# EDGAR Filing Document

**Accession Number:** 0002071668
**File Stem:** 0001104659-26-029805
**Filing Date:** 2026-3
**Character Count:** 1128070
**Document Hash:** c765053144a055a27dd8dc3d159a25c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-029805.hdr.sgml**: 20260318

**ACCESSION NUMBER**: 0001104659-26-029805

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 307

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260318

**DATE AS OF CHANGE**: 20260318

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Magnum Ice Cream Co N.V.
- **CENTRAL INDEX KEY:** 0002071668
- **STANDARD INDUSTRIAL CLASSIFICATION:** ICE CREAM & FROZEN DESSERTS [2024]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42939
- **FILM NUMBER:** 26764878

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK
- **BUSINESS PHONE:** 3165458858

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** REGULIERSDWARSSTRAAT 63
- **CITY:** AMSTERDAM
- **PROVINCE COUNTRY:** P7
- **ZIP:** 1017 BK

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Magnum Ice Cream Co B.V.
- **DATE OF NAME CHANGE:** 20250605

?xml version='1.0' encoding='ASCII'? Magnum Ice Cream Co N.V._December 31, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 20-F**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number: 001-42939**

**The Magnum Ice Cream Company N.V.**

(Exact name of Registrant as specified in its charter and translation of Registrant's name into English)

**The Netherlands**

(Jurisdiction of incorporation or organization)

**Reguliersdwarsstraat 63**

**1017 BK Amsterdam**

**The Netherlands**

(Address of principal executive offices)

**Vanessa Vilar**

**Chief Legal Officer**

**Reguliersdwarsstraat 63**

**1017 BK Amsterdam**

**The Netherlands**

**vanessa.vilar@magnumicecream.com**

**+31 61 158 5067**

(Name, Telephone, E-mail and/or Facsimile number and

Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

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| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Ordinary Shares, nominal value of €3.50 per share | MICC | New York Stock Exchange |

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Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **612,259,739**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐ No ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Yes ☐ No ☒

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). Yes ☐ No ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

