Anglo American plc (the "Company") Registered office: 17 Charterhouse Street, London EC1N 6RA Registered number: 3564138 (incorporated in England and Wales) Legal Entity Identifier: 549300S9XF92D1X8ME43 ISIN: GBOOB1XZS820 JSE Share Code: AGL NSX Share Code: ANM ANNUAL FINANCIAL REPORT AND NOTICE OF AGM In accordance with Listing Rule 9.6 and Disclosure Guidance and Transparency Rule (“DTR”) 4.1, the Company announces that the following documents are today published on its website: www.angloamerican.com • Integrated Annual Report for the year ended 31 December 2022 (the “2022 Annual Report”) • Notice of the 2023 Annual General Meeting (“AGM”) to be held on 26 April 2023 • Sustainability Report 2022 • Climate Change Report 2022 • Ore Reserves and Mineral Resources Report 2022 • Tax and Economic Contribution Report 2022 The 2022 Annual Report, Notice of the 2023 AGM and the 2023 AGM proxy form (“Proxy Form”) have been submitted to the Financial Conduct Authority via the National Storage Mechanism and will shortly be made available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The above mentioned documents (except for the Proxy Form) are available on our website at www.angloamerican.com/investors/annual-reporting and www.angloamerican.com/investors/shareholder-information/agm/agm2023 respectively, and will be posted to shareholders on 24 March 2023. Shareholders can obtain additional copies of the Proxy Form from our Registrar, Equiniti Limited at Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA or view online at www.shareview.co.uk. This announcement should be read in conjunction with the Company’s Preliminary Results announcement issued on 23 February 2023. Together these constitute the material required by DTR 6.3.5 to be communicated to the media in full unedited text through a Regulatory Information Service. This material is not a substitute for reading the Company’s 2022 Annual Report. Page references and references to notes to the financial statements, refer to those contained in the 2022 Annual Report. An indication of the important events that occurred in 2022 and their impact on the consolidated financial statements and the consolidated financial statements themselves were announced to the London Stock Exchange on 23 February 2023, forming part of the Preliminary Results announcement for the year ended 31 December 2022. Additional content forming part of the management report are set out in the appendices to this announcement. AGM Timetable In accordance with JSE Listing Requirement 18.20 the Company confirms the following dates in respect of its AGM which will be held at The Queen Elizabeth II Centre, Broad Sanctuary, Westminster, London SW1P 3EE, and virtually via the Lumi platform on Wednesday, 26 April 2023 at 11:00 UK time. AGM Date Wednesday, 26 April 2023 Record date – to determine which shareholders were entitled to receive the notice of meeting Friday, 24 February 2023 Notice of Meeting Publication date Monday, 6 March 2023 Last day to trade to determine eligible Wednesday, 19 April 2023 (for South Africa shareholders that may attend, speak and vote at shareholders) the Meeting Thursday, 20 April 2023 (for UK shareholders) Record date – to determine eligible shareholders Monday 24 April 2023 at 18:30 UK time that may attend, speak and vote at the meeting Meeting deadline date (for administrative Monday 24 April 2023 at 11:00 UK time or purposes, forms of proxy for the meeting to be 12:00 South African time lodged) Results of meeting released As soon as practicable after the conclusion of the AGM Clare Davage Deputy Company Secretary 6 March 2023 The Company has a primary listing on the Main Market of the London Stock Exchange and secondary listings on the Johannesburg Stock Exchange, the Botswana Stock Exchange, the Namibia Stock Exchange and the SIX Swiss Exchange. Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Anglo American is a leading global mining company and our products are the essential ingredients in almost every aspect of modern life. Our portfolio of world-class competitive operations, with a broad range of future development options, provides many of the future-enabling metals and minerals for a cleaner, greener, more sustainable world and that meet the fast growing every day demands of billions of consumers. With our people at the heart of our business, we use innovative practices and the latest technologies to discover new resources and to mine, process, move and market our products to our customers – safely and sustainably. As a responsible producer of diamonds (through De Beers), copper, platinum group metals, premium quality iron ore and steelmaking coal, and nickel – with crop nutrients in development – we are committed to being carbon neutral across our operations by 2040. More broadly, our Sustainable Mining Plan commits us to a series of stretching goals to ensure we work towards a healthy environment, creating thriving communities and building trust as a corporate leader. We work together with our business partners and diverse stakeholders to unlock enduring value from precious natural resources for the benefit of the communities and countries in which we operate, for society as a whole, and for our shareholders. Anglo American is re-imagining mining to improve people’s lives. Forward-looking statements and third-party information This document includes forward-looking statements. All statements other than statements of historical facts included in this document, including, without limitation, those regarding Anglo American’s financial position, business, acquisition and divestment strategy, dividend