Man Group plc ( the Company ) Appendix 1. Schedule of matters reserved for Board decision (July 2016)

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1 Man Group plc ( the Company ) Appendix 1 Schedule of matters reserved for Board decision (July 2016) The Board delegates all decision making on and management of the business to the Chief Executive Officer with the exception of the matters set out below which are reserved for Board decision: Strategy and oversight 1. Determination of business direction, strategy and objectives. 2. Oversight of the performance of the business and the executive management against the Company s objectives. 3. Oversight of the setting and implementation of the Company s values and business principles. Acquisitions and disposals 4. Approval of the acquisition by any Man Group entity of business assets or equity or debt capital in a third party or the formation of a new business where the Total Financial Commitment (as defined in the Appendix to this Schedule) exceeds $25m. This does not include any seeding investment in funds managed by Man Group entities or third parties. 5. Approval of the closure of a business or the disposal by any Man Group entity of business assets or equity or debt capital in a third party where the Total Disposal Proceeds (as defined in the Appendix to this Schedule) exceeds $10m. This does not include any closure of funds managed by Man Group entities or third parties in which Man Group has seeding investment. 6. Approval of any proposal (whether by equity, debt or asset acquisition or otherwise) materially to extend into new geographic or business areas which extend beyond the Company s current business mandate. Capital structure and corporate status 7. Approval of the issue, exercise, repurchase, repayment, retirement or cancellation of any equity or debt security or instrument of the Company, or of any other change in the Company s capital structure, subject to the Company s articles of association, Companies Act provisions and UKLA regulation. This excludes the issue of equity under the Company s Sharesave and executive incentive schemes, authority for which is delegated to specific Board Committees appointed for this purpose. 8. Approval of the issue of equity by a subsidiary of the Company to a non-man Group entity. 9. Approval of any change in the domicile or listing of the Company. 10. Approval of any change of Company name or major change in the Company s branding or corporate identity. Risk appetite 11. Determination of the Company s risk appetite expressed in quantitative and qualitative terms. 12. Approval of any investment or any financial or other commitment which has the potential to result in a breach of any aspect of the Board s approved risk appetite. 13. Approval of any significant change in the Company s tax policy and objectives.

2 14. Approval of the prosecution, defence or settlement of material litigation by the Company and its subsidiaries. 15. Approval of any significant change in the insurance cover purchased to mitigate the Company s Board approved risk exposure. Budget and expenditure 16. Approval of the Company s three year strategic and one year operating plan (budget). 17. Approval of any non-budgeted revenue expenditure which is forecast to exceed 5% of the annual budget and any non-budgeted capital expenditure with a Total Financial Commitment (as defined in the Appendix to this Schedule) exceeding $20m. 18. Approval of any real estate or other leasing agreement that commits the Company to more than $10m in total or more than $5m per annum (on a discounted cash flow basis). Borrowing, credit and liquidity 19. Determination of the Group s borrowing limits, within the limits set by the articles of association, either as part of the annual budget or on an ad hoc basis. 20. Approval of debt funding prospectuses and listing particulars. 21. Approval of Treasury policies including interest rate and foreign exchange hedging, use of derivatives and investment of surplus cash. 22. Approval of any credit exposures on loans to funds exceeding in aggregate $1.2 bn 1 or exceeding $200m to a single entity. 23. Approval of the aggregate quantum of capital available for seeding new investments for oversight by the Seeding Committee. Contingent liabilities 24. Approval of any guaranteed financial commitments for an amount in excess of $50m and for a period of greater than 5 years. 25. Approval of the pledging of security over the Group s assets, other than up to the levels contemplated in the bank lending agreements, for an amount in excess of 10% of the consolidated tangible net worth of the Group (excluding any lien granted in favour of a custodian in the ordinary course of business). Financial regulation, internal controls and risk management 26. Ensuring that the Company and its subsidiaries have in place appropriate risk management processes, including sound administrative and accounting procedures 27. Monitoring the Company s risk management and internal control systems and, at least annually, carrying out a review of their effectiveness and reporting on that review in the Company s Annual Report. 28. Undertaking a robust assessment of the principal risks facing the Company and explaining in the Annual Report, taking account of those risks, how they have assessed the prospects of the Company, over what period they have done so and why that period is considered to be appropriate.