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| ***Auditor Firm ID:*** 1012 | ***Auditor Name:*** KPMG Accountants N.V. | ***Auditor Name:*** Amstelveen, the Netherlands |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg001.jpg) | &nbsp;&nbsp;2025 Annual Report on Form 20-F  |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg002.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 2 Table of contents Management Report Financial Statements Further Information Management Report About us 5 At a glance 6 Our heritage 7 Our footprint 9 Regional overview 10 Leadership perspectives 13 Board Chair update 13 CEO update 14 Our strategy 15 Our people 19 Culture and values 19 Review of the year 23 Group financial review 23 Additional financial disclosures 26 Regional performance 29 Sustainability 32 Risk management 33 Approach 33 Governance 35 Principal risks 36 Viability statement 40 Corporate governance 42 Introduction 42 Board of Directors 45 Executive Leadership Team 48 Board Report 50 Nomination and Governance Committee Report 55 Audit and Risk Committee Report 5 7 Directors' Remuneration Report 60 Other information 80 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg003.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 3 Financial Statements Reports of Independent Registered Public Accounting Firms 85 Consolidated financial statements 87 Notes to the consolidated financial statements 92 Further Information US Listing additional information 144 Definition and reconciliation of non-IFRS financial measures 159 Shareholder information 164 Cautionary statement 166 Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg004.jpg) | &nbsp;&nbsp;Management Report Management Report About us Leadership perspectives Our strategy Our people Review of the year Risk management Corporate governance Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg005.jpg) | &nbsp;&nbsp;Life tastes better with ice cream The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 5 About us Welcome to the world's largest ice cream company We are the world's largest ice cream company(1), headquartered in Amsterdam, The Netherlands and listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Home to four of the world's five largest ice cream brands, with a global team of 16,500 colleagues, operating 30 factories, 12 Research and Development centres and a fleet of three million freezer cabinets, we generated €7.9 billion in revenue in 2025. From Magnum and Ben & Jerry's to Cornetto and the Heart Brand, our ice cream portfolio delights consumers in 80 markets around the world. (1) Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in euro, year-on-year exchange rates, current prices, adjusted for economic ownership of brands in each market. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg006.jpg) | &nbsp;&nbsp;21% 11% Global market share(2) Revenue of the top 5 ice cream brands globally Home to 4 16,500 Colleagues years of ice cream experience €1.3 billion €7.9 billion Adjusted EBITDA 3 million Iconic freezer cabinets TMICC #2 player Ice cream factories 30 The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 6 At a glance(1) (1) Facts and figures reflect Group footprint in 2025, excluding planned perimeter changes in first half of 2026 - India and Portugal. (2) Company analysis based on Euromonitor, Snacks 2026 edition, Retail Value Sales (RSP) in euro, year-on-year exchange rates, current prices, adjusted for economic ownership of brands in each market. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg007.jpg) | &nbsp;&nbsp;Breyers Wall's Ben & Jerry's William Breyer began producing ice cream in line with the 'Breyers Purity Pledge' in Philadelphia in 1866 promoting "pure, high-quality and natural ingredients". A true entrepreneur, Thomas Wall seized the opportunity to sell ice cream by the seaside during the warmer months of 1922. With their entrepreneurial spirit and unwavering belief that ice cream can change the world, Ben Cohen and Jerry Greenfield opened their first ice cream scoop shop in a renovated gas station in Burlington, Vermont in 1978. The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 7 With roots stretching back over a century, our story began in 1866 with the founding of Breyers - a name that set the stage for generations of ice cream artistry. Today, our portfolio is built on the rich legacy of our heritage brands that have defined moments of joy and indulgence for decades, including: Wall's (1922), Cornetto (1959), Twister (1982), Ben & Jerry's (1978), Magnum (1989), Talenti (acquired in 2014) and Yasso (acquired 2023). Each name carries a legacy of flavour and craftsmanship that continues to captivate hearts worldwide. Throughout the years, innovation has remained our compass, guiding not only what ice cream means but also when and how it is enjoyed. From the early introduction of Popsicle - a frozen, flavoured delight on a stick that redefined convenience - to Ben & Jerry's pioneering pint-sized containers that drove category growth during the 1980s and 1990s. We are excited about the future of ice cream. Our heritage Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg008.jpg) | &nbsp;&nbsp;1866 Founding of Breyers 1922 Founding of Wall's 1923 Founding of Popsicle 1959 Founding of Cornetto 1978 Founding of Ben & Jerry's c. 1980 Launch in Emerging Markets 1982 Launch of Twister 1989 Launch of Magnum 1990 Launch of Türkiye Algida 2014 Acquisition of Talenti 2023 Acquisition of Yasso 2024 2025 Magnum Bonbon Founding of The Magnum Ice Cream Company The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 8 160 years of experience Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg010.jpg) | &nbsp;&nbsp;Copyright© Free Vector Maps.com Australia New Zealand Copyright© Free Vector Maps.com Australia New Zealand Revenue Market share Factories (1) Leading brands Colleagues €3.2 31% 12 7,000 billion Growth • Rebuild the European Away-from-Home channel • Grow the ice cream category through innovation and retail partnerships • Move to a digitally led demand creation model • Turnaround Italy Productivity • Supply chain transformation • Overheads • Volume growth for higher asset utilisation Re-investment • Brands and portfolio • Away-from-Home cabinet expansion • Supply chain network optimisation The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 10 Europe & ANZ is a mature ice cream region with a strong foundation built on the interplay of local brands and global icons, delivering a diverse and distinctive ice cream experience. The inclusion of Australia and New Zealand captures synergies on consumption habits. Regional overview Strategic focus Europe & ANZ Regional overview (1) Based on the Retail Sales category (excluding Foodservice) Euromonitor December 2024, adjusted in accordance with management's internal assessment of economic ownership of brands within specific markets. Denmark Finland Germany UK France Italy Netherlands Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg011.jpg) | &nbsp;&nbsp;Copyright© Free Vector Maps.com United States Brazil Mexico Revenue Market share Factories (1) Leading brands Colleagues €2.8 8 4,500 19% billion Growth • Double down on the fastest growing (+5%) single serve ice cream segment • Expand portfolio of calorie control and high protein offerings • Rebuild business in club, dollar store and Away-from-Home channels • Pivot towards a digitally led demand creation model • Turnaround Brazil Productivity • US end-to-end supply chain reset • Latin America direct sales distribution system revamp Re-investment • Capacity expansion • Away-from-Home cabinet expansion • Media investment The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 11 Regional overview Strategic focus Americas The Americas region holds leading positions in some of the world's largest developed ice cream markets. Home to iconic brands such as Breyers, Popsicle and Ben & Jerry's, it combines the scale and strength of North America with the emerging growth potential of Central and South America, creating a balanced mix of stability and opportunity. (1) Based on the Retail Sales category (excluding Foodservice) Euromonitor December 2024, adjusted in accordance with management's internal assessment of economic ownership of brands within specific markets. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg012.jpg) | &nbsp;&nbsp;Copyright© Free Vector Maps.com Türkiye India(2) China Pakistan Philippines Indonesia Revenue Market share Factories (1) Leading brands Colleagues €1.9 billion 10 5,000 11% Growth • Drive distribution and penetration in low per capita consumption countries (e.g. Pakistan) • Build an attractive portfolio at core 'snacking and refreshment' price (coinage) points • Further premiumise the portfolio both in indulgence as well as wellness • Build ice cream occasions with our demand generation model • Accelerate share growth in China Productivity • Optimise supply chain end-to-end to improve capacity utilisation, better service and lower cost • Lead through digitalisation, automation and new technologies Re-investment • Cabinets and digitalise frontline • De-bottleneck capacity and invest in quality and safety • Build cutting-edge capabilities The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 12 Regional Strategic focus overview AMEA AMEA is the fastest growing and most profitable region, offering a sizable and continuously expanding market. Spanning from Türkiye and Africa in the West to Indonesia and China in the East, it encompasses key emerging markets that drive growth and innovation across the ice cream category. (1) Based on the Retail Sales category (excluding Foodservice) Euromonitor December 2024, adjusted in accordance with management's internal assessment of economic ownership of brands within specific markets. (2) Subject to planned perimeter change in first half of 2026. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg013.jpg) | &nbsp;&nbsp;Leadership perspectives The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 13 Leadership perspectives - Board Chair update December 2025 marked a significant milestone in our history as The Magnum Ice Cream Company (TMICC) completed its demerger from Unilever and began trading as a listed company. This separation allows TMICC to operate with greater focus and agility, tailoring our operating model, capital allocation and capabilities to the specific requirements of the ice cream industry. The Board believes this focus will strengthen our competitive advantages in brand leadership, manufacturing and distribution and position the Company for sustainable profitable growth. Unlocking shareholder value The Board has established a balanced capital allocation framework designed to deliver consistent returns while funding organic growth and productivity. Our policy targets a dividend payout ratio of 40% to 60% of net income after adjusting items. We plan to maintain our credit rating at an investment grade profile, while retaining flexibility for targeted bolt-on acquisitions that strengthen the portfolio. This disciplined approach underpins our medium-term objectives of 3% to 5% average annual Organic Sales Growth, 40 to 60 basis points of Adjusted EBITDA margin expansion and €0.8 to 1.0 billion of free cash flow from 2028. Governance and stewardship Robust governance underpins trust and performance. Upholding standards of ethics and compliance supports responsible business practices and long-term value creation for shareholders, consumers, customers, employees and communities. TMICC is governed by a one-tier Board structure, bringing together global leadership, deep industry expertise and clear accountability. I thank Peter ter Kulve, Abhijit Bhattacharya, Stacey Cartwright, René Hooft Graafland, Melissa Bethell, Stefan Bomhard, Anja Mutsaers and Reginaldo Ecclissato for their Board service during this important period, and welcome Josh Frank, who joined as a Non-Executive Director in March 2026. Doing good business As a standalone company, we will in due course embed Environmental, Social and Governance (ESG) matters into our strategy and operating plans, focusing on the areas that matter most to the ice cream value chain. Priorities include the integrity and sustainability of our key sourcing ingredients, the environmental footprint of our packaging and cabinet cold chain, and the social impact we have in the communities we operate in. The Board will oversee progress against these priorities, ensuring alignment with stakeholder expectations and disciplined execution. Looking to the future The global ice cream market is forecast to grow at 3% to 4% annually(1), supported by enduring consumer demand for indulgence, convenience and innovation. As the world's largest ice cream company, we are well positioned to compete and win. We have invested in delivering capabilities and implemented a robust productivity programme to strengthen operational efficiency. With our foundations in place and a clear strategic focus, we are confident in our ability to create sustained value for shareholders. It is an honour to write to you as Chair of TMICC. I am excited by the opportunity to help shape the future of this remarkable business with so much potential. Ice cream brings joy to millions every day, and TMICC is built to win at scale with iconic brands, a unique asset base and great people. We are grateful to Unilever for its stewardship and support through the transition, and to our shareholders for their trust in our vision. Jean-François van Boxmeer, Board Chair 18 March 2026 'I believe that growth and robust governance are both fundamental to building trust with our stakeholders and ensuring long-term value creation.' Jean-François van Boxmeer Board Chair (1) Company projection based on analysis of third-party market data. Pages 6 - 31 use IFRS and non-IFRS measures (OSG, OVG, OPG, Adjusted EBITDA margin, Adjusted EBIT margin, Adjusted EBITDA, Adjusted EBIT, Free Cash Flow, Net Debt, Adjusted Effective Tax Rate and Adjusted Earnings Per Share) to explain the performance of our business. See p. 159 - 163 for definitions and reconciliations of non-IFRS measures. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg014.jpg) | &nbsp;&nbsp;Peter ter Kulve Chief Executive Officer (1) Organic sales growth and Adjusted EBITDA margin improvement plan does not apply to any individual year, but is an average over the medium-term. The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 14 Leadership perspectives - CEO update 2025 marked a defining year for The Magnum Ice Cream Company (TMICC). On 6 December 2025, we successfully demerged from Unilever and on 8 December 2025, TMICC began trading as an independent, publicly listed company. This enables us to focus exclusively on ice cream, with a strong team of 16,500 colleagues around the world. At a very deep level, we believe it all starts with the product - crafting amazing ice cream experiences, whether it is a super-indulgent premium Talenti pint or a five-cent water ice lolly. We are passionate and driven by making the world's best and most loved ice cream. Almost as much fun as making and selling ice cream is unlocking the intrinsic economic value of this global business. We are establishing TMICC as a hard currency compounder, delivering growth and margin year by year, in line with our value creation algorithm. We are positioning TMICC to grow Organic Sales on average by 3% to 5% from 2026, with an average annual Adjusted EBITDA margin improvement of 40 to 60 basis points in the medium term.(1) Ice cream is an attractive market Ice Cream is an attractive market because it is consistently growing (in volume and value) ahead of core foods, driven by penetration and distribution in emerging markets and premiumisation in developed markets. Premiumisation is occurring through the move from large tubs to hand-held ice cream, more premium formats and increasingly 'better-for-you' options like 'high protein', 'low fat' or 'less sugar'. Although weight loss medications are still largely an American phenomenon, we believe they actually present more opportunities than challenges. Clearly people on these medications reduce calorie intake but they do not stop treating themselves. People seem to move from big volume 'mindless munching' to more deliberately choosing their pleasure moments. Even the most indulgent ice cream already has a good calorie profile compared to cookies, chocolate or potato chips. Moreover, it offers a wide range of choices and portion control, from an indulgent Ben & Jerry's Cookie Dough to low-calorie fruit water ice and more focused nutrition options like our high-protein Yasso range. There is a lot of value in the pint The value creation opportunity for TMICC is clear; historically the business was losing market share (2013-2023) and profitability was significantly behind the estimated profitability of our main global ice cream competitor and the broader snacking and refreshment market peer group. With our more premium footprint, expertise in scaling innovation, and a strong position in the faster growing channels like e-commerce and in emerging markets, we have a growth advantage. We have identified the roadmap to close the profitability gap, and this programme has been in execution for two years, delivering the expected outcomes. As a result of increased focus and our execution rigour, we have now gained market share for the last two years. Our organic growth is accelerating at 4.2% with 1.5% volume growth in 2025, in line with our long-term value creation algorithm. 2025 was a foundational year, our first full scoop It was the first year that we ran as a standalone business, with our own salesforce, supply chain, marketing and leadership team. The most important thing for a new company is to get the culture right, which is why we carefully studied the founders of our many brands - from William Breyer, Thomas Wall, Ben and Jerry to Amanda Klane and Drew Harrington who more recently founded Yasso. There are three overwhelming characteristics that we want to capture in our culture: • An obsession to create the best ice cream, because in the end it is all about the product; • A small company soul. The ice cream season is short, the weather is unpredictable, and there is a lot of competition, so we need to be agile, fast and simple, working hand in glove across functions; • Growth hunting - all our founders were obsessed with growth, new flavours, benefits, occasions and channels. We have made a good start with our culture - establishing the team, processes and ways of working. We are now building our new, best-in-class technology stack and partner ecosystem. As we redesign our workflows, we can leverage AI across functions to drive efficiencies, from targeted marketing and freezer placements to advanced weather modelling and the automation of our back-end operations through our Global Business Solutions (GBS) organisation. Looking ahead at 2026 and beyond As we enter our first full year as a listed company, our focus will be on sustaining competitive growth and margin expansion by driving innovation, expanding availability, and deepening our presence in under-represented channels and geographies. We will continue to invest in premiumisation, 'better-for-you' products, and new consumption occasions. Our productivity programme is now well established and has very good momentum. In the next phase, technology-enabled efficiency will be increasingly unlocked as we move out of Transitional Services Agreements and progressively activate our own technology stack. TMICC is largely an organic growth and margin improvement story, and with disciplined capital allocation, we believe we are well positioned to deliver good shareholder returns. We have the scale, brands, strategy and capabilities to win as the world's largest ice cream company. I want to extend a huge thank you to my colleagues around the world, to Unilever and to everyone else who has been part of making this journey possible. Life tastes better with ice cream! Peter ter Kulve, Chief Executive Officer 18 March 2026 'My motto is scoops over spreadsheets - it keeps us agile and remain squarely focused on the consumer.' Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg015.jpg) | &nbsp;&nbsp;Growth Accelerating competitive growth by expanding consumption occasions, winning across the full price pyramid, and ensuring broader availability across channels. Productivity Unlocking productivity through a €500 million savings programme that resets our supply chain, reduces structural overhead, and embeds technology-enabled eciency. Re-investment Reinvesting in brands, capabilities and stronger leadership. From disruptive innovation and demand creation to best-in-class digitalised execution across channels. Technology-enabled marketing, sales & supply chain operations Focused Environmental, Social and Governance (ESG) agenda The Ice Cream Way Our ambition is to combine the strength of our brands with a business system designed specifically for ice cream, unlocking faster decision-making, sharper execution, and more disciplined capital allocation. Our value creation algorithm is clear. Over the medium term, we aim to deliver 3% to 5% average organic sales growth and expand margins by 40 to 60 basis points (bps) per year, driven by competitive growth and a step-change in productivity, with sustained reinvestment in our brands. The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 15 Our strategy Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg017.jpg) | &nbsp;&nbsp;Our strategy - Productivity The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 17 2. Unlocking productivity to fuel margin expansion and reinvestment As a standalone company, we are reshaping how TMICC operates structurally, commercially, and technologically to unlock margin expansion and reinvest for growth. Our €500 million productivity programme is designed to deliver sustainable savings over the medium term, anchored in three integrated levers: supply chain transformation, overhead reduction and technology-enabled operations. • Supply chain transformation: TMICC operates one of the most complex cold chains in consumer goods, requiring a business system designed for seasonality, energy intensity, frozen logistics, and manufacturing complexity. Our transformation focuses on portfolio and SKU simplification, procurement excellence, improved planning precision, network rebalancing, and a lean end-to-end operating model that improves speed, resilience, and cost efficiency. • Overhead reduction: We are building a leaner organisation around clearer accountability and faster decision-making. We operate through three regions with end-to-end accountability, underpinned by 23 Performance Units and supported by a lean corporate centre focused on strategy, capital and people allocation, and governance. The purpose of this standalone design is to reduce layers, raise execution quality and ensure resources are closer to the consumer and customer. • Technology-enabled productivity: We are investing in a scalable technology stack that standardises data and processes, improves real-time decision-making and enables automation. As we redesign workflows for the new Company, we are embedding advanced analytics and automation models across functions, from marketing media and freezer placement to factory automation and weather-integrated planning systems. In 2025, we designed our new technology stack and are currently building it. We plan to exit all Transitional Services Agreements with Unilever by the end of 2027. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg018.jpg) | &nbsp;&nbsp;Our strategy - Re-investment The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 18 Finally, our culture - 'The Ice Cream Way' - is designed to translate strategy into consistent execution; consumer obsession, speed and simplicity and accountability with integrity. We have refreshed leadership, clarified decision rights and built a frontline-first organisation so that teams can move faster, execute better and win market by market, season by season. The Ice Cream Way is embedded in our daily operations and performance management, with incentives fully aligned to deliver our mid-term plan. 3. Reinvesting in brands and capabilities Our strategy is designed to create a reinforcing cycle: productivity funds reinvestment; reinvestment strengthens growth; growth improves scale economics. We are therefore prioritising reinvestment behind the capabilities that most directly drive competitive advantage in ice cream: disruptive innovation, digital demand creation, and best-in-class execution across our network and sales channels. Sustainability and culture as accelerators Sustainability is embedded in our strategy where it matters most for an ice cream business: reducing cold chain energy use, improving operational efficiency, responsible sourcing and packaging choices and maintaining strong regulatory readiness. These priorities strengthen resilience, protect our licence to operate and support long-term competitiveness. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg019.jpg) | &nbsp;&nbsp;Ronald Schellekens Chief Human Resources Officer 'We have laid the foundation to build a truly unique company culture - The Ice Cream Way.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 19 Our people Culture and values While becoming an independent company, TMICC began a cultural transformation, codifying a new framework we call - The Ice Cream Way. It defines the values and behaviours expected of every employee and leader. These values are more than just statements of intent - they are embedded across our people systems (for example, in the way we do performance management, leadership development, employee listening and our recognition programmes), shaping behaviours and guiding decisions at every level of the organisation. Listening to our people Our culture is designed to empower every colleague to speak up, challenge ideas and contribute to an environment that fosters continuous improvement, collaboration and bold innovation. To measure our culture, we conduct a deep dive Annual People Survey in September, complemented by Pulse Surveys throughout the year - providing actionable insights into employee sentiment and their alignment with our values. Our first Annual People Survey, conducted in September 2025, illustrated strength in our employee engagement (77% positive) and confidence in our business ('Business Outlook' rated at 92% positive), with opportunity areas in making work simpler ('Speed and Simplicity' 66% positive) and creating a compelling career proposition (65% positive). We respond to feedback with transparency - acting on results and communicating changes clearly, including through line managers and, starting in 2026, in-person meetings with members of our Board. Our culture and our values are grounded in our Code of Business Integrity. In line with this commitment, colleagues can raise concerns without fear of consequence through our Speak Up platform and dedicated telephone lines - ensuring integrity and trust remain at the heart of how we work. Organisational structure: designed to empower TMICC's structure is designed to empower decision-making and accelerate execution by organising as close to the business frontline as possible. The Group is managed operationally through three regions : Europe & ANZ, Americas and AMEA. The AMEA region is further organised into two sub regions - Middle East, Türkiye, South Asia and Africa (METSA) and Asia. Each region is led by a President with end-to-end accountability for performance. The regions are underpinned by 23 Performance Units led by a General Manager - improving speed and agility of decision-making and strengthening accountability at the frontline of our business. Above the Performance Units, lean Regional and Group (corporate) structures provide enabling systems and processes (for example, enterprise resource planning (ERP) technology stack) and oversee capital allocation. To ensure decisions serve the broader enterprise, each General Manager and President carries a Group or Regional target within their annual goals, reinforcing collaboration and safeguarding against siloed outcomes. Across TMICC, we believe that just as anyone can enjoy an ice cream, anyone can thrive and make a meaningful contribution. We believe that a range of experience, perspectives and skills drives growth by better reflecting the consumers we serve. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg020.jpg) | &nbsp;&nbsp;We are all about growth We are experts in the ice cream category We operate with speed and simplicity We boldly innovate to disrupt our market We win together with fun We care and challenge The Ice Cream Way The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 20 Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg021.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 21 Talent management and capability building Our talent strategy is focused on leadership development, succession and pipeline strengthening and prioritising capability building in growth areas. Leadership Development sits at the heart of our journey as an independent business. In 2025, we placed significant effort behind the development and appointment of our top leaders, around 85% of whom were new in their roles, either by internal succession or hired externally from the market. Over 100 of our senior leaders have participated in a dedicated leadership diagnostic and feedback programme anchored in The Ice Cream Way - our blueprint for leadership excellence. We completed this with a dedicated leadership series designed to equip our leaders with the skills that are essential for a newly listed company, ensuring they are ready to drive performance and shape cultural change. Capability Building is focused where it matters most - on skills unique to our category and vital for unlocking significant growth. Rather than spreading investment thinly across all functional areas, we concentrate efforts on Marketing, Sales, Supply Chain and Research and Development. The engines of innovation and growth. Areas such as net revenue management, sales and operations planning and digital marketing have received heightened attention and investment in 2025 and will continue to be prioritised in 2026. As we develop talent from within, we are also strengthening our ability to attract top talent from outside. In 2026, we will launch our Employee Value Proposition - a clear, compelling promise that defines what we expect from our people and what they can expect in return: investment, recognition and reward in a world-class environment. Performance and recognition In 2025, TMICC launched its performance management system prioritising: • Goal setting that is business-led and focused on outcomes, not process. • Empowerment of leaders to make decisions and have meaningful performance conversations. • High standards and differentiated performance. • The Ice Cream Way to be fully embedded within goals, feedback and recognition. We will maintain formal checkpoints to ensure rigour, while placing greater emphasis on the informal moments that truly elevate performance - clarity of goals, regular feedback and coaching. These touchpoints create a shared understanding amongst all colleagues regarding how their work contributes to our business objectives. Recognition is an integral part of our culture. Through Frontline Heroes, our global recognition platform, we celebrate employees at the frontline (i.e. those who make, move or sell our products to consumers) who deliver outstanding results and whose contributions and behaviours reflect our values. Recognition happens both formally and informally - leaders nominate team members for global recognition with nominations collected three to four times per year. Finalists are honoured during our March celebration - a moment that also marks the start of the northern hemisphere's ice cream season. Beyond financial rewards, recognition extends to career development opportunities such as short-term international assignments (one to three months), specialised training and wellbeing support - affirming our commitment to growth and care for our people. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg022.jpg) | &nbsp;&nbsp;Xing Pu Production Line Supervisor for Cornetto in Taicang Factory, China & Global Frontline Hero 2025 Our Frontline Heroes in Amsterdam. 'The Frontline Heroes Award recognises not only my personal work, but also the entire team at the Taicang factory. Gathering with colleagues from around the world at our new Amsterdam headquarters was unforgettable and left me deeply inspired and confident in our Company's future. It motivates me to hold myself to even higher standards and inspire other people through my story.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 22 Our reward philosophy At TMICC, our ambitious growth strategy and long-term objectives are supported by a reward philosophy designed to drive performance and create long-term value. While market practices, regulations and collective agreements vary across countries, our philosophy remains consistent everywhere: to offer fair, transparent, competitive and performance-driven rewards that recognise the impact of our people and their expertise in the ice cream category. Base pay We set base pay to be competitive and equitable, ensuring that we attract and retain the right talent. Pay levels reflect role scope, career progression and sustained contribution to business performance. Annual pay reviews help recognise growth in the role and expertise while ensuring pay is aligned with market benchmarks. As part of our commitment to fair rewards, we aim to provide at least a living wage in every market where we operate, supporting a good standard of living for all our people and their families. Bonuses and incentives Aligned with our pay-for-performance principle, around 6,000 colleagues participate in the annual discretionary bonus plan, rewarding delivery of our annual business priorities. In 2026, performance measures will include organic sales growth, Adjusted EBITDA margin improvement, free cash flow and market share gains - tailored to each participant's area of responsibility. Frontline teams in factories and sales have dedicated incentive schemes linked to their impact. Share plans and ownership Ownership is central to our culture. Nearly 2,000 managerial colleagues participate in TMICC share plans, reinforcing a vested interest in the long-term success of our Company. Additionally, in December 2025, we announced the Celebration Award: a €300 share grant for every TMICC employee to mark the moment of our listing and give everyone a stake in our future success. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg023.jpg) | &nbsp;&nbsp;Abhijit Bhattacharya Chief Financial Officer 'Gaining market share globally and executing on our productivity program enabled us to deliver solid operational performance in 2025.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 23 Review of the year Group financial review Revenue In 2025, Group revenue was €7.9 billion (FY 2024: €7.9 billion). Organic sales growth for the year was 4.2%, reflecting a healthy balance of volume growth of 1.5% and price growth of 2.6%. Growth was broad based as all three regions grew market share, with growth in Europe & ANZ of 3.3%, in the Americas of 0.8%, whilst AMEA delivered a double-digit increase of 10.9%. Reported revenue growth was broadly in line with the previous year at -0.5%, as foreign exchange rate (forex) translation effects had a negative impact of -4.3% in 2025. These related mainly to the strengthening of the euro against key currencies, particularly the Turkish lira and US dollar. 2025 2024 Revenue (in € billions) 7.9 7.9 Reported revenue growth (%) (0.5) 4.3 Organic Sales Growth (OSG) (%) 4.2 2.8 Organic Volume Growth (OVG) (%) 1.5 1.1 Organic Price Growth (OPG) (%) 2.6 1.7 Operating profit (in € millions) 599 764 Adjusted EBITDA (in € millions) 1,255 1,340 Adjusted EBIT (in € millions) 917 964 Net profit (in € millions) 307 595 Operating profit margin (% revenue) 7.6 9.6 Adjusted EBITDA margin (% revenue) 15.9 16.9 Adjusted EBIT margin (% revenue) 11.6 12.1 Free Cash Flow (FCF, in € millions) 38 803 Diluted earnings per share (in €) 0.48 Adjusted earnings per share (in €) 0.93 Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg024.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 24 Biggest brands leading the way Our four leading brands - Magnum, Ben & Jerry's, Cornetto, and The Heartbrand - continued to be powerful growth drivers for the Group in 2025. • Magnum delivered high single-digit organic sales growth driven by the global launch of Magnum Utopia across all regions and the further rollout of Magnum Bonbon in multiple markets including the Nordics, Spain and Poland. • Ben & Jerry's delivered over 3% organic sales growth, driven by the introduction of 25 new flavour and format combinations across pints, mini cups, sharing tubs, scooping and snackable bites. • Cornetto delivered high single-digit organic sales growth, supported by the launch of the next generation MAX cone featuring a layered texture and premium ingredients in the EU and Türkiye. • The Heartbrand delivered low single-digit organic sales growth, driven by the Asian roll out of the Chinese multi-layer sticks innovation. The successful Brazilian bites formats were rolled out to Asia and the rest of Latin America. Driving growth across channels 2025 was the first year where our fully dedicated salesforce significantly improved execution, driving growth across all channels. Digital commerce remained TMICC's fastest-growing channel, delivering double-digit growth with positive share gains. The At-Home channel grew mid single-digit, and growth was accelerated through improved service, well-executed customer growth plans and competitive pricing. In the US, growth was led by the rebuilding of our business in the value and club channels. Increasing our freezer fleet in key markets supported mid single-digit growth in the Away-from-Home channels. Operating profit, Adjusted EBITDA, Adjusted EBIT Operating profit was €599 million in 2025 (FY 2024: €764 million), mainly impacted by adjusting items related to separation and restructuring and forex translation effect. Gross Profit Margin slightly decreased from 34.9% to 34.6% driven by severe commodity inflation. Selling, General and Administrative expenses increased by 20bps mainly due to double run costs and Transitional Service Agreement (TSA) markup. Productivity savings offset inflation for the year. In 2025, Adjusted EBITDA was €1,255 million (FY 2024: €1,340 million). Adjusted EBITDA margin was 15.9% (FY 2024: 16.9%), impacted by 50bps forex translation effect and a further 50bps due to a higher cash cost resulting from the TSAs in second half of 2025. While operating under Unilever as a Business Group, the ice cream business was allocated depreciation costs of certain shared assets which did not transfer to TMICC at separation. From the second half of 2025, these depreciation costs are included in the TSA charge from Unilever, reflecting the usage of those assets by TMICC. Operationally, we saw commodity and other supply chain cost inflation of 380bps during this period, which was offset through our productivity programme and select pricing actions. On a regional basis, Europe & ANZ delivered an Adjusted EBITDA margin of 13.1%, Americas delivered 14.1%, while AMEA delivered 22.9%. Adjusted EBIT in 2025 was €917 million (FY 2024: €964 million) with Adjusted EBIT margin of 11.6% (FY 2024: 12.1%), with -50bps forex translation effect. Forex movements and TSA-related cash costs affected Adjusted EBITDA margin. But, excluding these impacts, Adjusted EBIT at constant exchange rate was up by €48 million as disciplined execution of our productivity programme, supported by select pricing actions, partially offset the impact of commodity price inflation. Effective tax rate The Adjusted Effective Tax Rate in 2025 was 26.0% (FY 2024: 21.9%). The increase versus prior year reflects the adverse impact of non-deductible interest and losses upon which no deferred tax asset has been recognised. The Effective Tax Rate for 2025 was 31.3% due to the tax impact of hyperinflation adjustments in Türkiye of 3.4% and irrecoverable VAT arising from asset transfers as a direct result of the separation of 1.5%. OSG, OVG, OPG, Adjusted EBITDA margin, Adjusted EBIT margin, Adjusted EBITDA, Adjusted EBIT, Free Cash Flow, Net Debt, Adjusted Effective Tax Rate and Adjusted Earnings Per Share are non-IFRS measures (see page 226 to 230 for definitions and reconciliations). Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg025.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 25 The Demerger-related cash outflows comprised: • acquisition and disposal-related outflows of €238 million; • separation-related outflows of €146 million resulting mainly from indirect taxes paid on asset transfers and brought forward tax payments and commodity hedge settlements; and • outflows due to the implementation of the interim operating model of €180 million. Under the interim operating model, Unilever continues to hold inventory on the Group's behalf in most markets. At Separation (refer to Note 21), TMICC paid a €905 million inventory subsidy to Unilever, recognised as a prepayment in trade receivables. This subsidy is fixed and will be paid back to TMICC when inventory is purchased from Unilever at the end of the Transitional Period (refer to Note 21). TMICC also recognises an accrual representing the value of inventory held by Unilever in those markets. Because the inventory subsidy is based on historic annual average inventory levels, while the accrual reflects the actual level of inventory at reporting date, these two balances do not fully offset. At 31 December 2025, the net cash impact of these two balances was approximately €90 million outflow. The remaining approximately €90 million outflow reflects a combination of carve-out allocations and changes in the timing of invoices and payment terms under the interim operating model. From 1 July 2025, the Group incurred €143 million of additional cash costs on interest and the operation of the TSA. Interest on loans from Unilever and external debt increased interest payments by €105 million versus 2024, when interest was incurred only in entities that operated as a standalone ice cream entity. In addition, depreciation previously allocated by Unilever was replaced by TSA cash charges, increasing cash outflows by €38 million. The remaining €58 million year-on-year movement reflected increased capital expenditure (Capex) driven by capacity and cabinet fleet expansion (€31 million) and forex translation impacts (€27 million). 2026 Outlook Looking ahead, the external environment remains uncertain. The ice cream market is resilient and has good momentum and is anticipated to grow between 3% and 4% in 2026. We expect organic sales growth for 2026 to be between 3% and 5% and expect an Adjusted EBITDA margin improvement of 40 to 60bps, on a comparable perimeter basis with 2025. The reported improvement in Adjusted EBITDA margin is expected to be 0 to 20bps, primarily due to the impact of the anticipated acquisition of the India business in the first half of 2026. We expect the improvements in the year to be weighted more in the second half of 2026 due to the phasing of TSAs and commodity prices. Finance costs Net finance costs totalled €121 million (2024: €17 million). Finance costs were €139 million, including €117 million of interest expense of which a significant part relates to loans with Unilever to fund the separation and bond interest. In 2024, finance costs did not include any allocation of interest incurred by Unilever or interest-bearing fundings. Net monetary loss The net monetary loss arising from hyperinflation adjustments for Türkiye is €31 million (2024: nil). The increase in 2025 versus the prior year is due to the higher net monetary asset position, driven by indirect tax receivables recognised on asset transfers. Net profit Net profit in 2025 was €307 million, (FY 2024: €595 million). The decrease compared to the prior year was driven by a net increase of €118 million in higher separation and restructuring costs, higher net finance costs (€104 million), higher net monetary loss from hyperinflation in Türkiye (€31 million) and forex impact on operating profit, slightly offset by a lower tax charge. Earnings per Share (EPS) Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for prior years. The current year EPS is based on the total shares issued as at 31 December 2025. Free Cash Flow Free Cash Flow for 2025 was €38 million, compared to €803 million in 2024. This was primarily due to the significant cash outflows related to the Demerger (€564 million), interest costs on new loans (€105 million) and an impact on the depreciation charge due to TSAs with Unilever (€38 million). Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg026.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 26 Balance sheet In millions of € 2025 2024 Goodwill and Intangible assets 1,241 1,378 Property, plant and equipment 2,306 2,355 Other non-current assets 784 159 Current assets 3,157 1,629 Total assets 7,488 5,521 Non-current liabilities 3,748 691 Current liabilities 3,107 2,029 Total liabilities 6,855 2,720 Shareholders' equity 625 2,778 Non-controlling interest 8 23 Total equity 633 2,801 Total liabilities and equity 7,488 5,521 Non-current assets and liabilities The pension position moved from a net liability of €98 million in 2024 to a net asset of €2 million in 2025. During the year, pension assets for funded schemes increased from nil to €78 million and pension liabilities for funded and unfunded schemes decreased from €98 million to €76 million. This €100 million improvement was driven primarily by German funded pension plans moving from a net liability of €5 million to a net asset of €77 million, reflecting higher discount rates, which reduced liabilities and increased asset returns. The net deferred tax position moved from a net deferred tax liability of €168 million in 2024 to a €314 million net deferred tax asset in 2025. The increase of €482 million was mainly driven by the Separation where a net deferred tax asset was recognised from the transfers of assets and liabilities and is subject to the completion of the purchase price allocation exercise in certain jurisdictions, which will take place in 2026. Additional financial disclosures Cash flow In millions of € 31 Dec 2025 31 Dec 2024 Free cash flow 38 803 Net cash flow (used in)/from investing activities (315) (359) Net cash flow (used in)/from financing activities 205 (737) Net cash flow used in investing activities was lower than in the prior year, which included the payment of €61 million deferred consideration relating to the acquisition of Yasso. Net cash flow from financing activities was €205 million in 2025, primarily reflecting net proceeds from the debut bond issuance and drawdown under the term loan facility (€3,076 million) offset by the net repayments to Unilever (€2,595 million) and interest paid (€130 million). In 2024 net cash flow used in financing activities primarily represented the transactions with Unilever Group companies and cash pooling activities between Unilever and the Group. These transactions reflected the fact that the Group did not retain cash generated from operating activities, and represented the cash outflow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg027.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 27 Provisions decreased by €63 million mainly driven by the release of restructuring provisions due to higher than anticipated employee redeployment within the new organisation; and the derecognition of certain provisions previously allocated to TMICC, which were retained by Unilever as the legal liability did not transfer. Net debt Net debt was €2,967 million (2024: €263 million). The increase consists primarily of €2,977 million raised following the bond issuance in November 2025, which financed the settlement of the Unilever payable arising from the asset transfers upon Separation. A €100 million drawdown from the term loan facility was offset by a €373 million increase in cash and cash equivalents. In 2024, cash and cash equivalents only included the balance from ice cream-dedicated entities. In 2025, we received investment-grade ratings from both S&P (BBB) and Moody's (Baa2). The Net Debt/Adjusted EBITDA ratio achieved 2.4, which is in line with the multi-year financial framework. Other non-current assets increased to €186 million (2024: €29 million), primarily reflecting the non-current portion of indirect taxes paid to the local authorities as the result of the transfer of assets and liabilities under the Separation, amounting to €120 million. A sizeable portion of these indirect tax payments was funded by Unilever prior to the Demerger. The amount owed to Unilever will be repaid as and when it is recovered from the local tax authorities; accordingly, a corresponding liability was recognised in payables. Other non-current assets also include a €54 million prepayment to Unilever related to the deferred transfer of the Mexico sourcing unit assets. Current assets and liabilities Trade receivables and trade payables increased year on year, primarily reflecting the Transitional Period working capital arrangements following the Demerger: • Upon the Demerger, in many territories, legal title to inventory has not passed from Unilever to the Group. Accordingly, an accrual of €818 million was recognised as a payable to Unilever. This reflects the fact that, during the Transitional Period, the Group does not have legal title to all inventory and will need to acquire that inventory at the end of the Transitional Period. • During 2025, the Group made a payment ('Inventory Subsidy') of €905 million to Unilever. The Inventory Subsidy is a cash flow mechanism that allows Unilever to be compensated for its investment in inventory where it retains legal title. The subsidy is a one-time payment that will be repaid at the end of the Transitional Period. While the balances differ in amount and cannot be offset under IFRS due to being held with different Unilever legal entities, they are expected to be economically settled at the same time at the end of the Transitional Period. Indirect taxes paid on transfer of net assets and separation costs as well as changes to the operating model also resulted in higher receivables compared with the prior year. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg028.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 28 Capital allocation and funding TMICC's strategy is based on driving organic growth, and therefore, we ensure that the financial plan has the right amount of investments. In 2025, capital expenditure grew by 11% versus prior year, reaching 4.5% of revenue. In 2025, we increased the number of cabinets in key markets. As announced during the Capital Markets Day in September 2025, we aim for a dividend payout ratio of 40% to 60%, with the 2025 dividend being paid by Unilever. Dividends related to 2026 performance will be paid by TMICC in the first half of 2027. In 2025, the Group strengthened its financing structure following the Demerger: • In August 2025, the Group entered into term loan facilities totalling €4 billion, comprising a €3 billion bridge facility, which was cancelled in November 2025, without any amounts drawn, a €700 million working capital facility, of which €100 million was drawn on 29 December 2025, and a €300 million facility for the acquisition of the Indian Ice Cream business in 2026 (to be drawn in 2026). • The Group also has access to a €1 billion multi-currency revolving credit facility, including euro and US dollar swingline facilities. No amounts were drawn. • In November 2025, the Group completed a €3 billion debut bond issuance across four tranches (2029, 2031, 2034 and 2037) under its Euro Medium Term Note programme with interest rate ranging 2.75% to 4%. Proceeds were used for general corporate purposes, including facilitating the Demerger. The offering attracted strong market interest, with the order book oversubscribed by more than seven times. Following these financings, financial liabilities increased to €3,416 million (2024: €333 million), with an average debt maturity of 7.5 years. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg029.jpg) | &nbsp;&nbsp;Mustafa Seckin President \| Europe & ANZ '2025 was a landmark year for our Europe & ANZ teams, transforming our organisation while accelerating growth, improving competitiveness and continuing to innovate boldly.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 29 Regional performance Europe & ANZ Financial performance FY 2025 FY 2024 Revenue (in € billions) 3.2 3.1 Reported revenue growth (%) 2.7 3.0 Organic Sales Growth (OSG) (%) 3.3 2.6 Organic Volume Growth (OVG) (%) 1.2 1.7 Organic Price Growth (OPG) % 2.1 0.9 Adjusted EBITDA margin (%) 13.1 14.6 Adjusted EBIT margin (%) 9.2 10.2 We delivered a solid performance in Europe & ANZ, posting 3.3% OSG and market share gains for the region. Growth was driven by particularly strong performance in the UK, France and Spain. Our performance in Italy was below par, and we are resetting the business with a clear plan in place. In particular, Magnum, Ben & Jerry's and Cornetto performed strongly, delivering high single-digit growth, supported by market-making format innovations such as the pan-European launch of Magnum Bonbon. Innovation in the premium price segment continued with the successful launch of the Cornetto Max range and Magnum Disc Cones in France. Across the broader portfolio, we introduced the new Solero XL pack and launched exciting new concepts including a Minecraft stick, demonstrating the depth of the Heartbrand portfolio. Topline growth in the region was enabled by improved physical availability and on-shelf execution, with key wins including new discounter listings. The Adjusted EBIT margin in the region declined operationally by 70bps and an additional 30bps from lower royalties. Significant raw material price inflation, mainly cocoa, impacted the operational profitability in Europe and ANZ. This was mostly offset by strong productivity savings and pricing. In addition to these factors, previously allocated depreciation costs - which are charged as a cash cost from the second half of 2025 due to the Transitional Service Agreements (TSAs) - impacted the Adjusted EBITDA margin by 50bps. The supply chain productivity programme delivered efficiency gains through investments in major manufacturing facilities in Heppenheim (Germany), Gloucester (UK) and Minto (Australia). We are strengthening demand forecasting and seasonal planning in the region, using advanced weather forecasting models which are integrated into our planning systems. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg030.jpg) | &nbsp;&nbsp;Gerardo Rozanski President \| Americas 'Our teams across the Americas worked incredibly hard to delight customers and consumers alike and win in the marketplace. We gained share in key markets, further bolstered our fantastic brands and portfolio and continued to invest in the next phase of our growth.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 30 Regional performance Americas Financial performance FY 2025 FY 2024 Revenue (in € billions) 2.8 2.9 Reported revenue growth (%) (4.5) 5.0 Organic Sales Growth (OSG) (%) 0.8 2.0 Organic Volume Growth (OVG) (%) 0.0 2.1 Organic Price Growth (OPG) % 0.8 (0.1) Adjusted EBITDA margin (%) 14.1 14.7 Adjusted EBIT margin (%) 10.4 10.3 The Americas delivered 0.8% OSG, driven by 1.7% OSG in the US underpinned by volume growth, offset by weaker performance in the rest of the region, most notably Brazil and Canada. Reported revenue declined by -4.5% versus 2024 as forex translation effects had a negative impact of -5.2% on 2025 revenue growth. Momentum in North America was driven by top US brands, with Yasso maintaining double-digit OSG and Ben & Jerry's outperforming the broader market, driving share gains in the US. Portfolio innovation continues to revitalise our US brand portfolio, with key partnerships such as Hershey and Disney. The successful relaunch of Popsicle - rebuilding the 'yellow door' - delivered mid single-digit OSG. Our focus on market-making format innovation continued, with the launch of the Breyers S'mores range across tubs, sticks and sandwiches as well as the introduction of Ben & Jerry's Scoop-apalooza, a party-sized format. Growth was further bolstered by expanded physical availability across the value, club and digital commerce channels as well as in Away-from-Home in Latin America, where we increased cabinet fleet investments after years of decline. The Adjusted EBIT margin in the region improved by 10 basis points (bps) as the productivity programme more than offset the inflationary impact of raw material prices. In addition, previously allocated non-cash depreciation costs - which are charged as a cash cost from second half of 2025 due to TSAs - impacted the Adjusted EBITDA margin by 60bps. The US end-to-end supply chain reset increased the competitiveness for our brands across the US. Investments in debottlenecking our production lines enabled us to unlock capacity to drive volume growth. Yasso transitioned to in-house production, lowering costs and providing improved service levels. Across the portfolio, efficiencies and cost savings were realised in the supply chain through factory modernisation, distribution optimisation and our comprehensive procurement overhaul. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg031.jpg) | &nbsp;&nbsp;Toloy Tanridagli President \| METSA Wai-Fung Loh President \| Asia 'AMEA's emerging markets are powering our growth. With resilient operations and rapid innovation, we're using technology to boost efficiency and bring new ice cream experiences to our consumers.' The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 31 Regional performance AMEA Financial performance FY 2025 FY 2024 Revenue (in € billions) 2.0 2.0 Reported revenue growth (%) 0.5 5.5 Organic Sales Growth (OSG) (%) 10.9 4.7 Organic Volume Growth (OVG) (%) 4.5 (1.6) Organic Price Growth (OPG) % 6.1 6.4 Adjusted EBITDA margin (%) 22.9 23.6 Adjusted EBIT margin (%) 17.2 18.0 AMEA continued to drive significant growth for the Group, delivering 10.9% OSG. Türkiye and Pakistan continued to perform strongly, delivering double-digit OSG, with a step-up in performance in China, and Indonesia delivering high single-digit growth. Our turnaround plans in Thailand are starting to show results, as we gained market share in 2025. Performance in the Philippines was impacted by unusually severe weather. Reported revenue increased by 0.5% versus 2024 as forex translation effects had a negative impact of -9.3% on 2025 revenue growth. Strong performance was delivered by a dual focus on growing consumer demand occasions and operational rigour by increasing market penetration through leveraging festive activations and joint business plans with retail partners to increase product availability and consumer reach. Growth was supported across the region by premium innovations across our leading brands, including the successful launch of Magnum cones and Cornetto and Wall's multi-layer sticks. Market-specific innovations also contributed to strong growth: • Türkiye: successful launch of Magnum Dubai, Volcano, Plombir and Carte d'Or Chunkies • Pakistan: focused on category relevance via seasonal packs (Chaunsa Mango) and accessible snacking formats (Cornetto Popcone) The Adjusted EBIT margin in the region declined by 80bps. Rigorous cost management, selective pricing actions, and disciplined execution of the productivity programme, partially offset significant external head-winds from material cost inflation and hyperinflation in Türkiye. Adjusted EBITDA margin declined by 70bps. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg032.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 32 Sustainability 2025: A foundational year for TMICC This year marked TMICC's successful separation from Unilever and its debut as an independent, publicly listed company. The transition lays the groundwork for embedding sustainability across our operations, governance and value chain. Building the framework We illustrated the structure of our sustainability journey in our first Capital Markets Day and integrated sustainability disclosures into our Prospectus for listings on the Amsterdam, London and New York stock exchanges. In accordance with the European Sustainability Reporting Standards (the ESRS), as issued by Delegated Regulation (EU) 2023/2772 on 31 July 2023, which requires that that we report on sustainability matters in which we have, or could have, material impacts, risks and opportunities (IROs) that arise from our own operations or through actors in our value chain, we have conducted a double materiality assessment (DMA). Our DMA identified 24 IROs spanning environmental, social and governance topics. While no financial effects were noted for 2025, these IROs will guide future disclosures and actions. Policies and governance Our Code of Business Integrity (the Code) applies to all our colleagues and guides us on the way we conduct our business everywhere. Respect, Fairness, Honesty, Care, Innovation and Collaboration are essential principles within it. All policies and procedures derive from our Code, including respect for human rights. Post Demerger, TMICC began transitioning to its own policies, including a Responsible Partner Policy, Environmental Policy and Company Purchasing Policy. Highlights Our strategy is anchored by a 2050 Net Zero ambition, responsible sourcing, supply chain resilience, and packaging innovation. Key 2025 achievements and activities include: • Most new and replacement cabinets, entering the European markets in 2026, are upgraded to Energy Efficiency Class C. • Continued sustainable sourcing of our key commodities: cocoa, vanilla, dairy, and palm oil. • Continued progress on our value chain community programmes, including our Vanilla for Change programme in Madagascar, the Child Labour Monitoring and Remediation System (CLMRS) and the advancement of women's empowerment initiatives in the Ivory Coast. Looking ahead 2025 was a year of foundation building. In 2026, we will start the process of setting formal sustainability targets aligned with industry standards, deepening our value chain programmes and accelerating our cabinet strategy. Our focus remains on driving impact where it matters most - responsible sourcing, supply chain resilience and packaging innovation - while ensuring sustainability creates value for our brands and business. This will include implementing our sustainable governance structure and embedding sustainability priorities into senior management objectives. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg033.jpg) | &nbsp;&nbsp;Strategic Risk Operational Risk Compliance Risk Financial Risk Risk Response Key Business Goals Monitoring & Reporting Risk Identification Risk Assessment The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 33 Risk management Approach We view risk management as an integral part of our strategic vision - essential for sustainable growth, resilience and long-term success. By embedding proactive risk management practices into our strategy and daily operations, we not only safeguard the Company's objectives and strengthen organisational agility but also create a meaningful impact on the environment and society. This approach lays the foundation for sustainable performance and enduring value creation. Our Responsible Risk Management Code Policy mandates that all managers and employees embed risk management into their daily operations and decision-making. Complementing this, we formally manage risk through the Enterprise Risk Management (ERM) process - a strategic, compliance-driven framework that integrates risk oversight into business processes and corporate governance. Our ERM framework is aligned with industry best practices and inspired by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework. This operates as a structured cycle that identifies and assesses risks aligned with business priorities, defines appropriate responses, monitors progress and reports outcomes to management and the Board. This cycle is embedded in strategic planning, business reviews and reporting processes, ensuring that risk considerations are integrated into all critical decisions. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg034.jpg) | &nbsp;&nbsp;Strategic Risks Risks that could materially affect TMICC's long-term market position, growth ambitions and ability to deliver its strategy. These arise from external market forces, competitive dynamics, evolving consumer trends and strategic execution challenges. See pages 36-37 for more information. Operational Risks Risks arising from day-to-day processes, systems, technology, supply chain and organisational capability. These may disrupt business continuity, impact product availability or increase operating costs. See pages 38-39 for more information. Compliance Risks Risks related to failures to comply with legal, regulatory, ethical or contractual requirements across the markets where TMICC operates. These may result in fines, legal action or reputational harm. See page 38 for more information. Financial Risks Risks that affect TMICC's liquidity, solvency, cash flow, profitability, access to funding or financial resilience. These may arise from macroeconomic conditions, cost volatility or financial market exposure as described in Notes 15A, 15B and 16B of the Financial Statements. See page 37 for more information. The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 34 Risks are assessed against their potential impact on TMICC's strategy, operations, financial position and compliance obligations. We classify principal risks into four categories: Strategic, Operational, Compliance, and Financial - to support clear governance, focused mitigation planning and effective Board oversight. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg035.jpg) | &nbsp;&nbsp;Three lines model First line of defense - Risk Owners Risk owners manage risks in their day-to-day operations, with support from the Executive Leadership Team, which ensures risk management is embedded in decision-making and culture. Second line of defense - Group Risk and Internal Controls The second line provides oversight, frameworks, methodologies, and challenges to ensure risks - including emerging risks - are identified, assessed, monitored, and escalated when required. Third line of defense - Internal Audit Internal Audit provides independent assurance that key risks are understood and effectively managed in the Company The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 35 Governance The Board maintains the Enterprise Risk Management (ERM) framework and oversees a robust system of internal controls over financial reporting, supported by the three lines model. This framework enables periodic control reviews through self-assessments at both Group and regional levels, ensuring that financial risks are identified, evaluated, and mitigated effectively across the organisation. • The Audit and Risk Committee ensures the effectiveness of the ERM framework and advises the Board on risk appetite, as well as emerging and principal risks. It reviews risk assessment outcomes and provides guidance on managing and mitigating those risks. • The Audit and Risk Committee delegates day-to-day operation of the ERM framework to the Chief Financial Officer (CFO), who leads the Risk Management with support from the Group Controller and the Group Risk and Internal Controls department. • The Chief Financial Officer, Chief Legal Officer, and Chief Supply Chain Officer jointly form the Risk Management Group (RMG), which sets the tone for risk governance and provides oversight of key risks. The RMG enables the Group Controller and the Group Risk and Internal Controls department to run the ERM programme and coordinates risk-related activities across the business. Risk appetite TMICC's risk appetite defines the level and type of risk the organisation is prepared to accept in pursuit of its strategic objectives - protecting our brands, ensuring compliance, and supporting sustainable growth. These principles are documented, communicated across the organisation, and reviewed annually to ensure they remain relevant, forming the basis for risk responses that are guided by the Board-approved risk appetite framework and aligned with TMICC's strategic priorities and corporate values. The Company accepts calculated risks that enable growth, but maintains zero tolerance for breaches relating to: • Product safety • Employee health and safety • Regulatory compliance • The Code of Business Integrity In practice, the risk appetite framework translates into clear decision-making guidance: • Zero tolerance risks must be strictly avoided or mitigated. • Risks within defined thresholds - such as those associated with innovation, market expansion, or financial volatility - may be deliberately accepted to support growth, competitiveness, and long-term value creation. Risk management and double materiality assessment Following our recent double materiality assessment (in line with the Corporate Sustainability Reporting Directive), we have expanded our focus to prioritise not only financial impacts from business risks but also those arising from Environment, Social and Governance (ESG) factors. This integrated approach strengthens enterprise risk management and ensures the implementation of mitigation measures for TMICC' s key business risks, as identified by the Board and monitored by the Audit and Risk Committee through regular updates and reviews. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg036.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 36 Principal risks Establishment as a Standalone Company Strategic Risk Becoming a fully independent entity involves structural, operational, and compliance challenges. These include stabilising the operating model, managing transitional service agreements, setting up new IT systems and capability centres, navigating complex regulatory requirements and maintaining financial discipline under heightened market scrutiny. Delays in establishing new systems and capabilities could increase costs, while disruptions during implementation may compromise business operations and lead to financial losses. In addition, TMICC's transition to full SOX 404(a) and (b) compliance in 2026 represents a step-change from 2025, significantly increasing the level of Internal Controls over Financial Reporting (ICFR) rigor and external audit scrutiny. Failure to meet regulatory obligations may result in legal penalties, reputational damage and loss of investor confidence. Evolving Consumer Preference Strategic Risk Adapting to evolving consumer trends is critical to sustain growth. Today's ice cream lovers increasingly seek variety and innovation. Snacking and indulgence preferences are further shaped by geographic diversity, new occasions and the growing influence of health and wellness trends such as dairy-free, low-sugar and functional products. Failure to anticipate emerging trends and innovate relevant products could erode our competitiveness and hinder our ability to grow sales and market share. Customer and Channel Adaptation Strategic Risk We operate in a fast-changing retail environment where strong relationships with our customers and adaptability to diverse channels are critical for success. Trade consolidation, declining footfall in traditional retail and the rapid rise of digital commerce require us to continuously evolve our route-to-market strategies. Maintaining strong relationships with our retailers and buying alliances and building relationships with new customers such as e-commerce platforms is vital to securing our strategic pricing terms and ensuring product availability. If we fail to preserve these relationships, we may face the risk of reduced competitiveness, and negative impacts on our revenue and profitability. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg037.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 37 Talent Strategic Risk Our people are the foundation of our success, and attracting, developing and retaining top talent remains a strategic priority. There is a risk that our workforce may not be equipped with specialised skills required in some parts of the organisation, particularly in frontline operations and digital capabilities. Retention risk persists in a competitive labour market, driven by rising demand for specialised expertise and evolving employee expectations. The loss of key talent or senior leadership could disrupt operational continuity and slow strategic execution. Global mobility trends and shifting work preferences further amplify this risk, requiring sustained focus to maintain engagement and alignment with business priorities. Climate and Nature Strategic Risk We recognise climate resilience as a strategic imperative for sustaining business continuity and long-term growth.However, due to the inherent unpredictability of climate change, climate-related risks cannot be fully eliminated. Rising global temperatures are expected to increase the frequency and severity of extreme weather events - such as floods, hurricanes, and droughts - potentially disrupting manufacturing, cold-chain distribution, and agricultural sourcing. Government measures to address climate change, including carbon taxes, land use regulations and restrictions on greenhouse gas-intensive ingredients, may also raise production costs and reduce operational flexibility. Our business depends on healthy ecosystems, making biodiversity loss and ecosystem degradation critical concerns. Intensive agricultural practices, land conversion, and deforestation may reduce crop and dairy yields and increase commodity prices. Water scarcity in high-stress regions poses further risks to agricultural sourcing and key production processes. Economic and Political Dynamics Financial Risk We operate in a complex global environment shaped by economic volatility and geopolitical developments, where inflationary pressures, currency fluctuations and rising commodity costs as disclosed in Note 15B, together with trade restrictions, sanctions and socio-political tensions, may disrupt supply chains, impact consumer demand, and challenge cost structures. Because we operate in emerging markets, we are exposed to heightened economic and political volatility. Competitive pricing and consumer sensitivity may limit our ability to pass on cost increases, amplifying margin pressure and threatening profitability across key markets. Shifts in consumer preferences such as increased demand for locally produced brands, socio-political boycotts of multinational companies, and market access restrictions pose risks to brand perception, growth and profitability of our business. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg038.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 38 Evolving and Changing Laws & Regulations Compliance Risk Compliance with laws and regulations is fundamental to our business operations and reputation. Operating globally exposes us to complex and constantly evolving regulatory frameworks covering environmental compliance, product and ingredient safety, product claims, intellectual property, competition, health and safety, data privacy, corporate governance, anti-bribery, human rights due diligence, employment and taxes. As these frameworks evolve and new regulations emerge, the complexity and cost of compliance may increase. Failure to meet these obligations could result in enforcement actions, litigation or fines - posing financial and reputational risks. Business Operations Operational Risk Our global ice cream operations and supply chain network is exposed to significant disruption risks. Force majeure incidents - including virus outbreaks and natural disasters like earthquakes, typhoons, and tornadoes - pose operational challenges beyond our control. Additionally, global disruptions such as geopolitical tensions, political instability, armed conflicts, cyber warfare, and resource shortages further increase vulnerability. These factors may impair our suppliers' ability to source critical commodities (for example, cocoa, vanilla, dairy), disrupt our manufacturing operations and adversely impact logistics providers responsible for last-mile delivery. Consequences may include raw material shortages, increased costs, challenges to strict temperature-control required in our cold chain, fragmented logistics networks, and weather-driven demand fluctuations particularly in the Away-from-Home channel. Collectively, these disruptions could lead to production delays, reduced product availability and higher operational costs. Safe and High-Quality Products Operational Risk At TMICC, safety and product quality are not just requirements - they are promises we make to every consumer. Increasing expectations around product formulation and ingredient transparency, along with evolving laws and regulations, require careful management to maintain compliance and protect brand reputation. Accurate and transparent on-pack information continues to be essential for enabling informed consumer choices and upholding trust in our brands. Inherent risks such as accidental contamination of raw materials, product defects due to human error or equipment failure, and labelling inaccuracies may impact consumer safety and confidence. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg039.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 39 Transformation Programme Operational Risk In 2024, we launched a productivity programme targeting €500 million savings in the medium term. A key pillar of the productivity programme is Supply Chain transformation that is designed to create a lean, agile, and customer-focused network and deliver €350 to €380 million in run-rate savings. Given its global scale, transformation requires complex coordination across markets. Key risks include technology integration, regulatory compliance, construction timelines and geopolitical factors such as tariffs and trade restrictions. In addition, workforce adaptation through new structures, skill upgrades and effective change management is critical. Failure to manage these risks could result in cost overruns and operational disruption. System Resilience and Cyber Security Operational Risk We depend extensively on Information Technology (IT) and Operations Technology (OT) - whether internally owned, provided by third parties, or delivered by Unilever under a Transitional Service Agreement (TSA) - to manage critical business operations such as supply chain management, manufacturing, order processing and recording financial transactions. Ensuring these systems are secure and reliable is vital to protect data confidentiality, integrity, and availability, while maintaining uninterrupted business continuity. While we invest in building out our IT and OT environment, no system can guarantee complete immunity from cyber threats. The global risk of cyber attacks continues to grow, and as a newly established company, we may attract heightened attention from cyber criminals. This could lead to business disruptions, data breaches, unauthorised access to sensitive information, and potential violations of data protection regulations, resulting in legal claims, regulatory actions, and financial or reputational damage. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg040.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 40 Viability statement As part of the UK Corporate Governance Code, the Directors have assessed TMICC's long-term viability by reviewing the Group's prospects in the context of its strategy, operating model, and the principal risks that could affect future performance, solvency or liquidity. This assessment considers internal and external factors that are likely to influence TMICC's development - including establishing and operating as a standalone company, market dynamics, economic conditions, climate-related impacts and evolving consumer preferences - together with the Group's financial position, projected cash flows, liquidity resources and funding arrangements. The Directors have also considered TMICC's capital management objectives, financial risk management policies and exposures to credit, liquidity and other financial risks, as set out in Notes 15A, 15B and 16B to the Financial Statements. Viability assessment For the purpose of this assessment, TMICC's principal risks have been consolidated into four key risk categories representing the most material threats to its long-term viability. 1. Establishing and operating as a standalone Company Delays in building required systems and capabilities or external events such as force majeure could extend reliance on Transition Service Agreements (TSAs) and increase both TSA and establishment costs. Reasonable worst-case scenarios include an increase in TSA and establishment costs. Principal risks linked: Establishment as a standalone Company; Business Operations; Evolving and Changing Laws and Regulations. 2. Economic, consumer, and customer dynamics Higher costs and weakened demand resulting from economic volatility, shifting consumer preferences and evolving customer dynamics may lead to loss of consumers and erosion of market share, revenue and profitability. Macroeconomic pressures such as inflation, currency volatility, rising commodity costs and geopolitical disruption could reduce competitive pricing power, limit availability and constrain growth delivery. Principal risks linked: Evolving Consumer Preference; Customer and Channel Adaptation; Economic and Political Dynamics. 3. System resilience and cyber security Cyber-related business disruption could interrupt operations, compromise sensitive information, and lead to financial, legal and reputational harm. As a newly established company, TMICC may attract heightened attention from cyber criminals, increasing the risk of data breaches, unauthorised access, and regulatory violations, potentially resulting in loss of customer and consumer confidence, reduced turnover and additional mitigation costs. Principal risks linked: System Resilience and Cyber Security; Business Operations. 4. Climate and nature impacts Adverse climate conditions and unsustainable agricultural practices can reduce crop and dairy yields, raise commodity prices and increase production costs, thereby intensifying margin pressure. Extreme weather conditions can also limit our ability to meet consumer demand and result in lost turnover opportunities. Principal risks linked: Climate and Nature; Business Operations. Approach to assessing viability The Directors have considered TMICC's overall funding capacity and financial headroom to withstand severe but plausible downside events. The assessment incorporated a robust review of the principal risks that could threaten TMICC's business model, future performance, solvency or liquidity. External macroeconomic and climate-related trends, as well as evolving consumer and regulatory landscapes, were also taken into account. Principal risk are summarised in the Principal risks section on pages 36 to 39. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg041.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 41 Directors' viability conclusion statement Based on the assessment outlined above, the Directors have a reasonable expectation that TMICC will continue to operate and meet its liabilities as they fall due over the three year assessment period. This conclusion reflects the Group's financial resources, liquidity headroom, resilience under severe but plausible downside scenarios and the mitigating actions in place for its principal risks. Supporting rationale 1. Assessment period A three-year assessment period is considered appropriate as it aligns with TMICC's strategic planning horizon and provides a sufficiently reliable outlook, even under severe downside conditions. This reflects TMICC's financial resilience, strong relationships across its supply chain and customer base, cash generation profile, access to external funding and flexibility in discretionary spend (for example, marketing and capital investment). 2. Funding resilience The Directors have reviewed TMICC's funding profile and projected liquidity over the period, taking into account the liquidity risk highlighted in Note 15A. The downside scenarios modelled did not indicate material liquidity concerns, supported by an appropriate mix of short and long-term financing and access to committed facilities. 3. Severe downside and multi-risk scenarios The assessment incorporated severe but plausible scenarios for each principal risk, along with combined multi-risk scenarios. While it is unlikely that all risks materialise simultaneously, none of the individual or aggregated scenarios were severe enough to cause TMICC to cease to be viable within the assessment period. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg042.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 42 Corporate Governance Introduction The corporate governance statement for The Magnum Ice Cream Company N.V. (TMICC) is presented below. The following pages outline the Corporate Governance Structure, introduce the members of our Board and highlight the Executive Leadership Team (ELT). Details on the Board's operations and key activities throughout the year are provided. Relationships with stakeholders are also discussed, with cross-references to other sections of the Management Report. TMICC was incorporated in the Netherlands on 15 April 2025 as The Magnum Ice Cream Company B.V. in anticipation of the Demerger from Unilever PLC; it is the parent company of the TMICC Group. Since 8 December 2025, TMICC's shares are traded through its listing on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. TMICC will publish financial information on a half-yearly basis and these reports can be found on our website. TMICC's full list of subsidiaries are set out in Note 23. The Board of TMICC has implemented standards of corporate governance and disclosure policies applicable to a Dutch incorporated company, with listings in Amsterdam, London and New York. Application of the provisions of the Dutch Corporate Governance Code and the 2024 UK Corporate Governance Code (the Codes) In relation to the year ended 31 December 2025, TMICC was subject to the Codes (available from www.frc.org.uk and www.mccg.nl). The Board is pleased to confirm that TMICC applied the principles and complied with all the provisions of the Codes other than in respect of best practice provision 1.4.3 (as set out on page 82) and 4.3.3 of the Dutch Corporate Governance Code, since its listing on 8 December 2025. In line with this best practice provision, the Articles of Association provide that, if proposed by the Board, a general meeting can dismiss a Director with a majority of the votes cast representing at least one-third of the Company's issued capital. However, deviating from this best practice provision, in all other cases, a dismissal requires a majority of at least two-thirds of the votes cast, which represents more than half of the Company's issued capital. In addition, if a majority voted in favour but such majority does not represent the required portion of capital, then a second general meeting can be convened and the same portion of capital remains required for the vote at such meeting. The Company believes that these deviations are appropriate to safeguard the continuity of the Company and the Group in general. New York Stock Exchange (NYSE) TMICC is listed on the NYSE. As such, TMICC must comply with the requirements of US legislation, regulations enacted under US securities laws, and the Listing Standards of the NYSE that are applicable to foreign private issuers. The only significant way in which our corporate governance practices differ from those required of US domestic companies under Section 303A Corporate Governance Standards of the NYSE is that the NYSE rules require that shareholders must be given the opportunity to vote on all equity compensation plans and material revisions thereto, with certain limited exemptions. The UK Listing Rules require shareholder approval of equity compensation plans only if new or treasury shares are issued for the purpose of satisfying obligations under the plan or if the plan is a long-term incentive plan in which a Director may participate. Amendments to plans approved by shareholders generally only require approval if they are to the advantage of the plan participants. TMICC is required to submit annual and interim written affirmations of compliance with applicable NYSE corporate governance standards. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg043.jpg) | &nbsp;&nbsp;Board Executive Leadership Team (ELT) Disclosure Committee Audit and Risk Committee Remuneration Committee Nomination and Governance Committee The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 43 Corporate governance structure TMICC has a one-tier board structure, comprising Executive Directors and Non-Executive Directors. The Executive Directors are charged with the day-to-day management of TMICC and the business connected with it, which includes, among other things, formulating its strategies and policies, and setting and achieving its objectives. The Non-Executive Directors (NEDs) supervise and advise the Executive Directors. The Board collectively has ultimate responsibility for developing strategy, material acquisitions and divestments, material capital expenditure, the Company's capital structure and other financing matters, oversight of policies, procedures and internal controls, and setting and monitoring the Group's culture and promoting ethical behaviour. The Board discharges some of its responsibilities directly and others through its Committees - the Nomination and Governance Committee, the Audit and Risk Committee and the Remuneration Committee. The Company has also established a Disclosure Committee. The reports of each of the Board Committees can be found on pages 55 to 79. The Audit and Risk Committee Report includes a description of the risk management and internal control arrangements for the Group. The ELT supports the Executive Directors in their work and members of the ELT attend Board meetings by invitation. The formal powers of the Board are set out in the Articles of Association of TMICC and the Board Terms of Reference; both documents can be found on our website. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg044.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 44 Skills and experience matrix\* Jean- François van Boxmeer Peter ter Kulve Abhijit Bhattacharya Stacey Cartwright Melissa Bethell Stefan Bomhard René Hooft Graafland Anja Mutsaers Reginaldo Ecclissato Business growth and leadership of large global corporations Strategy, corporate transactions and transformation International experience (including emerging markets) Financial expertise FMCG and consumer insights Technology, digital and innovation Marketing and sales channels Risk management and operational excellence (including sustainability and community) Society, politics and geopolitics Science and innovation People, culture and reward Corporate governance \* As at 31 December 2025 Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg045.jpg) | &nbsp;&nbsp;Nederland Nederland Nederland The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 45 Board of Directors \* Independent NED ARC = Audit and Risk Committee NomGov = Nomination and Governance Committee RemCo = Remuneration Committee Committees NomGov (Chair) Appointed: 23 September 2025 Born in: 1961 Current Appointments • Chair, Vodafone Group Plc • NED Heineken Holding N.V. until 23 April 2026 • Member, Henkel AG & Co. KGaA Shareholders' Committee until 27 April 2026 • Chair, European Roundtable for Industry Prior Experience • NED Mondelēz International (2020- 2024) • 36 years at Heineken N.V., including 15 years as CEO Committees None Appointed: 23 September 2025 Born in: 1964 Prior Experience • Business Group President, Ice Cream, Unilever (2024) • Chair, Unilever EAC Myanmar Company Limited (2021) • Business Group President, Home Care & Member of Unilever Leadership Executive (2019) • President, South East Asia & Australasia & Chief Digital Transformation & Growth Officer (2018) • Founded Unilever Wellness Business (Olly, LiquidIV, Nutrafol) (2018) • Various Senior management roles in Foods and Ice Cream in Unilever (1998-2018) Committees None Appointed: 23 September 2025 Born in: 1961 Current appointments: • Supervisory Board Member at Corbion N.V. • Supervisory Board Member at Aliaxis SA Prior Experience • Koninklijke Philips N.V. (1987-2023): Held multiple senior leadership roles including CFO, Member of the Board of Management • CFO Philips Lighting, CFO Philips Healthcare, and Head of Investor Relations • ST-Ericsson & ST-NXP Wireless: COO and CFO roles in Geneva, Switzerland (2008-2009) • Extensive experience in strategic transformation, corporate carve-out/spin-offs across Europe, Asia, and the US Jean-François van Boxmeer Board Chair\* Peter ter Kulve Chief Executive Officer Abhijit Bhattacharya Chief Financial Officer Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg046.jpg) | &nbsp;&nbsp;Nederland NederlandNederland Nederland The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 46 Board of Directors \* Independent NED ARC = Audit and Risk Committee NomGov = Nomination and Governance Committee RemCo = Remuneration Committee Committees ARC (Chair), NomGov Appointed: 26 September 2025 Born in: 1955 Current Appointments • Member Chinko Conservation Area Board • Chair of the Board of Stichting Grachtenfestival Prior Experience • Chair Lucas Bols N.V. • Member of the Dutch Monitoring Committee Corporate Governance Code (2019-2022) • Supervisory Boards of Koninklijke Ahold Delhaize N.V., FrieslandCampina N.V. and Wolters Kluwer N.V. • CFO & Executive Board Member Heineken N.V. (13 years) Committees RemCo (Chair), ARC Appointed: 26 September 2025 Born in: 1974 Current Appointments • NED Diageo plc • NED Exor NV • NED Tesco PLC • Senior Advisor, Atairos Prior Experience • Managing Director & Head Technology, Telecom and Media at Bain Capital (18+ years) • Goldman Sachs & Co. Capital Markets • NED Samsonite, Worldpay and Atento Committees RemCo, ARC Appointed: 26 September 2025 Born in: 1967 Current Appointments • Senior Adviser Imperial Brands PLC (Former CEO) • NED Flutter Entertainment PLC Prior Experience • NED Compass Group PLC (2016-2026) • CEO Imperial Brands plc (2020-2025) • CEO Inchcape PLC (2015-2020) • President Bacardi-Martini Europe • President Coffee Europe at Mondelēz International, Inc. • Chief Commercial Officer of Cadbury plc • Chief Operating Officer of Unilever Food Solutions Europe Stacey Cartwright Senior Independent Director/Vice Chair\* René Hooft Graafland Non-Executive Director\* Melissa Bethell Non-Executive Director\* Stefan Bomhard Non-Executive Director\* Committees ARC, NomGov Appointed: 26 September 2025 Born in: 1963 Current Appointments: • Chair, Savills plc • NED AerCap Holdings N.V. • NED Gymshark and Chair of Audit and Risk Committee Prior Experience • CEO & Deputy Chair Harvey Nichols Ltd (2014 -2019) • NED of GlaxoSmithKline plc (2011-2016) • NED of Genpact (2019-2024) • Chair of Majid Al Futtaim Lifestyle LLC (2021-2025) • NED Majid Al Futtaim Entertainment (2021-2025) • SID of the English Football Association (2018-2020) • Various finance leadership roles at Granada Group PLC, Egg PLC and Burberry Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg047.jpg) | &nbsp;&nbsp;Nederland Nederland NederlandNederland The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 47 Board of Directors Committees NomGov Appointed: 26 September 2025 Born in: 1968 Current Appointments • President One Unilever Markets • Member of Unilever Leadership Executive since 2022 • Director of Unilever FIMA and Gallo Worldwide Prior Experience • EVP Unilever Mexico & North Latin America • Chief Business Operations & Supply Chain Officer, Unilever Committees RemCo, NomGov Appointed: 26 September 2025 Born in: 1970 Current Appointments • Supervisory Board Member at Gasunie, Huisman Equipment and the Royal Concert Hall • Deputy member of the Management Board of the EU Agency for Fundamental Rights in Vienna • Lecturer in corporate law and leadership at various Dutch universities Prior Experience • Partner De Brauw Blackstone Westbroek, Corporate/M&A practice • Management Board Member and Chair of the Energy Industry Group of De Brauw Blackstone Westbroek Committees RemCo Appointed: 16 March 2026 Born in: 1978 Current Appointments • Partner Trian Fund Management L.P. • Director Janus Henderson Group plc Prior Experience • Director of Sysco Corporation (2015-2021) • Mergers & Acquisitions and Healthcare Investment Banking groups at Credit Suisse • Triarc Companies, Inc. (2003-2007) Reginaldo Ecclissato Non-Executive Director Anja Mutsaers Non-Executive Director\* Josh Frank Non-Executive Director\* \* Independent NED ARC = Audit and Risk Committee NomGov = Nomination and Governance Committee RemCo = Remuneration Committee Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg048.jpg) | &nbsp;&nbsp;Peter ter Kulve Chief Executive Officer 35+ years at Unilever 10 years experience in Unilever's global Ice Cream business, significant experience in strategic transformation. Abhijit Bhattacharya Chief Financial Officer 35+ years of experience, 10 years as CFO and a member of the board of Royal Phillips N.V. Significant experience in strategic transformation including major corporate carve-outs/spin-offs. Ronald Schellekens Chief Human Resources Officer 30+ years of HR leadership experience. Prior roles include CHRO at PepsiCo and Vodafone. Mustafa Seckin President - Europe & ANZ 35+ years of leadership experience at Unilever across marketing, innovation and management 15 years of experience in ice cream. Wai-Fung Loh President - Asia 25+ years of experience at Unilever in customer development and sales. 6 years of experience in ice cream. Toloy Tanridagli President - METSA 20+ years of leadership experience in strategy roles in competitive markets, 9 years of experience in ice cream. 10 years of prior experience at Mondelēz, Gerardo Rozanski President - Americas 30+ years of leadership experience at Unilever in competitive markets. 10 years of experience in ice cream. The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 48 Executive Leadership Team The success of the business and TMICC Group's ability to execute its business strategy will depend on the efforts of the Executive Directors, who are supported by TMICC's Executive Leadership Team (ELT). Members of the ELT have a track record of success and a shared collective passion for the magic and joy of ice cream, the ELT is driving growth, innovation and shareholder value. Each member of the ELT brings an entrepreneurial spirit, honed through key moments in their careers during which they applied innovative, founder-like thinking to drive transformation and deliver results. A summary of their experience is set out here. Further details can be found on our website. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg049.jpg) | &nbsp;&nbsp;Vanessa Vilar Chief Legal Officer 20+ years of legal experience in Unilever and private practice. Ice Cream Group General Counsel before the Demerger, leading the legal establishment of TMICC. Victoria McKenzie-Gould Chief Corporate Affairs & Sustainability Officer\* 20+ years of experience in communications, public affairs, ESG, and inclusion & diversity. Prior roles at Marks & Spencer PLC, Britvic and Tesco. Mark O'Brien Chief Technology Officer 25+ years of experience in strategic & technology transformation. Prior roles include SVP IT & Transformation at PepsiCo and VP Global Technology at Reckitt. Julien Barraux Chief Creative Officer 30+ years diverse experience in CPG, 8 years of experience in ice cream. Prior management roles at L'Oréal and Procter & Gamble. Sandeep Desai Chief Supply Chain Officer 20+ years of experience in supply chain management at Unilever 3 years of experience in ice cream. Tim Gunning Chief of Staff & Head of Strategy 10+ years of experience in Unilever in strategy, sales and marketing. \* Appointed 1 January 2026 The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 49 Executive Leadership Team Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg050.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 50 Board Report Composition, balance, and independence of the Board\* TMICC has established a one-tier Board. As at 31 December 2025, the Board comprised nine Directors: the Board Chair, two Executive Directors and six Non-Executive Directors (NEDs). In addition, a NED, Josh Frank, joined the Board on 16 March 2026. The composition of the Board is in line with the requirements of the Dutch and UK Corporate Governance Codes and ensures that no individual or small group of Directors can dominate the decision-making process. The biographies on pages 45 to 47 and the table on page 44 demonstrate a well-rounded Board with a broad range of sector experience, skills and knowledge. The Board will carry out an annual review of the performance of the Directors, in addition to a thorough review of the NEDs and their related or connected persons' relevant relationships, in line with the best practice guidelines in the Netherlands, UK and US. The criteria chosen by the Board to assess the independence of the NEDs, include: • No additional remuneration or other benefits from any Group Company. • No material business relationships within the last three years, including shareholder, consumer, adviser and supplier relationships, with any Group Company. • No cross-directorships or significant links with other Directors through involvement in other companies or bodies. • Not more than nine years of service on the Board in normal circumstances. • Not a former employee of any Group Company within the last five years. • No close family ties with any of TMICC's advisers, Directors or senior management. • No significant shareholdings in TMICC or any Group Company. All the NEDs are considered to have the appropriate skills, knowledge, experience and character to bring objective and constructive judgement and valuable insights to the Board's deliberations. The Board has concluded that the majority (88%) of the NEDs were independent during the period covered by this report, except for Reginaldo Ecclissato who represents Unilever PLC which has a 19.95% shareholding in TMICC. The Board Chair was considered to be independent on appointment and is committed to ensuring that the Board continues to comprise a majority of independent NEDs. NEDs are able to allocate sufficient time to carry out their responsibilities effectively. Term of appointment and election The Directors comprising the Board have each been appointed until the annual general meeting (AGM) which will be held in 2026. TMICC's Articles stipulates that all Directors will be subject to annual election or re-election. NEDs may not be reappointed for a term that would continue beyond the end of the AGM held nine years after the date of their first appointment has elapsed. Role of the Board Chair The Board Chair leads the Board and is responsible for its overall effectiveness in directing the TMICC Group. The Board Chair sets the Board's agenda, ensures the Directors receive accurate, timely and clear information, promotes and facilitates constructive relationships and effective contribution of all the Executive Directors and NEDs; and promotes a culture of openness and debate. The NEDs provide constructive challenges, strategic guidance, specialist advice and hold management to account. The The Group Company Secretary, Nickesha Graham-Burrell, supports the Board to ensure that it has the policies, processes, information, time and resources it needs to function effectively and efficiently. Role of the Chief Executive Officer The Board has delegated all powers, authorities and discretions relating to the operational running of the Group to the CEO (along with the Chief Financial Officer), including the power to sub-delegate any of those powers, authorities and discretions. Further details are set out in the Board Terms of Reference, which is available on our website. \* Russell Reynolds Associates (RRA), an external search firm, assisted with the recruitment of the Board Chair and NEDs. As far as the Company is aware, apart from providing executive search services, RRA has no other connection with the Company or individual Directors. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg051.