are excluded from EPRA earnings to derive underlying earnings. 232 Shaftesbury Capital PLC | 2024 Annual Report Underlying earnings per share (EPS) Underlying earnings divided by the weighted average number of shares in issue during the year. Unsecured term & revolving loan facilities interest cover Interest cover is calculated based on net rental income divided by net finance costs. Unsecured term & revolving loan facilities LTV LTV is calculated on the basis of net debt divided by the market value of wholly-owned property portfolio. This measure is consistent with the LTV ratio disclosed in ‘Alternative performance measures’ table. Valuation growth/decline The valuation movement and realised surpluses or deficits arising from the Group’s investment property portfolio expressed as a percentage return on the valuation at the beginning of the period adjusted for acquisitions, disposals and capital expenditure. When measured on a like-for-like basis, the calculation excludes those properties acquired or sold during the period. WAULT (Weighted average unexpired lease term) The unexpired lease term to the earlier of break or lease expiry weighted by passing rent for each lease. Whole Life Carbon The total embodied and operational emissions that occur over the lifetime of a building, including the carbon associated with decommissioning at end of life. Zone A A means of analysing and comparing the rental value of retail space by dividing it in to zones parallel with the main frontage. The most valuable zone, Zone A, falls within a 6 metre depth of the shop frontage. Each successive zone is valued at half the rate of the zone in front of it. The blend is referred to as being ‘ITZA’ (“In Terms of Zone A”).  233Shaftesbury Capital PLC | 2024 Annual Report Additional information Greenhouse Gas emissions Greenhouse Gas emissions methodology 2024 Shaftesbury Capital monitors and reports its greenhouse gas emissions (“GHG”) and operational energy consumption in compliance with the requirements of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 and the extension of these regulations to include the Streamlined Energy and Carbon Reporting (“SECR”) regulations. Our Scope 1, 2 and 3 emissions statements cover the reporting period 1 January 2024 to 31 December 2024 and are detailed on pages 94 and 95. The GHG emissions data is prepared by following the ‘Greenhouse Gas (“GHG”) Protocol: A Corporate Accounting and Reporting Standard’ published by the World Resources Institute (“WRI”). We use the GHG Protocol operational control approach as this reflects where Shaftesbury Capital has the ability to influence GHG emissions. 100 per cent of emissions and energy use reported are applicable for UK only, as Shaftesbury Capital does not have any other global operations. Scope 1 emissions, defined as direct emissions including fuel combustion in owned or controlled boilers, backup generators, fuel use for construction plant and machinery and fugitive emissions from air conditioning, are included where they are our responsibility within the managed portfolio. Scope 2 is defined as indirect energy emissions which include purchased electricity throughout the Group’s operations within landlord-controlled parts. The figures relate to landlord- controlled common parts such as lobbies, staircases or vacant units and energy use during refurbishments. Scope 2 emissions also include energy use for external and street lighting, and bin stores, where these are our responsibility within the managed portfolio. Shaftesbury Capital are responsible for all Scope 1 and Scope 2 emissions disclosed on page 95. For Scope 2 emissions, those arising from generated electricity usage are reported in two ways. Firstly, Shaftesbury Capital calculates the ‘location-based’ emissions which reflect emissions according to the energy mix of the National Grid. Secondly, Shaftesbury Capital reports ‘market-based’ emissions which reflect the energy mix provided by our energy suppliers. This helps Shaftesbury Capital to demonstrate the reduction in emissions as a result of purchasing energy from suppliers who generate renewable energy. In addition, we report Scope 3 emissions comprising other indirect emissions from sources not owned or controlled by Shaftesbury Capital, including customer and supply chain emissions. We report Scope 3 emissions from the following sources: – Tenant energy consumption in our properties where the leasing arrangements put responsibility on energy operation and direct payment for supply on the tenants (excluding long- leasehold properties) – Embodied emissions from the materials we use in our refurbishment projects – Purchased goods and services from our suppliers – Upstream energy use associated with our Scope 1 and 2 emissions – Waste treatment and disposal, where waste collection is our