policy, plans and objectives of management for future operations, prospects and projects (including development plans and objectives relating to Anglo American’s products, production forecasts and Ore Reserve and Mineral Resource positions) and sustainability performance related (including environmental, social and governance) goals, ambitions, targets, visions, milestones and aspirations, are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Anglo American or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Anglo American’s present and future business strategies and the environment in which Anglo American will operate in the future. Important factors that could cause Anglo American’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of global demand and commodity market prices, unanticipated downturns in business relationships with customers or their purchases from Anglo American, mineral resource exploration and project development capabilities and delivery, recovery rates and other operational capabilities, safety, health or environmental incidents, the effects of global pandemics and outbreaks of infectious diseases, the impact of attacks from third parties on our information systems, natural catastrophes or adverse geological conditions, climate change and extreme weather events, the outcome of litigation or regulatory proceedings, the availability of mining and processing equipment, the ability to obtain key inputs in a timely manner, the ability to produce and transport products profitably, the availability of necessary infrastructure (including transportation) services, the development, efficacy and adoption of new or competing technology, challenges in realising resource estimates or discovering new economic mineralisation, the impact of foreign currency exchange rates on market prices and operating costs, the availability of sufficient credit, liquidity and counterparty risks, the effects of inflation, terrorism, war, conflict, political or civil unrest, uncertainty, tensions and disputes and economic and financial conditions around the world, evolving societal and stakeholder requirements and expectations, shortages of skilled employees, unexpected difficulties relating to acquisitions or divestitures, competitive pressures and the actions of competitors, activities by courts, regulators and governmental authorities such as in relation to permitting or forcing closure of mines and ceasing of operations or maintenance of Anglo American’s assets and changes in taxation or safety, health, environmental or other types of regulation in the countries where Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’s most recent Annual Report. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this document. Anglo American expressly disclaims any obligation or undertaking (except as required by applicable law, the City Code on Takeovers and Mergers, the UK Listing Rules, the Disclosure and Transparency Rules of the Financial Conduct Authority, the Listings Requirements of the securities exchange of the JSE Limited in South Africa, the SIX Swiss Exchange, the Botswana Stock Exchange and the Namibian Stock Exchange and any other applicable regulations) to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in Anglo American’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this document should be interpreted to mean that future earnings per share of Anglo American will necessarily match or exceed its historical published earnings per share. Certain statistical and other information about Anglo American included in this document is sourced from publicly available third-party sources. As such it has not been independently verified and presents the views of those third parties, but may not necessarily correspond to the views held by Anglo American and Anglo American expressly disclaims any responsibility for, or liability in respect of, such information. APPENDIX A – Principal risks We define a principal risk as a risk or combination of risks that would threaten the business model, future performance, solvency or liquidity of Anglo American. In addition to these principal risks, we continue to be exposed to other risks related to currency, inflation, community relations, environment, litigation and regulatory proceedings, changing societal expectations, infrastructure and human resources. These risks are subject to our normal procedures to identify, implement and oversee appropriate mitigation actions, supported by internal audit work to provide assurance over the status of controls or mitigating actions. These principal risks are considered over the next three years as a minimum, but we recognise that many of them will be relevant for a longer period. For more on Principal risks see pages 69 – 73 Catastrophic risks We also face certain risks that we deem catastrophic risks. These are very high severity, very low likelihood events that could result in multiple fatalities or injuries, an unplanned fundamental change to strategy or the way we operate, and have significant financial consequences. We do not consider likelihood when assessing these risks, as the potential impacts mean these risks must be treated as a priority. Catastrophic risks are included as principal risks. For more on catastrophic risks see page 69 Risk appetite We define risk appetite as ‘the nature and extent of risk Anglo American is willing to accept in relation to the pursuit of its objectives’. We look at risk appetite from the context of severity of the consequences should the risk materialise, any relevant internal or external factors influencing the risk, and