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 51 Board and Committee meetings As TMICC is newly listed, six meetings were held, predominantly dedicated to both the Demerger and TMICC's listings. The meetings were held virtually or in Amsterdam. When there is a Board meeting, the NEDs sometimes also meet without the Executive Directors present. The Board Chair - or in his absence, the Senior Independent Director (SID)/Vice-Chair - chairs such meetings. An attendance chart is not included for the Board and its Committees as TMICC's listings only became effective on 8 December 2025. Prior to listing, all Directors attended meetings relating to the transactions; those who were not able to attend (due to short notice and the time-critical nature of such meetings) provided comments to the Board Chair in advance of relevant meetings. All Directors are expected to attend each Board meeting and each Committee meeting of which they are members, unless there are exceptional reasons preventing them from participating. Only members of the Committees are entitled to attend Committee meetings, but others may attend at the Committee Chair's discretion. Executive Directors attend Committee meetings by invitation only. If Directors are unable to attend a Board or Committee meeting, they have the opportunity beforehand to discuss any agenda items with the Board Chair or the relevant Committee Chair. Relationship with TMICC Executive Leadership Team The Board delegates day-to-day management of TMICC to the CEO and the Chief Financial Officer (CFO). The CEO leads the Executive Leadership Team (ELT) and members of the ELT assist the CEO and CFO in executing the strategy approved by the Board. The roles of the members of the ELT are set out on pages 48 and 49. The ELT meets regularly to discuss all aspects of the business, including strategy, the allocation of resources, investment, merger and acquisition opportunities, culture, financial performance and non-financial performance. Members of the ELT may also be asked to attend Board meetings to update the Board on performance and other matters. There will be an annual Board meeting to discuss strategy with regular periodic updates provided at Board meetings. The Board has also delegated certain finance matters to both the CEO and the CFO in order to facilitate the efficient conduct of such matters. Non-Executive Director's role The NEDs exercise objective judgement in respect of Board decisions, providing scrutiny and challenge to hold management to account. NEDs offer strategic guidance and specialist advice based on the breadth of experience and knowledge they bring to the Board. NEDs are required to have sufficient time available to discharge their responsibilities effectively and to continuously develop their knowledge of the business. The role of the NEDs incorporates the review of information in advance of Board meetings to ensure that thorough preparation for, and debate at, Board meetings is possible. NEDs have full access to senior management and take opportunities to meet them. Site visits also give NEDs the opportunity to meet members of the workforce from different levels of the organisation. Induction The NEDs induction process is ongoing, which includes briefings from advisers relating to multi-jurisdiction listings, meetings with the ELT, senior members of management, and the internal and external auditors. The topics covered include understanding key risk areas in the business and providing an understanding of the culture of the organisation. There is also an opportunity to visit TMICC's operations in person. Board sustainability process and skills Leadership starts at Board level, with sustainability being a key strategic focus. All Directors are actively engaged in sustainability matters; each Director's experience and skills are set out in the skills and experience matrix, which was compiled based on responses from each Director. Conflicts of interest Directors have a statutory duty to avoid actual or potential conflicts of interest. The Board ensures that effective procedures are in place to avoid conflicts of interest by Directors. Pursuant to the Board Terms of Reference, a Director must without delay, report any conflict of interest or potential conflict of interest to the Board Chair, the other Directors and the Group Company Secretary, or, in the case of any conflict of interest or potential conflict of interest of the Board Chair, to the SID/Vice-Chair, the other Directors and the Group Company Secretary. The Director in question must provide all relevant information to the Board, so that the Board can decide whether a reported (potential) conflict of interest of a Director qualifies as a conflict of interest within the meaning of the relevant laws. Dutch law provides that a Director may not take part in the decision-making process of the Board Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg052.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 52 in respect of any situation in which he or she has a conflict of interest. The Board considers that the procedures put in place to deal with conflicts of interest are operating effectively and there are no material transactions to report. The interests of all Directors were reviewed during the recruitment process and authorised (if appropriate) at the time of their appointment. Directors have a continuing duty to update the Board on any changes to their external appointments, which are also reviewed by the Board on a regular basis. External Directorships TMICC recognises that the Executive Directors acting as Directors of other companies are beneficial from a personal development perspective and, therefore, also beneficial to the Group. The number of external directorships of listed companies is generally limited to one per Executive Director to reduce the risk of excessive commitment, and prior approval is required from the Board Chair. Indemnification of Directors Unless Dutch law provides otherwise, the Directors and Officers (D&O) of the Company shall be reimbursed for various costs and expenses such as the reasonable costs of defending against claims, which are set out in the Articles of Association. There shall be no entitlement to reimbursement under certain circumstances such as failure to act characterised as wilful default, intentionally reckless or seriously culpable conduct. The Company has taken out D&O liability insurance for the benefit of the persons concerned. Board performance review The Board will formally assess its own performance and that of its Committees each year, including with respect to its composition, expertise and how effectively its members work together to achieve objectives. An externally-facilitated evaluation will be conducted at least every three years. Workforce engagement The Board believes that taking into account feedback from the workforce widens the range of its views when making business decisions. In 2025, some Directors were able to make site visits in the Netherlands, the UK and Türkiye and aim to make further annual visits to different locations. Perspectives from the workforce have been taken into consideration in decision-making. Employee survey results from 2025 were positive despite there being understandable uncertainty in some office-based teams around the separation of the Ice Cream business from Unilever. Leaders around the business take these findings into account and discuss them with their teams. The Board will evaluate the effectiveness of workforce engagement on an annual basis and feedback will also be sought from employees who take part in the workforce engagement sessions, thereby creating a feedback loop between the Board and employees. Shareholder engagement The Board values open and meaningful discussions with our shareholders on all relevant matters. The CFO has lead responsibility for shareholder engagement, with the active involvement of the CEO and supported by the Investor Relations team. Prior to the Demerger, the CEO and CFO met with a majority of our top 50 shareholders in September 2025 following our Capital Markets Day. The Board receives briefings on investor reactions to TMICC's announcements. Private shareholders are encouraged to give feedback via shareholders@magnumicecream.com. Our shareholders are also welcome to raise any issues directly with the Board Chair or the SID/Vice Chair. The Board Chair, the Executive Directors and other Directors are also available to answer questions from shareholders at the AGM each year. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg053.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 53 General meetings One or more persons with meeting rights, alone or jointly representing at least 3% of the Company's issued capital as required by Dutch law, may request the Board in writing to convene a general meeting. The request must clearly state the items to be discussed. If the Board fails to take the measures necessary to allow the general meeting to be held within the statutory term after the request, the requesting persons with meeting rights may, subject to applicable law, seek authorisation by a court in preliminary relief proceedings to convene a general meeting. A general meeting may resolve to amend the Articles of Association at the proposal of the Board. Pursuant to clause 27.2 of the Articles of Association, the Board may resolve that profits accrued in a financial year shall be fully or partially added to the reserves and may also resolve how losses are allocated. The allocation of any profits remaining after application of clause 27.2 shall be determined by a general meeting. The Company is required to provide a Notice of the AGM to shareholders no less than 42 calendar days before the meeting. At the AGM, the Board Chair and the CEO will give their thoughts on governance aspects of the preceding year and the Group's strategy together with a review of the performance of the Group over the last year. Shareholders may attend and ask questions either in advance, via our website, or at the meeting. The external auditors will attend the AGM and may address the AGM on any matter that concerns them as auditors. Board activities During the year, the Board's focus was primarily on the Demerger from Unilever and establishing a listing on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. The Board also received updates from the regions including the strategic priorities for 2026. The chairs of each of the Board Committees provide updates on their activities to the Board. Engagement with stakeholders The information set out below explains how the Board considers and engages with stakeholders. The table sets out the details of the stakeholder groups we have identified as critical to our future success: shareholders, consumers and customers, employees, creditors and suppliers. Throughout the Management Report, we have provided examples of how we engage with, and create value for, our stakeholders. TMICC Stakeholders How TMICC engages with stakeholders How the Board interacts on stakeholder issues Shareholders • Quarterly updates, presentations and webcasts. • Conference calls and investor roadshows. • Meetings and calls to discuss business performance, strategy, and sustainability. • Senior leaders and Board members engage directly with shareholders on a range of topics, including remuneration policy and capital allocation. • Regular updates on dividend policy and growth plans. The key engagements were our Capital Markets Day in September 2025, followed by multiple engagement with prospective investors ahead of the Demerger. Our first results announcement was released on 12 February 2026. • AGM - our first AGM will take place on 7 May 2026. • Meetings with shareholders on performance and key issues. • The Board approves all financial results announcements and dividends. • TMICC Investor Relations provides analysts' reports and investor feedback to the Board. • The Board considers shareholder feedback in strategic decisions. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg054.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 54 TMICC Stakeholders How TMICC engages with stakeholders How the Board interacts on stakeholder issues Consumers and Customers (including retailers and distributors) • Responsible Partner Policy. • Consumer feedback surveys and regular engagement in collaboration with Unilever through the TSA period. • Collaboration with consumers on innovation, product launches, and category growth. • Digital engagement through social media and online platforms. • Joint business planning with customers. • Use of consumer and customer insights to inform product development and service improvements. The Board will receive regular updates on consumer satisfaction, market trends, and brand performance. • Direct engagement with major customers during market visits by Board members. • Consumer-related risks and opportunities are discussed as part of the Board's strategic reviews. Employees • Annual employee engagement surveys and regular town halls. • Internal communications via newsletters, intranet, and leadership updates. • Training, development, and wellbeing programmes. • Engagement with works councils and employee representatives (where applicable) particularly, around the impact from the Demerger. • The Board reviews employee engagement survey results and monitors progress on key people metrics. • Regular updates on talent development, succession planning, and workforce wellbeing. • The Board approves remuneration and incentive policies and oversees culture and values. • Employee feedback is considered in shaping TMICC's strategy and workplace environment. Creditors • Transparent financial reporting and regular updates to lenders. • Timely communication on financial performance, liquidity, and debt covenants. • Engagement with credit rating agencies. • Responsible management of financial obligations and capital structure. • The Board reviews and approves major financing arrangements. • Regular monitoring of liquidity, leverage, and credit ratings. • The Board ensures compliance with financial covenants and considers creditor interests in risk management and strategic planning. Suppliers • Supplier Code of Conduct and Responsible Partner Policy. • Regular supplier audits and performance reviews. • Collaboration on innovation, quality, and sustainability initiatives. • Open communication channels and fair payment practices. • Joint business planning with strategic suppliers. • Supplier-related issues and opportunities are discussed as part of the Board's risk agenda including materiality thresholds. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg055.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 55 Nomination and Governance Committee report Committee membership and attendance The Board Chair, Jean-François van Boxmeer, chairs the Nomination and Governance Committee. Stacey Cartwright, Reginaldo Ecclissato, René Hooft Graafland and Anja Mutsaers are members of the Committee. The Group Company Secretary is secretary to the Committee. Other attendees, including the CEO, Chief Human Resources Officer and Chief Legal Officer, attend meetings when invited to do so. Role of the Committee The Committee is responsible for evaluating the balance of skills, knowledge, experience, as well as the size, structure and composition of the Board and Board Committees. It is also responsible for periodically reviewing the Board's structure and identifying potential candidates to be appointed as Directors or Committee members as the need may arise. The Committee also oversees succession arrangements for the Board and the Executive Leadership Team including the arrangements in place to ensure continued development of the talent pipeline. The Committee's Terms of Reference can be found on our website. Activities of the Committee The focus of the Board was on the establishment of a newly listed Company. In addition, the Committee met in December to consider talent and succession and reviewed the Code of Business Integrity. Appointment of Directors of the Board All Directors are nominated by the Board for re-election at the AGM in 2026 on the recommendation of the Committee. In future years, the Committee will take into consideration the outcomes of the Board Chair's discussions with each Director on individual performance and the evaluation of the Board and its Committees. Overboarding As part of the appointment process for each Director, full consideration was given to the number of external positions held to ensure that the time commitment required did not compromise the Director's commitment to TMICC. The Board Chair will step down from two of his roles (as set out in his biography) to ensure that he is not overboarded. The Board Chair did not identify any other instances of overboarding and concluded that all individual Directors had sufficient time to commit to their appointment as a Director of TMICC. The full list of external appointments held by our Directors can be found in their biographies on pages 45 to 47. The objective of the standards TMICC's Profile for Directors and Board Composition Standards is available on our website. The objective of the standards is to provide guidance that the composition and quality of the Board should be in keeping with the size and geographical spread of TMICC, its portfolio, culture and status as a listed Company. The Profile for Directors and Board Composition Standards will be taken into account when making appointments to the Board and its Committees and developing a succession plan. This includes assessing candidates on merit, considering their wide-ranging experience, skills, knowledge and insight, with a continuing emphasis on factors outlined in applicable regulations, guidance, and industry and government best practices. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg056.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 56 Succession planning Board The Committee will review the adequacy and effectiveness of succession planning processes in conjunction with the Board. The succession plan will be based on merit and objective criteria. Executive Leadership Team The Committee has reviewed the succession plan for the ELT. In line with the Board succession plan approach, the succession plan for the ELT is also based on merit and objective criteria. Developing an internal talent pipeline for leadership roles is critical for TMICC. The focus of the Board was on identifying potential successors who are considered able to fulfil the roles in the short term and those in the longer term. The Committee also oversees succession arrangements of the ELT including the arrangements in place to ensure continued development of the talent pipeline. Development initiatives for senior executives will be put in place. Senior managers and executives are encouraged to take on a non-executive Directorship role as part of their personal development. In compliance with the UK Listing Rules, we collect both gender and ethnic data directly from Board and ELT members annually on a self-identifying basis. This data is used for statistical reporting purposes only and provided with consent. Gender representation on the Board and ELT as at 31 December 2025 Number of Board members % of the Board Board (CEO, CFO, SID and Chair) Number of ELT members % of the ELT Men 6 67% 3 10 77% Women 3 33% 1 3 23% Other - - - - - Not specified/prefer not to say - - - - - Ethnicity representation on the Board and ELT as at 31 December 2025 Number of Board members % of the Board Board (CEO, CFO, SID and Chair) Number of ELT members % of the ELT White British or other White (incl. minority-white groups) 6 67 2 5 38 Mixed/Multiple Ethnic Groups 1 11 1 1 8 Asian/Asian British 2 22 1 3 23 Black/African/Caribbean/ Black British - - - 1 8 Other ethnic group, incl. Arab - - - 1 8 Not specified/prefer not to say - - - 2 15 The details for the Group Company Secretary are included in the tables above, as required, but they are not a member of the ELT. TMICC complies with the laws of each jurisdiction in which we operate and shall not implement any policy in any jurisdiction to the extent the policy itself or actions taken under it would, in the good-faith judgment of TMICC, violate the laws of such jurisdictions. The data in the tables has been provided in accordance with the UK Listing Rules. Committee performance review The Committee will conduct an annual evaluation of its performance. Jean-François van Boxmeer Chair of the Nomination and Governance Committee Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg057.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 57 Audit and Risk Committee report Committee membership and attendance The Committee comprises four independent NEDs and is chaired by René Hooft Graafland. The other Committee members are Melissa Bethell, Stefan Bomhard and Stacey Cartwright. The Committee met in November to consider Funding and Tax Strategy, Preparation of 2025 Annual Report and 2025 Annual Report on Form 20-F, Enterprise Risk Management Policy and Key Business Risks, Delegations of Authority, Double Materiality Assessment, Internal and External Audit matters. The Board is satisfied that the members of the Committee are competent in financial matters and have recent and relevant experience. For the purposes of the US Sarbanes-Oxley Act of 2002, Stacey Cartwright is the Committee's financial expert. Other attendees at Committee meetings include the CFO , Chief Auditor, Group Controller, Chief Legal Officer, Group Company Secretary and the external auditors. The Committee members also met without others present and held a separate private session with the external auditors. Code of Business Integrity Executive Directors, NEDs or any TMICC employee are guided to comply with the set of policies of the Code of Business Integrity. This includes, in accordance with the US Sarbanes-Oxley Act of 2002 and the SEC requirements, the relevant provisions in relation to a code of ethics for Senior Financial Officers. No waivers have been requested or granted for this. The Code of Business Integrity is available on our website. Role of the Committee The role and responsibilities of the Committee are set out in written Terms of Reference, which have been approved by the Board and will be reviewed by the Committee periodically, considering relevant legislation and recommended good practices. The Terms of Reference are available on our website. The Committee's responsibilities include, but are not limited to, the following matters: • informing the Board of the outcome of the audit, whereby it is explained in which manner the audit contributed to the integrity of the financial and non-financial reporting and the role of the Committee in that process; • monitoring the financial and non-financial reporting process and making proposals to ensure the integrity of that process; • monitoring the effectiveness of the compliance management system, the internal control system, the Internal Audit system and the risk management system in relation to the financial reporting of the Company; • monitoring the audit of the annual accounts; • assessing and monitoring the independence of the external auditor, with particular attention to the provision of ancillary services to the Company; and • establishing the procedure for selecting the statutory auditor or audit firm and the nomination for the engagement to perform the statutory audit. Reporting and Financial Statements The Committee reviewed, prior to publication, the full-year results and the external auditor's report. It also reviewed the 2025 Annual Report and 2025 Annual Report on Form 20-F. These reviews incorporated the accounting policies, significant judgements and estimates underpinning the Financial Statements as disclosed within the Notes to the Consolidated financial statements on pages 87 to 142. Particular attention was paid to the following significant matters in relation to the Financial Statements: • Basis of Presentation for 2025 Financial Statements, including the predecessor accounting approach and key accounting policies. • Impact of reorganisation and Demerger steps on Financial Statements. • Significant estimates and judgements with respect to provisions, contingent liabilities, recognition of deferred tax assets, measurement of defined benefit pension obligations and measurement of discounts to customers. • Non-IFRS measures. • Goodwill impairment testing outcome. • Internal controls over financial reporting. • Regulatory updates. In addition to the matters noted above, our external auditors, as required by auditing standards, also consider the risk of management override of controls. Nothing has come to our attention to suggest any material misstatement with respect to suspected or actual fraud relating to management override of controls. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg058.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 58 All audit fees, audit-related fees and permitted services that the external auditor provides are subject to pre-approval by the Committee. The Committee pre-approved all audit and non-audit services, the external audit plan and audit fees for 2025. At the request of the Board, the Committee undertook to: • review the appropriateness of adopting the going concern basis of accounting in preparing the 2025 Annual Report and Financial Statements; • assess whether the business was viable in accordance with the requirements of the UK Corporate Governance Code. The assessment included a review of the principal and emerging risks facing TMICC, their potential impact, and how they were being managed, together with a discussion as to the appropriate period for the assessment. The Committee recommended to the Board that there is a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three-year period (consistent with the period of the strategic plan for TMICC) of the assessment; and • consider whether the 2025 Annual Report and Financial Statements was fair, balanced, and understandable, and whether they provided the necessary information for shareholders to assess the Group's year-end position and performance, business model and strategy. To make this assessment, the Committee received copies of the Annual Report and Financial Statements to review during the drafting process to ensure that the key messages were aligned with the Company's position, performance, and strategy. The Committee also reviewed the processes and controls that are the basis for their preparation. The Committee was satisfied that, taken as a whole, the 2025 Annual Report and Financial Statements are fair, balanced, and understandable. Sustainability The Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) require certain companies operating in the European Union to report on their sustainability performance. The CSRD sets out the requirements, while the ESRS provides detailed standards for reporting on a range of environmental, social, and governance matters. For the financial year ended 31 December 2025, TMICC is required to comply with the ESRS due to our listing on Euronext Amsterdam. The Committee reviewed the double materiality assessment (DMA), including the process and output, and was satisfied that it reflected TMICC's material impacts, risks and opportunities relating to sustainability matters. The Committee also reviewed the non-financial disclosures, which encompass disclosures under the ESRS, in this Annual Report. In future years, there will be further mandatory non-financial reporting standards applicable to the Group, including further development of ESRS sector-specific standards and the expected implementation of international sustainability standards by the International Sustainability Standards Board (ISSB) into legal reporting requirements by countries in which TMICC operates (including the UK). Currently, the ISSB has issued two sustainability reporting standards. In order to comply with its obligations under the CSRD, TMICC has prepared a Sustainability Statement, which is available on TMICC"s website. The contents of the Sustainability Statement and our website are not incorporated by reference into this Annual Report on Form 20-F and any reference to the Sustainability Statement is intended to be an inactive textual reference only. Risk management and internal controls The Committee reviewed TMICC's overall approach to risk management, risk appetite and control, and its processes, outcomes and disclosure. The assessment was undertaken through a review of: • a report detailing the risk identification and assessment process, together with any emerging risks identified by management; and • the proposed risk areas identified by the management team. The Committee reviewed the application of the requirements under Section 302 and Section 906 of the US Sarbanes-Oxley Act of 2002 with respect to internal controls over financial reporting and the requirements of the Dutch and UK Corporate Governance Codes. In fulfilling its oversight responsibilities in relation to risk management and internal controls, the Committee meets regularly with senior members of management and is satisfied with the key judgements made. Internal Audit The Committee reviewed the Internal Audit plan, which is based on a comprehensive risk assessment process, including strategic areas, financial control processes, sustainability, IT & cyber security, product safety and supply chain. The Committee ensured that the necessary resources are in place to perform the audits effectively. The majority of the audits will be conducted as hybrid (a combination of virtual and onsite audits). Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg059.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 59 The Committee also reviewed the Internal Audit Charter which defines the purpose, mandate (including the Internal Audit function's independence, organisational position and reporting relationship) and scope of the Internal Audit function. The Committee will engage with an independent third party every five years to perform an effectiveness review of the function. Audit of the annual accounts KPMG Accountants N.V. (KPMG), TMICC's external auditors and an independent registered public accounting firm, reported in depth to the Committee on the scope and outcome of the annual audit. Their reports included audit and accounting matters, governance and control, and accounting developments. The Committee held separate meetings with the external auditors during the year. The Committee Chair discussed the views and conclusions of KPMG regarding management's treatment of significant transactions and areas of judgement during the year. The Committee considered these and is satisfied with the treatment in the Financial Statements. External auditors KPMG has been appointed as the Group's auditor for the financial years 2025 and 2026. Both TMICC and KPMG have safeguards in place to avoid the possibility that the external auditors' objectivity and independence could be compromised, such as audit partner rotation and the restriction on non-audit services that the external auditors can perform as described below. KPMG has issued a formal letter to the Committee outlining the general procedures to safeguard independence and objectivity, disclosing the relationship with the Company, and confirming their audit independence. Each year, the Committee will assess the effectiveness of the external audit process, which will include discussing feedback from the members of the Committee and stakeholders at all levels across TMICC. The Committee also reviewed the statutory audit, other audit and non-audit services provided by KPMG, and assessed compliance with TMICC's policy governing the use of external auditors. This policy prescribes in detail the types of engagements for which the external auditor may be appointed, with all other engagements prohibited. It is aligned with Dutch, UK and US regulations and is updated in line with these regulations. Permitted engagements include: • statutory audit services, including audit of subsidiaries; • other audit services that are not required by law or regulation; and • selected non-audit services where the external auditor is best placed to perform the work, which may include: • services required by law or regulation to be performed by the audit firm; and • services where knowledge obtained during the audit is relevant to the service, such as bond issue comfort letters. The Committee acknowledges that the provision of non-audit services by the external auditor may give rise to potential conflicts of interest. The Committee, in addition to its responsibility of overseeing the external auditor on behalf of the Board, is therefore responsible for monitoring the implementation of this policy. Further details relating to audit fees are provided in Note 24. Committee performance review The Committee's performance will be evaluated annually. René Hooft Graafland Chair of the Audit and Risk Committee Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg061.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 61 The Committee also reviewed individual performance for all Executive Leadership Team (ELT) members, including the CEO and CFO. Guided by the Company's strategic and business objectives, the Committee considered both business performance and individual contributions, ensuring alignment with TMICC's performance-driven culture and the expectations set at the start of the year. Under the bonus framework, individual and strategic contributions are recognised through the strategic priorities performance multiplier applied to the financial outcome, ranging between 0% and 150% in the case of Executive Directors. The strategic priorities performance multipliers were determined based on an assessment against personal objectives and strategic priorities, leadership impact, and each executive's contribution to the Company's transformation, operational delivery, and cultural progress. For both the CEO and CFO, the Committee determined that a strategic priorities performance multiplier of 125% appropriately reflected their performance and impact on the Company's progress during this pivotal year. The Committee particularly recognised the CEO and CFO's role in leading the successful separation and listing of TMICC, establishing a standalone organisation at pace and socialising the equity story with capital markets in the run-up to the Company's listing. The resulting total bonus factor assessed by the Committee was therefore the result of multiplying the business performance factor of 76% with the strategic priorities performance multiplier of 125%, resulting in a total bonus outcome of 95% of target for each Executive Director. The Committee also noted that, for the period up to the Demerger, the Executive Directors' bonus had a component (weighted 25%) tied to the performance of Unilever. Based on Unilever's assessment of performance against the established financial targets, this part of the bonus had a business performance factor of 94% of target. For the Executive Directors, this outcome was also multiplied by their strategic priorities performance multiplier of 125%. Replacement Performance Share Plan vesting outcome Before the vesting of Replacement PSP awards on 12 February 2026, the Committee undertook an assessment to establish whether potential share price volatility in the short period of time since the Company's listing would result in participants within the ELT receiving windfall gains. The Committee was satisfied that no such windfall gains had materialised. The 2023 Replacement PSP award to the CEO therefore vested at the formulaic outcome of 135% reflecting the outcome of the original Unilever Performance Share Plan award. No 2023 replacement PSP award had been made to the CFO. A long-term approach for a newly independent company The Committee's focus has been on establishing a long-term and sustainable remuneration framework that supports TMICC's early growth phase, encourages responsible leadership, and reflects the expectations of a diverse international shareholder base. Our approach aims to ensure compensation packages are both fair and competitive, while maintaining a strong alignment with performance outcomes. 2026 review of existing remuneration packages The Committee dedicated considerable time to a comprehensive review of the remuneration packages for the CEO, CFO and other members of the ELT. These packages were benchmarked against two distinct peer groups (AEX listed companies and international peers in the global snacking and refreshment sector) and adjusted to reflect the new context and responsibilities associated with their roles as leaders of a publicly listed company, carrying full accountability rather than division-level oversight. Ongoing remuneration levels compared to AEX-listed companies (the primary reference point) are around the lower quartile for the CEO and around the median for the CFO. Notably, for the CEO and CFO, the primary uplift was made to variable pay, with base salaries only marginally adjusted, underscoring our commitment to ensuring that remuneration is driven by performance. Engagement with shareholders and other stakeholders as part of Directors' Remuneration Policy preparation In preparation for the Demerger and listing, the Committee undertook a number of shareholder consultations in late 2025. The objective was to gain insights into the expectations of, and gather feedback from, our diverse potential shareholder base. To this end, we contacted Unilever's top investors (pre-Demerger), collectively holding approximately 30% of Unilever's issued share capital. The Committee received broad investor support and positive feedback on the proposed remuneration framework. Throughout the process, we also discussed our proposals with Unilever as our sole shareholder prior to the Demerger and incorporated its feedback into the design. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg062.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 62 Following the Company's listing, and in anticipation of the binding shareholder votes on the Directors' Remuneration Policy and the proposed Foundation Plan for Growth at TMICC's first AGM, we engaged widely with shareholders and relevant governance bodies. The feedback we received during these discussions was broadly supportive of our approach and provided valuable input for further refinement of our proposals. I want to thank shareholders and governance bodies for their time and valuable inputs. Proposed policy and implementation in 2026 We are a global company with a footprint across 80 markets, headquartered in the Netherlands and listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange. Our business is well positioned to win in the market and unlock significant long-term value. The Committee has designed a Remuneration Policy which is aligned with TMICC's growth strategy and value creation potential. It reflects our international orientation whilst taking into account the remuneration practices of AEX peers; and ties most of the Executive Directors' remuneration to the achievement of our financial and strategic objectives. The Policy includes the following component parts: Base salary The salaries for both Executive Directors were set with effect from the Company's listing on 8 December 2025. Therefore, no base salary adjustments have been considered for 2026. 2026 annual bonus The 2026 annual bonus will be based on four performance measures reflecting key areas of our strategy, each weighted at 25%: • Organic Sales Growth • Market share gains • Adjusted EBITDA margin improvement • Free Cash Flow In selecting measures under the annual bonus plan, the Committee has balanced growth, market share, profitability and cash targets to incentivise management to deliver sustainable growth while supporting the ongoing productivity agenda. Finally, a strategic priorities performance multiplier between 0% and 150% will be applied, tracking progress on the Company's strategic objectives. This design ensures that both financial and strategic performance will need to be achieved for the bonus opportunity to be realised. The targets and actual performance outcomes for each measure will be disclosed in the 2026 Remuneration Report. Target award levels for 2026 were set at 120% of annual base salary for the CEO and 100% for the CFO, with the overall bonus capped at 200% of the target opportunity. Performance Share Plan Both the 2025-2027 Replacement PSP awards and the 2026-2028 PSP awards will be based on two performance measures, each weighted at 50%: • Organic Sales Growth • Constant Adjusted Earnings Per Share Growth The targets and actual performance outcomes for each measure will be disclosed in the Remuneration Report following the vesting of each award. Target awards for 2026 were set at 180% of annual base salary for the CEO and 150% for the CFO. The Committee believes that the metrics selected under both the annual bonus and PSP are designed to embrace simplicity, ensure focus, reinforce the Company's strategic priorities and drive long-term value creation. While the Committee considered the inclusion of Return on Invested Capital (ROIC) when designing the incentive framework, it concluded that the inclusion of return-based metrics (Adjusted EBITDA and Constant Adjusted EPS), together with a strong control measure in Free Cash Flow, already provides a balanced and robust assessment of performance. This approach avoids complexity while maintaining appropriate focus on profitability and cash discipline, and keeping the flexibility required for bolt-on acquisitions. The Committee has therefore decided not to introduce ROIC as a metric at this time. Foundation Plan for Growth (the "Foundation Plan") Following our Demerger from Unilever and our listing as an independent company, we believe we have a unique opportunity to grow and create significant long-term value for all stakeholders. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg063.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 63 Once these sustainability goals have been set, they will also be embedded into the objectives of the Executive Directors and the ELT, as appropriate. Performance against the personal and strategic objectives of the ELT is one factor influencing their individual bonus outcome, as a multiplier to the business performance result. As our sustainability targets mature in the future, the Committee will consider whether applying a specific weighting on ESG targets in our annual bonus or PSP is appropriate. Outlook In the year ahead, the Committee will focus on the effective implementation of the new Remuneration Policy, continued engagement with shareholders and governance bodies, and regular evaluation of performance measures, to ensure continued alignment with the Company's evolving strategic priorities. AGM resolutions At the 2026 Annual General Meeting, shareholders will be asked to: • Approve the Directors' Remuneration Policy (binding vote) • Approve the Foundation Plan (binding vote) • Approve the 2025 Remuneration Report (advisory vote) The full details for the AGM will be provided in the Notice of Meeting. Concluding remarks On behalf of the Committee, I want to thank our shareholders and governance bodies for their engagement and support. I trust that you find that the following 2025 Directors' Remuneration Report provides a clear explanation of how the Remuneration Policy was implemented during 2025, as well as a transparent outline of our plans for 2026. I look forward to presenting this Remuneration Report at our upcoming Annual General Meeting of Shareholders. Melissa Bethell Chair of the Remuneration Committee In this context, the Foundation Plan is a one-time co-investment plan, designed to incentivise the substantial formative work needed to realise the planned growth and margin trajectory for the Company as a standalone business. Under this plan, Executive Directors can make a personal investment in TMICC shares, ensuring that they are materially invested in the Company's long-term success and aligned with long-term value creation. The Company will then make a matching award of market-priced share options, at a ratio of five options for each share acquired through the Executive Director's personal investment. In addition to Executive Directors, over 60 senior leaders will be invited to participate in the Foundation Plan. The maximum personal investment opportunity is set at 500% of the annual base salary for the CEO and 400% of the annual base salary for the CFO. The Committee noted that both the CEO and CFO had already made material personal investments following the Company's listing, as shown in the Remuneration Report on page 78. The matching options will only vest if our Total Shareholder Return (TSR) exceeds the median TSR of a group of snacking and refreshment peers. The Foundation Plan is therefore designed to only deliver material value to Executive Directors if they make a significant personal investment and the Company delivers both absolute share price growth and TSR outperformance. Participants are required to continue to hold their personal investment until vesting, and no shares resulting from the exercise of options can be sold by Executive Directors for a period of five years from grant, ensuring a focus on sustainable value creation. Vesting will take place as follows: • 50% will vest after three years • 50% will vest after four years The exercise window will open following vesting of each respective portion of the award and will remain open until the seventh anniversary of the grant. ESG The Committee thanks shareholders and governance bodies for their feedback on the potential inclusion of ESG measures in our incentive arrangements. A focused sustainability agenda is a key enabler of our strategy, and in 2026, it is our intent to set a holistic, relevant sustainability strategy with goals aligned to industry standards as a minimum, and being fully compliant with all applicable regulatory and reporting obligations. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg064.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 64 Membership and meetings The Committee is composed entirely of independent Non-Executive Directors. It is chaired by Melissa Bethell; the other members during the year were Stefan Bomhard and Anja Mutsaers. Josh Frank joined the Committee on 16 March 2026. Committee members are selected based on their broad experience, governance expertise, and understanding of executive remuneration across markets. The Committee meets at least twice annually and reports to the Board after each meeting. Since its formation in 2025, and in preparation for the Company's listing, the Committee formally met twice. The Committee meets regularly without others present. Other attendees at Committee meetings typically include the Board Chair, CEO, CFO, Group Company Secretary, Chief HR Officer, Group Head of Reward, Head of Executive Reward and Share Plans, and the Committee's independent advisers. Key topics considered by the Committee during the year Directors' Remuneration Policy The Remuneration Committee oversaw the development of the Directors' Remuneration Policy, ensuring its alignment with the Company's strategic objectives, relevant market practices, shareholder expectations, applicable legislation, and the Dutch and UK Corporate Governance Codes. It also consulted with prospective shareholders prior to the listing to gather feedback on the proposed Remuneration Policy. Further consultation was carried out with shareholders and governance bodies on the proposed Policy in early 2026. The Committee conducted scenario analyses to assess the appropriateness of various potential pay outcomes. This process involved calculating remuneration across a range of scenarios, each based on different assumptions about the level of achievement of performance conditions and share price. The Committee determined that the link between the strategic objectives and the chosen performance measures for the annual bonus and share-based awards was appropriate. The Committee also reviewed peer group benchmarking to assess the Policy's competitiveness and concluded that it is well positioned to support the Company's long-term objectives. The Policy was submitted to the Board for approval and was subsequently adopted by the Company. It will be presented for adoption at the 2026 Annual General Meeting. Remuneration Committee Role of the Committee The Remuneration Committee is responsible for overseeing all matters relating to executive remuneration, incentive plans, and broader employee compensation frameworks. Its responsibilities are structured to support the Company's strategy and long-term value creation and ensure alignment with shareholder interests and regulatory requirements. The Committee's responsibilities include: • Executive remuneration: Making proposals to the Board on the Remuneration Policy and its implementation for Executive Directors, including fixed and variable components, performance criteria, and shareholding requirements. The Committee ensures that remuneration structures foster sustainable long-term value creation and consider internal pay ratios and market benchmarks. • Non-Executive remuneration: Making proposals to the Board on the Remuneration Policy and its implementation for Non-Executive Directors, ensuring fees reflect time commitment and contribution to the Company. • Executive Leadership Team remuneration oversight: Setting the remuneration framework and individual remuneration for members of the ELT. • Share-based incentives: Reviewing and recommending to the Board the design and terms of share-based incentive plans for Executive Directors as well as share plans for the broader employee population, including performance targets and clawback provisions. • Directors' Remuneration Report: Preparing the annual Directors' Remuneration Report, which includes the policy implementation, pay ratios, and the link between remuneration and performance. For the purposes of this report, references to actions taken by the Remuneration Committee should be interpreted as including instances where the Committee has made recommendations or proposals to the Board, rather than having taken final decisions itself. All such actions are undertaken in accordance with the Committee's Terms of Reference, which set out the respective roles and authorities of the Committee and the Board. The Committee's Terms of Reference are reviewed from time to time and are available on our website. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg065.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 65 Committee advisers Although the Committee is responsible for exercising independent judgment, it seeks input from internal and external advisers as necessary to ensure its decisions are well-informed and consider both internal and external factors. The Committee works with Willis Towers Watson (WTW) as its independent adviser. WTW can, and regularly does, meet with the Committee Chair without others present. The Committee is confident that the WTW team advising the Company is independent and has no other connection with the Company or any individual Director that could compromise objectivity. Confirmation of no deviation from the Remuneration Policy The Company did not deviate from the Remuneration Policy in 2025 for either the Executive Directors or the Non-Executive Directors. Individual remuneration of Executive Directors and other members of the Executive Leadership Team The Committee reviewed the individual remuneration packages for the Executive Directors and the other members of the ELT, which were subsequently approved by the Board. Packages were benchmarked against two distinct peer groups: AEX-listed companies and international peers in the global snacking and refreshment sector, reflecting the Company's listing and headquarters in the Netherlands whilst having a global footprint and a distinct international orientation. No Executive Director participated in discussions determining their own remuneration outcome. However, the Committee did take note of the individual views of each Executive Director regarding the proposed amount and structure of their own remuneration. Share-based incentives for the broader employee population The Committee oversaw the transition and rollout of both legacy and new share-based incentives for the broader employee population, including Executive Directors. New share-based incentive plans were introduced to align with the Company's long-term strategy and goals. The Committee ensured that the structure of these incentives supports sustainable value creation, fosters employee engagement, and is competitive with practices observed among Dutch listed companies and peers in the global snacking and refreshment sector. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg066.jpg) | &nbsp;&nbsp;Performance period Performance period Holding period Performance period CEO: 500% of base salary; CFO: 400% of base salary Holding period Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Base salary Benefits Annual Bonus PSP Foundation Plan 50% of award 50% of award Shareholding requirements Paid in cash Vesting Performance period Holding period End of exercise period The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 66 Summary of the proposed Directors' Remuneration Policy and its implementation for Executive Directors The Directors' Remuneration Policy will be presented for adoption at the 2026 Annual General Meeting on 7 May 2026. The chart below and table on the following pages summarise the remuneration elements for the Executive Directors, including their implementation in 2025 and proposed implementation in 2026. The full Directors' Remuneration Policy is available on our website. Remuneration elements The Remuneration Policy for Executive Directors comprises several key elements: a base salary, benefits, an annual bonus focused on in-year financial and strategic objectives, a Performance Share Plan designed to support sustainable, long-term value creation, and a one-time co-investment plan tied to the realisation of the growth and margin trajectory for the Company as a standalone business (the Foundation Plan). The specific timing for each element is detailed below: Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg067.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 67 Purpose and link to strategy Summary of Policy for Executive Directors Implementation in 2025 (from listing onwards) Proposed implementation in 2026 Base salary Support the attraction and retention of highly qualified Executive Directors by reflecting the individual's skill, experience, performance, and seniority, as well as the size and complexity of the role. • Paid in cash. • Typically reviewed annually. • Considerations for adjustments include the salary adjustments for other employees in the Netherlands, as well as relevant external market data. • Peter ter Kulve: €1,250,000 • Abhijit Bhattacharya: €875,000 No change Benefits Support the attraction and retention of Executive Directors by offering a competitive and cost-effective benefits package. • Executive Directors receive a benefits envelope as cash in lieu of a Company-sponsored pension scheme and car scheme. • Other benefits provided include medical, life and disability insurance and tax return support. • Benefits envelope: 20% of base salary No change Annual bonus Encourage the consistent achievement of financial and strategic objectives that align with the Company's business strategy and enhance shareholder value. • Financial Performance Factor of between 0% and 200% of target. • Strategic Priorities Performance Multiplier of between 0% and 150%. • Overall maximum bonus capped at 200% of target opportunity. Target opportunity • Peter ter Kulve: 120% • Abhijit Bhattacharya: 100% Performance measures Based on legacy Unilever framework • 40%: Underlying Sales Growth • 30%: Underlying Operating Profit growth • 30%: Cash contribution Target opportunity • Peter ter Kulve: 120% (no change) • Abhijit Bhattacharya: 100% (no change) Performance measures • 25%: Organic Sales Growth • 25%: Adjusted EBITDA margin improvement • 25%: Free Cash Flow (a) • 25%: Market share gains Performance Share Plan Drive sustainable, long-term value creation by meeting key financial and/or strategic objectives. • Maximum target opportunity: 200% of base salary. • Performance Multiplier of between 0% and 200% of target. • Vests after three years, with additional two-year holding period. • Dividend equivalents are accrued proportionally as awards vest. • No regular PSP awards were made in 2025 post-Demerger. • Unilever PSP awards which lapsed due to the Demerger were replaced with awards in TMICC shares (see 'Replacement Share Awards' on the following page). Target opportunity • Peter ter Kulve: 180% • Abhijit Bhattacharya: 150% Performance measures • 50%: Organic Sales Growth • 50%: Constant Adjusted Earnings Per Share Growth(b) (a) An interim operating model operates between Unilever and TMICC for the period 2025 to 2027 as described in Note 21 to the financial statements. As a result, there is a fixed basis on which receivables and payables are settled between the companies, which is based on average terms from the carve out financials for the period 2022 to 2024 and does not reflect the actual performance on these parameters. Therefore, to make the target meaningful to the operations of the Company, for 2026 and 2027 the Committee will set targets to assess performance for a proxy of Free Cash Flow excluding changes in receivables and payables. (b) Adjusted for any change in the underlying number of shares. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg068.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 68 Purpose and link to strategy Summary of Policy for Executive Directors Implementation in 2025 (from listing onwards) Proposed implementation in 2026 Foundation Plan for Growth One-time co-investment plan to incentivise substantial formative work needed to realise the planned growth and margin trajectory for the Company as a standalone business. The Foundation Plan encourages significant personal investment in TMICC, aligning Executive Directors with long-term value creation. The structure of the Plan requires both absolute share price growth and relative Total Shareholder Return outperformance to deliver value to participants. • Matching options of up to five times the number of shares bought with Executive Director's investment amount. • 50% will vest after three years and 50% will vest after four years, in both cases subject to continuous employment. • Each vested portion may be exercised upon vesting, but resulting shares cannot be sold until the fifth anniversary from grant. • Options may be exercised up to the seventh anniversary from grant. • The Plan will be implemented in 2026, subject to shareholder approval at the AGM. Target opportunity • Peter ter Kulve: Maximum personal investment of 500% of annual base salary • Abhijit Bhattacharya: Maximum personal investment of 400% of annual base salary • Market-priced matching options at a rate of up to five times the number of shares invested Performance measures • Subject to continued holding of the personal investment • Share options will vest only if the Company's Total Shareholder Return exceeds the median of a defined peer of international snacking and refreshment companies Replacement Share Awards Replacement of the value lost on the portion of historic Unilever share awards that lapsed due to the Demerger. • Grant value equivalent to the portion of the original Unilever award forfeited. • Vesting to occur on the original vesting dates. • Peter ter Kulve: – Replacement Targeted Share Award: €23,159 (a)(c) – Replacement PSP Award: €42,753 (a)(c)(d) • Peter ter Kulve: – 2024 Replacement PSP Award: €289,446 (b)(c) – 2025 Replacement PSP Award: €422,195 (b)(c) • Abhijit Bhattacharya: – 2025 Replacement PSP Award: €728,074 (b) Legacy 2025 Performance Award Legacy commitment made in 2024 to incentivise performance up to the Demerger and the delivery of the separation. • The opportunity to receive this award is based on a legacy commitment made in 2024, in order to incentivise performance up to the Demerger and the delivery of the separation. • No payout n/a Legacy Rollover Share Award Granted by Unilever in 2024 to senior management, including the CEO, to reward personal contribution to the successful delivery of the Demerger. • Value equivalent to the original Unilever award being replaced. • 50% vested in February 2026, with the remaining 50% to vest in August 2026, subject to continued service. • Peter ter Kulve: – Rollover Share Award: €551,607(a)(c) n/a (a) Value at grant on 19 December 2025. Awards converted to a corresponding number of shares in TMICC based on the Unilever PLC closing share price on 5 December 2025 and the average closing share price of TMICC between 8 and 18 December 2025, inclusive. (b) Value to be granted in March 2026. (c) Legacy awards to the CEO are granted net of tax to ensure equivalence with the legacy Unilever award being replaced, which were awarded on a net of tax basis. Future awards will be granted on a gross basis. (d) The value of shares granted in pound sterling was converted to euro for the purposes of illustration in this table using the full-year average exchange rate of €1 = £0.85474. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg069.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 69 Purpose and link to strategy Summary of Policy for Executive Directors Implementation in 2025 (from listing onwards) Proposed implementation in 2026 Shareholding requirement Aligning the interests of the Executive Directors and other Executive Leadership Team members with those of stakeholders. Malus and clawback Manage risks and ensure alignment of executives with the Company's long-term interests. Committee discretion to amend measures, targets and payment levels Summary of Policy for Executive Directors • CEO: 500% of annual base salary. • CFO: 400% of annual base salary. • Executive Directors are expected to achieve the prescribed shareholding threshold within five years of their appointment. • They will be required to hold all shares acquired as a result of the vesting of share awards and exercise of options (less any sales necessary for tax) until the prescribed shareholding threshold has been met. • The shareholding requirement will continue to apply for a period of two years following the Executive Director's cessation of service. The Board may reduce, cancel or recover (clawback) any variable remuneration awarded to Executive Directors to an appropriate level if payment of the variable remuneration is unacceptable according to the requirements of reasonableness and fairness or if the Board determines that such action is necessary to ensure alignment with the Company's long-term interests and sound governance standards. This can apply in circumstances which include, but are not limited to, the following: • material misstatement of financial results; • any situation where the award was made or determined based on erroneous or misleading data; • misconduct by the Executive Director; • required accounting restatement; • serious reputational harm to the Company directly attributable to the Executive Director's actions; or • material corporate failure. The Board may operate clawback at any time prior to the second anniversary of the payment of a cash bonus or the vesting of an award under any incentive plan. The Board considers that such a period provides appropriate protection to recover remuneration in these circumstances and is in line with market practice. In circumstances where the specific Dutch statutory clawback triggers would apply, the Board may recover variable remuneration for a period of five years from the date the incorrect information has become known, in line with the requirements of the Dutch Civil Code. The Policy includes authority for the Committee to adjust performance conditions where circumstances make this appropriate and to adjust formulaic outcomes, including where these are not fully aligned with holistic performance over the relevant period. If any such adjustments are made, the details of these and the Committee's rationale will be fully disclosed in the relevant remuneration report. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg070.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 70 TSR peer group In addition to the remuneration benchmarking peer group, a Total Shareholder Return (TSR) performance peer group is used for the purpose of the Foundation Plan. The same peer group is also used to benchmark performance as part of the Committee's assessment of performance in the round when evaluating the formulaic outcome of incentive plans. • Chocoladefabriken Lindt & Sprüngli • Coca Cola Europacific Partners • Conagra • Danone • General Mills • Lotus • Mondelēz Peer groups Remuneration benchmarking peer group The Company is headquartered in the Netherlands but has a global footprint and a distinct international orientation. To ensure the remuneration of the Executive Directors remains competitive, the remuneration structure and levels are benchmarked against the median of two distinct peer groups: (1) companies included in the AEX index, and (2) as an additional reference a peer group of global companies in the international snacking and refreshments sector. The latter group consists of primarily European companies of comparable size and complexity, supplemented with US companies, representing the primary markets where the Company competes for talent. The composition of this group during 2025 is shown below: • Barry Callebaut • Chocoladefabriken Lindt & Sprüngli • Coca-Cola Consolidated • Coca-Cola Europacific Partners • Coca-Cola HBC • Cranswick • Danone • Emmi • General Mills • Glanbia • JDE Peet's • Kellanova • Kerry Group • Keurig Dr Pepper • Mondelēz International • Monster Beverage Corporation • Nomad Foods • Orkla ASA • Südzucker • The Campbell's Company • The Hershey Company • The J. M. Smucker Company • The Kraft Heinz Company • Monster • Nestlé • Orkla • PepsiCo • The Campbell's Company • The Hershey Company • The J. M. Smucker Company Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg071.jpg) | &nbsp;&nbsp;Underlying Sales Growth Cash Contribution Business performance factor Underlying Operating Profit growth Overall performance in €'000 875 1,313 1,750 2,625 875 875 875 Actual pay and scenarios 2025 actual (1) Maximum (2) On-target Minimum 2025 actual (1) Maximum (2) On-target Minimum Base salary Benefits Annual bonus PSP Legacy Rollover Award Base salary Benefits Annual bonus PSP Total fixed pay Variable pay Total fixed pay Variable pay in €'000 1,500 85% 35% 105% 76% 135% 3,000 5,250 1,500 9,000 3,238 1,050 540 5,425 2,250 4,500 1,250337 333 250 250 250 319 233 1,250 1,250 Actual pay and scenarios Total fixed versus variable pay Total fixed versus variable pay Chief Executive O‚cer Chief Financial O‚cer 40% 30% 30% 2025 annual bonus business outcome 2023 Replacement PSP vesting outcome Outcome Weighting Outcome232 175 175 175 The outcome of the 2023 Replacement PSP Award was determined based on the results of the corresponding Unilever 2023 Performance Share Plan. For more information about the Replacement Awards, please refer to page 74. 1,249 30% 70% 2025 48% 2025 52% (1) Represents the remuneration from the date of appointment as Executive Director on 23 September 2025 up to the end of the year (2) Maximum assumes the highest annual bonus payout and full PSP vesting, with no share price increase, excluding legacy arrangements and the Foundation Plan The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 71 Remuneration at a glance Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg072.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 72 2025 remuneration of Executive Directors Remuneration elements Base salary Between 23 September 2025 (the date of their appointment to the Board) and the Demerger, both Executive Directors continued to receive base salaries and other remuneration in accordance with their pre-Demerger Unilever employment agreements and applicable policies. From 8 December 2025 onwards, base salaries were provided to reflect the responsibilities and complexity of each role and market benchmarks for similar positions in the AEX and international snacking and refreshment sector, in accordance with the Remuneration Policy. The new annual base salaries were determined by the Board and are considered appropriate to attract and retain leaders of the calibre necessary to guide the Company through the post-listing period and to achieve its strategic goals. The CEO's annual base salary was set at €1,250,000, while the CFO's was set at €875,000. Benefits Between 23 September 2025 and the Demerger, both Executive Directors continued to receive benefits in accordance with their pre-Demerger Unilever agreements and applicable policies. During this period, the CEO's benefits comprised insurance coverage, and pension contributions. The CFO received a benefits envelope equivalent to 20% of his annual base salary, paid in cash, in lieu of pension and car contribution. Both Executive Directors received life, medical and disability insurance and support with tax return preparation. As of 8 December 2025, both Executive Directors received benefits in accordance with their new remuneration packages in line with the Remuneration Policy. They did not participate in a company-sponsored pension scheme and did not receive a company car or car allowance. Instead, they received a benefits envelope equal to 20% of their annual base salary, paid in cash, which enabled them to make their own arrangements. This approach is consistent with the arrangements provided to other senior managers in the Company. They also continued to receive life, medical and disability insurance coverage in line with the pre-Demerger policies and continued to receive tax return support. Annual bonus The 2025 annual bonus relates to the 2025 performance year and will be paid in 2026. For the period between 23 September 2025 and the Demerger, the annual bonus for each Executive Director was calculated in line with their pre-Demerger Unilever agreements and the relevant Unilever policies, with 75% of payout based on the performance of TMICC as a Unilever Business Group and 25% based on Unilever's overall performance. For the remainder of the year, the bonus was determined according to the Executive Directors' new target opportunities as a percentage of their new salary, with performance outcomes calculated solely on the performance of TMICC. The target opportunities for this period were 120% of base salary for the CEO and 100% of base salary for the CFO. The 2025 annual bonus was subject to three performance measures defined by Unilever: Underlying Sales Growth (40%), Underlying Operating Profit Growth (30%) and Cash Contribution (30%). Targets were set by Unilever based on the Unilever perimeter for Ice Cream, as if the Company had remained a Business Group within Unilever and actual performance against these target ranges was assessed by the TMICC Remuneration Committee on the same basis. Therefore, the targets and results on the following page differ from the Company's reported results. The Committee evaluated the Company's performance relative to the established targets and concluded that the formulaic business performance outcome of 76% was appropriate. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg073.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 73 Performance Weighting % of target Underlying Sales Growth (a) 40% 2.6% 4.6% 6.0% 85% Underlying Operating Profit Growth (b)(c) 30% -0.7% 3.6% 7.1% 35% Cash Contribution (c)(d) 30% €394m €457m €490m 105% Overall performance based on the formulaic outcome 76% In line with the bonus framework applicable during the year, and consistent with the Directors' Remuneration Policy, the final bonus for each individual Executive Director was determined by first applying the Business Performance Factor to the individual's Strategic Priorities Performance Multiplier. The resulting bonus outcome is then applied to the applicable salary and individual target bonus percentage for the relevant part of the year to arrive at the final bonus payout. This resulted in the following payouts: Annual base salary applicable from Listing (€'000) Target annual bonus (applicable from Listing) Business Performance Factor Strategic Priorities Performance Multiplier Total achievement as % of target (a) 2025 actual bonus (b) (€'000) Peter ter Kulve Chief Executive Officer 1,250 120% 76% 125% 76% x 125% = 95% 337 Abhijit Bhattacharya Chief Financial Officer 875 100% 76% 125% 76% x 125% = 95% 232 Annual Base Salary Target Bonus % Business Performance Factor (0-200% of target) Strategic Priorities Performance Multiplier (0-150%) Bonus Payout (a) For the period from 23 September to 7 December, this outcome applied to 75% of the annual bonus. The remaining 25% was subject to the Unilever performance outcome, which was assessed at 94% by Unilever. This Business Performance Factor is also multiplied by the Strategic Priorities Multiplier of 125% to arrive at the total bonus outcome. (b) Reported for the period from the date of appointment to the Board on 23 September 2025. (a) Equivalent to Organic Sales Growth metric in TMICC. (b) Equivalent to Adjusted EBIT growth metric in TMICC. (c) The actual Adjusted EBIT Growth and Cash Contribution are reported using the same foreign exchange rates as those incorporated into the targets at the time they were set. (d) Cash Contribution is calculated as the Adjusted EBITDA less Restructuring, Acquisition and Disposal related costs. Threshold (0%) Target (100%) Maximum (200%) Management Report Management Report Financial Statements Further Information 4.3% €459m 76% 0.1% |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg074.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 74 Performance Share Plan and other share plan awards No PSP awards were made under the Directors' Remuneration Policy in 2025 post-Demerger, other than in connection with the replacement of legacy awards granted by Unilever. Any outstanding Unilever share awards held prior to the Demerger and which were forfeited by Unilever were replaced with awards in TMICC shares. In addition, the Legacy Rollover Awards granted to the CEO and other participants in 2024 were fully converted to TMICC shares following the Company's listing. Replacement Share Awards In line with other Group employees who held unvested Unilever share awards at the time of the Demerger, both the CEO and CFO are eligible for "Replacement Awards" under The Magnum Ice Cream Company Long Term Incentive Plan 2025. These Replacement Awards are made on substantially equivalent terms and with a value at grant matching the Unilever shares that lapsed as a result of time pro-rating. The CEO was eligible for Replacement PSP Awards corresponding to three previous Unilever PSP awards, originally granted in March of 2023, 2024 and 2025. In addition, he received a Replacement Award corresponding to a Unilever Targeted Share Award originally granted in March 2024. The Replacement Awards for the 2023 Unilever PSP and the Targeted Share Award were granted on 19 December 2025 and vested on 12 February 2026 following the outcome of the corresponding Unilever award, as determined by Unilever at 135% of the target level. The Remuneration Committee determined that the 2024 and 2025 Replacement PSP Awards would be granted in March 2026 and would vest in February 2027 and February 2028, respectively, in line with the terms of the legacy Unilever awards being replaced. The CFO was eligible to receive a Replacement Award corresponding to a previous Unilever PSP award, originally granted in March 2025. This award will be granted in March 2026 and will vest in February 2028. Legacy 2025 Performance Award The 2025 Performance Award was a one-off legacy commitment made in 2024 and subject to the performance of the Company in 2025 up to the Demerger. Both the CEO and CFO were eligible for an award valued at 50% of their target annual bonus, with half of the award delivered in early 2026 and the remaining half six months later. This award was subject to a stretching financial performance threshold, which required as a minimum that performance under the regular bonus would exceed the performance required for 150% payout. The Committee determined that the minimum performance required had not been achieved and, as a result, no payment would be made under this arrangement. Legacy Rollover Award To ensure the retention of talent deemed critical for, and reward personal contributions to the successful delivery of, the separation and establishment of an independent Ice Cream business, certain employees including the CEO were granted one-off awards of Unilever shares in 2024. Following the Demerger, these awards were 'rolled over' so that they instead related to shares in TMICC, while still subject to the original Unilever terms and conditions, adopted by the Board for this purpose. As a result, the CEO received a Rollover Award corresponding to the previous Unilever award received in 2024. This award did not have applicable Company performance conditions but was subject to continuous service and personal performance being assessed to be at least at a strong level. 50% of this award vested on 12 February 2026. The remaining 50% will vest in August 2026. The amount shown in the table on page 75 represents the non-cash expense recognised by the Company for this award during 2025. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg075.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 75 2025 outcomes The table below shows the remuneration of each Executive Director for the year 2025 from their appointment to the Board of Directors on 23 September 2025. It is important to note that the reported costs do not correspond to the actual amounts paid to individual Executive Directors. The share-based compensation represents the expense recognised for shares granted to the Executive Directors, in line with IFRS 2 share-based payment standards. Peter ter Kulve Chief Executive Officer Abhijit Bhattacharya Chief Financial Officer 2025(a) (€'000) Proportion of fixed and variable remuneration 2025(a) (€'000) Proportion of fixed and variable remuneration Base salary 319 233 Benefits 61 50 Fixed pay and benefits subtotal 380 30% 283 52% Annual bonus 337 232 Performance Share Plan (b) 333 25 Legacy Rollover Award 199 0 Variable remuneration subtotal 869 70% 257 48% Total remuneration (c) 1,249 540 (a) The figures shown reflect the remuneration in relation to the period from the date of appointment to the Board of Directors. (b) Includes legacy Targeted Share Award as described on page 74 under Replacement Share Awards. (c) Executive Directors did not receive any additional remuneration from any Group subsidiaries nor any loans or guarantees. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg076.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 76 Shares awarded to Executive Directors The following table presents a summary of all outstanding share awards, including those granted but not yet vested, as of 31 December 2025. For the purpose of transparency, the table also includes Replacement PSP awards that will be granted to the individual Executive Directors in March 2026. Plan Grant date Vesting date End of holding period Value of shares conditionally granted at grant(a) (€) No. of shares conditionally granted Value of shares as of 31 December 2025(b) (€) Peter ter Kulve(c) Chief Executive Officer 2023 Replacement PSP 19/12/2025 12/02/2026 12/02/2028 42,753(d) 3,126 43,064 Replacement Targeted Share Award 19/12/2025 12/02/2026 12/02/2028 23,159 1,727 23,522 Legacy Rollover Award 27/11/2024 12/02/2026 - 275,803 20,567 280,123 Legacy Rollover Award 27/11/2024 12/08/2026 - 275,803 20,567 280,123 2024 Replacement PSP March 2026 17/02/2027 17/02/2029 289,446 - (e) - 2025 Replacement PSP March 2026 16/02/2028 16/02/2030 422,195 - (e) - Abhijit Bhattacharya Chief Financial Officer 2025 Replacement PSP March 2026 16/02/2028 16/02/2030 728,074 - (e) - (a) Calculated using the average closing share price from 8 December 2025 to 18 December 2025, as applied at grant: Euronext Amsterdam - €13.41; London Stock Exchange - £11.69. (b) The closing prices on 31 December 2025 were as follows: Euronext Amsterdam - €13.62; London Stock Exchange - £11.775. (c) Under Unilever's policy, the CEO's legacy share awards were delivered net of tax, with the Company settling any taxes in cash at the point of vesting. To ensure substantial equivalence with the underlying Unilever awards, which were awarded on a net-of-tax basis, his Replacement awards are also granted on a net-of-tax basis. Any future share awards will be granted gross of tax. (d) Shares granted in pound sterling. The value was converted to euro using the full-year average exchange rate of €1 = £0.85474. (e) Number of shares to be determined, as these awards are to be granted in March 2026. The value of these awards has been calculated using the number of Unilever shares forfeited at the time of Demerger and the Unilever closing share price on 5 December 2025. The Unilever closing prices on that date were as follows: Euronext Amsterdam - €51.16; and London Stock Exchange - £44.56. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg077.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 77 Internal comparisons When setting the remuneration of the Executive Directors, the Remuneration Committee took into account the reward philosophy across TMICC. This philosophy is centred around offering fair, transparent, competitive and performance-driven rewards. The pay-for-performance principle cascades throughout the organisation: around 6,000 colleagues participate in the annual bonus plan under the same performance measures as the Executive Directors, with frontline teams in factories and sales having dedicated incentive schemes linked to their impact. Share plan participation extends widely, with nearly 2,000 colleagues receiving awards under our share plans on an annual basis. In addition, every TMICC employee received a €300 share award following our listing in December (the "Celebration Award"). More information on our wider reward philosophy can be found on page 22. Internal pay ratios are a relevant factor in determining the appropriateness of Executive Director remuneration as recognised in the Dutch Corporate Governance Code. The ratio of the CEO's and CFO's annual total remuneration to the average annual total remuneration of employees in 2025 was 68 and 29, respectively. These ratios have been calculated in accordance with the Dutch Corporate Governance Code by dividing the single-figure total remuneration for each Executive Director in 2025 by the average total remuneration of all other employees globally for the same period. The average total remuneration for all other employees has been derived from Note 4 on page 103. This calculation involved dividing the total personnel expense for 2025 by the reported number of FTEs (excluding Executive Directors), resulting in an amount of €67,689. The total remuneration of the Executive Directors was obtained from the table on page 75 and annualised for the purpose of this comparison. The Committee acknowledges that these ratios are shaped by numerous factors, such as a company's industry, geographic footprint, and organisational structure. TMICC operates globally, with a considerable portion of its business and workforce based in emerging markets, where pay structures and levels are often substantially different from those in the Netherlands and Europe. Additionally, the Company's production facilities and in-house sales teams worldwide increase the diversity of pay within the organisation. Therefore, comparing pay ratios with those of other companies or industries may not always be a meaningful exercise. Moreover, pay ratios can fluctuate considerably over time due to variables such as exchange rate movements and are strongly impacted by a company's annual performance, which tends to have a greater effect on Executive Directors' remuneration than on that of other employees as a greater proportion of their pay is performance-based. To address these limitations, the Committee will not only review current pay ratios but also trends over time, particularly in relation to Company performance. The table below sets out the annualised total remuneration for the Executive Directors, alongside the average remuneration for employees and the corresponding pay ratios. In future years, we will update this table to provide a five-year overview of pay ratio trends. Year Total annualised (a) remuneration (€'000) Average employee total remuneration (€'000) Pay ratio CEO CFO CEO CFO 2025 4,583 1,979 68 68 29 (a) The total remuneration figures for the CEO and CFO for 2025 as presented in this report reflect the period from their appointments to the Board of Directors on 23 September 2025. For the purposes of pay ratio calculations, these figures have been annualised by extrapolating the remuneration to represent a full twelve-month period. Shareholding requirements Under the Shareholding Policy, Executive Directors and Executive Leadership Team members are required to maintain a minimum shareholding in the Company. This requirement is intended to further align their interests with those of shareholders. The CEO must hold shares equal to 500% of base salary, while the CFO must hold shares equal to 400% of base salary. These shareholding requirements are at the higher end of market practice across both our AEX and international benchmarking peer groups. All after-tax shares must be retained until the relevant holding requirement is satisfied. Executive Directors are also obliged to adhere to the holding requirements set out in the Dutch Corporate Governance Code, meaning they must retain all after-tax shares awarded under the PSP and shares acquired from the exercise of options under the Foundation Plan for a minimum of five years from the date of grant (which in the case of Replacement PSP awards is calculated with reference to their original grant date). Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg078.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 78 Once these requirements have been fulfilled, shares may be sold, provided that all relevant insider trading prevention regulations are observed. The table below shows the required holdings and the actual holdings as of 31 December 2025, expressed as multiples of annual base salary. Over 90% of the CEO's holding and the full holding of the CFO reflect investments made following the listing. Shareholding requirement (value as multiple of annual base salary) Actual shareholding(a) (value as multiple of annual base salary) Peter ter Kulve(b) Chief Executive Officer 500% 476% Abhijit Bhattacharya Chief Financial Officer 400% 235% (a) Actual shareholdings have been calculated using the number of shares held and the closing share price on 31 December 2025. The closing prices on that date were as follows: Euronext Amsterdam - €13.62; London Stock Exchange - £11.775. (b) Includes 1,938 shares held by spouse. All shares beneficially owned and any awards not subject to performance conditions count towards the shareholding requirement (on an estimated net-of-tax basis if tax is expected to be payable). The shareholding requirement will continue to apply for a period of two years following the cessation of service. Contractual arrangements Executive Directors are engaged through a service agreement governed by Dutch law. These agreements are established as contracts for services and do not constitute employment contracts. Each agreement is for a fixed term of four years. Executive Directors are subject to annual re-election by the general meeting. Both the Executive Director and the Company may terminate the agreement by giving six months' written notice. If the Company terminates the agreement other than for cause, the Executive Director may receive a severance payment limited to a maximum of one year's base salary, in accordance with the Dutch Corporate Governance Code. No severance is payable upon voluntary resignation or if an Executive Director is dismissed, not re-elected by the general meeting or not proposed for re-election at the end of the term. 2025 remuneration of Non-Executive Directors Remuneration elements Fixed Membership and Committee fees The Non-Executive Directors received fees for Board membership and for serving as a Committee chair or member from the date of their appointment to the Board of Directors. The Board Chair received an all-inclusive fee, meaning he did not receive additional compensation for serving as a Committee chair or member. Other fees and reimbursements Non-Executive Directors are eligible to receive a travel allowance for each meeting attended that is held outside their country of residence, to recognise the additional time commitment required. This is set at €2,500 per meeting for continental travel and €5,000 per meeting for intercontinental travel. All reasonable travel and other business expenses incurred by Non-Executive Directors while performing their duties are reimbursed at cost. No loans or guarantees were granted by the Company to the Non-Executive Directors. Non-Executive Directors did not receive any additional remuneration from any Group subsidiaries. All shares held by Non-Executive Directors have been acquired at their own expense and are intended for long-term investment purposes. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg079.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 79 Policy fee levels for Non-Executive Directors Under the Directors' Remuneration Policy, the fee levels are currently set as follows: (€'000) Chair Senior Independent Director Member Board 270 (a) 140 110 Audit and Risk Committee 35 - 25 Remuneration Committee 30 - 20 Nomination and Governance Committee 25(b) - 15 (a) All-inclusive fee: the Board Chair does not receive any additional remuneration for serving as a Committee chair or member. (b) Not payable whilst the Committee is chaired by the Board Chair. These fees were set at the median fee levels of the AEX. As secondary reference points, and given the Company's international orientation, Non-Executive Director fee levels were also benchmarked against fee levels in European companies in the snacking and refreshments sector and UK listed companies of a similar size. 2025 outcomes The table below shows the remuneration for each Non-Executive Director for the year 2025 from the date of their appointment to the Board of Directors in September. 2025 (€'000) Board fee Committee fees Travel allowance Total Jean-François van Boxmeer(a) 74 - - 74 Stacey Cartwright (b) 37 10 - 47 René Hooft Graafland (b) 29 13 - 42 Melissa Bethell (b) 29 14 3 46 Stefan Bomhard (b) 29 12 3 44 Anja Mutsaers (b) 29 9 - 38 Reginaldo Ecclissato (b) 29 4 3 36 Total remuneration 256 62 9 327 (a) Appointed on 23 September 2025. (b) Appointed on 26 September 2025. Melissa Bethell Chair of the Remuneration Committee Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg080.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 80 Other information Share capital and rights attaching to shares The authorised capital of the Company is €7,875,000,000. The authorised capital of the Company is divided into 2,250,000,000 shares, with a nominal value of €3.50 each. Further details relating to share capital can be found in Notes 14A and 14B. Upon issuance of shares, each shareholder shall have a right of pre-emption in proportion to the aggregate nominal value of such shareholder's shares, subject to the limitations prescribed by the laws of the Netherlands and the Articles of Association (the Articles). The right of pre-emption does not apply to shares issued to employees of the Company or of a Group Company and shares issued against contribution other than in cash. Prior to each single issuance of shares, the right of pre-emption may be limited or excluded pursuant to a resolution of (i) a general meeting or (ii) the Board (if and during the fixed period the Board has been designated for that purpose by a general meeting at the proposal of the Board). The general meeting shall, for as long as such designation of the Board is in force, no longer have authority to resolve upon limiting or excluding the right of pre-emption. Unless the designation provides otherwise, it may not be withdrawn, other than upon a proposal thereto of the Board. A resolution of a general meeting to limit or exclude the right of pre-emption or to designate the Board for that purpose requires a majority of at least two-thirds of the votes cast, if less than one-half of the Company's issued capital is represented at the meeting. The Articles shall apply by analogy to the granting of rights to subscribe for shares, but do not apply to the issuance of shares to a person exercising a right to subscribe for shares previously granted. Rights of pre-emption and authority to repurchase shares The Board currently has authority to issue shares or grant rights to subscribe for shares up to 10% of the number of shares currently in issue for any purpose, whether or not with a limitation or exclusion of the rights of pre-emption of existing shareholders of the Company; and the authorisation shall expire on the earlier of (i) the date falling six months following the conclusion of the 2026 Annual General Meeting and (ii) the date of renewal of the authorisation. The Board also has authority to acquire up to 10% of the shares in issue either through purchase on a stock exchange or otherwise, at a price, excluding expenses, not lower than the nominal value of the shares and not higher than 10% of the opening market price of the shares on each of the three stock exchanges where it is listed; and the authorisation shall expire on the earlier of (i) the date falling six months following the conclusion of the 2026 Annual General Meeting and (ii) the date of renewal of the authorisation. The Company has not repurchased any of its own shares. Substantial shareholders As at 27 February 2026, the following notifications were made to the Netherlands Authority for the Financial Markets (AFM) by substantial shareholders. The voting rights of substantial shareholders are the same as other shareholders. Date Name Number of Shares % Voting Interest 8 December 2025 Unilever PLC 121,533,558 19.85 17 December 2025 BlackRock Inc. 25,965,010 4.24 23 December 2025 Goldman Sachs Group Inc. 20,026,031 3.27 10 December 2025 FIL Limited 19,894,021 3.25 13 February 2026 Allan & Gill Gray Foundation 19,674,251 3.21 26 February 2026 Bank of America Corporation 17,565,194 2.87 22 December 2025 Barclays Plc 17,955,511 2.93 Nature of the trading market As at 31 December 2025, there were a total of 6,087 holders of record of TMICC shares on the share register; approximately 490 million TMICC shares were registered in the name of 3,505 holders of record with addresses in the US. These shares represented approximately 80% of the total TMICC shares in issue, of which approximately 45% relates to shareholders who hold their shares via Euroclear in the Netherlands and 41% to shareholders who hold their shares via Depositary Interests in the UK. Since certain of TMICC shares were held by brokers and nominees, the number of record holders in the US may not be representative of the number of beneficial holders, or of where the beneficial holders are resident. As at 31 December 2025, no interest was capitalised by the Group. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg081.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 81 Dividend waivers The Company has established an employee benefit trust (EBT) in order to satisfy its employee share award plan obligations. The Trustee of the EBT has agreed to waive, on an ongoing basis, any dividends payable on shares it holds in trust. Annual General Meeting The Company will hold its Annual General Meeting on 7 May 2026. The notice of convocation will be published on our website at least 42 calendar days prior to the meeting date. The business of the meeting will typically include: discussion of the Annual Report; the adoption of the Financial Statements; policy on additions to reserves and dividends; discharge of the members of the Board; or any other matters proposed by the Board or shareholders in accordance with Dutch law and the Articles. Pursuant to Dutch law the record date for the exercise of voting rights and rights relating to shareholders meetings is set at the 28th day prior to the date of the relevant meeting. Shareholders registered on such date are entitled to attend the meeting and to exercise the other shareholder rights (at the relevant meeting) notwithstanding any subsequent sale of their shares after the record date. Shareholders who wish to exercise the rights attached to their shares in respect of a shareholder meeting are required to register for such meeting. Shareholders may attend a meeting in person, vote by proxy or grant a power of attorney to a third party to attend the meeting and vote on their behalf. Details of registration for meetings, attendance and proxy voting will be included in the notice convening the relevant meeting. Contracts of significance and material contracts During the year, no Director had any interest in any shares or debentures in the Company's subsidiaries, or any material interest in any contract with the Company or a subsidiary being a contract of significance in relation to the Company's business. No member of the Group is party to any significant agreement that takes effect, alters or terminates upon a change of control or following a takeover of TMICC. In addition, there are no agreements providing for compensation for loss of office or employment as the result of a takeover of TMICC. There are no controlling shareholders of TMICC. Unilever PLC has a 19.85% shareholding in TMICC. As at the date of this Annual Report, TMICC is party to a Global Transitional Services Agreement, a Tax Matters Agreement and a Demerger Agreement with Unilever PLC. Prevention of insider trading policies and procedures The Company has adopted prevention of insider trading policies and procedures governing the purchase, sale, and other dispositions of its securities by Directors, senior management and employees that are reasonably designed to promote compliance with applicable prevention of insider trading laws, rules and regulations, and any listing standards applicable to the Company. Branch offices The Group operates through subsidiary companies and has one branch, being Betty Ice Distributie Chisinau Branch Moldova, Skuodo st. 28, Mazeikiai, LT-89100. Further details relating to subsidiaries can be found in Note 23. Directors' share interests The table below sets out details of the Directors' interests in shares as at 31 December 2025. None of the Directors or ELT members have a shareholding greater than 0.08%. Further details relating to share interests of Executive Directors can be found in the Directors' Remuneration Report on page 76. Director Share Interests as at 31 December 2025 Melissa Bethell 7,750 Abhijit Bhattacharya 150,956 Stefan Bomhard1 8,655 Jean-François van Boxmeer 76,200 Stacey Cartwright 3,400 Reginaldo Ecclissato 20,027 René Hooft Graafland 35,500 Peter ter Kulve2 436,665 Anja Mutsaers 19,500 (1) Includes 955 shares of spouse (2)Includes 1,938 shares of spouse Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg082.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 82 Based on its assessment and with reference to Best Practice Provision 1.4.3 of the 2025 Dutch Corporate Governance Code, the TMICC Board confirms to the best of its knowledge that: • Following the Company's recent transition to a standalone organisation, the systems, processes, and internal controls supporting its risk management framework are still being established and embedded. The Management Report provides insights into the material failings identified in the effectiveness of the internal risk management and control systems within this developing environment; • the Company continues to develop its internal risk management and control systems with the objective of providing reasonable assurance that financial reporting does not contain material inaccuracies and that material misstatements are prevented or detected; but these systems remain in a maturing state; • the systems supporting sustainability reporting are similarly at an early stage of development. For 2025 reporting, the Company relied on Unilever for certain areas of reporting and is continuing to develop and embed its own processes, data sources, and internal controls, with the objective of progressively enhancing the robustness of sustainability reporting; • at the balance sheet date, the TMICC Board does not have information to suggest that the internal risk management and control systems fail to provide sufficient comfort that the operational and compliance risks identified in the Risk Management section of this Management Report are being effectively managed, considering the Company's risk appetite; • based on the current state of affairs, it is justified that the financial reporting is prepared on a going concern basis; and • the Management Report states the material risks as well as uncertainties to the extent they are relevant for the Company's continuity for a period of twelve months after the preparation of the report, as referred to in best practice provision 1.2.1. Given that the Company's systems, processes and internal control frameworks are still maturing, these do not provide certainty over the achievement of strategic, operational, compliance, and reporting objectives, nor can they be relied upon to prevent or detect all misstatements, inaccuracies, fraud, operational issues, or non-compliance. On this basis, the TMICC Board considers that the Company is working towards compliance with best practice provision 1.4.3 of the Dutch Corporate Governance Code as it is not yet fully compliant with the provisions in 1.4.3 (ii)-(iv), which it expects to achieve by 2026. Management Statement and Report TMICC Board is responsible for establishing and maintaining adequate internal risk management and control systems. Further information on the Company's risk management approach is set out in the Risk Management section of this Management Report. During the final three weeks of 2025, the Company demerged from Unilever and became a standalone organisation. An interim operating model was implemented, supported by extensive Transitional Service Agreements (TSAs) with Unilever to ensure continuity of operations. The reliance on shared financial and operational processes under these TSAs, alongside the continued development of the Company's own processes and systems, created an environment exposed to inherent transitional, operational, financial, non-financial, and compliance risks. These risks are being addressed through a phased design and implementation of the Company's risk management and internal control framework. This has been supported by enhanced governance oversight, internal risk assessments, targeted control testing and monitoring during the separation and stabilisation phase and internal audit in 2025. In 2026, the Company will focus on the implementation and stabilisation of controls, considering the Company's risk appetite and strategic objectives; and will also address the requirements of Provision 29 of the UK Corporate Governance Code. Statement by the Board The Board recognises that internal risk management and control systems are subject to inherent limitations and cannot provide absolute assurance that all risks have been identified or effectively managed. The level of assurance provided is influenced by factors including the Company's risk appetite, the complexity and maturity of its operations, external dependencies and the dynamic business environment. Certain risks therefore remain outside the Company's direct control. The principal risks the Company faces, the Company's risk management framework and risk appetite are described in the Risk Management section of this Management Report. Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg083.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 83 and established internal control principles (COSO 2013), as well as the underlying SOX and ICFR expectations for listed entities. The framework is tailored to the Group's specific risks, complexity, and materiality as a listed entity, and includes clear control activities, defined ownership and accountability, and management review controls designed to prevent and detect material misstatements. Directors Responsibility Statement Each of the Directors confirms that, to the best of their knowledge: • the 2025 TMICC Annual Report, taken as a whole, is fair, balanced and understandable, and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy; • the Financial Statements which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and EU-adopted international accounting standards give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and • the Management Report includes a fair review of the development and performance of the business and the position of TMICC and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face. The Directors and their roles are listed on pages 45 to 47. Josh Frank was not a Director as at 31 December 2025. He was appointed to the Board on 16 March 2026 and will assume responsibility for the 2026 Annual Report. Going concern The activities of the Group, together with the factors likely to affect its future development, performance, financial position, cash flows, liquidity, and borrowing facilities are described on pages 1 to 32. In addition, Notes 14 to 17 on pages 123 to 135 describe the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities, and its exposures to credit and liquidity risk. Although not assessed over the same period as going concern, the viability of the Group has been assessed on page 40. The Group has significant financial resources together with established business relationships with many customers and suppliers around the world. Consequently, the Directors believe that the Group is well placed to manage its business risks successfully for at least 12 months from the date of approval of the Financial Statements. After making enquiries, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing this Annual Report. The Company remains committed to further strengthening its risk management and internal control framework in line with the best applicable practice, particularly in the jurisdictions where it is listed, recognising that such systems are designed to provide reasonable and/or limited, but not absolute, assurance. The Company's risk management framework and related Board statements provide governance context for the external auditor's risk assessment, while the audit approach remains independently determined in accordance with applicable auditing standards. This statement should not be interpreted as a statement made in response to the requirements of the US Sarbanes-Oxley Act (SOX). This Annual Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies. Internal control framework and carve-out considerations During the preparation of the 2024 Combined Carve-Out Financial Statements, a material weakness was identified within the Unilever Group's internal control over financial reporting (ICFR) because a small number of control activities were not precise enough to prevent or detect all material misstatements. As a result of this material weakness, two material misstatements were not detected during the preparation of the 2024 Combined Carve-Out Financial Statements, though these misstatements were detected and corrected prior to the finalisation of the 2024 Combined Carve-Out Financial Statements. The control weaknesses related specifically to the process to prepare the 2024 Combined Carve-Out Financial Statements and Condensed Combined Financial Statements. Following the Separation, the Group's Financial Statements have been prepared through consolidation of its own entities rather than through carve-outs from Unilever legal entities. Consequently, the control deficiencies identified within the Unilever Group's carve-out processes are no longer relevant. In anticipation of future compliance with SOX and ICFR expectations for listed entities and in response to the identified deficiency, the Group has continued to design and implement its own ICFR framework following the Separation to mitigate the risks associated with financial and non-financial reporting. The ICFR framework is being developed in alignment with applicable regulatory requirements Management Report Management Report Financial Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_bg084.jpg) | &nbsp;&nbsp;Financial Statements Financial Statements The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 84 Reports of the independent registered public accounting firms Consolidated financial statements Notes to the consolidated financial statements Management Report Financial Statements Further Information |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

