The following awards (“LTIP Awards”) over ordinary shares of 0.5 Naira each (“Shares”) of Seplat were granted under the LTIP to Executive Directors of the Company on 30 May 2022 (the “Award Date”) as set out below using the average share price over the 5-day period prior to the date of grant. For the avoidance of doubt, as referenced in the 14 March 2022 RNS announcement, the LTIP awards are granted in respect of the 2022 financial year. 

Vesting of the LTIP Awards is dependent on the achievement of stretching relative and absolute Total Shareholder Return (“TSR”) performance targets, an overall assessment of corporate performance through an underpin and continued employment over a three-year performance period which began on 1 January 2022. The LTIP Awards will be subject to a two-year post vesting holding period. Full details of the vesting conditions of these LTIP Awards will be set out in the Director’s Remuneration Report included in the Company’s 2022 Annual Report.

The Remuneration Committee retains discretion to make adjustments to the LTIP Awards vesting level and amounts payable resulting from the application of the performance measures if it considers that the outcomes are not a fair and accurate reflection of corporate performance. 

No consideration was paid for the grant of the above LTIP Awards and no consideration is due on the vesting of the LTIP Awards. 

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

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