Associated British Foods Results Presentation Deck

Appendix 2 - Capital allocation policy 42 ■ - Priority always to invest in our businesses, both organically and by acquisition Investment at appropriate pace and wherever attractive returns on capital can be generated Considerable opportunities, both over the short and medium-term in all our businesses From time to time, the Board may conclude it has surplus cash and capital Financial leverage consistently below 1.0x and substantial net cash balances at both half and full year ends Surplus capital may be returned to shareholders by special dividend or share buybacks Associated British Foods plc

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