**Report of *Independent Registered Public Accounting Firm***

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors The Magnum Ice Cream Company N.V.:

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheet of The Magnum Ice Cream Company N.V. (and subsidiaries) (''the Company'') for the year ended 31 December 2025, the related consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, and the consolidated cash flow statement for the year ended 31 December 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2025, and the results of its operations and its cash flows the year ended 31 December 2025, in conformity with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and

disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Separation and establishment of the Company*

As discussed in Note 1 of the consolidated financial statements, the Company accounted for the separation as a business combination under common control using predecessor accounting. As a result, the consolidated financial statements have been prepared as if it owned the ice cream business ('business') from the earliest period presented. The Company recognised the difference between the net book value of the ice cream business transferred to the group under common control and the fair value of the shares issued directly in equity. Additionally, as discussed in Note 21, as part of the transaction, the Company and Unilever have entered into certain Transitional Services Agreements (TSAs). Unilever transacts with customers on the Company's behalf in accordance with the TSA. The Company assessed that it is the principal and recognises revenue from these transactions on a gross basis. As discussed in Note 2, the Company recognised €7,910 million revenue, a portion of which relates to these transactions.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **85**<br>

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|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

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We identified the evaluation of the impact of the legal agreements related to the separation and establishment of the Company on the recognition of the other reserves due to predecessor accounting and revenue as a critical audit matter. Evaluating the appropriateness of the recognition of the other reserves due to predecessor accounting required a high degree of auditor judgement and audit effort due to the lack of specific requirements in the financial reporting standards on how to account for such transactions. Also, evaluating the Company's revenue recognition policy and accounting, specifically the determination of principal versus agent related to the TSAs, required auditor judgement in assessing whether the Company is responsible to fulfil customer orders and bears the inventory risk.

The following are the primary procedures we performed to address this critical audit matter.

&nbsp;&nbsp;&nbsp;&nbsp;● We inquired with management and inspected relevant legal documents related to the transfer of the business to obtain an understanding of the positions taken by the Company related to the recognition of the other reserves due to predecessor accounting.

&nbsp;&nbsp;&nbsp;&nbsp;● We evaluated the terms and conditions of the TSA against the revenue recognition criteria of IFRS 15 related to the principal versus agent assessment, and assessed whether the transactions have been recorded appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;● For a selection of accounting papers describing the separation and TSAs, we evaluated the decisions made by management related to the accounting policies for shareholders ' equity and revenue through comparisons with market practice and financial reporting standards.

/s/ KPMG Accountants N.V.

We have served as the Company's auditor since 2025.

Amstelveen, the Netherlands

18 March 2026

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors The Magnum Ice Cream Company B.V.

**Opinion on the Combined Carve-out Financial Statements**

We have audited the accompanying combined carve-out balance sheet of Unilever PLC's Ice Cream business in certain jurisdictions (the "Ice Cream Business") as of 31 December 2024, the related combined carve-out income statements, the combined carve-out statements of comprehensive income, the combined carve-out statements of changes in net parent investment, and the combined carve-out cash flow statements for each of the years in the two-year period ended 31 December 2024, and the related notes (collectively, the combined carve-out financial statements).

In our opinion, the combined carve-out financial statements present fairly, in all material respects, the financial position of the Ice Cream Business as of 31 December 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended 31 December 2024, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

These combined carve-out financial statements are the responsibility of the Ice Cream Business's management. Our responsibility is to express an opinion on these combined carve-out financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Ice Cream Business in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the combined carve-out financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the combined carve-out financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined carveout financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined carve-out financial statements. We believe that our audits provide a reasonable basis for our opinion

/s/ KPMG LLP

We served as the Company's auditor from 2014 to 2025.

London, United Kingdom

6 August 2025

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **86**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

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***Consolidated* financial statements**

### Consolidated income statement
**for the year ended 31 December**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In millions of €** | Notes | **2025** | 2024 | 2023 |
| **Revenue** | 2 | 7910 | 7947 | 7618 |
| **Operating Profit** | 2 | 599 | 764 | 742 |
| Net finance costs | 5 | (121) | (17) | (20) |
| - Pensions and similar obligations |  | (9) | (12) | (11) |
| - Finance income |  | 27 | 2 | 1 |
| - Finance costs |  | (139) | (7) | (10) |
| Net monetary gain/(loss) arising from hyperinflationary economies | 1 | (31) |  | (10) |
| Profit before taxation |  | 447 | 747 | 712 |
| Taxation | 6A | (140) | (152) | (203) |
| **Net profit** |  | **307** | **595** | **509** |
| Attributable to: |  |  |  |  |
| - Non-controlling interests |  | 14 | 16 | 17 |
| - Shareholders of the Company |  | 293 | 579 | 492 |
| **Earnings per share, in €** | 7 |  |  |  |
| Basic earnings per share |  | 0.48 |  |  |
| **Diluted earnings per share** |  | **0.48** |  |  |

---

### Consolidated statement of comprehensive income
**for the year ended 31 December**

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| **Net profit** | **307** | **595** | **509** |
| **Other comprehensive income**<br> 6C |  |  |  |
| Items that will not be reclassified to profit or loss, net of tax: |  |  |  |
| - Remeasurement of defined benefit pension plans | 46 | 38 |  |
| Items that may be reclassified subsequently to profit or loss, net of tax: |  |  |  |
| - Gains/(losses) on cash flow hedges | (81) | 88 | 2 |
| - Currency retranslation gains/(losses) | (238) | 137 | (50) |
| **Total comprehensive income** | **34** | **858** | **461** |
| Attributable to: |  |  |  |
| - Non-controlling interests | 11 | 17 | 16 |
| - Shareholders' equity | 23 | 841 | 445 |

---

The 2024 and 2023 consolidated income statement and the 2024 and 2023 consolidated statement for comprehensive income for the comparative information is derived from the Combined Carve-out Financial Statements and was named Combined Carve-Out Income Statement and Combined Carved-Out Statement of Comprehensive Income.<br>

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **87**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

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### Consolidated statement of changes in equity
**for the year ended 31 December**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Total |  |  |
|  | Invested | Share | Share | Retained | Other | shareholders' | Non-controlling | **Total** |
| **In millions of €** | capital | capital | premium | earnings | reserves | equity<sup>(h)</sup> | interests | **equity** |
| **1 January 2023** | **1775** | **—** | **—** | **—** | **178** | **1953** | **25** | **1978** |
| Profit or loss for the period <sup>(a)</sup> | 492 |  |  |  |  | 492 | 17 | 509 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| - Cash flow hedges gains/(losses) |  |  |  |  | 2 | 2 |  | 2 |
| - Remeasurement of defined benefit pension plans |  |  |  |  |  |  |  |  |
| - Currency retranslation gains/(losses) <sup>(c)</sup> |  |  |  |  | (49) | (49) | (1) | (50) |
| **Total comprehensive income/(loss)** | **492** | **—** | **—** | **—** | **(47)** | **445** | **16** | **461** |
| Share-based payment credit <sup>(d)</sup> | 20 |  |  |  |  | 20 |  | 20 |
| Other transactions with Unilever <sup>(e)</sup> | 92 |  |  |  |  | 92 |  | 92 |
| Transactions with owners of the non-controlling interests <sup>(e)</sup> |  |  |  |  |  |  | (16) | (16) |
| **31 December 2023** | **2379** | **—** | **—** | **—** | **131** | **2510** | **25** | **2535** |
| Profit or loss for the period <sup>(a)</sup> | 579 |  |  |  |  | 579 | 16 | 595 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| - Cash flow hedges gains/(losses) |  |  |  |  | 88 | 88 |  | 88 |
| - Remeasurement of defined benefit pension plans |  |  |  |  | 38 | 38 |  | 38 |
| - Currency retranslation gains/(losses) <sup>(c)</sup> |  |  |  |  | 136 | 136 | 1 | 137 |
| **Total comprehensive income/(loss)** | **579** | **—** | **—** | **—** | **262** | **841** | **17** | **858** |
| Share-based payment credit <sup>(d)</sup> | 32 |  |  |  |  | 32 |  | 32 |
| Other transactions with Unilever <sup>(e)</sup> | (594) |  |  |  |  | (594) |  | (594) |
| Transactions with owners of the non-controlling interests <sup>(e)</sup> |  |  |  |  |  |  | (19) | (19) |
| Dividends paid to non-controlling interests  | (11) |  |  |  |  | (11) |  | (11) |
| **31 December 2024** | **2385** | **—** | **—** | **—** | **393** | **2778** | **23** | **2801** |

---

The 2024 and 2023 consolidated statement of changes in equity for comparative information is derived from the Combined Carve-out Financial Statements and was named Combined Carve-Out Statement of Changes in Net Parent Investment.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **88**<br>

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|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Total |  |  |
|  | Invested | Share | Share | Retained | Other | shareholders' | Non-controlling | **Total** |
| **In millions of €** | capital | capital | premium | earnings | reserves | equity<sup>(h)</sup> | interests | **equity** |
| **31 December 2024** | **2385** | **—** | **—** | **—** | **393** | **2778** | **23** | **2801** |
| Profit or loss for the period <sup>(a)</sup> | 480 |  |  | (187) |  | 293 | 14 | 307 |
| Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |
| - Cash flow hedges gains/(losses) |  |  |  |  | (81) | (81) |  | (81) |
| - Remeasurement of defined benefit pension plans <sup>(b)</sup> | 108 |  |  | 8 | (70) | 46 |  | 46 |
| - Currency retranslation gains/(losses) <sup>(c)</sup> |  |  |  |  | (235) | (235) | (3) | (238) |
| **Total comprehensive income/(loss)** | **588** | **—** | **—** | **(179)** | **(386)** | **23** | **11** | **34** |
| Share-based payment credit <sup>(d)</sup> | 28 |  |  | 7 |  | 35 |  | 35 |
| Dividends paid to non-controlling interests |  |  |  |  |  |  | (9) | (9) |
| Hedging gain/(loss) transferred to non-financial assets |  |  |  |  | (31) | (31) |  | (31) |
| *Separation:* |  |  |  |  |  |  |  |  |
| - Dividends paid to Unilever | (83) |  |  |  |  | (83) |  | (83) |
| - Other transactions with Unilever <sup>(e)</sup> | (2495) |  |  |  |  | (2495) |  | (2495) |
| - Transactions with owners of the non-controlling interests <sup>(e)</sup> |  |  |  |  |  |  | (17) | (17) |
| - Deferred tax recognition on Separation <sup>(f)</sup> | 398 |  |  |  |  | 398 |  | 398 |
| Share issuance and formation of TMICC N.V.<sup>(g)</sup> | (821) | 2143 | 5798 |  | (7120) |  |  |  |
| **31 December 2025** | **—** | **2143** | **5798** | **(172)** | **(7144)** | **625** | **8** | **633** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Profit for the period prior to the Demerger is presented within Invested Capital.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Movement attributable to the period prior to the Demerger is presented in Invested Capital, while the movement attributable to the period post Demerger is presented in Retained earnings. The pension reserve balance of € 70 million as at 31 December 2024 is reclassified from Other Reserves to Invested Capital .

