Share Option Schemes

An Enterprise Management Incentive Scheme was adopted by the Company in September 2000 and formally approved at an Extraordinary General Meeting on 12th December 2000.

A Long Term Incentive Plan (LTIP) EMI Share Option Contract was granted to each of the following directors on 1st June 2017.

The Options are subject to performance criteria determined by the Remuneration Committee linked to the pre tax profit performance of the Group and its subsidiaries in each year of a three year vesting period from the date of grant. The performance period runs from 1st April 2017 to 31st March 2020.

The performance conditions attaching to the options are identical for all the directors. Performance is measured on an annual basis for a three year period with a maximum of 16,000 options available in each of years one, two and three.

The Remuneration Committee retain the ability to pay at its discretion additional cash bonuses in exceptional circumstances.

The independent directors, being the directors not receiving option awards, who have consulted WH Ireland, consider the terms of the grant to be fair and reasonable insofar as the interests of shareholders are concerned.

Beneficial Interests as at 11th January 2018

No options have been exercised in the current financial year to 25th September 2017 (2016:74,497).