responsibility within the managed portfolio – Emissions from our employees commuting to work – Emissions from business flights taken throughout the year – Water supply and treatment, where water supply is our responsibility within the managed portfolio Shaftesbury Capital has engaged Carbon Footprint Limited to provide independent verification of the 2024 Greenhouse Gas emissions assertion, in accordance with the industry recognised standard ISO 14064-3. The verification statement will be included in our Sustainability Data Report, which will be issued in April 2025. The energy and carbon statements disclosed in this report, on page 95, have been calculated in accordance with the following standards: – WRI/WBCSD (World Business Council for Sustainable Development) (2004). Greenhouse Gas Protocol: Corporate Accounting and Reporting Standard – Revised Edition; – WRI/WBCSD (2011). Greenhouse Gas Protocol: Corporate Value Chain (Scope 3) Standard; – WRI/WBCSD (2015). Greenhouse Gas Protocol: Scope 2 Guidance for market-based reporting; and – Department for Environment, Food & Rural Affairs and Department for Business, Energy & Industrial Strategy (2019): Environmental reporting guidelines: Including Streamlined Energy and Carbon Reporting requirements. – European Real Estate Association (2024) Best Practice Recommendations on Sustainability Reporting (EPRA sBPR). Emissions calculations are in line with the requirements of the Greenhouse Gas Protocol suite of documents. The method uses activity data relating to Shaftesbury Capital’s operations, multiplied by relevant emissions conversion factors, sourced from Department for Energy Security and Net Zero (“DESNZ”) UK Government GHG Conversion Factors for Company Reporting (2024), OneClick LCA Emission Factor Database (2024), and spend-based UK Government emission factors by SIC code (2024). We have used accurate consumption data for reporting of the majority (96%) of Scope 1 and Scope 2 emissions. Where there have been data gaps (c. 4% of data), we have used reasonable estimations such as pro-rata extrapolation to ensure complete coverage for the reporting year. For Scope 3 occupier emissions we have used various methods, including meter reads, billing information and energy data collected from UK energy operators for approximately 57 per cent of emissions by area, and applied industry benchmarks for the remaining 43 per cent. For Scope 3 embodied carbon, we aim to collect accurate data for all our refurbishment projects, where feasible. This covered 53% per cent of our spend in 2024 and 17% per cent of our embodied carbon. For the remainder of our refurbishment project spend, where embodied carbon data collection was not feasible, we use UK Government spend-based conversion factors which covered 47% per cent of our spend and 83% per cent of our embodied carbon. We are committed to reducing the proportion of spend required to use benchmarks over time. 234 Shaftesbury Capital PLC | 2024 Annual Report Shareholder information Electronic communication As part of our commitment to sustainability, Shaftesbury Capital has adopted electronic communications. This means that shareholders will receive documents from the Company electronically unless they elect to receive hard copies. All of Shaftesbury Capital’s annual and interim results will be published on the Company’s website www.shaftesburycapital.com. If you are a shareholder who receives hard copies of documents and you wish to elect to receive electronic communications, please contact the appropriate Registrar. Shareholders may revoke an election to receive electronic communications at any time. Registrars All enquiries concerning shares or shareholdings, including notification of change of address, queries regarding loss of a share certificate and dividend payments should be addressed to: For shareholders registered in the UK: MUFG Corporate Markets, Central Square, 29 Wellington Street, Leeds, LS1 4DL, United Kingdom Telephone: +44 (0) 371 664 0300 Calls are charged at the standard geographic rate and vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. Lines are open 9.00 am to 5.30 pm, Monday to Friday, excluding public holidays in England and Wales. Email: [email protected] Website: eu.mpms.mufg.com For shareholders registered in South Africa: Computershare Investor Services Proprietary Limited, Rosebank Towers, 1st Floor, 15 Biermann Avenue, Rosebank, 2196, South Africa Postal address: Private Bag X9000, Saxonwold 2132, South Africa Telephone: +27 (0) 11 370 5000 or 086 1100 933 (lines are open 8.00 am to 4.30 pm, Monday to Friday, excluding public holidays in South Africa) Email: [email protected] Website: www.computershare.com/za Web-based enquiry service for UK shareholders Shareholders registered in the United Kingdom can register at www.signalshares.com to access a