the status of management actions to mitigate or control the risk. A scale is used to help determine the limit of appetite for each risk, recognising that risk appetite will change over time. If a risk exceeds appetite, it will threaten the achievement of objectives and may require a change to strategy. Risks that are approaching the limit of the Group’s risk appetite may require management actions to be accelerated or enhanced to ensure the risks remain within appetite levels. For catastrophic and operational risks, our risk appetite for exceptions or deficiencies in the status of our controls that have safety implications is very low. Our internal audit programme evaluates these controls with technical experts at operations and the results of that audit work will determine the risk appetite evaluation, along with the management response to any issues identified. For more on the risk management and internal control systems and the review of their effectiveness See pages 157-159 Summary Our risk profile evolved in 2022, mainly due to external factors. Macro-economic uncertainty increased as a result of the Russia’s invasion of Ukraine, global inflation and economic slowdowns in key markets. The regulatory environment in which we operate remains impacted by political and societal changes in key countries, which could affect future production and delay the deployment of new technologies to support future production and sustainability objectives. Operationally, we have identified reliance on third-party infrastructure and power supply as a heightened risk, particularly in South Africa. Climate change remains one of the defining challenges of our era and our unequivocal commitment to being part of the global response presents both opportunities and risks. A number of our principal risks are directly or indirectly related to climate change and our strategies to reduce its impact on our business, and the planet. Our catastrophic risks are the highest priority risks, given the potential consequences. 1. Catastrophic risks We are exposed to the Impact: Multiple fatalities and Risk appetite: Operating following risks we deem as injuries, damage to assets, within the limits of our appetite. potentially catastrophic: environmental damage, tailings dam failure; production loss, reputational Commentary: These very high geotechnical failure; damage and loss of licence to impact but very low frequency mineshaft failure; and fire operate. Financial costs risks are treated with the and explosion. associated with recovery and highest priority. liability claims may be Root cause: Any of these risks significant. Regulatory issues may result from inadequate may result and community design or construction, adverse relations may be affected. geological conditions, shortcomings in operational Mitigation: Technical performance, natural events standards exist that provide such as seismic activity or minimum criteria for design flooding, and failure of and operational performance structures or machinery and requirements, the equipment implementation of which is regularly inspected by technical experts. Additional assurance work is conducted to assess the adequacy of controls associated with these risks. 2. Product prices Global macro-economic Impact: Low product prices Risk appetite: Operating conditions leading to can result in lower levels of within the limits of our appetite. sustained low product prices cash flow, profitability and and/or volatility. valuation. Debt costs may rise Commentary: Macro- owing to ratings agency economic conditions remain Root cause: Factors that downgrades and the possibility uncertain; that may result in could contribute to this risk of restricted access to funding. price volatility in the products include a deep and protracted The Group may be unable mined, and marketed, by Anglo slowdown in economic growth, to complete any divestment American. armed conflict involving major programme within the desired world powers, trade war timescales or achieve between major economies and expected values. The capacity a disrupted recovery from to invest in growth projects is the Covid-19 pandemic as a constrained during periods result of new variants being of low product prices – which resistant to vaccines. may, in turn, affect future performance. Mitigation: Maintaining a conservative balance sheet and proactive management of debt facilities and the delivery of cash improvement and operational performance targets are the key mitigation strategies for this risk. Regular updates of economic analysis and product price assumptions are discussed with executive management and the Board. 3. Cyber security Loss or harm to our Impact: Theft or loss of Risk appetite: Operating technical infrastructure and intellectual property, financial within the limits of our appetite. the use of technology within losses, increased costs, the organisation from reputational damage, Commentary: During 2022, malicious or unintentional operational disruption and we further strengthened our sources. compromise of safety systems. control environment. Our controls responded as planned Root cause: Attacks motivated Mitigation: We have a and no cyber attack attempt by fraud, ransomware, and/ dedicated Global Information resulted in negative impacts or access to sensitive data or Management Security team for Anglo American. information. with appropriate specialist third-party support to oversee our network security. We have aligned to the internationally recognised NIST Cyber Security Framework, as well as ISO27001 in sensitive areas. Additionally, we employ the IRAM2 risk assessment methodology to large scale projects and maintain an ongoing cyber awareness programme across the Group. 