John Bryant has served as Chair since September 2023, a tenure that fully overlaps the severe stock underperformance period; Flutter's 3-year total return of -41.8% trails the company-disclosed peer group median of +27.6% by 69.4 percentage points, far exceeding the 20-point trigger threshold for a company with negative absolute returns, and the 5-year record is equally poor (-49.9%), so the 5-year mitigant does not apply.

Peter Jackson has been CEO and an executive director since 2018, so his tenure fully covers the underperformance period; the stock has lost 41.8% over three years while the peer group gained 27.6% on average, a gap of 69.4 percentage points well above the 20-point policy threshold, and the 5-year return of -49.9% confirms this is sustained underperformance rather than a temporary dip, so no 5-year mitigant applies.

Robert Bennett joined the board in July 2024, which is approximately 22 months before the May 2026 AGM, falling within the 24-month new-director exemption under the voting policy; as a result, the severe stock underperformance trigger does not apply to him and no other disqualifying factors (overboarding, attendance, independence) are present, so a FOR vote is appropriate — however, on reflection, July 2024 to May 2026 is just under 22 months and qualifies for the exemption, so the vote is FOR.

Nancy Cruickshank has served since May 2019, giving her a tenure that fully covers the three-year and five-year underperformance periods; Flutter's stock has lost 41.8% over three years against a peer median gain of 27.6% (a 69.4 percentage-point gap), and the 5-year return of -49.9% eliminates the mitigant, so the policy trigger applies and a vote against is warranted.

Nancy Dubuc has served since April 2021, a tenure that fully spans the severe underperformance period; the 69.4 percentage-point shortfall versus the peer group median over three years far exceeds the policy threshold, and the equally poor 5-year record confirms sustained value destruction, so the trigger applies.

Holly Keller Koeppel has served since May 2021, fully spanning the underperformance period, and the 69.4 percentage-point gap versus peer group median over three years — combined with a five-year return of -49.9% — confirms sustained underperformance that cannot be mitigated by the 5-year check, so the policy trigger applies.

Carolan Lennon joined in July 2022, which is more than 24 months before the AGM and means her tenure covers most of the three-year underperformance window; the 69.4 percentage-point gap versus the peer median far exceeds the policy threshold, and the five-year record provides no mitigant, so a vote against is warranted.