range of online services including: – Updating address details or registering a mandate to have dividends paid directly to their bank account – Online proxy voting – Electing to receive shareholder communications electronically – Viewing holding balance, indicative share price and valuation – Viewing transactions on the holding including any dividend payments received – Accessing a wide range of shareholder information, including downloadable forms To register to use this service, shareholders will need their investor code, which can be found on the share certificate(s). Share price information The latest information on the Shaftesbury Capital PLC share price is available on the Company’s website www.shaftesburycapital.com. The shares are traded on the London Stock Exchange with LSE code SHC, SEDOL B62G9D3, ISIN GB00B62G9D36. The shares are traded on the Johannesburg Stock Exchange under the abbreviated name SHBCAP and JSE code SHC. Share dealing services Many banks, building societies and investment managers offer share dealing services. Additionally, UK shareholders may trade their shares using the online and telephone dealing service that MUFG Corporate Markets provide. To use this service, shareholders should contact MUFG Corporate Markets: [email protected] or telephone +44 (0) 371 664 0445. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom are charged at the applicable international rate. (Lines are open 8.00 am to 5.30 pm, Monday to Friday, excluding public holidays in England and Wales). Alternatively, shareholders can log on to https://sharedeal.linkgroup.eu. This service is only available to private individuals resident in the United Kingdom, the European Economic Area, the Channel Islands and the Isle of Man who hold shares in a company for which MUFG Corporate Markets provides share registration services, or a nominee programme administered by MUFG Corporate Markets Trustees (UK) Limited. ShareGift ShareGift is a charity share donation scheme for UK-based shareholders who may wish to dispose of a small quantity of shares where the market value makes it uneconomical to sell on a commission basis. Further information can be found on its website www.sharegift.org, by telephoning 020 7930 3737 or by emailing [email protected]. Strate Charity Shares (“SCS”) SCS is an independent non-profit and registered charity share donation scheme for shareholders in South Africa who may wish to dispose of small holdings of shares that are too costly to sell via a stockbroker on a commission basis. Further information can be found at www.strate.co.za, by emailing [email protected] or by telephoning 0800 202 363 (freephone) or +27 (0) 11 870 8207. Share fraud warnings Shareholders are advised to be wary of any unsolicited calls, mail or emails that offer free advice, the opportunity to buy shares at a discount or to provide free company or research reports. Such approaches are often investment scams and you will probably lose your money. Information on how to protect yourself from investment scams can be found at www.fca.org.uk/scams or by calling the FCA’s consumer helpline on 0800 111 6768 (freephone). 235Shaftesbury Capital PLC | 2024 Annual Report Additional information | Cautionary statement This Report contains “forward-looking statements” regarding the belief or current expectations of Shaftesbury Capital PLC, its Directors and other members of its senior management about Shaftesbury Capital PLC’s businesses, financial performance and results of operations. These forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Shaftesbury Capital PLC and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this Report. Except as required by applicable law, Shaftesbury Capital PLC makes no representation or warranty in relation to them and expressly disclaims any obligation to update or revise any forward-looking statements contained herein to reflect any change in Shaftesbury Capital PLC’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. The information contained in this Report does not purport to be comprehensive and has not been independently verified. Any information contained in this Report on the price at which shares or other securities in Shaftesbury Capital PLC have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance. No statement in this Report is intended to be a profit forecast and no statement in this Report should be interpreted to mean that earnings per share of Shaftesbury Capital PLC for the current or future financial years would necessarily match or exceed the historical published earnings per share of Shaftesbury Capital PLC. Certain industry and market data contained in this Report has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data. 236 Shaftesbury Capital PLC | 2024 Annual Report

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