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes a hyperinflation adjustment in relation to Türkiye for the years ended 31 December 2023, 2024, and 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The share-based payment credit represents the non-cash charge recorded in operating profit for the fair value of share awards granted to employees. It includes the fair value of Unilever share awards allocated to the Group, for the pre-Demerger period, which is presented in Invested Capital. Following the Demerger, the Group granted its own share awards to employees, and the related non-cash charge in operating profit for these awards is presented in Retained earnings. See Note 4C.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Other transactions with Unilever and Transactions with owners of the non-controlling interests reflect the fact that prior to the Demerger, the Group did not retain cash generated from operating activities and represent the cash out flow associated with repatriating such cash to Unilever, net of any movements in working capital, financing and investing activities. As part of the separation, the Group paid € 3,162 million to Unilever for the transaction, offset by the inventory subsidy receipt of € 905 million and working capital subsidy payment of € 300 million. Transactions with owners of the non-controlling interests also includes the buy back of minority shareholders in Indonesia following the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Following the Separation, the Group recognised a net deferred tax asset. See Note 6B.

&nbsp;&nbsp;&nbsp;&nbsp;(g) On 6 and 7 December 2025, the Magnum Ice Cream Company N.V. issued 612,245,455 shares with a nominal value per share of €3.50 per share. The total shares issued had an estimated fair value of € 7,941 million (based on the market price on the first day of trading). The difference between the estimated fair value and the nominal value of the shares issued has been recognised as share premium of € 5,798 million. See Note 14A.

&nbsp;&nbsp;&nbsp;&nbsp;(h) In 2023 and 2024 in the Combined Carve - out Financial Statements this was referred to as Net Parent Investment.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **89**<br>

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|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

**Consolidated balance sheet**

**for the year ended 31 December**

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | Notes | **31 Dec 2025** | 31 Dec 2024 |
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Goodwill | 8 | 510 | 585 |
| Intangible assets | 8 | 731 | 793 |
| Property, plant and equipment | 9 | 2306 | 2355 |
| Pension asset for funded schemes in surplus | 4B | 78 |  |
| Deferred tax assets | 6B | 520 | 130 |
| Other non-current assets | 10 | 186 | 29 |
| **Total non-current assets** |  | **4331** | **3892** |
| **Current assets** |  |  |  |
| Inventories | 11 | 873 | 920 |
| Trade and other current receivables | 12 | 1790 | 635 |
| Current tax assets |  | 45 | 4 |
| Cash and cash equivalents | 16A | 441 | 70 |
| Other financial assets  |  | 8 |  |
| **Total current assets** |  | **3157** | **1629** |
| **Total assets** |  | **7488** | **5521** |

---

The 2024 and 2023 consolidated balance sheet comparative information is derived from the Combined Carve-out Financial Statements and was named Combined Carve-Out Balance Sheet

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | Notes | **31 Dec 2025** | 31 Dec 2024 |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial liabilities | 14C | 3311 | 248 |
| Pensions and post-retirement healthcare liabilities: |  |  |  |
| - Funded schemes in deficit | 4B | 1 | 6 |
| - Unfunded schemes | 4B | 75 | 92 |
| Provisions due after more than one year  | 18 | 31 | 39 |
| Deferred tax liabilities | 6B | 206 | 298 |
| Other non-current liabilities | 13 | 124 | 8 |
| **Total non-current liabilities** |  | **3748** | **691** |
| **Current liabilities** |  |  |  |
| Financial liabilities due within 1 year  | 14C | 105 | 85 |
| Trade payables and other current liabilities | 13 | 2921 | 1818 |
| Current tax liabilities |  | 42 | 24 |
| Provisions | 18 | 39 | 102 |
| **Total current liabilities** |  | **3107** | **2029** |
| **Total liabilities** |  | **6855** | **2720** |
| **Equity** | 14B |  |  |
| Shareholders' equity<sup>(a)</sup> |  | 625 | 2778 |
| Non-controlling interest |  | 8 | 23 |
| **Total equity** |  | **633** | **2801** |
| **Total liabilities and equity** |  | **7488** | **5521** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) In 2024 in the Combined Carve - out Financial Statements this was referred to as Net Parent Investment.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **90**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

**Consolidated cash flow statement**

**for the year ended 31 December**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In millions of €** | Notes | **2025** | 2024 | 2023 |
| Net Profit |  | 307 | 595 | 509 |
| Taxation | 6 | 140 | 152 | 203 |
| Net monetary (gain)/loss arising from hyperinflationary economies | 1 | 31 |  | 10 |
| Net Finance Costs | 5 | 121 | 17 | 20 |
| **Operating Profit** |  | **599** | **764** | **742** |
| *Adjustments for* |  |  |  |  |
| - Depreciation, amortisation and impairment <sup>(a)</sup> |  | 338 | 376 | 357 |
| - Non-cash charge for share-based compensation |  | 35 | 32 | 20 |
| - Elimination of (profits)/losses on disposals  |  | 15 |  | 7 |
| Changes in working capital<sup>(d)</sup>: |  | (231) | 70 | 56 |
| - Inventories |  | (49) | 3 | 54 |
| - Trade and other receivables |  | (1514) | 41 | 30 |
| - Trade payables and other liabilities |  | 1332 | 26 | (28) |
| Pensions and similar obligations less payments |  | (34) | (34) | (30) |
| Provisions less payments |  | (73) | 41 | (14) |
| Other adjustments |  |  | 4 | 6 |
| **Cash flow from operating activities** |  | **649** | **1253** | **1144** |
| Income tax paid |  | (166) | (140) | (230) |
| **Net cash flow from operating activities** |  | **483** | **1113** | **914** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents amortisation and depreciation charges on intangible assets, property, plant and equipment, and leased assets recognised in the balance sheet. For 2023, 2024, and the first half of 2025, this also includes allocated charges for shared assets with Unilever that did not transfer to the Group at Separation. From H2 2025, these depreciation and amortisation costs are included within the TSA charge from Unilever, reflecting the Group's continued use of those assets during the Transitional Period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As part of the Separation, TMICC paid € 3,162 million to Unilever, offset by an inventory subsidy receipt of € 905 million and a working capital subsidy payment of € 300 million. A dividend to Unilever of € 83 million did not result in a separate cash outflow, as it was a cash neutral dividend distribution with an equal and opposite movement recognised in 'Transactions with Unilever'.

For the period prior to the Separation, the Group relied on Unilever's centralised approach to cash management and financing. These amounts represent the cash outflow associated with repatriating cash generated from operating activities to Unilever, net of movements in working capital, financing and investing activities up to the date of the Demerger.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **In millions of €** | Notes | **2025** | 2024 | 2023 |
| Interest Received  |  | 15 | 2 | 1 |
| Purchase of intangible assets |  | (3) |  | (2) |
| Purchase of property, plant and equipment |  | (357) | (321) | (278) |
| Disposal of property, plant and equipment |  | 30 | 22 | 27 |
| Acquisition of businesses, net of cash  |  |  | (61) | (604) |
| Disposal of other non-current investments |  |  | (1) | 2 |
| **Net cash flow from/(used in) investing activities** |  | **(315)** | **(359)** | **(854)** |
| Dividends paid to Unilever<sup>(b)</sup> |  | (83) | (11) |  |
| Interest paid |  | (130) | (13) | (10) |
| Additional financial liabilities |  | 3078 | 2 |  |
| Repayment of financial liabilities |  |  |  | (3) |
| Lease payments |  | (56) | (39) | (45) |
| Transactions with Unilever <sup>(b)</sup> |  | (2595) | (676) | 7 |
| Other financing activities |  | (9) |  |  |
| **Net cash flow from/(used in) financing activities**  |  | **205** | **(737)** | **(51)** |
| **Net increase/(decrease) in cash and cash equivalents** |  | 373 | 17 | 9 |
| **Cash and cash equivalents at the beginning of the year** |  | 67 | 50 | 43 |
| Effect of foreign exchange rate changes |  | (4) |  | (2) |
| **Cash and cash equivalents at the end of the year** <sup>(c)</sup> | 16 | **436** | **67** | **50** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Group in comparative periods, with the exception of cash, debt and related interest held by entities that only contained Ice Cream related activities. These are listed in Note 23.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes the impact of Inventory subsidy and Working capital subsidy exchanged between Unilever Group and TMICC Group explained in Note 21 and (b).

The 2024 and 2023 consolidated cash flow statement for comparative information is derived from the Combined Carve-out Financial Statements and was named Combined Carve-Out Cash Flow Statement.

● The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **91**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

***Notes* to the consolidated financial statements**

#### The accompanying notes are an integral part of the consolidated financial statements.
1. General information

#### Reporting entity
The Magnum Ice Cream Company N.V. ("TMICC") is a public limited liability company (naamloze vennootschap) domiciled in the Netherlands. TMICC is headquartered in Amsterdam and its registered address is Reguliersdwarsstraat 63, 1017BK Amsterdam, the Netherlands. The consolidated financial statements of TMICC as at 31 December 2025 comprise TMICC and its subsidiaries (together referred to as 'TMICC', the "Company" or the "Group"). TMICC is the global leader in the ice cream industry, operating in 80 markets with an extensive portfolio of global and local brands.

#### Basis of preparation
The consolidated financial statements are:

&nbsp;&nbsp;&nbsp;&nbsp;● Prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and endorsed by the European Union (EU). The consolidated financial statements comply with the statutory provisions of Part 9, Book 2 of the Dutch Civil Code. All standards and interpretations issued by the IASB and the IFRS Interpretation Committee effective 2025 have been endorsed by the EU. As a result our accounting policies also fully comply with IFRS accounting standards as issued by the IASB.

&nbsp;&nbsp;&nbsp;&nbsp;● Authorised for issue by the Board of TMICC on 18 March 2026 and subject to adoption by the General Meeting on 7 May 2026.

&nbsp;&nbsp;&nbsp;&nbsp;● Prepared under the historical cost convention, unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;● Prepared on a going concern basis.

&nbsp;&nbsp;&nbsp;&nbsp;● Presented in Euro, which is the Company's functional currency and Group's presentation currency.

&nbsp;&nbsp;&nbsp;&nbsp;● Rounded to the nearest million unless stated otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;● The 2024 and 2023 comparative information is derived from the Combined Carve-out Financial Statements as disclosed in the listing prospectus.

In December 2025, the Ice Cream business of Unilever was transferred to the Group (the Demerger).

In return, the Group issued shares in TMICC N.V. to the shareholders of Unilever PLC on 6 December 2025 and its shares were admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December. Management concluded that this transaction was under common control.

Management decided to apply the book value method (predecessor accounting). As such, the carrying amounts of the Unilever Ice Cream business as at the date of the Demerger have been transferred to the Group. The separation from Unilever ("Separation") (refer to Note 21) was executed as one single economic event yet sequenced via a series of legal proceedings and activities between 1 July 2025 and 8 December 2025.

Prior to the Demerger, the Ice Cream business was operated largely through legal entities that carried out both Ice Cream and non-Ice Cream activities, as well as through dedicated subsidiaries within Unilever. Between 1 July and 8 December 2025, Unilever established its Ice Cream business under the intermediate holding company TMICC HoldCo B.V. From 1 July 2025, the Group and Unilever entered into a Global Transitional Services Agreements (GTSA) to ensure business continuity (refer to Note 21).

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **92**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The following paragraphs include a description of the Basis of preparation principles and how estimates, judgements, and assumptions have been applied for the purpose of preparing the consolidated financial statements for the periods from the period 1 January 2025 until 30 June 2025 and for the prior year comparatives.

Net parent investment in previously reported financial statements has been renamed to Invested Capital, these terms are used interchangeably.

#### Income statements and statements of other comprehensive income

---

| | |
|:---|:---|
| Unilever's general corporate expenses and shared expenses | Expenses for support functions were provided centrally and recharged to the Group. These included indirect central costs (primarily related to the sales force and general marketing) and general corporate expenses (primarily related to finance, legal, information technology, human resources, communications, and audit). These management charges were recharged by Unilever based on direct usage when identifiable or based on a proportion of revenue or other applicable measures, adjusted on a line-by-line basis to reflect specific local circumstances. These were deemed to have been cash settled by the Group to Unilever in the period in which these costs were accrued. From the period after 1 July 2025, these have been replaced by charges arising from Transitional Service Agreements (See Note 21). |
| Operating costs including amortisation and depreciation | Operating costs included amortisation and depreciation charges relating to intangible assets, property, plant and equipment, and leased assets and liabilities included in the 'as-if' balance sheet (see balance sheet items below), and an allocation of amortisation and depreciation charges for shared assets with Unilever utilised by the Group. These costs were deemed to have been settled through Invested Capital. |
| Performance share plans and other share awards | Certain employees of the Group participated in the Unilever performance share plans and other share awards. Costs related to participating employees were allocated to the Group based on a proportion of revenue. In addition, the Group also received an allocation of share-based compensation charges with respect to corporate employees of Unilever. |

---

---

| | |
|:---|:---|
| Pension costs | Pension costs recorded in the consolidated income statements included pension charges for dedicated Ice Cream employees and an allocation based on revenue for other employees. |
| Net finance costs | Included only net finance costs incurred by the ice cream dedicated entities that existed prior to the Separation. Interest incurred by Unilever or interest on funding provided by Unilever as part of Unilever's invested capital was not allocated to the Group. |
| Realised gains/ or losses on forex derivatives | Unilever hedged foreign currency exposures using derivatives on the net forex exposure of the Unilever Group. However, given that the derivatives were held at the Unilever level, they could not be accounted for in the consolidated financial statements as the Group was not party to the contracts. While there was no recognition of forex derivatives entered into by Unilever in the consolidated financial statements, a proportional allocation of the realised gains/ or losses on forex derivatives was recognised in the income statement. |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **93**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | |
|:---|:---|
| Taxation | The total tax charge for the periods prior to the Separation was computed on a territory-by-territory basis using the relevant country's effective tax rate or, where more appropriate, its statutory tax rate. Where effective tax rates were used, these were adjusted for any specific inclusions or exclusions to ensure that they were specific to the Group. The tax rates were then applied to countries' carved-out profit before tax, as adjusted for transfer pricing impacts, to calculate the total tax charge attributable to the Group. The deferred tax balances and movements were calculated with the deferred tax movement being deducted from the total tax movement to arrive at the current tax charge. |

---

Management believes the allocation methods applied in the comparative periods and for the first six months to be a reasonable reflection of the utilisation of services provided by Unilever. However, different allocation methods could have resulted in different outcomes. Had the Group operated independently during the periods presented, the level of costs incurred would have been different and would have been influenced by a number of factors including the chosen organisation structure, the functions that are outsourced as opposed to performed by employees, and by other strategic decisions made in areas such as information technology and infrastructure. The allocation methods are therefore not necessarily representative of the financial positions, results of operations or cash flows that would have been reported if the Group operated on its own or as an entity independent from Unilever during the comparative periods. Actual cost levels may thus deviate from historical presentation.

#### Cash flow statement
For the period from 1 January 2025 to 30 June 2025, and for the prior year comparatives, the statements of cash flows have been prepared using the indirect method, in line with the Group's accounting policy.

Under this method, profit or loss was adjusted for non-cash transactions, deferrals or accruals of past or future operating cash receipts or payments, and items of income or expense associated with investing or financing cash flows. Up to the Demerger, Unilever used a centralised approach to cash management and financing its operations, and transactions between Unilever and the Ice Cream business were accounted for through Invested Capital. These cash flows to and from Unilever have changed Unilever's investment in the Group and has been presented as 'Other transactions with Unilever' in the Consolidated statement of changes in equity. This relationship is presented in the financing activities as 'Transactions with Unilever'.

Accordingly, none of the cash, cash equivalents, debt or related interest income and expense at the corporate level have been assigned to the Ice Cream business up to Separation, with the exception of cash, debt and related interest held by entities that only contained Ice Cream related activities. Historically, the Ice Cream business recognised payables and receivables with the related customers and suppliers. As a result of the GTSA entered into on 1 July 2025, these have been replaced with positions directly with Unilever, which is acting as a service provider to the Group. Refer to Note 21 for more details on the GTSA.

Any tax expenses described under taxation as part of the income statements and statements of other comprehensive income have been considered as tax paid in the cash flow statements during the period prior to the Demerger.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **94**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Comparative period balance sheet
The comparative balance sheet included Ice Cream assets and liabilities that were specifically identifiable or otherwise attributable to the Group as follows:

---

| | |
|:---|:---|
| Property, plant and equipment | This included "owned assets" and "leased assets" that were dedicated historically and were directly attributed to the Group. Shared central property, plant and equipment such as head offices, regional offices and associated equipment were excluded from the comparative balance sheet as these assets would not be transferred to the Group. |
| Goodwill | This was derived by aggregating the goodwill balances from historic acquisitions of Ice Cream brands since the Unilever Group's IFRS implementation in 2005. |
| Trade and other current receivables | These were specifically assigned to the Group where identifiable or were allocated based on the relative percentage of Group revenue by customer, which approximated allocation on an item-by-item basis. |
| Inventories | They were specifically identifiable and assigned to the Group. |
| Trade payables and other liabilities | They were specifically assigned to the Group where identifiable or were allocated based on the relative percentage of either Ice Cream purchases or cost of sales, which approximates allocation on an item-by-item basis. Payroll accruals were specifically assigned or were allocated to the Group based on a proportion of revenue. |
| Provisions | They were specifically assigned to the Group where directly identifiable or based on the relative percentage of either Ice Cream revenue or cost of sales, depending upon the nature of the provision. Contingent liabilities were assigned on a consistent basis to provisions. |

---

---

| | |
|:---|:---|
| Deferred tax | Deferred tax was calculated using three different approaches depending on the nature of the underlying item.<br>●For items with no associated tax base, the related amounts were tax effected using the applicable local tax rate of the relevant legal entity.<br>●For Brands, the amounts included reflected the deferred tax directly attributable to the specific brands included in intangible assets.<br>●For property, plant and equipment, deferred tax has been determined by applying a proportional approach based on the share of the underlying asset's pre-tax value that is included in the consolidated financial statements.<br>|
| Derivatives | Unilever hedged commodity exposures using derivatives for the whole Unilever business. Where Unilever applied cash flow hedge accounting to these derivatives, hedge accounting was applied to the derivatives attributable to the Group. |
| Share capital | The Group did not constitute a separate legal group in the past and therefore was not meaningful to show share capital or an analysis of reserves prior to the Separation. The net assets of the Group were represented by the cumulative investment of the Unilever Group in the Group (shown as ''Invested capital"). |
| Intercompany receivables from, and payables to | Intercompany receivables from, and payables to, and funding from Unilever within dedicated Ice Cream legal entities were presented as part of related party receivables, payables and loans, respectively. |
| Cash, cash equivalents, debt | None of the cash, cash equivalents or debt at the corporate level prior were assigned to the Group, with the exception of cash, debt and related interest held by entities that only contained Ice Cream related activities. |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **95**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | |
|:---|:---|
| Defined benefit plans | For defined benefit plans for which the Group had a liability or when the legal liability was linked to and followed the relevant Ice Cream employee, balance sheet surplus or deficit comprised the total of the estimated market value of plan assets less the present value of the defined benefit liabilities. For defined benefit plans for which the Group had no liability, or where the number of Ice Cream employees was so low that any defined benefit exposure is not expected to be material, no assets or liabilities were recognised. |

---

#### Accounting policies
The 2025 consolidated financial statements present the Group's results, assets, liabilities, and cash flows in accordance with IFRS 10, eliminating intercompany transactions through standard consolidation procedures. In the period prior to the Demerger, IFRS 10 was applied as-if the Ice Cream business was a standalone business. The previously issued financial statements were prepared and issued on a combined, carve out basis as the Ice Cream business did not form part of a consolidated group.

Material accounting policies are included in the relevant Notes to the consolidated financial statements and presented as text highlighted in grey on pages 99 to 142. These accounting policies have been applied consistently throughout the periods presented in the consolidated financial statements.

#### Foreign currencies
The consolidated financial statements are presented in Euros (€) which is the Group's presentation currency.

Items included in the consolidated financial statements of individual Group companies or operations are recorded in their respective functional currency, which is the currency of the primary economic environment in which each entity operates.

Foreign currency transactions in individual Group companies or operations are translated into functional currency using exchange rates at the date of the transaction. Foreign exchange gains and losses from settlement of these transactions, and from translation of monetary assets and liabilities at year-end exchange rates, are recognised in the income statement.

Following the Separation on 1 July 2025, the Group entered into contracts to hedge foreign currency exposures, see Note 15 for further information.

In preparing these consolidated financial statements the balances in individual Group companies or operations are translated from their functional currency into Euros. Apart from the financial statements of Group companies in hyperinflationary economies (see below), the income statement, the cash flow statement and all other movements in assets and liabilities are translated at average rates of exchange as a proxy for the transaction rate, or at the transaction rate itself if more appropriate. Assets and liabilities are translated at year-end exchange rates.

The financial statements of Group companies whose functional currency is the currency of a hyperinflationary economy are adjusted for inflation and then translated into Euros using the balance sheet exchange rate. To determine the existence of hyperinflation, the Group assesses the qualitative and quantitative characteristics of the economic environment of the country, such as the cumulative inflation rate over the previous three years.

The effect of exchange rate changes during the year on the net assets of foreign operations is recorded in the consolidated statement of comprehensive income.

#### Hyperinflationary economies
The Türkiye economy was designated as hyperinflationary from 1 July 2022. As a result, application of IAS 29 'Financial Reporting in Hyperinflationary Economies' has been applied to all Group units whose functional currency is the Turkish lira. The application of IAS 29 includes:

&nbsp;&nbsp;&nbsp;&nbsp;● adjustment of historical cost non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the balance sheet date;

&nbsp;&nbsp;&nbsp;&nbsp;● adjustment of the income statement for inflation during the reporting period;

&nbsp;&nbsp;&nbsp;&nbsp;● translation of income statement at the period-end foreign exchange rate instead of an average rate;

&nbsp;&nbsp;&nbsp;&nbsp;● adjustment of the income statement to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **96**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The main effects on the consolidated financial statements for Türkiye are:

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| Total assets increase/(reduction)  | (7) | 42 | 8 |
| Revenue increase/(reduction)  | (1) | 79 | 20 |
| Operating profit increase/(reduction)  | (14) | 7 | 1 |
| Net monetary gain/(loss)  | (31) |  | (10) |

---

#### Climate change
The Group does not believe that there is a material impact on the financial reporting judgements, estimates and going concern assessment arising from the impact of Climate Change. To reach this conclusion, Management has reviewed each balance sheet line item and identified those line items that could have a potential impact by climate-related risks and by the Group's plans to mitigate against these risks. As a result, management ensured that:

&nbsp;&nbsp;&nbsp;&nbsp;● growth rates and projected cash flows used in assessing whether goodwill and indefinite-life intangibles are impaired, are consistent with the Group's climate-related risk assumptions and the actions being taken to mitigate against those risks (see Note 8);

&nbsp;&nbsp;&nbsp;&nbsp;● useful lives of the Group's property, plant and equipment are appropriate given the potential physical and obsolescence risks associated with climate change and the actions being taken to mitigate against those risks (see Note 9);

&nbsp;&nbsp;&nbsp;&nbsp;● in relation to the pension assets, the external pension trusts and funds operate diversified strategies taking into consideration climate risks.

#### Critical accounting estimates and judgements
The preparation of consolidated financial statements requires management to make estimates and judgements in the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and judgements are continuously evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.

Management are required to make certain estimates to achieve a reasonable allocation to the Ice Cream Business of costs incurred centrally by Unilever, as described in the Basis of Preparation above.

The following estimates are those that management believe have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

---

| | |
|:---|:---|
| Defined Benefit Obligations - Measurement | Valuation depends on key actuarial assumptions including discount rates, inflation and life expectancy of scheme members. Referenced in Note 4B. |
| Customer discounts - Measurement of variable consideration | Customer discounts are estimated where settlement depends on future events (e.g., volume based promotions) or where sufficient reliable data is not yet available. Most settlements occur within 12 months, so uncertainties typically do not span multiple reporting periods. Due to the volume and diversity of agreements, preparing a meaningful sensitivity analysis is impracticable. However, the income statement impact of subsequent adjustments is not material year-on-year. |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **97**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The following judgements are those that management believe have the most significant effect on the amounts recognised in the Group consolidated financial statements:

---

| | |
|:---|:---|
| Predecessor accounting | The Separation was accounted for as a business combination under common control using predecessor accounting. The Group recognised the difference between the net book value of the ice cream business transferred to the Group and the fair value of the shares issued directly in Equity (See Note 14 A). This is a judgment as there is no specific requirements in IFRS on how to account for such transactions. |
| Principal vs Agent assessment (Revenue recognition) | Under the Transitional Services Agreements, Unilever transacts with customers on the Group's behalf, however, the Group sets prices, is responsible to fulfil customer orders, and bears inventory risk. Accordingly, the Group is the principal and recognises revenue gross, with Unilever acting as agent. |
| Deferred tax assets - Recognition | The business operates in many countries and is subject to taxes in numerous jurisdictions and following the transaction has recorded material amounts of Deferred Tax on Goodwill and Intangibles assets. Management uses judgement to assess the recoverability of tax assets such as whether there will be sufficient future taxable profits to utilise losses – see Note 6B. |
| Contingent liabilities - Likelihood of occurrence | Events can occur where there is uncertainty over future obligations. Judgement is required to determine if an outflow of economic resources is probable, or possible but not probable. Where it is probable, a liability is recognised, and further judgement is used to determine the level of the provision. Where it is possible but not probable, further judgement is used to determine if the likelihood is remote, in which case no disclosures are provided; if the likelihood is not remote then judgement is used to determine the contingent liability disclosed. The business does not have provisions and contingent liabilities for the same matters. External advice is obtained for any material cases. See Notes 18 and 19. |

---

**Recent accounting developments adopted by the Group**

All standards or amendments to standards that have been issued by the IASB and that were effective by 1 January 2025 were not applicable or material to the Group.

**New standards, amendments and interpretations of existing standards that are not yet effective and have not been early adopted by the Group.**

---

| | |
|:---|:---|
| **Applicable standard** | **Key requirements or changes in accounting policy** |
| Amendments to IFRS 9 and IFRS 7 'The Classification and Measurement of Financial instruments' Effective from the year ended 1 January 2026 | In May 2024, International Accounting Standards Board (IASB) amended IFRS 7 and IFRS 9 which includes clarifications on recognition and derecognition dates of certain financial assets and liabilities, including exceptions for liabilities settled through electronic cash transfer systems. The Company is currently evaluating the impact of the amendments. |
| IFRS 18 Presentation and Disclosure in Financial Statements Effective 1 January 2027 | IFRS 18 will replace IAS 1 Presentation of Financial Statements. The new standard impacts presentation and disclosure of the consolidated income statement with new defined categories being operating, investing and financing to provide a consistent structure. Disclosures about Management-defined Performance Measures (MPMs) (i.e. certain non-GAAP measures) will have to be disclosed in the financial statement with reconciliations to GAAP measures. The new standard will also provide guidance on grouping of information <br>(aggregation/ disaggregation). The Group is currently evaluating the impact of IFRS 18 on the consolidated financial statements. |

---

All other new standards or amendments to standards issued by the IASB that are not yet effective are not applicable or material to the Group.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **98**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

2. Segment information

#### Segmental information
The Group is organised into three geographic regions (i) Europe and ANZ, (ii) Americas, and (iii) AMEA.

&nbsp;&nbsp;&nbsp;&nbsp;● **Europe and ANZ:** representing Europe, Australia and New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;● **Americas:** representing North America and South America.

&nbsp;&nbsp;&nbsp;&nbsp;● **AMEA:** representing Africa, Asia and the Middle East (which includes Türkiye).

Within the AMEA region, operations are further structured into two sub regions, each led by a President. As a result, the Group has four operating segments. However, the two AMEA sub-regions are aggregated into a single reportable segment due to their similar economic characteristics and the nature of their products, services and regulatory environments of the predominant markets. Consequently, the Group reports three reportable segments, with results presented after intercompany eliminations. The segment information is based on the geographical location of our legal entities.

#### Revenue
Revenue comprises sales of goods after the deduction of discounts, sales taxes and estimated returns. It does not include intercompany sales. Discounts given by the Group include rebates, price reductions and incentives given to customers, promotional couponing and trade communication costs and are based on the contractual arrangements with each customer. Discounts can either be immediately deducted from the sales value on the invoice or off-invoice and settled later through credit notes when the precise amounts are known. Amounts provided for discounts at the end of the period require estimation; historical data and accumulated experience is used to assess the provision using the most likely amount method and, in most instances, the discount can be recognised using known facts. Any differences between actual amounts settled and the amounts provided are recognised in the subsequent reporting period and the impact on the income statement is not material year-on-year.

Customer contracts generally contain a single performance obligation and revenue is recognised when control of products being sold has transferred to the Group's customer as there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. This is considered the appropriate point where the performance obligations in the Group's contracts are satisfied as the Group no longer has control over the inventory.

Customers have the contractual right to return goods only when authorised by the Group. If material, an estimate has been made of goods that will be returned, and a liability has been recognised for this amount. An asset is then recorded for the corresponding inventory that is estimated to return to the Group using a best estimate based on accumulated experience. The Group's customers are distributors who may be able to return unsold goods in consignment arrangements.

Revenue is recognised where the Group controls the goods prior to transfer to the customer and bears the associated inventory risk. For more detail refers to Note 21.

#### Adjusted EBIT and Adjusted EBITDA
Adjusted EBIT refers to operating profit before adjusting items within operating profit. Adjusted EBITDA is defined as Adjusted EBIT before the impact of depreciation, amortisation. They represent the Group's measures for the performance of each segment profit or loss. Adjusting items within operating profit include impairment, restructuring costs, acquisition and disposal related costs and other one-off items classified separately due to their nature and/or frequency of occurrence (See Note 3).

Adjusted EBIT margin and Adjusted EBITDA margin are calculated as the respective adjusted measure divided by revenue for the period.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **99**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In millions of €** | Notes | Europe and ANZ | Americas | AMEA | **Total** |
| **2025** |  |  |  |  |  |
| Revenue <sup>(a)</sup> |  | 3192 | 2757 | 1961 | **7910** |
| Operating profit <sup>(a)</sup> | 3 | 168 | 169 | 262 | **599** |
| Adjusting items <sup>(b)</sup> |  | 126 | 117 | 75 | **318** |
| Adjusted EBIT |  | 294 | 286 | 337 | **917** |
| Adjusted EBIT margin |  | 9.2% | 10.4% | 17.2% | **11.6%** |
| Depreciation and amortisation |  | 125 | 102 | 111 | **338** |
| Adjusted EBITDA |  | 419 | 388 | 448 | **1255** |
| Adjusted EBITDA margin |  | 13.1% | 14.1% | 22.9% | **15.9%** |
| **Significant non-cash charges:** |  |  |  |  |  |
| Within adjusted EBITDA: |  |  |  |  |  |
| - Share-based compensation and other non-cash charges <sup>(c)</sup> |  | 27 | 11 | 11 | **49** |
| Within adjusting items: |  |  |  |  |  |
| - Restructuring provisions and other non-cash charges <sup>(d)</sup> |  | 6 | 8 | (4) | **10** |
| **2024** |  |  |  |  |  |
| Revenue <sup>(a)</sup> |  | 3109 | 2887 | 1951 | **7947** |
| Operating profit <sup>(a)</sup> | 3 | 228 | 228 | 308 | **764** |
| Adjusting items <sup>(b)</sup> |  | 89 | 68 | 43 | **200** |
| Adjusted EBIT |  | 317 | 296 | 351 | **964** |
| Adjusted EBIT margin |  | 10.2% | 10.3% | 18.0% | **12.1%**  |
| Depreciation and amortisation |  | 137 | 129 | 110 | **376** |
| Adjusted EBITDA |  | 454 | 425 | 461 | **1340** |
| Adjusted EBITDA margin |  | 14.6% | 14.7% | 23.6% | **16.9%**  |
| **Significant non-cash charges:** |  |  |  |  |  |
| Within Adjusted EBITDA: |  |  |  |  |  |
| - Share-based compensation and other non-cash charges <sup>(c)</sup> |  | 21 | 20 | 2 | **43** |
| Within adjusting items: |  |  |  |  |  |
| - Restructuring provisions and other non-cash charges <sup>(d)</sup> |  | 59 | 12 | 4 | **75** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In millions of €** | Notes | Europe and ANZ | Americas | AMEA | **Total** |
| **2023** |  |  |  |  |  |
| Revenue <sup>(a)</sup> |  | 3019 | 2750 | 1849 | **7618** |
| Operating profit <sup>(a)</sup> | 3 | 278 | 165 | 299 | **742** |
| Adjusting items <sup>(b)</sup> |  | 19 | 79 | 14 | **112** |
| Adjusted EBIT |  | 297 | 244 | 313 | **854** |
| Adjusted EBIT margin |  | 9.8% | 8.9% | 16.9% | **11.2%**  |
| Depreciation and amortisation |  | 134 | 124 | 99 | **357** |
| Adjusted EBITDA |  | 431 | 368 | 412 | **1211** |
| Adjusted EBITDA margin |  | 14.3% | 13.4% | 22.3% | **15.9%**  |
| **Significant non-cash charges:** |  |  |  |  |  |
| Within Adjusted EBITDA: |  |  |  |  |  |
| - Share-based compensation and other non-cash charges <sup>(c)</sup> |  | 14 | 28 | 2 | **44** |
| Within adjusting items: |  |  |  |  |  |
| - Restructuring provisions and other non-cash charges <sup>(d)</sup> |  | (1) | 1 | 1 | **1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Revenue and operating profit include royalties primarily from Unilever's ice cream businesses in India (for the years 2023, 2024 and 2025) and Russia (for the years 2023 and 2024). In 2025, royalties recognised in operating profit amounted to € 11 million (FY 2024: €22 million; FY 2023: € 22 million).

&nbsp;&nbsp;&nbsp;&nbsp;(b) Adjusting items include impairment, restructuring costs, acquisition and disposal-related costs and other one-off items classified separately due to their nature and/or frequency of occurrence. Refer to Note 3. Net Monetary gain/(loss) arising from hyperinflationary economies is also an adjusting item due to its nature and size, however it is not included in operating profit therefore not included within adjusting items above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Other non-cash charges within Adjusted EBITDA include movements in provisions, excluding movements arising from adjusting activities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Other non-cash charges within adjusting items mainly include movements in restructuring provisions and certain legal provisions.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In the Combined Carve-out Financial Statements this was referred to as Rest of World.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **100**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The Group is not reliant on revenue from transactions with any single customer and does not receive 10% or more of its revenue from transactions with any single customer.

Segment assets and liabilities are not provided because they are not reported to or reviewed by the Group's chief operating decision-maker, which is the Executive Leadership Team.

Revenue and non-current assets for the country of domicile and the United States (being the largest country outside the home country) and for all other countries are:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | United States |  |  |
| **In millions of €** | Netherlands | of America | Other | **Total** |
| **2025** |  |  |  |  |
| Revenue<sup>(a)</sup> | 243 | 2073 | 5594 | **7910** |
| Non-current assets<sup>(b)</sup> | 351 | 1387 | 1995 | **3733** |
| **2024** |  |  |  |  |
| Revenue | 159 | 2119 | 5669 | **7947** |
| Non-current assets<sup>(b)</sup> | 51 | 1732 | 1979 | **3762** |
| **2023** |  |  |  |  |
| Revenue | 154 | 1951 | 5513 | **7618** |
| Non-current assets<sup>(b)</sup> | 60 | 1662 | 1887 | **3609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) In 2025, the Netherlands legal entity recognised € 35 million of revenue from sales in European distributor markets where the Group had not established a local legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of this table, non-current assets include goodwill, intangible assets, property, plant and equipment and other non-current assets as shown on the consolidated balance sheet. Goodwill is attributed to countries where acquired businesses operated at the time of acquisition; all other assets are attributed to the countries where they were acquired.

No other country had revenue or non-current assets (as shown above) greater than 10% of the Group total.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **101**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

3. Operating costs

#### Operating costs
Operating costs include cost of sales, selling, general and administrative expenses and other items including gains and losses on business disposals, acquisition and disposal-related costs, restructuring costs, impairments and other items within operating profit recognised separately due to their nature and/or frequency. Depreciation and amortisation are included mainly within Cost of Sales and Selling, general and administrative expenses. For further details in relation to the Transitional Period refer to Note 21.

(i) Cost of sales

Cost of sales includes the cost of inventories sold during the period and distribution costs. The cost of inventories are raw and packaging materials and related production costs. Distribution costs are charged to the income statement as incurred.

(ii) Selling, general and administrative expenses

Selling, general and administrative expenses comprise advertising and promotion and overheads. Advertising and promotion spend includes costs incurred for the purpose of building and maintaining brand equity and awareness. Overheads include staff costs associated with sales activities and central functions, and research and development costs which are staff costs, material costs, depreciation and other costs directly attributable to research and development activities.

(iii) Restructuring costs

Restructuring costs are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major initiative that delivers cost savings and materially change either the scope of the business or the manner in which business is conducted.

(iv) Acquisition and disposal-related costs

Acquisition and disposal-related costs are costs that are directly attributable to a business acquisition or disposal project.

(v) Impairment of assets

Impairment of assets including goodwill, intangible assets and property, plant and equipment.

(vi) Gains or losses from the disposal of group companies

Gains or losses from the disposal of group companies which arise from business disposal projects.

(vii) Others

Other approved one-off items are those additional matters considered by management to be significant and outside the course of normal operations.

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| **Revenue** | 7910 | 7947 | 7618 |
| Cost of sales | (5171) | (5173) | (5022) |
| of which: |  |  |  |
| - Distribution costs | (755) | (784) | (796) |
| - Production costs | (958) | (986) | (972) |
| - Raw and packaging materials and goods purchased for resale | (3205) | (3127) | (2977) |
| - Other | (253) | (276) | (277) |
| Gross profit | 2739 | 2774 | 2596 |
| Selling, general and administrative expenses | (1822) | (1810) | (1742) |
| of which: |  |  |  |
| - Research and development | (88) | (92) | (92) |
| Acquisition and disposal-related costs <sup>(a)</sup> | (302) | (64) | (50) |
| Restructuring costs <sup>(b)</sup> | (10) | (137) | (74) |
| Profit/loss on disposal  | (4) |  |  |
| Impairment | (2) |  |  |
| Other |  | 1 | 12 |
| **Operating profit** | **599** | **764** | **742** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 2025 and 2024 comprises the charge relating to the Separation. 2023 included a charge of € 38 million related to the revaluation of the earnout liability of Yasso.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In 2025, the result includes a net release of € 40 million related to restructuring provisions and € 50 million of costs associated with supply chain optimisation projects. The year-on-year movement primarily reflects higher restructuring releases, driven by a significantly greater redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior year included allocated restructuring costs from Unilever central projects.

Exchange gains and losses within operating costs in 2025 are €0.6 million loss (2024: €3 million gain, 2023: €13 million loss).

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **102**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

4. Employees

#### 4A. Staff and management costs

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025**<sup>(a)</sup> | 2024 | 2023 |
| **Staff costs** |  |  |  |
| Wages and salaries | 887 | 638 | 655 |
| Social security costs | 105 | 77 | 80 |
| Other pension costs<br> 4B | 47 | 42 | 44 |
| Share-based compensation costs<br> 4C | 35 | 32 | 20 |
| **Total** | **1074** | **789** | **799** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Excludes the cost of ice cream employees in Mexico due to the delayed transfer.

Staff cost disclosures for 2024 and 2023 were prepared using a carve-out methodology based on estimations and allocations of employees and their payroll costs. For the 2025 disclosure, following the legal transfer of employees a more granular attribution approach was implemented to compile this disclosure. Had this approach been applied in prior years, the staff cost figures for 2024 and 2023 would have been broadly comparable to the current year's numbers. The carve-out assumptions used for these disclosures differ from those applied in preparing the Group's consolidated income statement; accordingly, these changes have no impact on the Group's consolidated results as those costs were included in the operating costs.