4. Political Global, regional and Impact: Global supply chains Risk appetite: Operating national political tensions may be impacted by the within the limits of our appetite. and disputes may negatively threat of or actual disputes impact our business. between major economies. Commentary: Global Regional and national political economic conditions can have Root cause: Geopolitical tensions may result in a significant impact on disputes between major social unrest affecting our countries whose economies economic countries, regional operations and employees. are exposed to commodities, and national political Uncertainty over future placing greater pressure on tensions. The effectiveness of business conditions leads to a governments to find alternative national governance in lack of confidence in making means of raising revenues, countries in which we operate investment decisions, which and increasing the risk of may be compromised can influence future financial social and labour unrest. by corruption, weak policy performance. Increased costs framework and ineffective can be incurred through enforcement of the law. additional regulations or resource taxes, while the ability to execute strategic initiatives that reduce costs or divest assets may also be restricted, all of which may reduce profitability and affect future performance. These may adversely affect the Group’s operations or performance of those operations. Mitigation: Anglo American has an active engagement strategy with governments, regulators and other stakeholders within the countries in which we operate, or plan to operate, as well as at an international level. We make significant efforts to contribute to public policy objectives such as socio- economic development to demonstrate the broader value of our presence. We assess portfolio capital investments against political risks and avoid or minimise exposure to jurisdictions with unacceptable risk levels. We actively monitor regulatory and political developments at a national level, as well as global themes and international policy trends, on a continuous basis. See page 16 for more detail on how we engage with our key stakeholders. 5. Community and Social Relations Failure to maintain healthy Impact: A breakdown in trust Risk appetite: Operating relationships with local with local communities and within the limits of our appetite. communities and society society at large threatens at large. Anglo American’s ‘licence to Commentary: Through the operate’, potentially leading to Social Way 3.0, we ensure that Root cause: Failure to identify, increased costs, future growth policies and systems are in understand and respond to being impacted, business place at all Anglo American community and societal needs interruption and reputational managed sites to support and expectations. damage. effective engagement with communities, avoid or minimise Mitigation: The Anglo adverse social impacts, American Social Way 3.0 is our and maximise development integrated management opportunities. For further system for social performance, information on how we engage adopted and implemented at with key stakeholders, see all managed sites. In addition, pages 16–19. For more the commitments we have information on our Sustainable made as part of the Thriving Mining Plan commitments, see Communities pillar of our page 42. Sustainable Mining Plan will deliver tangible and valued benefits to host communities. 6. Regulatory and permitting Failure to comply with Impact: Delays to projects and Risk appetite: Operating permitting and other mining disruption to existing within the limits of our appetite. regulations. operations may impact future production, delays in deploying Commentary: Annual Root cause: Regulations new technologies that support assessments of compliance impacting the mining industry future growth and sustainability with the Anglo American are evolving as a result of objectives, legal claims and Minimum Permitting political developments, regulatory actions, fines and Requirements are changes in societal reputational damage. undertaken, as well as periodic expectations and the public independent audits. perception of mining activities. Mitigation: All operations must Failure to comply with comply with our Minimum management processes Permitting Requirements, which is a management will threaten the ability to system to ensure necessary adhere to regulations and permits and other regulatory permits. requirements are identified and embedded in life of asset plans and management routines. Through our Sustainable Mining Plan, we make considerable efforts to meet community aspirations for socio-economic development and carefully manage the environmental impacts of our business to avoid causing harm and nuisance. 7. Operational Performance Unplanned operational Impact: Inability to achieve Risk appetite: Operating stoppages affecting production, cash flow or within the limits of our appetite. production and profitability. profitability targets. There are potential safety-related risks Commentary: There were no Root cause: We are exposed associated with unplanned material unplanned operational to risks of interruption to operational stoppages, along incidents in 2022, although power supply and the failure of with a loss of investor power outages in South Africa critical third-party-owned confidence. impacted our operations. and -operated infrastructure; e.g. rail networks and ports. Mitigation: We maintain Failure to implement and ongoing engagement with embed our Operating Model, critical power and infrastructure maintain critical plant, suppliers and maintain machinery and infrastructure, appropriate business continuity and operate in compliance with and emergency preparedness Anglo American’s Technical plans. Implementation of our Standards, will affect our Operating Model and performance levels. Our compliance with Technical operations may also be Standards, supported by exposed to natural operational risk management catastrophes and extreme and assurance processes, are weather events. key to the mitigation against this risk. Regular tracking and monitoring of progress against the underlying production plans is undertaken. 