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AUDIT, COMPLIANCE & RISK MANAGEMENT COMMITTEE REPORT All of our members have significant commercial experience of accounting, risk and corporate financial management, governance and compliance. This surpasses the requirement in Section 30.2 of the SEC Code and the UK Code (provision C.3.1) which requires that at least one member of the committee should have recent and relevant financial experience. The Board has satisfied itself that the current members of the Audit, Compliance and Risk Management Committee are competent in financial, risk and compliance matters and have recent and relevant experience. Ernest Ebi MFR Chairman of the Audit, Compliance and Risk Management Committee The Committee consists of experts in accounting, finance, risk management and corporate governance. The Board’s Audit, Compliance and Risk Management Committee comprises four Non-Executive Directors and four Independent Non-Executive Directors. As an Independent Non-Executive Director, I serve as the Chairman of the Committee. 98 Annual Report 2016 Roles and responsibilities The Committee has oversight over the Audit, Compliance and Risk Management functions and receives separate reports and updates from each of these functions. The roles and responsibilities of the Audit, Compliance and Risk Management Committee are set out in its charter, which is reviewed periodically by the Committee taking into account relevant legislation and recommended best practice. The Committee’s main responsibilities include: • Oversight of the activities of the Group Internal Audit function including the appointment and evaluation of the Group Head, approval of the Internal Audit Plan, review of Internal Audit reports and safeguarding the independence of the Internal Audit function • Review the scope, nature and effectiveness of the Internal Audit function and recommend proposed changes to the Board • Review and ensure that proper liaison and cooperation exists between statutory auditors and the Group Internal Audit function • Recommend to the Board for approval, the Company’s risk appetite and risk limits as well as changes to the Company’s appetite for risk • Approve the Company’s risk framework and policies, including the organisation and governance of risk management

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