---

| | | | |
|:---|:---|:---|:---|
| **Average number of employees during the year** | **2025** | 2024 | 2023 |
| The Americas | 4427 | 5031 | 5019 |
| Europe and ANZ <sup>(a)</sup> | 6925 | 4758 | 4614 |
| AMEA | 4475 | 4093 | 4050 |
| **Dedicated Ice Cream Employees** <sup>(b)</sup> | **15827** | **13882** | **13683** |
| Allocated FTEs from Unilever <sup>(c)</sup> | 2100 | 4700 | 4300 |
| **Total** | **17927** | **18582** | **17983** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes 597 employees in the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The increase in the average number of dedicated Ice Cream employees in 2025 reflects the net impact of employees added during the year, partially offset by the delayed transfer of employees in Mexico.

&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the dedicated Ice Cream employees, FTEs were allocated to Ice Cream from Unilever. Following the separation on 1 July, these roles were replaced by a combination of GTSA services provided by Unilever and new hires within the Group.

Key management are defined as the members of the Executive Leadership Team.

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| **Key management compensation** |  |  |  |
| Salaries and short-term employee benefits | 15 | 16 | 9 |
| Share-based benefits | 6 | 4 | 1 |
| **Total** | **21** | **20** | **10** |

---

The Non-Executive Directors appointed in 2025 received €0.5 million as fees for the year.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **103**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 4B. Pensions and similar obligations
The Group operates both defined contribution plans and defined benefit plans.

For defined contribution plans, the charges to the income statement are the Group contributions payable, as the Group's obligation is limited to the contributions paid into the plans. The assets and liabilities of such plans are not included in the balance sheet of the Group.

For defined benefit plans, operating and finance costs are recognised separately in the income statement. The amount charged to operating cost in the income statement is the cost of accruing benefits promised to employees over the year. In addition, there are also plan administration costs and costs and/or credits arising from one-off events such as past service benefit changes, settlements and curtailments. These one-off events are fully recognised as they occur in the income statement. The net amount charged or credited to finance costs is calculated by applying the discount rate of the defined benefit obligation to net pension asset or liability at the prior year end as recognised in the balance sheet. The net pension asset or liability recognised in the balance sheets in respect of defined benefit plans is the fair value of the plan assets less the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated annually by qualified actuaries using the projected unit credit method for our plans with a liability over €10 million. For other plans with a liability below € 10 million but over € 1 million, it is calculated once every three years. Defined benefits plan below €1 million are accounted as defined contributions plans. Recognised assets are limited to the present value of any reductions in future contributions or any future refunds. The net pension liability is presented as a long-term provision; no distinction is made for the short-term portion.

To make actuarial calculations for the valuation of defined benefit obligations, assumptions are needed for discount rates, healthcare cost increases, future salary increases, future pension increases, life expectancy and employee turnover rates. The actuarial calculations are made by external actuaries based on inputs from observable market data, such as corporate bond returns and yield curves to determine the discount rates, mortality tables to determine life expectancy, and inflation rates to determine future salary increases and future pension increases. Remeasurements of the net defined benefit asset or liability comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (excluding interest). The Group recognises all remeasurements in other comprehensive income and in other reserves.

The Group's net obligation with respect to other long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods, such as jubilee entitlements. That benefit is discounted to determine its present value. Remeasurements are recognised in the consolidated statements of income in the period in which they arise.

#### General description of plans including governance and investment strategy
The Group operates post-employment benefit plans in many countries in accordance with the legal requirements, customs and the local practice in the countries involved. The larger part of post-employment benefits are Group pension plans, of which some are funded, and some are unfunded. All funded post-employment benefit plans are considered to be related parties.

Most employees who take part in a Group pension plan are covered by defined contribution pension plans. The main defined contribution plans are in The Netherlands and the United States. The Group also sponsors several defined benefit pension plans. The benefits provided by these plans are based on employees' years of service and compensation levels. The defined benefit plans in Germany make up most of the defined benefit obligations. The Group also has defined benefit plans in the rest of the world; however, these are individually not significant to the Group and do not have a significantly different risk profile that would warrant separate disclosure.

The assets of the larger funded defined benefit and defined contribution plans are primarily held in external pension trusts or pensions funds, and do not impact the Group's balance sheet. These trusts or funds are governed by independent trustees, who have a legal obligation to protect the interests of all plan members and operate under the relevant local regulatory framework.

The consolidated financial statements have been prepared based on the post-employment benefit plans that were transferred from Unilever to the Group based on the mutually agreed separation agreement and employees transferred.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **104**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Plans in Germany
The Group operates several defined benefit plans for active employees and retired members in Germany. These obligations are funded through a legally separate pension trust, ensuring that plan assets are segregated from the company's general assets. In addition, employees participate in Pensionskasse Berolina VVaG, which is classified and accounted for as a defined contribution plan as from 31 December 2025. Under this classification, the company's obligation is limited to the payment of contributions, and no further actuarial liability is recognised for these benefits in future years.

#### Assumptions
The following table shows the assumptions, weighted by liabilities, used to value the defined benefit pension liabilities and other post-employment benefit liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In %** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Discount rate | 4.0% | 3.4% | 7.4% | 10.6% | 4.7% | 4.2% |
| Inflation rate | 2.0% | 2.0% | 5.6% | 9.3% | 2.5% | 2.7% |
| Salary increase | 2.8% | 2.8% | 3.8% | 10.0% | 3.5% | 3.6% |
| Pension (in payment) increase | 2.0%  | 2.0%  | 13.5%  | 18.1%  | 2.5%  | 2.7% |

---

Demographic assumptions, such as mortality rates, are set in respect to the latest trends in life expectancy (including expectations of future improvements), plan experience and other relevant data. These assumptions are reviewed and updated as necessary as part of the periodic actuarial valuation of the pension plans. The mortality table used for Germany is the periodical table Berolina 2021, which is the prospective table for the participants of the Berolina Pensionskasse VVaG. This Berolina 2021 table is derived from the Heubeck 2018 generational tables and adapted to the special conditions of the participants. It is reviewed with the local regulator BaFin.

For the Group's major plans, a full discount rate curve of high-quality corporate bonds is used to determine the defined benefit obligation, where available. The curves are based on the Rate:Link methodology of Willis Towers Watson, which uses data of corporate bonds rated AA or equivalent. For the other plans, a single point on the Rate:Link curve corresponding to the average maturity of the defined benefit obligation. For plans in countries without a deep corporate bond market, the discount rate is based on government bonds.

#### Income statement
The adjacent table contains the total of current and past service costs, administration costs and settlement results as included in income from operations and the interest cost as included in financial expense.

#### Income statement for post-employment benefit plans

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
| **In millions of €**  | **2025** | 2024 | 2023 |
| Charged to operating profit: |  |  |  |
| - Cost / (credit) of defined benefit plans | 8 | 9 | 8 |
| - Cost of defined contribution plans  | 39 | 33 | 36 |
| **Total charged to operating profit** | **47** | **42** | **44** |
| - Finance cost / (income) | 9 | 12 | 11 |
| **Total charge/(credit) recognised in income statement** | **56** | **54** | **55** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **105**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

**Statement of comprehensive income**

Amounts recognised in the statement of comprehensive income on the re-measurement of the net pension liability relating to defined benefits plans for which the Group has a liability.

**Other comprehensive income for defined benefits plans**

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | 2023 |
| Return on plan assets greater / (less) than interest income | 33 | 52 | 44 |
| Actuarial gains / (losses) from demographic assumptions |  | 3 |  |
| Actuarial gains / (losses) from financial assumptions | 66 | 23 | (8) |
| Actuarial gains / (losses) from experience adjustments | (38) | (30) | (30) |
| Actuarial gains / (losses) form change in value of irrecoverable surplus | 2 | (1) | (1) |
| **Total credit / (charge) recognised in other comprehensive income** | **63** | **47** | **5** |

---

**Balance sheet**

The adjacent table provides a breakdown of the present value of the funded and unfunded defined benefit obligation (DBO), the fair value of plan assets and the net position in Germany and in other countries. The table also provides the value of any asset ceiling.

**Total net balance sheet position of defined benefits plans**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Present value of funded DBO <sup>(a)</sup> | (346) | (716) | (14) | (12) | (360) | (728) |
| Present value of unfunded DBO | (1) | (1) | (74) | (91) | (75) | (92) |
| **Total present value of DBO** | **(347)** | **(717)** | **(88)** | **(103)** | **(435)** | **(820)** |
| Fair value of plan assets <sup>(a)</sup> | 423 | 711 | 15 | 14 | 438 | 725 |
| Fair value of irrecoverable (surplus) |  |  | (1) | (3) | (1) | (3) |
| **Net position** | **76** | **(6)** | **(74)** | **(92)** | **2** | **(98)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Changes to the defined benefit obligation and fair value of the plan assets primarily result from the application of defined contribution accounting for the pension liabilities and assets covered by the PensionsKasse Berolina in Germany.

#### Net total assets and net total liability of defined benefits plans

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Total assets for plans in surplus | 77 |  | 1 |  | 78 |  |
| Total liability for plans in deficit and unfunded plans | (1) | (6) | (75) | (92) | (76) | (98) |
| **Net position** | **76** | **(6)** | **(74)** | **(92)** | **2** | **(98)** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **106**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Summary of the reconciliations for the defined benefit obligation and plan assets
The adjacent tables contain the reconciliations for the defined benefit obligation and plan assets over the year.

#### Movements in obligation of defined benefits plans

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Balance as of January 1** | **(717)** | **(722)** | **(103)** | **(100)** | **(820)** | **(822)** |
| Service cost including administration expenses | (3) | (4) | (5) | (5) | (8) | (9) |
| Interest cost | (23) | (27) | (9) | (11) | (32) | (38) |
| Past service cost |  |  |  |  |  |  |
| Employee contributions | (1) | (1) |  |  | (1) | (1) |
| Benefits paid from plan asset | 41 | 41 |  |  | 41 | 41 |
| Benefits paid directly by employer | 3 |  | 3 | 10 | 6 | 10 |
| Actuarial gains / (losses) |  |  |  |  |  |  |
| - demographic assumptions |  |  |  | 3 |  | 3 |
| - financial assumptions | 64 | 14 | 2 | 9 | 66 | 23 |
| - experience adjustment | (45) | (18) | 7 | (12) | (38) | (30) |
| Settlements paid directly by employer |  |  |  |  |  |  |
| Translation differences and other<sup>(a)</sup> | 334 |  | 17 | 3 | 351 | 3 |
| **Balance as of December 31** | **(347)** | **(717)** | **(88)** | **(103)** | **(435)** | **(820)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other changes to the defined benefit obligation primarily includes the derecognition of the prior defined benefit obligation, resulting from the application of defined contribution accounting for the pension liabilities covered by the Pensionskasse Berolina in Germany.

#### Movements in plan assets of funded defined benefits plans

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| **Balance as of January 1** | **711** | **646** | **14** | **9** | **725** | **655** |
| Interest income | 23 | 26 |  |  | 23 | 26 |
| Admin expenses paid |  |  |  |  |  |  |
| Employee contributions | 1 | 1 |  |  | 1 | 1 |
| Employer contributions | 35 | 32 |  |  | 35 | 32 |
| Benefits paid from plan assets | (41) | (41) |  |  | (41) | (41) |
| Actuarial gains / (losses): |  |  |  |  |  |  |
| - return on plan assets excluding interest income | 33 | 47 |  | 5 | 33 | 52 |
| Settlements paid from plan |  |  |  |  |  |  |
| Translation differences and other <sup>(a)</sup> | (339) |  | 1 |  | (338) |  |
| **Balance as of December 31** | **423** | **711** | **15** | **14** | **438** | **725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other changes to the plan assets primarily includes the derecognition of the prior plan assets, resulting from the application of defined contribution accounting for the pension liabilities covered by the Pensionskasse Berolina in Germany.

#### Movements in irrecoverable surplus of funded defined benefits plans

---

| | | |
|:---|:---|:---|
|  | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 |
| **Balance as of January 1** | **(3)** | **(2)** |
| Interest cost |  |  |
| Actuarial gains/(losses) from change in value of irrecoverable surplus | 2 | (1) |
| Translation differences and other |  |  |
| **Balance as of December 31** | **(1)** | **(3)** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **107**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Cash flow
The Group's cash flow in respect of post-employment benefit plans comprise of contributions paid into funded plans, benefits paid in respect of unfunded plans and employer contributions to defined contribution plans. The Group's funding policy is to periodically review the contributions made to the plans while taking account of local legislation. The table below sets out the cash flow impact.

#### Cash flow from operations for post-employment benefit plans

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
| **In millions of €** | **2025** | 2024 | **2023** |
| Cash payments for defined benefits plans: |  |  |  |
| - Employer contributions to funded plans | 35 | 32 | 31 |
| - Benefits and settlements paid directly by employer | 6 | 10 | 8 |
| Employer contributions to defined contribution plans | 39 | 33 | 36 |
| **Total cash payments recognised in cash flow from operations** | **80** | **75** | **75** |

---

#### Sensitivities
The following table illustrates the approximate impact on the defined benefit obligation from movements in key assumptions. The defined benefit obligation was recalculated using a change in the assumptions of 0.5%, which overall is considered a reasonably possible change. The impact on the DBO because of changes in discount rate is normally accompanied by partly offsetting movements in plan assets.

#### Change in defined benefit obligation

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Germany** | **Germany** | **Other countries** | **Other countries** | **Total** | **Total** |
| **In millions of €** |  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
| Discount rate | Increase of 0.5% | 29 | 34 | 4 | 3 | 33 | 37 |
| Pension (in payment) increase | Increase of 0.5% | (26) | (32) | (1) | (3) | (27) | (35) |
| Life expectancy | Increase 1 year | (24) | (31) | 2 | (3) | (22) | (34) |

---

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption, the same method used to calculate the liability recognised in the balance sheet has been applied.

#### Plan asset allocation
The asset allocation in the Group's plan assets was as follows:

---

| | | |
|:---|:---|:---|
|  | Total | Total |
| **In millions of €** | **2025** | 2024 |
| Assets quoted in active markets |  |  |
| - Debt securities | 308 | 419 |
| - Equity securities | 121 | 178 |
| - Other <sup>(a)</sup> | 1 |  |
| Assets not quoted in active markets |  |  |
| - Debt securities |  |  |
| - Equity securities |  | 7 |
| - Other <sup>(a)</sup> | 8 | 107 |
| Plan assets other plans |  | 14 |
| **Total plan assets** | **438** | **725** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other assets are primarily composed of cash and cash equivalents, real estate, investment funds, and assets managed by insurance companies.

The plan assets in 2025 contain 2% (2024: 16%) unquoted plan assets. Plan assets in 2025 do not include property occupied by or financial instruments issued by the Group.

#### Cash flows and pension costs in 2026
Cash outflows in relation to post-employment benefits are estimated to amount to €89 million in 2026, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;● € 28 million employer contributions to funded defined benefits plans;

&nbsp;&nbsp;&nbsp;&nbsp;● € 9 million directly paid benefits by the Group to plan participants;

&nbsp;&nbsp;&nbsp;&nbsp;● € 52 million employer contributions to defined contribution plans.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **108**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The service cost and administration cost for 2026 is expected to amount to €5 million for defined benefit plans. The service costs for 2026 are expected to be approximately €3 million lower. This reflects the application of defined contribution accounting for the pension liabilities covered by the Pensionskasse Berolina in Germany, resulting in a shift from defined benefit related service costs to defined contribution pension expenses. The net interest cost for 2026 for the defined benefit plans is expected to amount to € 2 million. The expected cost for defined contribution plans in 2026 is equal to the expected defined contribution cash flow.

#### 4C. Share-based compensation plans
The fair value of awards at grant date is calculated using observable market price. This value is expensed over their vesting period, with a corresponding credit to equity. The expense is reviewed and adjusted to reflect changes to the level of awards expected to vest, except where this arises from a failure to meet a market condition. Any cancellations are recognised immediately in the income statement. Where the terms of an award are modified, the incremental fair value arising from the modification is recognised over the remaining vesting period.

#### Legacy Unilever PLC share plans and Replacement Awards
Unilever employed various share-based compensation incentive plans in the form of performance shares and other share awards to restricted shares in which employees of the Group participated. These plans typically covered a three-year vesting period. For the period up to demerger, costs related to participating employees were allocated to the Group. In addition, the Group also received an allocation of share-based compensation charges with respect to corporate employees of Unilever.

Unvested legacy Unilever PLC share plans prorated to the time of the demerger will remain with Unilever. Unilever will satisfy those shares directly to TMICC employees when they vest in 2026, 2027 and 2028. The remaining unvested share awards were replaced with TMICC shares under three main plans: the 'Replacement Performance Share Plan (PSP)', the 'Replacement Annual Share Plan (ASP)' and Retention Awards. These replacement awards cover the remainder of the original vesting period of the legacy Unilever awards and are governed by the TMICC Long Term Incentive Plan 2025. The value of the replacement awards is equivalent to the value of the legacy Unilever awards that lapsed as a result of the demerger:

&nbsp;&nbsp;&nbsp;&nbsp;● **Replacement Performance Share Plan (PSP) awards:** **  Selected participants, including Executive Directors, were granted conditional awards which normally vest after three years , subject to continued employment and to the extent performance conditions are achieved. Upon vesting, Executive Directors will have an additional two-year holding period after vesting (during which the shares cannot be sold) to ensure there is a five-year duration between the grant of the award and the release of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;● **Replacement Annual Share Plan (ASP) awards:** **  Selected participants were granted conditional awards, subject to continued employment.

&nbsp;&nbsp;&nbsp;&nbsp;● **Retention Awards**: Legacy individual awards granted by Unilever to selected individuals for retention and performance purposes. They were converted into equivalent awards in shares of TMICC after the demerger was completed.

#### Celebration Award
On 9 December 2025, the Group granted a one-time share-based award of €300 to eligible employees following the demerger with a 12-month vesting period. Awards vest in full after the vesting period, subject to continued employment. This represents 358,639 shares as at 31 December 2025. All Plans are equity-settled.

The total cost between each of the relevant schemes is shown below:

#### Charge for the year

---

| | |
|:---|:---|
| **In millions of €** | **2025** |
| **Legacy Unilever Plans** |  |
| - Performance Share Plan | 15 |
| - Annual Share Plan | 13 |
| **TMICC Plans** |  |
| - Replacement Performance Share Plan | 1 |
| - Replacement Annual Share Plan | 1 |
| - Retention Awards  | 5 |
| - Celebration Award  | 0 |
| **Total** | **35** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **109**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Number of Share Awards

---

| | |
|:---|:---|
|  | **2025** |
| Replacement Performance Share Plan  | 810902 |
| Replacement Annual Share Plan | 1754773 |
| Retention Awards  | 450808 |
| Celebration Award  | 358639 |
| **Total** | **3375122** |

---

#### Fair Value of Awards
The fair value of TMICC awards was determined based on the average trading price of TMICC N.V. shares between 8 and 18 December, which amounted to €13.4 per share.

5. Net finance costs

Net finance costs are comprised of finance costs and finance income, including net finance costs in relation to pensions and similar obligations.

Finance income includes income on cash and cash equivalents and income on other financial assets. Finance costs include interest costs in relation to financial liabilities and ineffectiveness on hedges recognised in the income statement. This includes interest on lease liabilities which represents the unwind of the discount rate applied to lease liabilities.

Borrowing costs are recognised based on the effective interest method.

#### Net finance costs

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| Finance expenses | (139) | (13) | (10) |
| - Interest expense <sup>(a)</sup><br> 14C | (117) | (6) | (3) |
| - Net Foreign Exchange gain or loss | (13) |  |  |
| - Interest on lease liabilities | (9) | (7) | (7) |
| Pensions and similar obligations | (9) | (12) | (11) |
| Finance income | 27 | 8 | 1 |
| - Gain/(loss) on remeasurement of put option<br> 14B | 12 | 6 |  |
| - Other finance income | 15 | 2 | 1 |
| **Net Finance Costs** | **(121)** | **(17)** | **(20)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes € 71 million on loans from Unilever to fund the Separation from 1 July 2025 until the Demerger and € 16 million of bond interest and fees (see Note 14C).

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **110**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

6. Taxation

#### 6A. Income tax
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or Invested Capital. See Note 1 for further detail on the estimation of the tax charge for the purposes of the comparatives.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustments to tax payable in respect of previous years.

Total tax in the consolidated income statement will differ from the income tax paid in the consolidated cash flow statement primarily because of deferred tax arising on temporary differences and payment dates for income tax occurring after the balance sheet date.

The Group is subject to taxation in the many countries in which it operates. The tax legislation of these countries differs, is often complex and is subject to interpretation by management and the government authorities. These matters of judgement give rise to the need to create provisions for tax payments that may arise in future years with respect to transactions already undertaken. Provisions take into account the circumstances of each case, including the strength of technical arguments, recent case law decisions or rulings on similar issues and relevant external advice. Provisions are estimated based on one of two methods, the expected value method (the sum of the probability weighted amounts in a range of possible outcomes) or the single most likely amount method, depending on which is expected to better predict the resolution of the uncertainty.

---

| | | | |
|:---|:---|:---|:---|
| **Amounts recognised in profit or loss** |  |  |  |
| **In millions of €** | **2025** | 2024 | 2023 |
| **Current tax** |  |  |  |
| Current year | 197 | 168 | 220 |
| (Over)/under provided in prior years | (21) | (31) | 22 |
|  | **176** | **137** | **242** |
| **Deferred tax** |  |  |  |
| Origination and reversal of temporary differences | (39) | 15 | (38) |
| Changes in tax rates | 3 |  | (1) |
| Movement on unrecognised deferred tax |  |  |  |
|  | **(36)** | **15** | **(39)** |
| **Total** | **140** | **152** | **203** |

---

The reconciliation between the computed weighted average rate of income tax expense, which is generally applicable to Group companies, and the actual rate of taxation charged is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of effective tax rate (%)** | **2025** | 2024 | 2023 |
| **Computed rate of tax** <sup>(a)</sup> | 25.2% | 25.1% | 25.2% |
| Differences between computed rate of tax and effective tax rate due to: |  |  |  |
| - Incentive tax credits | (2.9)% | (2.3)% | (2.7)% |
| - Expenses not deductible for tax purposes | 6.6% | 0.8% | 2.1% |
| - Impact of withholding tax | 0.9% | 1.2% | 1.0% |
| - Income tax reserve adjustments – current and prior year | 0.3% |  | 1.6% |
| - Transfer to / (from) unrecognised deferred tax assets | 2.5% |  | —% |
| - Other <sup>(b)</sup> | (1.3)% | (4.5)% | 1.2% |
| **Effective tax rate** | **31.3%** | **20.3%** | **28.4%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The computed tax rate used is the average of the standard rate of tax applicable in the countries in which the Group operates, weighted by the amount of profit before taxation generated in each of those countries. For this reason, the rate may vary from year to year according to the mix of profit and related tax rates.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Other includes the impact of audit settlements and prior year true ups, as well as the impact of hyperinflation related to Türkiye.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **111**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The Group's tax rate is reduced by incentive tax credits that have been legislated by the countries and provinces concerned in order to promote economic development and investment. The tax rate is increased by business expenses which are not deductible for tax, such as irrecoverable VAT on separation and some interest costs.

The Group's future tax charge and effective tax rate could be affected by several factors, including changes in tax laws and their interpretation and still to be determined tax reform proposals in the EU and the continuing OECD international tax reform work, as well as the impact of acquisitions, disposals and the future legal structure of the Group.

Pillar II legislation applies to the Group for 2025. No Pillar II top-up tax has been accrued because the amount is not material.

#### 6B. Deferred tax
Deferred tax is recognised using the liability method on taxable temporary differences between the tax base and the accounting base of items included in the balance sheet of the Group. Certain temporary differences are not provided for as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● goodwill not deductible for tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;● the initial recognition of assets or liabilities that affect neither accounting nor taxable profit;

&nbsp;&nbsp;&nbsp;&nbsp;● differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted, or substantively enacted, at the year end.

The Group has applied the exemption to not recognise or disclose any deferred tax related to Pillar II income taxes.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.

The table below summarises the deferred tax position determined after appropriate jurisdictional offsetting as is presented in the consolidated balance sheet at each balance sheet date:

---

| | | |
|:---|:---|:---|
| **Deferred tax**<br>**In millions of €** | <br>**31 Dec 2025** | <br>**31 Dec 2024** |
| Deferred tax asset | 520 | 130 |
| Deferred tax liability | (206) | (298) |
| **Net deferred tax asset / (liability)** | **314** | **(168)** |

---

2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to individual deferred tax assets and deferred tax liabilities within jurisdictions.

The movements in the deferred tax position are analysed below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Movements in 2025**<br>**In millions of €** | **As at**<br>**1 January** | **Income**<br>**statement** | <br>**Other** <sup>(a)</sup> | **As at**<br>**31 December** |
| Pensions and similar obligations | 58 | 11 | (111) | (42) |
| Provisions | 32 | 16 | (30) | 18 |
| Goodwill and intangible assets | (191) | (54) | 452 | 207 |
| Accelerated tax depreciation | (111) | (21) | 64 | (68) |
| Tax losses | 52 | 79 | (5) | 126 |
| Other | (10) | 0 | 68 | 58 |
| Lease liability | 37 | (2) | (34) | 1 |
| Right of use asset | (35) | 5 | 33 | 3 |
| Fair value gains |  |  | 9 | 9 |
| Share-based payments |  | 2 |  | 2 |
| **Total** | **(168)** | **36** | **446** | **314** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation differences, acquisitions and disposals

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **112**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Movements in 2024** | As at | Income |  | As at |
| **In millions of €** | 1 January | statement | Other <sup>(a)</sup> | 31 December |
| Pensions and similar obligations | 66 | (2) | (6) | 58 |
| Provisions | 33 |  | (1) | 32 |
| Goodwill and intangible assets | (175) | (8) | (8) | (191) |
| Accelerated tax depreciation | (120) | 14 | (5) | (111) |
| Tax losses | 79 | (18) | (9) | 52 |
| Other | 8 | (1) | (17) | (10) |
| Lease liability | 42 | (5) |  | 37 |
| Right of use asset | (39) | 5 | (1) | (35) |
| Fair value gains |  |  |  |  |
| Share-based payments |  |  |  |  |
| **Total** | **(106)** | **(15)** | **(47)** | **(168)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other includes the movements of assets and liabilities recognised in equity and OCI, including any foreign currency translation differences, acquisitions and disposals.

Following the Separation, the Group recognised a net deferred tax asset of €398 million arising on transfers of assets and liabilities which includes a deferred tax asset of €432 million on goodwill and intangible assets as a result of local tax base adjustments and is subject to completion of the purchase price allocation exercise in certain jurisdictions, which will take place during 2026. The deferred tax asset on goodwill and intangible assets is expected to reverse over the next 5 to 15 years depending on the jurisdiction.

At the balance sheet date, the Group had unused tax losses of €476 million (2024: €156 million) available for offset against future taxable profits. Losses increased due to amortisation of tax deductible goodwill and establishment costs incurred in 2025. Of these losses, €1 million expire within one year, €4 million expire in 1 to 3 years, €78 million expire in 4 to 5 years, €9 million expire in more than 5 years, and €384 million (2024:€156 million) have no expiry date. Deferred tax assets have not been recognised in respect of unused tax losses of €39 million, as it is not probable that there will be future taxable profits in those entities against which the tax losses may be utilised.

Where deferred tax assets have been recognised in respect of losses, the evidence considered includes the reason for the loss, and the availability of future taxable profits against which the loss may be utilised. Profit forecasts used are consistent with those used in other areas of the business. At the balance sheet date, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised was €37 million. No liability has been recognised in respect of these because the Group is in a position to control the timing of reversal of the temporary differences, and it is probable that such differences will not reverse in the foreseeable future.

Prior to the Separation, the Group was not a separate legal group and has not previously prepared standalone financial statements. It was not possible to prepare or disclose an analysis of deferred tax attributable to various components of Invested Capital. The net liabilities of the Group were represented by the cumulative investment of Unilever in the Group and disclosed as Invested Capital. Therefore, there were no deferred tax liabilities recognised in respect of the aggregate amount of temporary differences associated with undistributed Group earnings in 2024.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **113**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The following amounts, determined after appropriate offsetting, are shown in the consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
| **Deferred tax assets and liabilities** <br>**In millions of €**<br>**After jurisdictional netting** | <br>**Assets**<br>**2025** | <br>**Liabilities**<br>**2025** | <br>**Total**<br>**2025** |
| Pensions and similar obligations | (43) | 1 | (42) |
| Provisions | 14 | 4 | 18 |
| Goodwill and Intangible assets | 350 | (143) | 207 |
| Accelerated tax depreciation | 10 | (78) | (68) |
| Tax losses | 126 |  | 126 |
| Other | 51 | 7 | 58 |
| Lease liability | 1 |  | 1 |
| Right use of asset |  | 3 | 3 |
| Fair value gains | 9 |  | 9 |
| Share-based payments | 2 |  | 2 |
| **Total** | **520** | **(206)** | **314** |
| Of which deferred tax to be recovered/(settled) after more than 12 months | 459 | (205) | 254 |

---

2025 deferred tax assets and liabilities have been calculated with jurisdictional netting applied to individual deferred tax assets and deferred tax liabilities within jurisdictions.

---

| | | | |
|:---|:---|:---|:---|
| **Deferred tax assets and liabilities**  |  |  |  |
| **In millions of €** | Assets | Liabilities | Total |
| **Before jurisdictional netting** | 2024 | 2024 | 2024 |
| Pensions and similar obligations | 59 | (1) | 58 |
| Provisions | 32 |  | 32 |
| Goodwill and Intangible assets | 8 | (199) | (191) |
| Accelerated tax depreciation | 11 | (122) | (111) |
| Tax losses | 52 |  | 52 |
| Other | 10 | (20) | (10) |
| Lease liability | 37 |  | 37 |
| Right use of asset |  | (35) | (35) |
| Fair value gains |  |  |  |
| Share-based payments |  |  |  |
| **Total** | **209** | **(377)** | **(168)** |
| Effect of jurisdictional netting | (79) | 79 |  |
| Total after jurisdictional netting | 130 | (298) | (168) |
| Of which deferred tax to be recovered/(settled) after more than 12 months | 79 | (276) | (197) |

---

2024 deferred tax assets and liabilities were calculated before applying jurisdictional netting, with netting being applied to total deferred tax assets and deferred tax liabilities at a jurisdiction level.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **114**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 6C. Tax on other comprehensive income
Income tax is recognised in other comprehensive income for items recognised directly in Shareholders' Equity.

Tax effects directly recognised in other comprehensive income were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
|  |  | **Tax** |  |  | Tax |  |
|  | **Before** | **(charge)/** | **After** | Before | (charge)/ | After |
| **In millions of €** | **tax** | **credit** | **tax** | tax | credit | tax |
| Cash flow hedges | (104) | 23 | (81) | 106 | (18) | 88 |
| Remeasurements of defined benefit pension plans | 63 | (17) | 46 | 45 | (7) | 38 |
| Currency retranslation gains/(losses) | (238) |  | (238) | 137 |  | 137 |
| **Total** | **(279)** | **6** | **(273)** | **288** | **(25)** | **263** |

---

7. Earnings per share

The earnings per share calculations are based on the weighted average number of ordinary shares of TMICC in issue from the date of the Demerger, being 8 December 2025, less the weighted average number of shares held as treasury shares. As no changes to the number of shares in issue occurred following the Demerger, the weighted average number of shares for the period is equal to the number of shares issued on that date.

In calculating diluted earnings per share, the weighted average number of shares is adjusted to reflect the dilutive effect of potential ordinary shares, principally arising from employee and executive share-based payment arrangements.

Earnings per share for total operations for the 12 months were as follows:

---

| | |
|:---|:---|
| **In €** | **2025** |
| Basic earnings per share | 0.48 |
| Diluted earnings per share | 0.48 |

---

---

| | |
|:---|:---|
| **Calculation of average number of share units**<br>**In millions** | **2025** |
| Average number of shares | 612.3 |
| Less: treasury shares held by employee share trusts and companies |  |
| **Average number of shares – used for basic earnings per share** | **612.3** |
| Add: dilutive effect of share-based compensation plans | 3.3 |
| **Diluted average number of shares – used for diluted earnings per share** | **615.6** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The average number of shares for 2025 is the number of shares outstanding as at 31 December 2025.

---

| | |
|:---|:---|
| **Calculation of earnings per share**<br>**In millions of €**  | **2025** |
| Net profit | 307 |
| Non-controlling interests | 14 |
| **Net profit attributable to shareholders' equity used for basic and diluted earnings per share** | **293** |

---

Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for prior years.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **115**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

8. Goodwill and intangible assets

#### Goodwill
Goodwill is initially recognised based on the accounting policy for business combinations (see Note 20). Goodwill arising from a business combination is allocated to the Group's cash-generating units ("CGUs") or groups of CGUs that are expected to benefit from the synergies of the combination. Where the acquired business does not constitute a separate CGU, goodwill is allocated to the existing CGUs of the Group in accordance with the organisational structure described below. The CGUs to which goodwill is allocated may not necessarily be the same CGUs to which the identifiable assets and liabilities of the acquired business are assigned.

#### Intangible assets
Separately purchased intangible assets are initially measured at cost, being the purchase price at the date of acquisition. Intangible assets acquired as part of a business combination are recognised separately from goodwill where they meet the definition of an identifiable intangible asset and are initially measured at fair value at the acquisition date.

Expenditure on internally generated intangible assets, including development expenditure, is recognised in profit or loss as incurred.

Indefinite-life intangible assets mainly comprise acquired brands, for which there is no foreseeable limit to the period over which they are expected to generate net cash inflows. These assets are assessed as having an indefinite useful life due to the strength and durability of the brands and the level of ongoing marketing support. Indefinite-life intangible assets are not amortised but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that they may be impaired. Any impairment losses are recognised in the income statement as they arise.

Finite-life intangible assets mainly comprise software, trademarks, licences and technology. These assets are amortised on a straight-line basis over their estimated useful lives, or over the period of legal rights if shorter. Finite-life intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

#### Cash generating units
The Group's assets are grouped into CGUs, which represent the smallest identifiable groups of assets that generate largely independent cash inflows. These CGUs are aligned with the Group's organisational structure of regions and sub-regions.

#### Impairment review
Impairment testing is performed by comparing the carrying amount of each CGU or group of CGUs with its recoverable amount. The recoverable amount is determined as the higher of value in use and fair value less costs of disposal, with value in use being the primary basis of measurement. Any impairment losses identified are recognised in the income statement as they arise.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Finite-life intangible** | **Finite-life intangible** | **Finite-life intangible** |
| <br>**Movements during 2025** <br>**In millions of €** | <br>**Goodwill** | <br>**Indefinite-life**<br>**intangibles** | <br>**Software** | <br>**Other** | <br>**Total** |
| **Cost** |  |  |  |  |  |
| **1 January 2025** | 585 | 784 | 14 | 19 | 1402 |
| Additions |  | 3 |  |  | 3 |
| Disposals |  |  |  |  |  |
| Currency translation | (53) | (73) |  |  | (126) |
| Other movements <sup>(a)</sup> | (22) | 2 | 29 | 14 | 23 |
| **31 December 2025** | **510** | **716** | **43** | **33** | **1302** |
| **Accumulated amortisation and impairment** |  |  |  |  |  |
| **1 January 2025** |  |  | (14) | (10) | (24) |
| Amortisation/impairment for the year |  |  | (2) | (2) | (4) |
| Currency retranslation |  |  |  |  |  |
| Other movements <sup>(a)</sup> |  |  | (19) | (14) | (33) |
| **31 December 2025** | **—** | **—** | **(35)** | **(26)** | **(61)** |
| **Net book value 31 December 2025** | **510** | **716** | **8** | **7** | **1241** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other movements primarily reflect differences between amounts of prior period allocated as per carve out and the actual assets and liabilities transferred on Separation.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **116**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Finite-life intangible** | **Finite-life intangible** | **Finite-life intangible** |
| <br>**Movements during 2024**<br>**In millions of €** | <br>**Goodwill** | <br>**Indefinite-life**<br>**intangibles** | <br>**Software** | <br>**Other** | <br>**Total** |
| **Cost** |  |  |  |  |  |
| 1 January 2024 | 558 | 743 | 14 | 19 | 1334 |
| Currency retranslation | 27 | 41 |  |  | 68 |
| **31 December 2024** | **585** | **784** | **14** | **19** | **1402** |
| **Accumulated amortisation and impairment** |  |  |  |  |  |
| 1 January 2024 |  |  | (14) | (8) | (22) |
| Amortisation/impairment for the year |  |  |  | (2) | (2) |
| Currency retranslation |  |  |  |  |  |
| 31 December 2024 |  |  | (14) | (10) | (24) |
| **Net book value 31 December 2024** | **585** | **784** | **—** | **9** | **1378** |

---

Within indefinite-life intangible assets there are three existing brands that have a significant carrying value: Yasso €362 million (2024: €408 million), Talenti €132 million (2024: €144 million) and Ben & Jerry's €111 million (2024: €125 million).

The goodwill and indefinite-life assets held in the CGUs shown below are considered significant within the total carrying amounts of goodwill and indefinite-life intangible:

---

| | | |
|:---|:---|:---|
| **Goodwill**  |  |  |
| **In millions of €** | **2025** | 2024 |
| Europe and ANZ | 124 | 136 |
| Americas | 386 | 449 |
| **Total CGUs** | **510** | **585** |

---

---

| | | |
|:---|:---|:---|
| **Indefinite life intangible assets** |  |  |
| **In millions of €** | **2025** | 2024 |
| Europe and ANZ | 238 | 147 |
| Americas | 476 | 631 |
| Others <sup>(a)</sup> | 2 | 6 |
| **Total CGUs** | **716** | **784** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included within Others are individually insignificant amounts of indefinite-life intangible assets.

**Key assumptions**

In performing the annual impairment testing, the recoverable amount of each CGU has been calculated based on its value in use, estimated as the present value of projected future cash flows.

Projected cash flows include specific estimates for a period of five years. The growth rates and operating margins used to estimate cash flows for the five years are based on past performance and on the Group's three-year strategic plan, de-risked to ensure reasonability and extended to years four and five. The growth rates used in this exercise for significant CGUs are set out below:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2025** |
| **Significant CGUs** | **Europe and ANZ** | **Americas** |
| Longer-term sustainable growth rates | 0.9% | 1.6% |
| Average near-term nominal growth rates | 2.5% | 1.0% |
| Discount rate | 10.1% | 10.1% |

---

---

| | | |
|:---|:---|:---|
|  | **2024** | **2024** |
| **Significant CGUs** | Europe and ANZ | Americas |
| Longer-term sustainable growth rates | 1.3% | 2.0% |
| Average near-term nominal growth rates | 2.5% | 3.0% |
| Discount rate | 9.6%  | 9.8% |

---

The estimated cash flows after year five are extrapolated using a longer-term sustainable growth rate, which is determined as the lower of the Group's own three-year average growth projection and external forecasts for the relevant market.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **117**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

In 2025, the projected cash flows are discounted using pre-tax discount rates. The discount rates are specific to each CGU and are determined based on the weighted average cost of capital, including a market and country risk premium. There are no reasonably possible changes in key assumptions that would cause the carrying amount of any CGU to exceed its recoverable amount.

9. Property, plant and equipment

The Group's property, plant and equipment is comprised of owned assets (note 9A) and leased assets (note 9B). Property, plant and equipment is measured at cost less depreciation and accumulated impairment losses.

Property, plant and equipment is subject to review for impairment if triggering events or circumstances indicate that this is necessary. If an indication of impairment exists, the asset's recoverable amount is estimated, and any impairment loss is charged to the income statement as it arises.

#### Owned assets
Owned assets are initially measured at historical cost. Depreciation is provided on a straight-line basis over the expected average useful lives of the assets. Residual values and useful lives are reviewed at least annually. The review of residual values and useful lives has taken into consideration the impacts of climate change and the actions the Group undertakes to mitigate and adapt against these climate-related risks and there is no material impact on the income statement for this year. Estimated useful lives by major class of assets are as follows:

---

| | |
|:---|:---|
| ● Leasehold land and buildings<br>| 40 years (or life of lease if less) |
| ● Plant and equipment<br>| 2-20 years |
| ● Freehold buildings (no depreciation on freehold land)<br>| 40 years |

---

#### Leased assets
The cost of a leased asset is measured as the lease liability at inception of the lease contract and other direct costs less any incentives granted by the lessor. The Group has not capitalised leases which are less than 12 months or leases with low value assets. These mainly relate to IT equipment, office equipment, furniture and fittings and other peripheral items. When a lease liability is remeasured, the related lease asset is adjusted by the same amount.

Depreciation is provided on a straight-line basis from the commencement date of the lease to the end of the lease term.

---

| | | | |
|:---|:---|:---|:---|
| **Property, plant and equipment** |  |  |  |
| **In millions of €** | Note | **2025** | 2024 |
| Owned assets | 9A | 2176 | 2223 |
| Leased assets | 9B | 130 | 132 |
| **Total** |  | **2306** | **2355** |

---

#### 9A. Owned assets

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2025**<br>**In millions of €** | **Land and**<br>**buildings** | **Plant and**<br>**equipment** | <br>**Total** |
| **Cost** |  |  |  |
| **1 January 2025** | **1024** | **4097** | **5121** |
| Additions | 49 | 308 | 357 |
| Disposals | (3) | (119) | (122) |
| Hyperinflationary adjustment | 30 | (17) | 13 |
| Currency retranslation | (62) | (214) | (276) |
| Other movements <sup>(a)</sup> | (2) | 12 | 10 |
| **31 December 2025** | **1036** | **4067** | **5103** |
| **Accumulated depreciation** |  |  |  |
| **1 January 2025** | **(417)** | **(2481)** | **(2898)** |
| Depreciation charge for the year | (28) | (222) | (250) |
| Disposals | 2 | 95 | 97 |
| Hyperinflationary adjustment | (6) | (1) | (7) |
| Currency retranslation | 22 | 119 | 141 |
| Other movements <sup>(a)</sup> |  | (10) | (10) |
| **31 December 2025** | **(427)** | **(2500)** | **(2927)** |
| **Net book value 31 December 2025** <sup>(b)</sup> | **609** | **1567** | **2176** |
| Includes capital expenditures for assets under construction | 25 | 243 | 268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other movements primarily reflect differences between amounts of prior period allocated as per carve out and the actual assets transferred on Separation

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes €38 million (2024: €32 million) of freehold land.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **118**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024** | Land and | Plant and |  |
| **In millions of €** | buildings | equipment | Total |
| **Cost** |  |  |  |
| **1 January 2024** | **982** | **3840** | **4822** |
| Additions | 24 | 297 | 321 |
| Disposals and other movements | (6) | (201) | (207) |
| Hyperinflationary adjustment | 5 | 123 | 128 |
| Currency retranslation | 19 | 38 | 57 |
| **31 December 2024** | **1024** | **4097** | **5121** |
| **Accumulated depreciation** |  |  |  |
| **1 January 2024** | **(384)** | **(2351)** | **(2735)** |
| Depreciation charge for the year | (22) | (242) | (264) |
| Disposal and other movements | 3 | 188 | 191 |
| Hyperinflationary adjustment | (6) | (52) | (58) |
| Currency retranslation | (8) | (24) | (32) |
| **31 December 2024** | **(417)** | **(2481)** | **(2898)** |
| **Net book value 31 December 2024** <sup>(b)</sup> | **607** | **1616** | **2223** |
| Includes capital expenditures for assets under construction | 10 | 26 | 36 |

---

The Group has commitments to purchase property, plant and equipment of €68 million (2024: €43 million).