8. Safety Failure to eliminate fatalities. Impact: A fatal incident is Risk appetite: Operating devastating for the bereaved within the limits of our appetite. Root cause: Fatalities may family, friends and colleagues. result from operational leaders, Over the longer term, failure Commentary: During 2022, employees and contractors to provide a safe working there were two work-related failing to apply safety rules environment threatens our fatalities in our managed and poor hazard identification licence to operate. operations. Management and control, including remains fully committed to the non‑compliance with critical Mitigation: All operations elimination of fatalities. controls. continue to implement safety improvement plans, with a focus on: effective management of critical controls required to manage significant safety risks; learning from high potential incidents and hazards; embedding a safety culture; and leadership engagement and accountability. Our Elimination of Fatalities Taskforce oversees targeted improvement initiatives to further improve safety performance. 9. Climate Change Climate change is the Impact: Potential loss of Risk appetite: Operating defining challenge of our era stakeholder confidence, within the limits of our appetite. and our commitment to negative impact on reputation, being part of the global financial performance and Commentary: For more response presents both valuation. information on our Sustainable opportunities and risks. Mining Plan and approach to Mitigation: We have climate change, see pages 42 Root cause: We are articulated our climate change and 45–49, and for further committed to the alignment of plans, policies and progress information on how we engage our portfolio with the needs of and engage with key with key stakeholders, see a low carbon world in a stakeholders to ensure they pages 16–19. For more on the responsible manner; however, understand them. Our extreme weather events that different stakeholder Sustainable Mining Plan have affected the operating expectations continue to includes operation-specific and performance of our business evolve and are not always Group targets for reductions in units, see pages 84–111. aligned. Long term demand for carbon emissions, power and metals and minerals mined and water usage. marketed by Anglo American may deviate from assumptions based on climate change abatement initiatives. Changing weather patterns and an increase in extreme weather events may impact operational stability and our local communities. Our Scope 1 and 2 carbon emission reduction targets are partly reliant on new technologies that are at various stages of development, and our Scope 3 reduction ambition is reliant on the adoption of greener technologies in the steelmaking industry. 10. Pandemic Large scale outbreak Impact: As has been Risk appetite: Operating of infectious disease witnessed by the Covid-19 within the limits of our appetite. increasing morbidity and pandemic, widespread mortality over a wide consequences include the Commentary: For more geographic area. physical and mental health and information on our response to well-being of our people and the Covid-19 pandemic, see Root cause: Human local communities; economic pages 59–60. population growth, shocks and disruption; social urbanisation, changes in land unrest; an increase in political use, loss of biodiversity, stresses and tensions, a rise in exploitation of the natural criminal acts; and the potential environment, viral disease from for increased resource animals, and increased global nationalism. travel and integration are all contributory causes of health Mitigation: Anglo American pandemics. actively monitors global pandemic-potential diseases. In the event of a pandemic, our Group Crisis Management Team is activated at an early stage to direct the Group’s response, prioritising the well- being of our people, their families and our host communities, and ensuring the continuity of the operations. 11. Corruption Bribery or other forms of Impact: Potential criminal Risk appetite: Operating corruption committed by an investigations, adverse media within the limits of our appetite. employee or agent of Anglo attention and reputational American. damage. A possible negative Commentary: Group impact on licensing processes Compliance Committee Root cause: Anglo American and valuation. oversees the organisation’s has operations in some anti-bribery management countries where there is a Mitigation: A comprehensive system to ensure its continuing higher prevalence of anti-bribery and corruption suitability, adequacy and corruption. policy and programme, effectiveness. including risk assessment, training and awareness, with active monitoring, are in place. 