3 29. Stating in the Annual Report whether the directors have a reasonable expectation that the Company will be able to continue in operation and meets its liabilities over the period of assessment referred to in paragraph 28 above. 30. Approval, for submission to the Financial Conduct Authority, of the Company s Internal Capital Adequacy Assessment Process document. Financial reporting and communications with shareholders 31. Approval, on the recommendation of the Audit and Risk Committee, of major accounting policies and any significant changes therein 32. Approval, after review by the Audit and Risk Committee, of full year and half year financial statements, Annual Reports and related results announcements. 33. Approval of trading statements and any other announcements regarding the financial results and performance of the Company. 34. Approval of notices of Company shareholder meetings and shareholder circulars. Dividends 35. Determination of dividend policy. 36. Approval of interim dividends and recommendation to shareholders of final dividends. Appointments 37. Appointment and reappointment of directors of the Company, subject to shareholder approval where appropriate, on the recommendation of the Nomination Committee. 38. Appointment and removal of the Company Secretary. 39. Determination of the membership and terms of reference of Board Committees. 40. Approval, on the recommendation of the Audit and Risk Committee, of proposals for the appointment, reappointment or removal of the external auditors for submission to shareholders. Board governance 41. Approval of a written record of the division of responsibilities between the Chairman and Chief Executive Officer. 42. Authorisation of any area of potential conflict of interest arising from an external directorship or other business position or interest held by a director. 43. Approval of the policy on providing directors with access to independent professional advice. 44. Undertaking an annual formal evaluation of the performance of the Board, Board Committees and individual Board members. Remuneration 45. Approval, on the recommendation of the Remuneration Committee, of the Company s broad policy on remuneration.

4 46. Approval of the compensation for the non-executive directors, within the limits set by the Articles of Association, and approval of the compensation for the Chairman on the recommendation of the Remuneration Committee Approval, on the recommendation of the Remuneration Committee, of the annual objectives for each individual executive director. 48. Approval of new share incentive plans or material changes to existing plans prior to submission to shareholders for approval (if required). 49. Approval of any material changes to the Company s pension arrangements. Corporate responsibility 50. Approval of the Company s corporate responsibility and charitable giving strategy and ethics Policy. 1 Reduced from $1.5 bn to $1.2 bn in May Board approval of the compensation for the Chairman and non-executive directors is subject to: 1. No director participating in the approval of his or her compensation; and 2. Such compensation falling within the limits set by the current directors remuneration policy approved by shareholders. July 2016

5 Appendix to Schedule of matters reserved for Board decision Definition of Total Financial Commitment for Acquisitions (Paragraph 4) The precise components of the Total Financial Commitment will vary depending on the type of acquisition, but fall into three main categories: equity consideration, debt (and future financing needs) and other costs. Fair value ($) Equity Initial equity/asset purchase - Future equity/asset purchase - Goodwill - Any proposed earn-out or deferred consideration - Debt (and future financing needs) Debt (peak) 1 - Future capex planned 2 - Additional working capital projection - Other actual or potential costs Contingent liabilities - Transaction expenses - Total Financial Commitment <summation of the above> 1. For prospective subsidiaries with a minority interest, total debt should be included irrespective of any guarantee provided by the minority. For associates and joint ventures, any debt provided by Man or for which Man is required to provide a guarantee or letter of comfort, should be included, as should other debt where Man has a substantial relationship with the lending bank 2. Future capital expenditure should be discounted to present value In the event of uncertainty about what should be included in the Total Financial Commitment, advice should be sought from Finance. Definition of Total Disposal Proceeds (Paragraph 5) Proceeds of a Disposal Fair value ($) Cash, Notes or stock received - Any deferred consideration/earn out - Debt assumed by acquirer - Cancellation of amounts owing - Loss of contingent rights/liability - Total Proceeds <summation of the above> For the closure of a business, the proceeds are the higher of the expected best case closure costs or exceptional charge to the profit & loss account. Definition of Total Financial Commitment relating to non-budgeted capital expenditure (Paragraph 17) Ordinarily, the Total Financial Commitment is the value at which the asset is accounted for on the Company's or subsidiary's balance sheet prior to any depreciation charge. It includes all current and future capital commitments associated with a project or expenditure at its outset, but excludes associated working capital requirements. Projects must not be broken into smaller components for the purpose of calculating required authority. Where payments for the capital expenditure are due over more than one fiscal year (including finance leases), the Total Financial Commitment is the present value of all payments for the asset, including

6 interest charges (calculated using the Company's weighted average cost of debt, supplied by Finance), or in the case of a finance lease, the initial capitalised value, according to the standard accounting treatment in force.

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