#### 9B. Leased assets

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2025** <br>**In millions of €** | **Land and**<br>**buildings** | **Plant and**<br>**equipment** | <br>**Total** |
| **Cost** |  |  |  |
| **1 January 2025** | **315** | **49** | **364** |
| Additions | 63 | 21 | 84 |
| Disposals | (66) | (8) | (74) |
| Other movements <sup>(a)</sup> | (20) | (7) | (27) |
| Currency retranslation | (16) | (3) | (19) |
| **31 December 2025** | **276** | **52** | **328** |
| **Accumulated depreciation** |  |  |  |
| **1 January 2025** | **(207)** | **(25)** | **(232)** |
| Depreciation charge for the year | (43) | (12) | (55) |
| Disposals | 53 | 7 | 60 |
| Other movements <sup>(a)</sup> | 17 | 0 | 17 |
| Currency retranslation | 11 | 1 | 12 |
| **31 December 2025** | **(169)** | **(29)** | **(198)** |
| **Net book value 31 December 2025** | **107** | **23** | **130** |

---

(a) Other movements primarily reflect differences between amounts of prior period allocated as per carve out and the actual assets transferred on Separation.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **119**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Movements during 2024** | Land and | Plant and |  |
| **In millions of €** | buildings | equipment | Total |
| **Cost** |  |  |  |
| **1 January 2024** | **317** | **60** | **377** |
| Additions | 23 | 17 | 40 |
| Disposals and other movements | (30) | (24) | (54) |
| Hyperinflationary adjustment |  | (1) | (1) |
| Currency retranslation | 5 | (3) | 2 |
| **31 December 2024** | **315** | **49** | **364** |
| **Accumulated depreciation** |  |  |  |
| **1 January 2024** | **(195)** | **(35)** | **(230)** |
| Depreciation charge for the year | (34) | (13) | (47) |
| Disposal and other movements | 25 | 23 | 48 |
| Currency retranslation | (3) |  | (3) |
| **31 December 2024** | **(207)** | **(25)** | **(232)** |
| **Net book value 31 December 2024** | **108** | **24** | **132** |

---

The Group's leases mainly comprise land and buildings and plant and equipment. The Group leases land and buildings for manufacturing, warehouse facilities and office space and also subleases some of the properties under operating leases. The Group has leases for vehicles and equipment.

The Group has recognised in the income statement an expense of €10 million (2024: €9 million) for short term leases.

During the year, the Group has not recognised any income from sublet properties (2024: nil). The total cash outflows for leases were €65 million (2024: €46 million) comprising of capital elements payments for €56 million (2024: €39 million) and interest on lease liabilities for €9 million (2024: 7 million).

Lease liabilities are shown in Note 14C.

10. Other non-current assets

---

| | | |
|:---|:---|:---|
| **In millions of €** | **2025** | 2024 |
| Long-term trade and other receivables <sup>(a)</sup> | 182 | 26 |
| Other non-current assets | 4 | 3 |
| **Total** | **186** | **29** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes indirect tax receivable of €120 million on business transfers where the Group does not have the contractual right to receive payment within 12 months and a €54 million prepayment to Unilever for the future transfer of the Mexico factory due to legal restrictions.

11. Inventories

Inventories are valued at the lower of weighted average cost and net realisable value. Cost comprises direct costs and, where appropriate, a proportion of attributable production overheads. Net realisable value is the estimated selling price less the estimated costs necessary to make the sale.

---

| | | |
|:---|:---|:---|
| **Inventories** |  |  |
| **In millions of €** | **2025** | 2024 |
| Raw materials and consumables | 213 | 242 |
| Finished goods and goods for resale | 702 | 726 |
| **Total inventories** | **915** | **968** |
| Provision for inventories | (42) | (48) |
| **Net Inventories** | **873** | **920** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **120**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

Upon the Demerger, in many territories, the legal title for inventory has not passed from Unilever to the Group. However, the Group retains the risks and rewards associated with this inventory and therefore continues to recognise it on its balance sheet. The Group will need to acquire that inventory at the respective TSA exits, hence a liability at equal amount is recognised within trade and other payables.

---

| | | |
|:---|:---|:---|
| **Provision for inventories** |  |  |
| **In millions of €** | **2025** | 2024 |
| **1 January** | **48** | **56** |
| Charge to income statement | 6 | 16 |
| Reduction / releases | (8) | (23) |
| Currency retranslation | (4) | (1) |
| **31 December** | **42** | **48** |

---

Inventories with a value of €15 million are carried at net realisable value lower than cost (2024: €28 million). During 2025 €39 million (2024: €32 million) was charged to the income statement for damaged and lost inventories.

12. Trade and other current receivables

Trade and other current receivables are initially recognised at fair value plus any directly attributable transaction costs. Subsequently, these assets are held at amortised cost, using the effective interest method and net of any impairment losses. Discounts payable to customers are shown as a reduction in trade receivables when there are a legal right and intent to settle them on a net basis.

The Group does not consider the fair values of trade and other receivables to be significantly different from their carrying values.

---

| | | |
|:---|:---|:---|
| **Trade and other current receivables** |  |  |
| **In millions of €** | **2025** | 2024 |
| **Due within one year** |  |  |
| Trade receivables – Third party customers <sup>(a)</sup> | 53 | 391 |
| Trade receivables – Unilever <sup>(b)</sup> | 579 |  |
| Prepayments and accrued income | 30 | 22 |
| Other receivables – Due from third parties <sup>(c)</sup> | 232 | 222 |
| Other receivables – Due from Unilever <sup>(d)</sup> | 896 |  |
| **Total** | **1790** | **635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) In 2025, this comprises receivables from customers that are invoiced directly from the Group's legal entities and includes discounts due to customers of €42 million. In 2024, this comprises amounts from customers attributed to the Group (Note 1) and included discounts due to customers of €360 million.

&nbsp;&nbsp;&nbsp;&nbsp;(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever collects cash from customers on behalf of the Group; accordingly, the related receivables are due from Unilever. As per the arrangements, the Group collects those receivables from Unilever on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes recoverable indirect taxes €203 million (2024: €95 million) and financial assets €29 million (2024: €127 million). Financial assets include derivatives, royalty receivables, and employee advances.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During 2025, the Group paid an inventory subsidy of €905 million to Unilever (see Note 21). €9 million relating to Indonesia was offset against payable accruals, resulting in a closing balance of €896 million.

Concentrations of credit risk with respect to trade receivables, are limited due to the Group's customer base being large and diverse. The Group's historical experience of collecting receivables supported by the level of default, is that credit risk is low across territories and therefore trade receivables are a single class of financial assets.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **121**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

Impairment of trade receivables is assessed in accordance with the Group's expected credit loss policy and is determined for specific receivables with known or anticipated recovery issues, as well as for balances that are past due using probabilities of default derived from historical experience and relevant forward-looking information. Where Unilever collects cash from customers on the Group's behalf, any customer credit losses that arise are charged by Unilever to the Group.

---

| | | |
|:---|:---|:---|
| **Ageing of trade receivables** |  |  |
| **In millions of €** | **2025** | 2024 |
| Not overdue | 546 | 355 |
| Past due less than three months | 55 | 30 |
| Past due more than three months but less than six months | 28 | 11 |
| Past due more than six months but less than one year | 2 | 3 |
| Past due more than one year | 5 | 16 |
| **Total trade receivables** | **636** | **415** |
| Impairment provision for trade receivables | (5) | (24) |
|  | **631** | **391** |

---

The total impairment provision includes €5 million (2024: €24 million) for current trade receivables (other than receivables from Unilever). In 2025, receivables were predominantly due from Unilever and the Group assessed Unilever's credit risk to be very low. Hence, no impairment provision was recognised for receivables from Unilever.

---

| | | |
|:---|:---|:---|
| **Impairment provision for trade and other receivables** |  |  |
| **In millions of €** | **2025** | 2024 |
| **1 January** | **27** | **36** |
| Charge to income statement |  | 5 |
| Reductions / releases <sup>(a)</sup> | (21) | (11) |
| Currency retranslations | (1) | (3) |
| **31 December** | **5** | **27** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) On Separation, trade receivables were not transferred to the Group, accordingly the associated impairment provision was released through Invested Capital.

In 2024, the total impairment provision includes €24 million for current trade receivables and €3 million for other receivables.

13. Trade payables and other liabilities

#### Trade payables
Trade payables are initially recognised at fair value less any directly attributable transaction costs. Trade payables are subsequently measured at amortised cost, using the effective interest method.

#### Other liabilities
Other liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent measurement depends on the type of liability:

&nbsp;&nbsp;&nbsp;&nbsp;● Accruals are subsequently measured at amortised cost, using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;● Social security and sundry taxes are subsequently measured at amortised cost, using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;● Others are subsequently measured either at amortised cost, using the effective interest method or at fair value, with changes being recognised in the income statement.

The Group does not consider the fair values of trade payables and other liabilities to be significantly different from their carrying values.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **122**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | |
|:---|:---|:---|
| **Trade payables and other liabilities**  |  |  |
| **In millions of €** | **2025** | 2024 |
| **Current: due within one year** |  |  |
| Trade payables – third party suppliers <sup>(a)</sup> | 388 | 1182 |
| Trade payables – Unilever <sup>(b)</sup> | 1671 |  |
| Accruals <sup>(c)</sup> | 285 | 471 |
| Social security and sundry taxes | 37 | 43 |
| Other | 91 | 124 |
| Other payable balances due to Unilever <sup>(d)</sup> | 449 | (2) |
|  | **2921** | **1818** |
| **Non-current: due after more than one year** |  |  |
| Accruals | 3 | 3 |
| Others | 41 | 5 |
| Other payable balances due to Unilever <sup>(d)</sup> | 80 |  |
|  | **124** | **8** |
| **Total trade payables and other liabilities** | **3045** | **1826** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 2025 comprise payables from suppliers that are invoiced directly to the Group's legal entities and discounts due to the customers of €29 million (2024: €319 million).

&nbsp;&nbsp;&nbsp;&nbsp;(b) In 2025, the Group entered into various interim operating model agreements with Unilever (see Note 21). Under these arrangements, Unilever pays suppliers on behalf of the Group; accordingly, the related payables are due to Unilever. The balance also includes an accrual of €818 million payable in relation to the transfer of inventory, as upon the Demerger, in many territories legal title to the inventory has not passed from Unilever to the Group and the Group will acquire such inventory at the end of the Transitional Period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Accruals consist of liabilities for various expenditures, including insurance, and audit costs and property, plant and equipment purchases. Others mainly consist of payables related to payroll, consultancy and legal expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Includes €300 million working capital subsidy received from Unilever pre-Demerger (See Note 21) and €229 million payable to Unilever for indirect taxes arose on transfer of net assets.

14. Capital and funding

#### Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

#### Other reserves
Other reserves include the foreign currency translation reserve and the cash flow hedge reserve. It also includes the difference between the fair value of the shares issued in 2025 and the net book value of the business transferred to the Group under common control business combination.

#### Share-based compensation
The Group operates a number of share-based compensation plans involving awards of ordinary shares of TMICC N.V.

#### Derivative financial instruments
The Group's use of, and accounting for, derivative instruments is explained in Note 15.

#### Financial liabilities
Financial liabilities are initially recognised at fair value, less any directly related transaction costs. When bonds are designated as being part of a fair value hedge relationship, in those cases bonds are carried at amortised cost, adjusted for the fair value of the risk being hedged, with changes in value shown in the income statement. Put options are initially recognised at the present value of the expected gross obligation, with changes in value being recognised in finance costs.

#### Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not yet paid at the start of the lease term. This is discounted using an appropriate borrowing rate determined by the Group, where none is readily available in the lease contract. The lease liability is subsequently reduced by cash payments and increased by interest costs. The lease liability is remeasured when the Group assesses that there will be a change in the amount expected to be paid during the lease term.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **123**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 14A. Share capital

---

| | |
|:---|:---|
| **In millions of €** | **2025** |
| TMICC ordinary share of €3.50 each | 2,143 |

---

The Company has an authorised share capital of €2,143 million, divided into 612,259,739 ordinary shares with a nominal value of €3.50 per share.

#### 14B. Equity

#### Share premium
On 6 and 7 December 2025, the Magnum Ice Cream Company N.V. issued 612,245,455 shares with a nominal value per share of €3.5 per share. The total shares issued had an estimated value of €7,941 million (based on first day of trading). The difference between the estimated fair value of the shares issued and the nominal value has been recognised as share premium (€5,798 million).

#### Non-controlling interests
The Group has subsidiaries in which non-controlling interests exist. The share of third parties' ownership interests in the Group consolidated balance sheet and consolidated income statement for these subsidiaries has been recognised and separately presented. The most significant non-controlling interests are held in Philippines (Magnum RFM Ice Cream Inc).

#### Other reserves
Other reserves include the following:

---

| | | | |
|:---|:---|:---|:---|
| **In millions of €** | **2025** | 2024 | 2023 |
| Cash flow hedge reserve, net of tax | (31) | 81 | (7) |
| Remeasurement of defined benefit pension plans, net of tax <sup>(a)</sup> |  | 70 | 32 |
| Currency retranslation reserve | 7 | 242 | 106 |
| Merger Reserve <sup>(b)</sup> | (7120) |  |  |
| **Total** | **(7144)** | **393** | **131** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The pension reserve balance of €70 million as at 31 December 2024 is reclassified from Other Reserves to Invested Capital which was then reclassified to Merger reserve.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merger Reserve was created as the difference of the fair value of the business and the net invested capital position at the Demerger date.

#### Capital management
The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to our shareholders through an appropriate balance of debt and equity. The capital structure of the Group is based on management's judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **124**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 14C. Financial liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| **Financial liabilities** <sup>(a)</sup> |  | **Non-** |  |  | **Non-** |  |
| **In millions of €** | **Current** | **current** | **Total** | **Current** | **current** | **Total** |
| Bank loans and overdrafts <sup>(b)</sup> | 34 | 1 | **35** | 35 |  | **35** |
| Bonds and other loans <sup>(c)</sup> |  | 3077 | **3077** |  |  | **—** |
| Lease liabilities | 43 | 100 | **143** | 41 | 103 | **144** |
| Loan with Unilever <sup>(d)</sup> |  |  | **—** | 9 |  | **9** |
| Derivatives | 28 |  | **28** |  |  | **—** |
| Other financial liabilities <sup>(e)</sup> |  | 133 | **133** |  | 145 | **145** |
| **Total** | **105** | **3311** | **3416** | **85** | **248** | **333** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial liabilities exclude trade payable and other liabilities which are covered in Note 13.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Bank loans and overdrafts do not include any secured liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Bonds and other loans under the facility agreements (refer to Note 15A).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Unilever granted intercompany facility of up to €11 billion to Group on 1 July 2025, of which the Group drew down €10,615 million to facilitate the Demerger. Of this amount, €3,162 million was repaid to Unilever in cash and the balance was capitalised before the Demerger.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Other financial liabilities consist of an option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation, the joint venture partner. The Group holds 50% plus one share in the joint venture. According to the shareholder agreement established in March 1999, RFM Corporation is entitled, each year within one month following 31 December year end, to require the Group to acquire all or a portion of RFM Corporation's shares in the joint venture at a price determined by the agreement. RFM Corporation has executed a waiver stipulating that they waive their right to exercise the option until April 2028.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **125**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Reconciliation of liabilities arising from financing activities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Non-cash movement** | **Non-cash movement** | **Non-cash movement** | |
| <br>**Movements in 2025**<br>**In millions of €** | <br>**Opening**<br>**balance as**<br>**at 1 January** | <br>**Cash**<br>**movement** | <br>**Fair value**<br>**changes** | **Other**<br>**non-cash**<br>**movements** | **Foreign**<br>**exchange**<br>**changes** | <br>**Closing**<br>**balance**<br>**at 31 December** |
| Bank loans and overdrafts <sup>(a)</sup> | (35) | (6) |  |  | 6 | (35) |
| Bonds and other loans <sup>(a)</sup> <sup>(b)</sup> |  | (3077) |  |  |  | (3077) |
| Lease liabilities <sup>(c)</sup> | (144) | 56 |  | (64) | 9 | (143) |
| Loans with Unilever <sup>(d)</sup> | (9) |  |  | 9 |  |  |
| Derivatives |  |  | (28) |  |  | (28) |
| **Total** <sup>(e)</sup> | **(188)** | **(3027)** | **(28)** | **(55)** | **15** | **(3283)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | Non-cash movement | Non-cash movement | Non-cash movement |  |
|  | Opening |  |  | Other | Foreign | Closing |
| **Movements in 2024** | balance as | Cash | Fair value | non-cash | exchange | balance |
| **In millions of €** | at 1 January | movement | changes | movements | changes | at 31 December |
| Bank loans and overdrafts <sup>(a)</sup> | (32) | (3) |  |  |  | (35) |
| Lease liabilities <sup>(c)</sup> | (156) | 39 |  | (26) | (1) | (144) |
| Loans with Unilever | (9) |  |  |  |  | (9) |
| **Total** <sup>(e)</sup> | **(197)** | **36** | **—** | **(26)** | **(1)** | **(188)** |

---

<br>(a)<br>These cash movements include additional financial liabilities and repayment of financial liabilities. The difference of €5 million (2024: €3 million) represents cash movements in overdrafts that are not included in financing cash flows.<br>(b)<br>Bond and other loans include € 3 billion debt bond issued on 26 November 2025.<br>(c)<br>Lease liabilities cash movement is included within capital element of lease payments in the consolidated cash flow statement.<br>(d)<br>In 2025, Unilever provided the Group a loan to facilitate the Separation. The loan was settled as part of the Demerger through a cash repayment of €3,162 million, with the remaining balance settled on a non-cash basis through Equity and recognised within Invested capital / Merger Reserve.<br>(e)<br>The reconciliation of liabilities arising from financing activities excludes the put option of €133 million in 2025 (2024: €145 million) as this arises from an option to acquire non-controlling interests (as detailed above) which if exercised would classify as arising from investing activity.<br>

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **126**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

On 26 November 2025, the Group successfully issued a €3 billion debut bond by Magnum ICC Finance B.V. across four tranches.

The debut issuance was completed under the newly established €8 billion Euro Medium Term Note (the "Notes") programme of Magnum ICC Finance B.V. guaranteed by The Magnum Ice Cream Company N.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V.

To facilitate the demerger, Magnum ICC Finance B.V. was granted an intercompany facility of up to €11 billion by Unilever, upon which the Group incurred interest expense of €71 million (see Note 5). The proceeds of the Notes were used to repay part of the facility prior to the Separation, with the remainder being capitalised with the proceed of the Notes.

The Notes have been rated "BBB" by S&P and "Baa2" by Moody's and were admitted to trading on the London Stock Exchange's International Securities Market with effect on 26 November 2025.

---

| | | |
|:---|:---|:---|
| **In millions of €** | **2025** | 2024 |
| 2.75% Notes 2029 | 750 |  |
| 3.25% Notes 2031 | 750 |  |
| 3.75% Notes 2034 | 750 |  |
| 4.00% Notes 2037 | 750 |  |

---

Following the issuances, net debt increased to €3 billion (2024: nil), with the average debt maturity of 7.5 years.

15. Treasury Risk Management

#### Derivatives and Hedge accounting
Derivatives are measured at fair value with any related transaction costs expensed as incurred. The treatment of changes in the value of derivatives depends on their use as explained below.

#### Cash flow hedges
Certain derivatives are held to hedge the uncertainty in timing or amount of future forecast cash flows. Such derivatives are classified as being part of cash flow hedge relationships. For an effective hedge, gains and losses from changes in the fair value of derivatives are recognised in equity. Cost of hedging, where material and opted for, is recorded within equity. Any ineffective elements of the hedge are recognised in finance costs. Ineffectiveness may occur if there are changes to the expected timing of the hedged transaction. If the hedged cash flow relates to a non-financial asset, the amount accumulated in equity is subsequently included within the carrying value of that asset. For other cash flow hedges, amounts deferred in equity are taken to finance costs at the same time as the related cash flow.

When a derivative no longer qualifies for hedge accounting, any cumulative gain or loss remains in equity until the related cash flow occurs. When the cash flow takes place, the cumulative gain or loss is taken to finance costs. If the hedged cash flow is no longer expected to occur, the cumulative gain or loss is taken to finance costs immediately.

#### Derivatives for which hedge accounting is not applied
Derivatives not classified as hedges are held in order to hedge certain balance sheet items and commodity exposures. No hedge accounting is applied to these derivatives, which are carried at fair value with changes being recognised in finance costs.

Applying hedge accounting has not led to material ineffectiveness being recognised in the income statement for 2025, 2024 and 2023.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **127**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The Group's Treasury department provides central funding and foreign exchange management services for the Group. The department is governed by standards and processes which are in line with the Treasury Policies. In addition to guidelines and exposure limits, a system of authorities and extensive independent reporting covers all major areas of activity.

Treasury activities in relation to the Group are designed to:

&nbsp;&nbsp;&nbsp;&nbsp;● protect the Group's financial results and position from the financial risks mentioned below;

&nbsp;&nbsp;&nbsp;&nbsp;● maintain market risks within acceptable parameters, while optimising returns (see Note 15B);

&nbsp;&nbsp;&nbsp;&nbsp;● provide adequate and sufficient funding to the Group.

The Group's Treasury department maintains a list of approved financial instruments. The use of any new instrument must be approved by the Treasury Committee. The use of leveraged instruments is not permitted.

The Group's central Commodity Risk Management (CRM) team monitor commodity exposures for the whole Group and provide commodity risk services for the Group's operations. The primary objective of the CRM policy is to delay the (gross) margin impact of commodity market volatility and allow time to take corrective pricing action.

The Group's capital requirements are centrally managed by the Group's Treasury department, who provides funding to safeguard the Group's ability to continue as a going concern and to optimize returns. The Group is not subject to financial covenants in any of its significant financing agreements.

The Group is exposed to the following financial risks that arise from its use of financial instruments, the management of which is described in the following sections:

&nbsp;&nbsp;&nbsp;&nbsp;● liquidity risk (see Note 15A);

&nbsp;&nbsp;&nbsp;&nbsp;● market risk (see Note 15B);

&nbsp;&nbsp;&nbsp;&nbsp;● credit risk (see Note 16B).

#### 15A. Management of liquidity risk
Liquidity risk is the risk that the Group will face in meeting its obligations associated with its financial liabilities. The Group's approach to managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due without incurring unacceptable losses. In doing this, management considers both normal and stressed conditions. A material and sustained shortfall in our cash flow could undermine the Group's credit rating, impair investor confidence and also restrict the Group's ability to raise funds.

The Group's funding strategy was supported by cash delivery from the business, coupled with the proceeds from the bond issuance. Surplus cash balances have been invested conservatively with low-risk counterparties at maturities of primarily less than six months. In its liquidity assessment, the Group does not consider any supplier financing arrangements as these arrangements are non-recourse to Unilever and supplier payment dates and terms for Unilever and our payment terms with Unilever do not vary based on whether the supplier chooses to use such financing arrangements.

Cash flow from operating activities provides the funds to service the financing of financial liabilities on a day-to-day basis. The Group seeks to manage its liquidity requirements by the newly established €8 billion Euro Medium Term Note programme. In addition, the Group has committed credit facilities for general corporate use as described in Note 14 C.

On 28 August 2025, the Group entered into a term loan facilities agreement (the "Term Loan Facilities Agreement") (the facilities to be provided thereunder being the "Term Loan Facilities"). The Term Loan Facilities comprise:

&nbsp;&nbsp;&nbsp;&nbsp;● a bridge term loan facility (the "Bridge Facility") denominated in euro, with a commitment of €3 billion available for the repayment of financial indebtedness owed by Group Companies to the Unilever Group, and for the payment of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia. This facility was cancelled on 26 November with a cancellation charge of €5 million as part of finance cost. No amount was drawn against the facility.

&nbsp;&nbsp;&nbsp;&nbsp;● a working capital term loan facility (the "Working Capital Term Loan Facility") denominated in Euro, with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement. The facility is priced at 1 month Euribor + 90 basis points and does not carry any covenants. €100 million was drawn on 29 December 2025.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **128**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;● a term loan facility (the "India Term Loan Facility") denominated in Euro, with a commitment of €300 million available for the payment of the consideration for the transfer of the Unilever Group's shares in Kwality Wall's India Ltd. This facility has not been drawn.

The Group has also entered into a €1 billion syndicated revolving credit facility agreement (the "Revolving Credit Facility Agreement", the revolving credit facility provided thereunder being the "Revolving Credit Facility").

&nbsp;&nbsp;&nbsp;&nbsp;● A multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds Sterling) available for general corporate purposes with an initial maturity date of five years from the date of the Revolving Credit Facility Agreement, subject to two extension options of one year each which can be requested by the Company and which each lender can at its own discretion, agree to or not;

&nbsp;&nbsp;&nbsp;&nbsp;● a €500 million Swingline Facility and a US $500 million Swingline Facility each operating as a sublimit within the Revolving Credit Facility with the purpose of refinancing euro or US dollar commercial paper programs, respectively, that the Group plans to establish.

The revolving facilities have not been drawn.

The financial liabilities of the Group at the balance sheet date are mainly bonds, lease liabilities and other financial liabilities (Note 14), and trade payables (Note 13) which are mostly short term in nature. The financial assets of the Group at the balance sheet date are mainly trade receivables (Note 12) from Unilever and reputable customers which are short term in nature

The following table shows contractually based undiscounted cash flows, including expected interest payments, which are payable under financial liabilities at the balance sheet date:

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **129**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**2025 Undiscounted cash flows**<br>**In millions of €** | <br>**Due within 1 year** | <br>**Due between**<br>**1 and 2 years** | <br>**Due between**<br>**2 and 3 years** | <br>**Due between**<br>**3 and 4 years** | <br>**Due between**<br>**4 and 5 years** | <br>**Due after 5 years** | <br>**Total** | **Net carrying**<br>**amount as shown**<br>**in balance sheet** |
| **Non-derivative Financial liabilities** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts | (34) | (1) |  |  |  |  | (35) | (35) |
| Bonds and other loans |  |  | (100) | (745) |  | (2232) | (3077) | (3077) |
| Related party loans with Unilever |  |  |  |  |  |  |  |  |
| Lease liabilities | (49) | (30) | (21) | (16) | (12) | (36) | (164) | (143) |
| Other financial liabilities |  |  | (133) |  |  |  | (133) | (133) |
| Trade payables excluding social security | (2884) | (124) |  |  |  |  | (3008) | (3008) |
|  | **(2967)** | **(155)** | **(254)** | **(761)** | **(12)** | **(2268)** | **(6417)** | **(6396)** |
| **Derivative Financial liabilities** |  |  |  |  |  |  |  |  |
| Derivative contracts - receipts | 1 | 1 |  |  |  |  | 2 | 2 |
| **Total** | **(2966)** | **(154)** | **(254)** | **(761)** | **(12)** | **(2268)** | **(6415)** | **(6394)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  | Net carrying |
| **2024 Undiscounted cash flows** |  | Due between | Due between | Due between | Due between |  |  | amount as shown |
| **In millions of €** | Due within 1 year | 1 and 2 years | 2 and 3 years | 3 and 4 years | 4 and 5 years | Due after 5 years | Total | in balance sheet |
| **Non-derivative Financial liabilities** |  |  |  |  |  |  |  |  |
| Bank loans and overdrafts | (35) |  |  |  |  |  | (35) | (35) |
| Related party loans with Unilever | (9) |  |  |  |  |  | (9) | (9) |
| Lease liabilities | (57) | (35) | (26) | (18) | (34) | (32) | (202) | (144) |
| Other financial liabilities |  | (145) |  |  |  |  | (145) | (145) |
| Trade payables excluding social security and sundry taxes | (1775) | (8) |  |  |  |  | (1783) | (1783) |
|  | **(1876)** | **(188)** | **(26)** | **(18)** | **(34)** | **(32)** | **(2174)** | **(2116)** |
| **Derivative Financial liabilities** |  |  |  |  |  |  |  |  |
| Derivative contracts - receipts | 105 |  |  |  |  |  | 105 | 105 |
| **Total** | **(1771)** | **(188)** | **(26)** | **(18)** | **(34)** | **(32)** | **(2069)** | **(2011)** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **130**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 15B. Management of market risk
The Group's size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

&nbsp;&nbsp;&nbsp;&nbsp;● **Currency risk** (see table below)

The Group is exposed to movements in the underlying currency of the Group's sales and purchases as well as transacted commodity prices that are mainly denominated in USD and GBP.

&nbsp;&nbsp;&nbsp;&nbsp;● **Commodity price risk** (see table below)

The key commodities used by the Group are cocoa, dairy and sugar. Management aims to minimise the impact of commodity market volatility on (gross) margin and allow time to take corrective pricing action ('pricing horizons'). Commodity hedging is undertaken based on 100% of the volume exposure around the pricing horizon, although hedging can be undertaken up to 52 weeks with approval and within limits.

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest rate risk** (see table below)

The above risks may affect the Group's income and expenses, or the value of its financial instruments. The Group's objective in managing market risk is to maintain it within acceptable parameters, while optimising returns.

The Group's exposure to, and management of, these risks is explained on the next page.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **131**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### Management of market risk

---

| | | |
|:---|:---|:---|
| **Potential impact of risk** | **Management policy and hedging strategy** | **Sensitivity to the risk** |
| **1. Commodity price risk**<br>The Group is exposed to the risk of changes in commodity prices in relation to its purchase of certain raw materials.<br>At 31 December 2025, the Group had hedged its exposure to future commodity purchases with commodity derivatives valued at €262 million (2024: €296 million). | The Group uses commodity forwards, futures, swaps and option contracts to hedge against this risk. All commodities forward contracts hedge future purchases of raw materials and the contracts are settled either in cash or by physical delivery.<br>The Group also hedges risk components of commodities where it is not possible to hedge the commodity in full. This is done with reference to the contract to purchase the hedged commodity.<br>Commodity derivatives are generally designated as hedging instruments in cash flow hedge accounting relations. All commodity derivative contracts were done in line with approvals from the Commodity Risk Committee. | A 10% increase in commodity prices as at 31 December 2025 would have led to a €24 million gains on the commodity derivatives in Equity (2024: €42 million). A decrease of 10% in commodity prices on a full-year basis would have the equal but opposite effect.<br>|
| **2. Currency risk**<br>Because of the Group's global reach, it is subject to the risk that changes in foreign currency rate impact the Group's sales and purchases. The Group is also exposed to movements in the underlying currency of transacted commodity prices that are mainly denominated in USD and GBP.<br>The exposure to the Group from companies holding financial assets and liabilities other than their functional currency is not significant. | The Group's treasury department manages currency exposures in the Group within prescribed limits, mainly through the use of forward foreign currency exchange contracts.<br>Operating companies manage foreign exchange exposures within prescribed limits.<br>The aim of the approach to management of currency risk is to leave the Group with no material residual risk. This aim has been achieved in all years presented.<br>Forward contracts are used and executed by the Group's treasury department, however foreign currency exposures that are under the TSA with Unilever do not have significant foreign exchange impact.  | The foreign exchange risk impact on the Income Statement and Equity with respect to financial instruments is not significant. |
| **3. Interest rate risk**<br>The Group is exposed to market interest rate fluctuations on its debt. Increases in benchmark interest rates could increase the interest cost of the floating-rate debt and increase the cost of future borrowings. At 31 December 2025, interest rates were fixed on 96% of the expected financial liabilities (excluding lease liabilities), 73% at December 2024. | The Group's interest rate management approach aims for an optimal balance between fixed and floating-rate interest rate exposures on expected net debt. The objective of this approach is to minimise annual interest costs after tax. No derivatives were used to hedge the interest rate on the debt of the Group. | The interest rate risk impact on the income statement is not significant.  |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **132**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 15C. Derivatives and hedging
The Group does not use derivative financial instruments for speculative purposes. The uses of derivatives and the related values of derivatives are summarised in the following table. Derivatives used to hedge:

---

| | | | |
|:---|:---|:---|:---|
|  | Trade | Trade payables |  |
|  | and other | and other |  |
| **In millions of €** | receivables | liabilities | Total |
| **31 December 2025** |  |  |  |
| **Commodity contracts** |  |  |  |
| Cash flow hedges <sup>(a)</sup> | 2 |  | 2 |
| **Total assets**  | 2 |  | 2 |
| **31 December 2024** |  |  |  |
| **Commodity contracts** |  |  |  |
| Cash flow hedges | 105 |  | 105 |
| **Total liabilities** | 105 |  | 105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Group makes use of cocoa futures and options to hedge their forward physical purchases of cocoa and other chocolate products. At 31 December 2025, the Group had hedged its exposure to future cocoa purchases with notional amount at 43,093 metric tons and average contracts price at €5,557 per metric ton. Cash flow hedge accounting is applied to these derivatives with the fair value gain/loss being recognised in the hedge reserve and then being released in line with the underlying physical purchases. At 31 December 2024, the Group had a €115 million gain in cash flow hedge reserve, including a €10 million gain on settlement associated with the underlying physical purchases within 12 months.

16. Investment and return

#### Cash and cash equivalents
Cash and cash equivalents in the consolidated balance sheet include deposits and short-term deposits. To be classified as cash and cash equivalents, an asset must:

&nbsp;&nbsp;&nbsp;&nbsp;● be readily convertible into cash;

&nbsp;&nbsp;&nbsp;&nbsp;● have an insignificant risk of changes in value; and

&nbsp;&nbsp;&nbsp;&nbsp;● have a maturity period of three months or less at acquisition.

Cash and cash equivalents in the cash flow statement also include bank overdrafts and are recorded at amortised cost.

#### 16A. Financial assets
The Group aims to protect the value of financial investments while maximising returns. The fair value of financial assets is the same as the carrying amount for 31 December 2025 and 31 December 2024. The Group's cash resources are shown below.

---

| | | |
|:---|:---|:---|
| **Financial assets** <sup>(a)</sup> |  |  |
| **In millions of €** | **2025** | 2024 |
| **Cash and cash equivalents** |  |  |
| Cash at bank and in hand | 402 | 53 |
| Short-term deposits with maturity of less than three months | 39 | 17 |
|  | **441** | **70** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial assets exclude trade and other current receivables which are covered in Note 12.

---

| | | |
|:---|:---|:---|
| **Cash and cash equivalents reconciliation to the cash flow statement** |  |  |
| **In millions of €** | **2025** | 2024 |
| Cash and cash equivalents per balance sheet | 441 | 70 |
| Less: bank overdrafts | (5) | (3) |
| **Cash and cash equivalents per cash flow statement** | **436** | **67** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **133**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

#### 16B. Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty fails to meet its contractual obligations. The Group's trade receivables are short term in nature and largely comprise amounts receivable from Unilever and reputable customers. Additional information in relation to credit risk on trade receivables is given in Note 12. Credit risk related to the use of treasury instruments is managed on a total Group basis. This risk arises from transactions with financial institutions involving cash and cash equivalents and deposits. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. To reduce this risk, the Group has concentrated its main activities with a limited number of counterparties which have secure credit ratings. Individual risk limits are set for each counterparty based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Group's Treasury department.

Further details in relation to the Group's exposure to credit risk are shown in Notes 12 and 16A.

17. Financial instruments fair value risk

#### Assets and liabilities carried at fair value
Derivatives and other cash equivalents are valued using valuation techniques with market observable inputs (level 2). There are no derivatives and other cash equivalents valued at quoted prices for identical instruments (level 1) or not based on observable market data (level 3). Bonds issued by the Group are measured at amortised cost. The fair value of these bonds using quoted prices in active markets (Level 1 of the fair value hierarchy) is €2,998 million. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodities.

The put option to acquire non-controlling interests in Magnum RFM Ice Cream Inc from RFM Corporation has been valued at the redemption value with subsequent changes in finance costs (Level 3). The redemption value is derived from a formula defined in the shareholder agreement which uses historical financial information, multipliers, and CPI adjustments. The impact in 2025 income statement due to the put option is a gain of €12 million (2024: gain of €6 million, 2023: nil).

#### Other financial assets and liabilities
Cash and short-term deposits, trade and other current receivables, overdrafts, trade payables and other current liabilities have fair values that approximate to their carrying amounts due to their short-term nature.

Related party loans with Unilever, lease liabilities and non-current receivables and payables have a fair value considered to be materially equal to the carrying value based on the net present value of the anticipated future cash flows associated with these instruments using rates currently available for debt on similar terms, credit risk and remaining maturities.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **134**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

18. Provisions

Provisions are recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable.

---

| | | |
|:---|:---|:---|
| **Provisions** |  |  |
| **In millions of €** | **2025** | 2024 |
| Due within one year | 39 | 102 |
| Due after one year | 31 | 39 |
| **Total provisions** | **70** | **141** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements 2025**<br>**In millions of €** | <br>**Restructuring**  | <br>**Legal** | **Brazil**<br>**indirect taxes** | <br>**Other**  | <br>**Total** |
| **1 January 2025** | **85** | **26** | **6** | **24** | **141** |
| **Income Statement:** |  |  |  |  |  |
| Charges | 55 | 4 | 1 | 20 | 80 |
| Releases | (45) | (5) |  | (2) | (52) |
| Utilisation | (68) | (4) |  | (5) | (77) |
| Provision retained by Unilever | (9) | (1) |  | (9) | (19) |
| Currency retranslation | (1) | (1) |  | (1) | (3) |
| **31st December 2025** | **17** | **19** | **7** | **27** | **70** |

---

Restructuring provisions primarily include people costs such as redundancy costs and the cost of compensation where manufacturing, distribution, service or selling agreements are to be terminated. The Group expects these provisions to be substantially utilised within the next few years.

The Group is involved from time to time in legal and arbitration proceedings arising in the ordinary course of business. These proceedings and investigations are at various stages and concern a variety of product markets. Where specific issues arise, provisions are made to the extent appropriate. Due to the nature of the legal cases, the timing of utilisation of these provisions is uncertain.

Provisions for Brazil indirect taxes are separate from the matters listed as contingent liabilities in Note 19. The Group does not have provisions and contingent liabilities for the same matters. Due to the nature of disputed indirect taxes, the timing of utilisation of these provisions is uncertain. Other includes provisions for decommissioning costs as well as for indirect tax provisions for indirect taxes in countries other than Brazil, interest on tax provisions and provisions for various other matters. The timing of utilisation of these provisions is uncertain.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Movements during 2024** |  |  | Brazil |  |  |
| **In millions of €** | Restructuring  | Legal | indirect taxes | Other  | Total |
| **1 January 2024** | **18** | **30** | **30** | **25** | **103** |
| **Income Statement** |  |  |  |  |  |
| - Charges | 75 | 7 | 2 | 10 | 94 |
| - Releases | (1) | (4) |  | (4) | (9) |
| Utilisation | (9) | (6) | (22) | (7) | (44) |
| Currency retranslation | 2 | (1) | (4) |  | (3) |
| **31 December 2024** | **85** | **26** | **6** | **24** | **141** |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **135**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

19. Commitments and contingent liabilities

#### Commitments
Lease commitments are the future cash out flows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to leases of low value assets, leases which are less than twelve months, variable leases, extension and termination options and leases not yet commenced but which the Group has committed to.

Other commitments principally comprise commitments under contracts to purchase materials and services. They do not include commitments to purchase property, plant and equipment, which are reported in Note 9.

Lease Commitments and other Commitments fall due as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | 2024 | 2024 |
|  |  | **Other** |  | Other |
| **In millions of €** | **Leases** | **commitments** | Leases | commitments |
| Within 1 year | 8 | 31 | 7 | 13 |
| Later than 1 year but not later than 5 years | 21 | 66 | 15 | 5 |
| Later than 5 years | 4 | 6 | 1 | 2 |
| **Total** | **33** | **103** | **23** | **20** |

---

Lease commitments increased due to new lease contracts entered during 2025. Other commitments mainly comprise contractual obligations for materials and services, including €62 million for technology implementation.

#### Contingent liabilities
Contingent liabilities are either possible obligations that will probably not require a transfer of economic benefits, or present obligations that may, but probably will not, require a transfer of economic benefits. It is not appropriate to make provisions for contingent liabilities, but there is a chance that they will result in an obligation in the future. Assessing the amount of liabilities that are not probable is highly judgemental, so contingent liabilities are disclosed on the basis of the known maximum exposure.

Contingent liabilities arise in respect of litigations against group companies, investigations by competition, regulatory and fiscal authorities and obligations arising under environmental legislation. In many markets, there is a high degree of complexity involved in the local tax regimes.

---

| | | |
|:---|:---|:---|
| **Summary of contingent liabilities** |  |  |
| **In millions of €** | **2025** | 2024 |
| Brazil tax assessments | 98 | 98 |
| Other contingent liabilities | 6 | 5 |
| **Total** | **104** | **103** |

---

The majority of contingent liabilities are in respect of fiscal matters in Brazil, with no other contingent liability being individually material.

The Company is involved in processes for which management, based on the evaluation of its legal advisors, both internal and external, judged the risk of loss as possible. The obligations arising from these processes are considered contingent liabilities, as it is not more likely than not an outflow of resources embodying economic benefits will be required to settle the obligation.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **136**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

**Brazil Tax**

The contingent liabilities reported for indirect taxes relating to disputes with the Brazilian authorities are separate from the provisions listed in Note 18. The Group does not hold provisions and contingent liabilities for the same matters.

The Group believes that the likelihood of the Brazilian tax authorities ultimately prevailing is low; however there can be no guarantee of success in court. In each case we believe our position is strong, so they have not been provided for and are considered to be contingent liabilities. Due to the fiscal environment in Brazil, there remains the possibility of material tax assessments related to the same matters for periods not yet assessed. We expect that tax litigation cases related to this matter may move from the Administrative to the Judicial Courts, although the exact timing is uncertain. In such case, we will be required to make a judicial deposit or provide a guarantee in respect of the disputed tax, interest and penalties. The judicial process in Brazil is likely to take a number of years to conclude.

20. Acquisitions and disposals

Business combinations are accounted for using the acquisition accounting method as at the acquisition date, which is the date at which control is transferred to the Group.

Goodwill is measured at the acquisition date as the fair value of consideration transferred, plus non-controlling interests and the fair value of any previously held equity interests less the net recognised amount (which is generally fair value) of the identifiable assets and liabilities assumed. Goodwill is subject to an annual review for impairment (or more frequently if necessary) in accordance with the accounting policies of the Group. Any impairment is charged to the income statement as it arises. Detailed information relating to goodwill is provided in Note 8.

Transaction costs are expensed as incurred.

#### Acquisitions
There were no acquisitions completed in 2025 or in 2024, but two agreements were entered into during the year ended 31 December 2025 for future purchases.