12. Water Inability to obtain or sustain Impact: Loss of production Risk appetite: Operating the level of water security and inability to achieve within the limits of our appetite. needed to support cash flow or volume operations over the current improvement targets. Damage Commentary: This continues life of asset plan or future to stakeholder relationships or to be a risk to the majority of growth options. reputational damage can result our operations. For more from failure to manage this information on our Sustainable Root cause: Poor water critical resource. Mining Plan, see page 42. resource management or inadequate on site storage, Mitigation: Various projects combined with reduced water have been implemented at supply at some operations as operations most exposed to weather patterns change, can this risk, focused on: water affect production. Water is a efficiency; water security; water shared resource with local treatment; and discharge communities and permits to management; as well as use water in our operations are alternative supplies. New at risk if we do not manage the technologies are being resource in a responsible developed that will reduce and sustainable manner. water demand. 13. Future demand Demand for metals and Impact: Potential for negative Risk appetite: Operating minerals produced and impact on revenue, cash flow, within the limits of our appetite. marketed by Anglo American profitability and valuation. may deviate from our Commentary: We monitor new assumptions. Mitigation: Regular reviews of business opportunities in line production and financial with our strategy to secure, Root cause: Technological plans, as well as longer term develop and operate a portfolio developments and/or product portfolio decisions, are based of high quality and long life mineral assets, from which we substitution leading to reduced on extensive research. Our will deliver leading shareholder demand, growth in the businesses invest in marketing returns. Our Ethical Value circular economy and shifts in and other activities to enhance Chain commitments within the consumer preferences. the inherent value of Trusted Corporate Leader pillar the products we produce, of our Sustainable Mining Plan including building consumer ensure we operate in line with confidence in the ethical stakeholder expectations for provenance of our products. responsible mining. For more information on our ethical value chains and responsible mining certification, see page 54. APPENDIX B – Related party transactions The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 34 and 35). Members of the Board and the Group Management Committee are considered to be related parties. The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with joint operations, associates, joint ventures and others in which the Group has a material interest. These transactions are under terms that are no less favourable to the Group than those arranged with third parties. Associates Joint ventures Joint operations US$ million 2022 2021 2022 2021 2022 2021 Transactions with related parties Sale of goods and services – – 16 – 181 158 Purchase of goods and services – – (190) (169) (4,253) (3,466) Balances with related parties Trade and other receivables from related parties – – 7 1 17 18 Trade and other payables to related parties – – (18) (16) (250) (273) Loans receivable from related parties 2 2 147 76 – – Balances and transactions with joint operations or joint operation partners represent the portion that the Group does not have the right to offset against the corresponding amount recorded by the respective joint operations. These amounts primarily relate to purchases by De Beers and Platinum Group Metals from their joint operations in excess of the Group’s attributable share of their production. Loans receivable from related parties are included in Financial asset investments on the Consolidated balance sheet. Remuneration and benefits received by directors are disclosed in the Remuneration report. Remuneration and benefits of key management personnel, including directors, are disclosed in note 26. Information relating to pension fund arrangements is disclosed in note 27. APPENDIX C – Statement of directors’ responsibilities in respect of the financial statements The directors are responsible for preparing the Integrated Annual Report and the financial statements in accordance with applicable law and regulations. 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 Parent 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 Parent 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 Parent 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 • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group and Parent Company will continue in business The directors are responsible for safeguarding the assets of the Group and Parent 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 Parent Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent 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 Parent Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Directors’ responsibility statement for the year ended 31 December 2022 The directors consider that the Integrated Annual Report and accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group’s and Parent Company’s position and performance, business model and strategy. We confirm that to the best of our 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 Parent 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 Parent Company and • the Strategic Report includes a fair review of the development and performance of the business and the position of the Group and Parent Company, together with a description of the principal risks and uncertainties that it faces. By order of the Board Duncan Wanblad Stephen Pearce Chief Executive Finance Director