#### Acquisition of Unilever PLC's Indian Ice Cream Business
On 25 June 2025, the Group signed an agreement to buy Unilever PLC's Ice Cream Business in India, Kwality Wall's India Ltd, on or after 1 April 2026. This acquisition will be for a price equal to Unilever PLC's shareholding in that entity at the time of the sale (expected to be 61.9%) multiplied by the agreed fair market value of that entity of €450 million. The sale will be funded by a term loan facility and is subject to Hindustan Unilever Limited (HUL) completing the demerger of Kwality Wall's India Limited, the subsequent listing of Kwality Wall's India Limited in India, the initiation of a mandatory tender offer to the minority shareholders of Kwality Wall's India Limited of up to 26% of its shares and the funding of the associated escrow account by the Company.

On 1 December 2025, Kwality Wall's India Limited successfully demerged from HUL, and subsequently its listing took place on 16 February 2026. On 16 February, we announced an offer to acquire up to 26.0% of the Kwality Wall's India Limited shares from public shareholders at INR 21.33 per share, in accordance with SEBI takeover regulations. India Ice Cream Business reported revenue of €180 million and operating loss of €19 million for the 12-month period ended 31 December 2025. Until the sale completes, its full results will continue to be reported within the Unilever Group.

#### Portugal
On 18 October 2025, the Group signed an agreement to acquire the Portugal ice cream business from Unilever Fima Lda, structured as two separate transactions covering the marketing and sales operations and the ice cream sourcing unit. The transactions are based on an aggregate enterprise value of approximately €165 million, subject to customary completion adjustments.

On 2 March 2026, the marketing and sales entity was successfully demerged from Unilever. Completion of its acquisition is expected on 1 April 2026. The sourcing unit acquisition will complete separately, following receipt of additional regulatory and operational approvals.

Portugal ice cream business generated revenues of approximately €100 million and operating profit of approximately €12 million for the 12 - month period ended 31 December 2025.

#### Disposals

#### Venezuelan Ice Cream Business
The Group sold the Venezuelan Ice Cream Business on 3 July 2025, resulting in a recorded net loss of €4 million.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **137**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

21. Demerger

The Group results from the demerger of the Ice Cream Business previously owned by Unilever PLC (Unilever Group) and is publicly listed with its shares admitted to trading on Euronext Amsterdam, the London Stock Exchange, and the New York Stock Exchange on 8 December 2025 (the Admission).

#### Separation
In preparation for the planned demerger, the Ice Cream business was separated within Unilever into a distinct legal structure.

This legal separation has been achieved through: (i) the incorporation and reorganisation of the Group Companies to form a stand-alone group of companies within the wider Unilever Group; and (ii) the transfer by the Unilever Group of those legal entities, assets (including intellectual property rights) and liabilities that comprise the Ice Cream Business to the Group (as further described below). The Separation was substantially completed on 1 July 2025 and members of the Unilever Group and the Group entered into a number of transitional arrangements pursuant to which both corporate groups will provide certain services to the other, including Local Operating Models Agreements (OMAs) and the Global Transitional Services Agreement (GTSA). In certain territories it was necessary for the relevant local separation to be deferred until after 1 July 2025.

The Separation was implemented through asset transfers in territories where Unilever entities also operated non-Ice Cream businesses, and through share transfers in territories where the Ice Cream Business was operated by dedicated or near-dedicated entities.

No Ice Cream Business in Russia was transferred to the Group pursuant to the Separation, Unilever having disposed of its businesses in Russia in 2024.

The consideration payable by the relevant Group Companies to the relevant Unilever Group Companies arising from the Separation transfers described above was generally calculated on the basis of a third-party valuation exercise. Unilever granted intercompany facility of up to €11 billion to Group on 1 July 2025, of which the Group drew down €10,615 million to settle the consideration. Of this amount, €3,162 million was repaid to Unilever in cash and the balance was capitalised before the Demerger.

#### TSAs and interim operating models
The Group and the Unilever Group have entered into certain transitional arrangements (including the GTSA and OMAs). These arrangements have been entered into in order to ensure that the Group can continue to operate its business while it develops the capacity to operate independently of the Unilever Group.

Under the GTSA, Unilever provides certain services on a transitional basis, including, among others, certain IT infrastructure and support services, financial services and support, operations management services, distribution services, the use of offices and facilities, logistics and supply-chain management.

The Local OMAs include the following model and arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;● **Undisclosed agency model:** Unilever sells ice cream products in its own name but under the instruction of the Group, temporarily holds legal title to goods, collects revenue on the Group's behalf, and returns the proceeds after deducting commissions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Strategic management model:** The Group provides strategic oversight while Unilever executes sales and operational activities; the Group recognises all revenue, and Unilever pays management fees while receiving compensation for ancillary commercial tasks.

&nbsp;&nbsp;&nbsp;&nbsp;● **Strategic consultancy agreements:** The Group oversees procurement operations, although Unilever remains the contracting party with third party manufacturers.

&nbsp;&nbsp;&nbsp;&nbsp;● **Manufacturing agreements:** Manufacturing continues through toll manufacturing agreements or co-packing agreements in most countries, with Unilever producing on behalf of the Group.

Under the Transitional Services Agreements, Unilever transacts with customers on the Group's behalf, however, the Group sets prices, is responsible to fulfil customer orders, and bears inventory risk. Accordingly, the Group is the principal and recognises revenue gross, with Unilever acting as agent. The Transition period is the period during which the Group will be under the GTSA and the OMAs. The Group gradually exits these arrangements with full exit expected by end of 2027.

#### Subsidies
The Group paid an inventory subsidy of €905 million to Unilever to compensate Unilever for its investment in inventory that it retains legal title for until the end of the GTSA period. Unilever is obligated to repay the inventory subsidy at the end of the GTSA period when the inventory will be legally transferred to the Group.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **138**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

The Group also received a €300 million Non-Inventory Working Capital Subsidy from Unilever. The Non-Inventory Working Capital Subsidy is a cash flow mechanism designed to maintain the Group cash flow profile following the Separation for certain markets, as certain outstanding payables were retained by Unilever. The Non-Inventory Working Capital Subsidy is repayable at the respective TSA exit.

No interest is being charged or paid for both Subsidies. Subsequent cash flows are presented in cash from operating activities.

#### Intellectual property arrangements
Prior to the Separation, the intellectual property ("IP") rights used in the Ice Cream Business were owned by entities within the Unilever Group. As part of the Separation, IP rights were assigned to the Group. As part of the Separation, the Unilever Group has granted the Group a number of licences to use certain retained Unilever IP rights in relation to the Ice Cream Business, and the Group will grant the Unilever Group a number of licences to use certain transferred IP rights in relation to Unilever's retained businesses.

#### The Demerger
The Demerger was effected by the Group and the Unilever Group through several steps in accordance with the terms of the Demerger Agreement.

The Demerger was executed via an interim in specie dividend declared by the Unilever board of directors (the "Demerger Dividend"). The Demerger Dividend was satisfied by the transfer of the Group by Unilever to the Company shortly prior to Admission. In consideration for this transfer, the Company allotted and issued the relevant Shares to each Unilever Shareholder recorded on the Unilever share register and each Unilever ADS Holder holding a Unilever ADS at the Record Time in the ratio of one Share for every five Unilever Shares or Unilever ADSs then held. Upon these steps having taken place, the Company became the parent company of the Group.

Shortly after completion of the Demerger, a series of corporate reorganisation steps (including the allotment and issuance of Shares by the Company) were undertaken which resulted in 121,877,281 Shares being held by, or on behalf of, Unilever Group Companies. The number of Shares held by, or on behalf of, Unilever Group Companies at Admission is 19.9 % of the total issued share capital of the Company (the "Unilever Retained Stake"). In accordance with applicable US federal tax laws and

regulations, Unilever has indicated to the Company that it will exercise any votes attaching to the Unilever Retained Stake in proportion to the votes cast by the Company's other Shareholders.

22. Related party transactions

A related party is a person or entity that is related to the Group. These include both people and entities that have, or are subject to, the influence or control of the Group.

#### Related Party transactions with Unilever:
Up to the Demerger, transactions and balances between the Group and Unilever represent related party transactions. This included transactions with Unilever's Ice Cream business in Russia, India as well as with its investments in associates and joint ventures that include Ice Cream activity (Unilever FIMA LDA, Al Gurg Unilever (LLC), Thani Murshid Unilever LLC and Unilever Bahrain W.L.L.).

All significant transactions with Unilever are presented throughout the consolidated financial statements in the relevant Notes, except for the transactions presented below.

---

| | | | |
|:---|:---|:---|:---|
| **Transactions with Unilever (pre-Demerger)** <br>**In millions of €** | **2025** | **2024** | **2023** |
| TSA fees charged by Unilever <sup>(a)</sup> | 106 |  |  |
| Ice Cream sales to Unilever's Joint Ventures | 56 | 42 | 56 |
| Ice Cream purchases from Unilever's Joint Ventures | 28 | 27 | 24 |
| Indirect and general corporate expense allocations from Unilever <sup>(a)</sup> | 96 | 191 | 177 |
| Allocated depreciation and amortisation | 33 | 63 | 59 |
| Royalty and service fees from Unilever | 14 | 27 | 27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) There were number of indirect central costs that have been allocated to periods prior to Demerger to reflect the fact that the Ice Cream Business operated as part of the wider Unilever Group. These costs related to general marketing and corporate expenses including finance, legal, information technology, human resources, communications, and audit. These expenses were allocated to the Ice Cream Business on the basis of direct usage where identifiable, or by using allocation drivers based on the nature of the expense and are recorded in Cost of Sales and Selling & administrative expenses. Following the separation on 1 July 2025, these were replaced by a combination of TSA charges or recruitment of new staff, with certain TSA costs being subject to a 5% margin.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **139**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

Following the Demerger, the Group assessed that Unilever no longer meets the definition of a related party. Although Unilever retains a minority shareholding of approximately 19.9% in the Group and certain transitional arrangements remain in place, Unilever does not have control, joint control or significant influence over the Group's financial and operating policies. Accordingly, the transactions presented below relate to periods prior to the Demerger, when Unilever was a related party of the Group.

The following related party balances existed between the Ice Cream Business and Unilever Group in prior period:

---

| | |
|:---|:---|
| **Period end balances with Unilever**<br>**In millions of €** | **2024** |
| Loan balances payable to Unilever | 9 |
| Trading and other receivables balances due from Unilever's Joint Ventures | 12 |
| Trading and other payables balances due to Unilever's Joint Ventures | 7 |

---

Loan balances payable to Unilever as at 31 December 2024 consisted of loans between Ice Cream legal entities and Unilever. These loans were unsecured, repayable within 2 years and were interest bearing with rates as set out below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Borrowing entity** | <br>**Currency** | **Maturity** <br>**date** | <br>**Interest rate %** | **31 December 2024** <br>**In million of €** |
| Unilever Ice Cream Bulgaria EOOD | BGN | 09/05/25 | EURIBOR 6M + 4.188%, floored at 0%  | 9 |

---

#### Other Related Party of the group:
In 2025, Magnum RFM Ice-cream Inc, a subsidiary of the Group, paid €9 million of dividend to RFM Corporation Inc, a non-controlling interest of the Group. RFM Corporation Inc. is a related party as it has significant influence over the subsidiary.

Compensation for Key Management is disclosed in Note 4A.

23. Legal entities

#### Interest in subsidiaries
The Group has a programme of action to rename and harmonise all legal entity names to reflect The Magnum Group. The former name of the legal entity is included in brackets. The list of name changes has been updated to include all changes effected up to 12 February 2026. TMICC N.V. provided a guarantee under section 2:403 of the Dutch Civil Code to the twelve legal entities in The Netherlands.

The Group comprises the following entities 100 % owned by the Group and are consolidated:

---

| | |
|:---|:---|
| **Country** | **Legal Entity Name** |
| Australia | Ben & Jerry's Franchising Australia Limited <sup>(#)</sup> |
| Australia | Magnum ICC Australia Pty Ltd |
| Austria | Delico Handels GmbH <sup>(#)</sup> |
| Austria | Magnum ICC Austria GmbH |
| Belgium | Magnum ICC Belgium NV |
| Brazil | Magnum ICC Brasil Supply Ltda (formerly Unilever Brasil Gelados Ltda) <sup>(#)</sup> |
| Brazil | Magnum ICC Brasil Ltda |
| Bulgaria | Unilever Ice Cream Bulgaria EOOD <sup>(#)</sup> |
| Canada | Magnum ICC CA Limited |
| China | Wall`s (China) Co., Ltd. <sup>(#)</sup> |
| China | Magnum Investment (Shanghai) Co., Ltd |
| Czech Republic | Magnum ICC ČR, spol. s r.o. |
| Denmark | Magnum ICC Denmark A/S |
| Ecuador | Magnum-ICC Ecuador S.A.S. |
| Finland | Magnum ICC Finland Oy |
| France | Cogesal-Miko SAS <sup>(#)</sup> |
| France | Magnum ICC Retail Operations France SAS <sup>(#)</sup> |
| France | (formerly Unilever Retail Operations France SAS (UROF)) |
|  | Magnum ICC France SAS |
| Germany | Magnum ICC Germany GmbH (formerly BlitZ 24-179 GmbH) |
| Germany | Magnum ICC Germany Supply GmbH (formerly Blitz 24-180 GmbH) |
| Greece | ALGIDA ICC Single Member S.A. |
| Hungary | Magnum ICC Hungary Kft (formerly Magnum ICC Hungary Korlátolt Felelősségű Társaság) |
| Hungary | Magnum ICC Hungary Supply Kft |
| Hungary | (formerly Magnum ICC Hungary supply Korlátolt Felelősségű Társaság) |

---

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **140**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

---

| | |
|:---|:---|
| **Country** | **Legal Entity Name** |
| India | Magnum ICC India Services Private Limited |
| Indonesia | PT The Magnum Ice Cream Indonesia |
| Ireland | Magnum ICC Ireland Limited |
| Israel | Glidat Strauss Limited <sup>(#)</sup> |
| Italy | Gromart S.R.L <sup>(#)</sup> |
| Italy | Magnum ICC Italy S.r.l. |
| Italy | Magnum ICC Italy Supply S.r.l. |
| Kazakhstan | Magnum ICC Kazakhstan Limited |
| Lithuania | UAB Magnum Lietuva gamyba (formerly UAB Unilever Lietuva ledu gamyba) <sup>(#)</sup> |
| Malaysia | Magnum ICC MY SDN. BHD |
| Mexico | Magnum ICC México, S. DE R.L. DE C.V. |
| Netherlands | Ben en Jerry's Hellendoorn B.V.<sup>(#)</sup> |
| Netherlands | The Magnum Ice Cream Company HoldCo Netherlands B.V. |
| Netherlands | The Magnum Ice Cream Company HoldCo 1 Netherlands B.V |
| Netherlands | The Magnum Ice Cream Company HoldCo 2 Netherlands B.V. |
| Netherlands | The Magnum Ice Cream Company HoldCo 3 Netherlands B.V. |
| Netherlands | The Magnum Ice Cream Company HoldCo 4 Netherlands B.V. |
| Netherlands | The Magnum Ice Cream Company NewCo Netherlands B.V. |
| Netherlands | Magnum ICC Europe B.V. |
| Netherlands | Magnum ICC Finance B.V. |
| Netherlands | Magnum IP Holdings B.V. |
| Netherlands | Magnum ICC Global Services B.V. |
| Netherlands | Magnum ICC Netherlands B.V. |
| New Zealand | Ben & Jerry's Franchising New Zealand Limited <sup>(#)</sup> |
| New Zealand | Magnum ICC NZ Limited |
| Poland | Magnum ICC Poland sp.z o.o. (formerly Nonia sp. Z o.o.) |
| Poland | Magnum ICC Poland Supply sp.z o.o. (formerly Nogaro sp. z o.o.) |
| Romania | Betty Ice SRL <sup>(#)</sup> |
| Romania | Betty Ice Distributie SRL <sup>(#)</sup> |
| Romania | Magnum ICC RO S.R.L. |
| Singapore | Magnum ICC SG Pte Ltd |
| Slovakia | Magnum ICC Slovakia s. r. o. |
| South Africa | Magnum ICC SA Propietary Limited (formerly Magnum Ice Cream Company South Africa) |
| Spain | Magnum ICC Spain S.L. |
| Sweden | Magnum ICC Sweden Supply AB (formerly Unilever Produktion AB) <sup>(#)</sup> |
| Sweden | Magnum ICC Sweden AB (formerly The Magnum Ice Cream Company Sweden AB) |
| Switzerland | The Magnum Ice Cream Company Switzerland AG |
| Thailand | Magnum ICC (Thailand) Co. Ltd |
|  | (formerly The Magnum Ice Cream (Thailand) Company Limited) |
| Türkiye | Magnum Dondurma Anonim Şirketi |
| UAE | Magnum ICC General Trading L.L.C. |

---

---

| | |
|:---|:---|
| **Country** | **Legal Entity Name** |
| UK | Magnum ICC UK Limited  |
|  | (formerly The Magnum Ice Cream Company UK Trading Limited) |
|  | Magnum ICC UK Supply Limited  |
|  | (formerly The Magnum Ice Cream Company Manufacturing UK Limited) |
|  | Magnum ICC UK R&D Limited  |
|  | (formerly The Magnum Ice Cream Company R&D United Kingdom Limited) |
| United States of America | Ben & Jerry's Homemade Inc <sup>(#)</sup> |
| United States of America | Ben & Jerry's Franchising Inc <sup>(#)</sup> |
| United States of America | Ben & Jerry's Gift Card LLC <sup>(#)</sup> |
| United States of America | Yasso Holdings Inc <sup>(#)</sup> |
| United States of America | Yasso Inc <sup>(#)</sup> |
| United States of America | Magnum ICC US SpinCo, LLC |
| United States of America | Magnum ICC US Holdco, LLC |
| United States of America | Magnum ICC US, LLC |
| United States of America | Ben & Jerry's Holdco, LLC |

---

And the following entities which are not 100% owned and are consolidated:

---

| | | |
|:---|:---|:---|
| **Country** | **Legal Entity Name** | **% Group Shareholding** |
| Pakistan | The Magnum Ice Cream Company Pakistan Limited | 99.35% |
| Philippines | Magnum RFM Ice Cream Inc | 50%+1 share |
|  | (formerly Unilever RFM Ice Cream, Inc) <sup>(#) (a)</sup> |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Group controls Magnum RFM Ice Cream Inc as it has the majority of seats at the Board and voting rights.

#### Interest in joint ventures and associates

---

| | | |
|:---|:---|:---|
| **Country** | **Legal Entity Name** | **% Group Shareholding** |
| Philippines | Selecta Wall's Land Corporation <sup>(#)</sup> | 50<br> % <sup>(b)</sup> |
|  | WS Holding, Inc. <sup>(#)</sup> | 40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Direct 40% and indirect 10% through WS holding Inc.

The Group has significant influence over the joint ventures and associates, however due to materiality has accounted for those under non-current investment.

(#) Ice cream dedicated legal entities that existed prior to the Separation.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **141**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;**Financial Statements** | &nbsp;&nbsp;Further Information |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_c001.jpg) |

---

24. Auditor fees

The following fees were charged by KPMG Accountants N.V. to the Company, its subsidiaries and other consolidated companies, as referred to in Section 2:382a (1) and (2) of the Dutch Civil Code.

---

| | | | |
|:---|:---|:---|:---|
|  | **KPMG** | **Other**  |  |
| **2025** | **Accountants** | **KPMG**  | **Total**  |
| **In millions of €** | **N.V.** | **network** | **KPMG** |
| Audit of the financial statements | 6 | 4 | 10 |
| Other audit engagements | 0 |  | 0 |
| Assurance engagements related to sustainability reporting | 1 |  | 1 |
| Tax-related advisory services |  |  |  |
| Other non-audit services |  |  |  |
| **Total** | **7** | **4** | **11** |

---

Fees for audit of the financial statements services include the audit of the financial statements of the Company and its subsidiaries. Fees for assurance engagements related to sustainability reporting and other audit services relate to sustainability audits and other assurance services in relation to required certifications. Fees for audit services are included within Operating Costs (Note 3). These fees are recognised when the service is provided.

25. Events after the balance sheet date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of these events is adjusted within the consolidated financial statements. Otherwise, events after the balance sheet date of a material size or nature are disclosed below.

There are no events after the balance sheet date other than those disclosed in Note 20.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_c004.jpg) \| Annual Report on Form 20-F ***2025*** \| **142**<br>

![Graphic](micc-20251231x20f_d001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

---

*US Listing* additional information

**Code of Business Integrity and related Code Policies (Our Code)**

Our Code outlines the ethical expectations for all TMICC colleagues, including integrity, compliance

and respect for human rights.

&nbsp;&nbsp;&nbsp;&nbsp;● This policy has been newly developed for TMICC.

&nbsp;&nbsp;&nbsp;&nbsp;● The policy is made available to all our stakeholders via TMICC's website.

&nbsp;&nbsp;&nbsp;&nbsp;● Responsible for policy: CEO.

&nbsp;&nbsp;&nbsp;&nbsp;● Scope: Own operations.

**Key summary of how this policy addresses our material impacts, risks and opportunities**

TMICC's Code of Business Integrity and Code Policies (Our Code) set out the principles that govern our conduct - both for the individual and collectively. The Code articulates six core values - Respect, Fairness, Honesty, Care, Innovation, and Collaboration - which guide decision-making and daily operations across the organisation. It addresses key sustainability topics, including human rights of our colleagues and consumers (via our product safety and quality policy in the Code), anti-bribery and corruption, fair competition, environmental stewardship, responsible sourcing, product safety, and data privacy. The Code is designed to foster a culture of integrity, transparency, and accountability, supporting TMICC's long-term value creation and stakeholder trust.

Our Code defines the ethical behaviours that everyone must demonstrate when working for TMICC. They help us to address key potential external and internal risks to the business such as fraudulent behaviour or a failure to respect, uphold and advance human rights, as well as playing a key role in ensuring compliance with laws and regulations and non-violation of bribery and corruption. As a result, they help us to protect our brands and reputation, and to prevent harm to people or the environment.

As mandated by the Code, our colleagues are also required to report any actual or potential breach of the Code and Code Policies. TMICC maintains mechanisms for onboarding, monitoring and auditing, as well as confidential "Speak Up" channels to support transparency and we also highlight these during Business Integrity trainings and in our communications. This includes our non-retaliation policies and guidelines, which apply to all colleagues who raise issues.

**Directors, senior management and employees**

**Employees**

The average number of employees for the last three years based on geographic regions is provided in Note 4A of the Financial Statements on page 103. The average number of employees during 2025 by type is presented below:

---

| | |
|:---|:---|
|  | **2025** |
| Permanent | 15399 |
| Temporary | 995 |
| Non-guaranteed hours | 177 |
| **Total Headcount** | **16571** |

---

In 2025, Unilever engaged on behalf of TMICC, with global trade unions through structured dialogue and collaboration, ensuring that workers' rights are respected and that concerns are addressed promptly and transparently.

**Research and Development, Patents, Licenses**

The Group owns and uses a portfolio of intellectual property, including trademarks, patents and know how, and conducts certain of its operations under licences based on intellectual property owned or controlled by third parties. The Group is not dependent on any single patent, licence or group of patents or licences for the conduct of its business as a whole. The Group takes appropriate measures to protect its brands, technology and intellectual property and does not consider any individual patent, licence, or manufacturing process to be material to the Group's business or profitability.

**Material contracts**

The contracts listed below have been entered into by the Company or a member of the TMICC and its subsidiaries (the "**Group**") outside of the ordinary course of business within the two years immediately preceding the date of this annual report and are material to the Company or any member of the Group.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **144**<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

---

**Global Transitional Services Agreement (GTSA)**

**Overview**

To ensure business continuity following 1 July 2025 (being the principal date for completion of the reorganisation of the Unilever Group), certain members of the Group and Unilever Group entered into the GTSA on 1 July 2025. Under the GTSA, Unilever will provide, or procure the provision of, certain services on a transitional basis for a certain transition period for up to 30 months following 1 July 2025, at which point the Group anticipates that it will be able to fully operate on a stand-alone basis.

**Services**

Services provided by Unilever under the GTSA are required to be provided to the same standard as those or equivalent services are provided, on average, to Unilever and/or any of its entities. The services to be provided under the GTSA include, among others, certain IT infrastructure and support services, financial services and support, operations management services, distribution services, the use of offices and facilities, logistics and supply-chain management.

**Duration**

Each service provided under the GTSA is subject to specific service terms ranging from six to 30 months, including a three-month ramp down period.

Under the terms of the GTSA, the Group is required to exit GTSA arrangements as soon as practicable, pursuant to applicable early termination rights. There is no automatic right to extend the duration of services; extensions may be granted at the sole discretion of Unilever. The GTSA will automatically terminate when the last service provided in accordance with the agreement is terminated.

**Liability**

The Group and Unilever's maximum annual liability arising out of or in connection with the GTSA, subject to certain enumerated exceptions and applicable law, is capped at amounts that the Group believes are customary for contracts of this nature.

**Governance**

The GTSA provides for the appointment of relationship managers which meet regularly and will be the principal point of contact to resolve operational and commercial issues arising under the agreement. If a dispute arises, the matter must be escalated first to the respective relationship managers of each party and, if it cannot be resolved following this procedure, the parties may refer the dispute to the respective chief financial officers of the Group and Unilever. The GTSA is governed by English law.

**Demerger Agreement**

TMICC and Unilever, among others entered into a demerger agreement on 1 October 2025 (the "Demerger Agreement") to effect the Demerger and to govern aspects of the relationship between the Group and the Unilever Group following completion of the Demerger, including in respect of, among other things, undertakings to proceed with the steps required to give effect to the Demerger, allocation of risk and responsibility for certain liabilities between the Unilever Group and the Group and dealing with separation issues between the Group from the Unilever Group.

**Allocation of liabilities**

The Demerger Agreement establishes a regime which governs the allocation of claims, losses and liabilities relating to the former ice cream business of Unilever (the "Ice Cream Business") and the Unilever Group. Following the Demerger and subject to certain exceptions:

&nbsp;&nbsp;&nbsp;&nbsp;● any claim, loss or liability incurred in relation to or in connection with the Ice Cream Business (whenever arising) shall be allocated to Group; and

&nbsp;&nbsp;&nbsp;&nbsp;● any claim, loss or liability principally relating to the retained businesses of the Unilever Group (whenever arising) shall be allocated to the Unilever Group.

&nbsp;&nbsp;&nbsp;&nbsp;● The Demerger Agreement contains indemnities, cross-indemnities and releases (and undertakings to provide the same) which give effect to the liability allocation regime described above.

**Other matters**

The Demerger Agreement also includes provisions relating to: (i) arrangements made for employees transferring from the Unilever Group to the Group; (ii) the non-solicit undertakings the Unilever Group will provide to the Group (and vice versa); (iii) the non-compete undertakings that the Unilever Group will provide to the Group; (iv) the insurance arrangements between Unilever and the Group; (v) the conduct of certain third-party claims commenced against members of the Group or the Unilever Group; and (vi) the sharing of information to permit the Unilever Group and the Group to comply with their respective financial or tax reporting obligations.

**Tax Matters Agreement**

TMICC and Unilever entered into a tax matters agreement on 1 October 2025 (the "**Tax Matters Agreement**") to govern how certain tax matters related to the Demerger should be dealt with as between the Group and the Unilever Group following completion of the Demerger. The Tax Matters Agreement includes provisions in respect of, amongst other things: (i) the allocation of certain tax liabilities between the Unilever Group and the Group; (ii) ensuring that the expected tax treatment

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **145**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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of the Demerger is maintained; and (iii) other more administrative tax matters (such as tax filings, the maintenance of tax records and the conduct of tax claims).

**Allocation of tax liabilities**

Subject to limited exceptions, the Tax Matters Agreement allocates tax liabilities between the Group and the Unilever Group in line with how those tax liabilities are provided for in the combined carve-out financial statements and condensed combined carve-out financial statements of the Ice Cream Business; tax liabilities are generally allocated to the Group to the extent they are provided for in the combined carve-out financial statements of the Ice Cream Business.

Under the Tax Matters Agreement, tax liabilities which are unexpected (i.e., broadly, they are not provided for in the combined carve-out financial statements and condensed combined carve-out financial statements of the Ice Cream Business or in the Unilever Group accounts), are allocated to the Group if they arise in relation to or in connection with the Ice Cream Business.

The Tax Matters Agreement includes cross-indemnities between TMICC and Unilever in respect of tax liabilities to ensure that the allocation set out above is achieved.

**Restrictions on the Company and indemnity obligations**

Certain aspects of the United Kingdom tax treatment of the Demerger, may cease to apply if a chargeable payment (as defined in Sections 1088 and 1089 of the Corporation Tax Act 2010) is made by a member of the Unilever Group or the Group within five years of the Demerger. The Tax Matters Agreement contains: (i) undertakings from Unilever and TMICC to ensure that their respective groups do not make such chargeable payments; and (ii) an indemnity in favour of each of Unilever and TMICC for any loss arising to their groups as a result of the other party failing to comply with the aforementioned undertaking.

Similarly, in the Tax Matters Agreement, TMICC has agreed not to take certain actions that could cause the Demerger to fail to qualify for tax-free treatment for US federal income tax purposes. Under the Tax Matters Agreement, TMICC is restricted from engaging in certain acquisition, merger, liquidation, sale, and stock redemption transactions during the two-year period following the completion of the Demerger, unless (i) TMICC obtains a tax opinion from a qualified adviser (or a ruling from the IRS) that such action will not affect the tax-free treatment of the Demerger or the internal restructuring or (ii) TMICC and Unilever agree otherwise. Moreover, TMICC has generally agreed under the Tax Matters Agreement to indemnify Unilever for taxes and related losses it suffers as a result of the Demerger failing to qualify as tax-free transactions for US federal income tax purposes if the taxes and related losses are attributable to actions taken (or the failure to take certain actions) by the Group that would (a) be inconsistent with or cause to be untrue any statement, information, covenant, or representation in the IRS ruling request, the Tax Opinion and any other related materials, or (b) result in the direct or indirect acquisitions of shares or assets of the Group (including, for example, a takeover of TMICC) (regardless of whether TMICC consents to such acquisitions).

**Registration Rights Agreement**

TMICC and Unilever entered into a registration rights agreement on 1 October 2025 (the "**Registration Rights Agreement**") to grant customary registration rights to Unilever with respect to their retained stake in connection with the Demerger ("**Registrable Securities**"). The Registration Rights Agreement grants certain demand registration rights, short-form registration rights and piggyback registration rights in respect of Registrable Securities and related indemnification rights from us, subject to customary restrictions and exceptions.

**Term Loan Facilities Agreement**

Magnum ICC Finance B.V. (as borrower) and The Magnum Ice Cream Company HoldCo Netherlands B.V. (as guarantor) (each, a wholly-owned subsidiary of the Group) entered into a term loan facilities agreement on 28 August 2025 (the "**Term Loan Facilities Agreement**") (the facilities to be provided thereunder being the "**Term Loan Facilities**"). The commitments under the Term Loan Facilities are provided by unaffiliated third-party lenders.

The Term Loan Facilities comprise:

&nbsp;&nbsp;&nbsp;&nbsp;● a bridge term loan facility (the "**Bridge Facility**") denominated in euro, with a commitment of €3 billion available for the refinancing of financial indebtedness owed by Group to the Unilever Group, and for the financing or refinancing of the consideration for the transfer of Unilever's Ice Cream Business in Indonesia. The Bridge Facility is provided on a certain funds basis until the date of the Demerger. The Bridge Facility has an initial maturity date of one year from the date of the Term Loan Facilities Agreement, subject to two extension options of six months each which can be exercised by the Company in its sole discretion, subject to no event of default continuing and the repeating representations being true in all material respects, in each case under the Term Loan Facilities Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;● a term loan facility (the "**India Term Loan Facility**") denominated in euro, with a commitment of €300 million available for the financing or refinancing of the consideration for the transfer of the

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **146**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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Unilever Group's shares in Kwality Wall's India, once those shares are received by the relevant Unilever Group Company. The India Term Loan Facility is provided on a certain funds basis for a period of 18 months from the date of the Term Loan Facilities Agreement. The India Term Loan Facility has a maturity date of three years from the date of the Term Loan Facilities Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;● a working capital term loan facility (the "**Working Capital Term Loan Facility**") denominated in euro (with optional currencies of US dollars and Pounds Sterling), with a commitment of €700 million available for general corporate purposes and with a maturity date of three years from the date of the Term Loan Facilities Agreement.

Prior to the Demerger, Magnum ICC Finance B.V.'s obligations under the Term Loan Facilities Agreement were only guaranteed by The Magnum Ice Cream Company HoldCo Netherlands B.V. Following the Demerger, TMICC acceded to the Term Loan Facilities Agreement as an additional guarantor of Magnum ICC Finance B.V.'s obligations thereunder.

Any loan drawn under the any of the Term Loan Facilities will bear interest at a rate equal to the aggregate of: (i) EURIBOR (in respect of loans drawn in euro), Compounded SOFR (in respect of loans drawn in US dollars) or Compounded SONIA (in respect of loans drawn in Pounds Sterling); and (ii) a margin between 0.35 and 1.70 per cent. subject to a margin grid which is based on duration for the Bridge Facility, and between 0.75 and 1.30 per cent. subject to a margin grid which is based on the Group's long-term credit rating for the India Term Loan Facility and Working Capital Term Loan Facility.

The Term Loan Facilities Agreement requires Magnum ICC Finance B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (and, on and from its accession as an additional guarantor, TMICC) to make certain customary representations and warranties at various times throughout the term of the agreement. While the Term Loan Facilities Agreement does not contain any financial covenants, it contains a customary negative pledge and restrictions on disposals, as well as other customary covenants of an administrative or operational nature. The Term Loan Facilities Agreement also contains customary events of default, including cross-default and acceleration provisions.

**Revolving Credit Facility Agreement**

Magnum ICC Finance B.V. (as borrower) and The Magnum Ice Cream Company HoldCo Netherlands B.V. (as guarantor) entered into a syndicated revolving credit facility agreement on 28 August 2025 (the "**Revolving Credit Facility Agreement**") (the revolving credit facility provided thereunder being the "**Revolving Credit Facility**" and the swingline facilities as a sub-limit within the Revolving Credit Facility provided thereunder being the "**Swingline Facility**"). The commitments under the Revolving Credit Facility and the Swingline Facility are provided by unaffiliated third-party lenders.

The Revolving Credit Facility comprises:

&nbsp;&nbsp;&nbsp;&nbsp;● a multicurrency facility denominated in euro (with optional currencies of US dollars and Pounds Sterling), and a commitment of €1 billion available for general corporate purposes with an initial maturity date of five years from the date of the Revolving Credit Facility Agreement, subject to two extension options of one year each which can be requested by the Company and which each lender can in its sole discretion, agree to or not; and

&nbsp;&nbsp;&nbsp;&nbsp;● a €500 million Swingline Facility and a US$500 million Swingline Facility each operating as a sublimit within the Revolving Credit Facility with the purpose of refinancing euro or US dollar commercial paper programmes, respectively, that the Group plans to establish.

Prior to the Demerger, Magnum ICC Finance B.V.'s obligations under the Revolving Credit Facility Agreement were only guaranteed by The Magnum Ice Cream Company HoldCo Netherlands B.V. Following the Demerger, TMICC acceded to the Revolving Credit Facility Agreement as an additional guarantor of Magnum ICC Finance B.V.'s obligations thereunder. Following its accession as guarantor under the Revolving Credit Facility Agreement, TMICC will guarantee the obligations of any other member of the Group that accedes to the Revolving Credit Facility Agreement as an additional borrower.

Any loan drawn under the Revolving Credit Facility will bear interest at a rate equal to the aggregate of: (i) EURIBOR (in respect of loans drawn in euro) or Compounded SOFR (in respect of loans drawn in US dollars) or Compounded SONIA (in respect of loans drawn in Pounds Sterling); and (ii) a margin of between 0.20 and 0.75 per cent., subject to a margin grid which is based on the Group's long-term credit rating.

Any loan drawn under the Swingline Facilities will bear an interest rate of: (i) the aggregate of (x) enhanced €STR and (y) margin in relation to the Euro Swingline Facility; and (ii) the higher of (x) the commercial lending rate in US dollars and (y) 0.50 per cent. per annum over the Federal Funds Rate in relation to the US dollar Swingline Facility.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **147**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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The Revolving Credit Facility Agreement requires Magnum ICC Finance B.V. and The Magnum Ice Cream Company HoldCo Netherlands B.V. (and, on and from its accession as an additional guarantor, the Company) to make certain customary representations and warranties at various times throughout the term of the Revolving Credit Facility Agreement. While the Revolving Credit Facility Agreement does not contain any financial covenants, it contains a customary negative pledge and restrictions on disposals, as well as other customary covenants of an administrative or operational nature.

The Revolving Credit Facility Agreement also contains customary events of default, including cross-default and acceleration provisions.

**Exchange Controls**

Cash distributions, if any, will be declared in euros and payable in euros on our shares listed on Euronext Amsterdam. Cash distributions, if any, on our shares listed on the London Stock Exchange and New York Stock Exchange shall be declared in euros but paid in Sterling and US dollars, respectively, converted at the rate of exchange at the close of business on the date fixed for that purpose by the Board in accordance with the Articles of Association. No payments, including dividend payments, may be made to jurisdictions subject to certain sanctions, adopted by the government of the Netherlands, implementing resolutions of the Security Council of the United Nations. Other than certain economic sanctions, which may be in force from time to time, there are currently no applicable laws, decrees or regulations in force restricting the import or export of capital or restricting the remittance of dividends or other payments to holders of TMICC's shares who are non-residents of the Netherlands. Similarly, other than certain economic sanctions which may be in force from time to time, there are no limitations relating only to non-residents of the Netherlands under Dutch law or the Articles of Association on the right to be a holder of, and to vote in respect of, TMICC's shares.

**TMICC Annual Report on Form 20-F 2025**

Filed with the SEC on the SEC's website. Printed copies are available, free of charge, upon request to TMICC N.V., Investor Relations, Reguliersdwarsstraat 63 1017 BK Amsterdam The Netherlands.

**Documents on display in the United States.**

The Group files and furnishes reports and information with the United States SEC. Certain of our reports and other information that we file or furnish to the SEC are also available to the public over the internet on the SEC's website.

**Seasonality**

The ice cream business is seasonal, with a significant portion of the Group's annual sales occurring during the summer months in the Northern Hemisphere. The impacts of seasonality on the Group's results are relatively stable each year. For FY2025, FY2024 and FY2023, [47 per cent., 47 per cent. and 47 per cent., respectively, of revenue was generated during the four-month period from 1 May to 31 August. The impact of seasonality differs across the Group's markets, with certain markets being more seasonal than others or subject to the impacts of seasonality at different times of the year. For example, the Group's most seasonal markets are in Europe, notably Italy and Spain, as well as Türkiye, where revenue tends to be stronger during the spring and summer seasons in the second and third quarters of each year. Conversely, with the exception of China, volumes in Asia are generally less impacted by seasonality. The impact of seasonality is also dependent on the proportion of away-from-home sales and at-home consumption in the market. For example, the United States is not very seasonal, as most of the ice cream consumption happens at home. As part of the improvements to its supply chain contemplated by its supply chain transformation programme, the Group aims to enhance product availability and minimise waste, supporting efficient and timely deliveries that align stock levels with consumer demand. This approach, alongside prudent liquidity management, will enable the Group to effectively manage seasonal working capital shifts

**Raw materials**

Our products use a wide range of raw and packaging materials, which we source both locally and internationally and which expose us to fluctuations in commodity prices and foreign exchange rates. During the year, we experienced significant cost pressure from key commodities, particularly cocoa, which impacted gross margin. Commodity and other supply chain cost inflation amounted to several hundred basis points at gross margin level, partially offset by disciplined execution of our productivity programme and selective pricing actions across markets. As a result, the impact of higher input costs on gross margin was substantially mitigated, while we maintained volumes and continued to invest behind our brands, capabilities and operational execution.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **148**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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**Cyber Security Risk Management and Strategy**

As a newly established company, TMICC may attract heightened attention from cyber criminals, increasing the risk of data breaches, unauthorised access, and regulatory violations, potentially resulting in loss of customer and consumer confidence, reduced turnover, and additional mitigation costs. Accordingly, TMICC recognises the critical importance of cyber security and adopts a risk-based approach to safeguarding its systems, data, and operations. During 2025, the Company operated under a coordinated cyber assurance model with Unilever to address any cyber security incidents, threats, or risks originating from Unilever's environment. At the same time, TMICC is establishing its own cyber security framework, aligned with industry best practices and integrated into the broader enterprise risk management framework.

Key elements of TMICC's cyber security approach include:

Framework and Governance: TMICC has implemented a Cyber Security Risk & Exception Management Framework aligned with recognised industry standards. Cyber security risk is embedded within the enterprise risk management process, with regular reporting to senior leadership and governance bodies to ensure transparency and continuous improvement.

Policies and Standards: TMICC has introduced a comprehensive set of Cyber Security Policies and Standards, applicable to employees, contractors, and third-party service providers. These policies are periodically reviewed and updated to reflect evolving threats and regulatory requirements.

Assurance and Testing: TMICC conducts risk-based cyber security assurance activities, including vulnerability assessments, penetration testing, and independent audits. These evaluations are supported by internal and external experts, with findings reported to the Audit and Risk Committee to strengthen resilience and governance.

Third-Party Risk Management: TMICC requires prioritised third parties and contractors to complete an initial vetting and periodic security assessments. A dedicated team monitors and manages risks associated with external service providers.

Continuous Improvement and Resilience: Continuous Improvement and Resilience: TMICC invests in people, processes, and technology to address emerging cyber threats. As the new, independent technology stack is developed, resilience planning and recovery testing will be conducted to ensure preparedness for potential incidents.

Incident Response: While TMICC's cyber risk management activities aim to minimise the likelihood of a material cyber incident, absolute prevention cannot be guaranteed. TMICC maintains a structured incident response plan to ensure timely detection, mitigation, and recovery, reducing potential business and reputational impact.

Material Risks and Incidents:

TMICC, like all organisations, faces ongoing cyber threats. However, during the year ended 31 December 2025, no known cyber security incidents have materially affected or are reasonably likely to materially affect TMICC.

Enterprise Risk Management and Cyber Security Governance:

Cyber security governance is an integral part of TMICC's Enterprise Risk Management (ERM) framework, overseen by the Board and the Audit and Risk Committee. The cyber security framework is led by the Chief Information Technology Officer (CITO) and the Chief Information Security Officer (CISO), ensuring robust protection of systems and data.

The Chief Information Security Officer (CISO) is responsible for assessing and analysing cybersecurity threats and brings relevant industry experience, having held both technology and business facing leadership roles that support management's oversight of cybersecurity risk identification, assessment, and mitigation.

The Audit and Risk Committee provides oversight of cyber security risk, maintaining alignment with TMICC's broader governance and assurance processes. Working closely with the Group Risk & Internal Controls department, the CISO embeds the cyber security framework within the ERM structure and delivers periodic reports to the Audit and Risk Committee covering:

&nbsp;&nbsp;&nbsp;&nbsp;● status of ongoing cybersecurity controls, risk posture, and continuous improvement initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;● operational metrics, reports, and insights from any cybersecurity events;

&nbsp;&nbsp;&nbsp;&nbsp;● updates on cybersecurity risk management frameworks, regulatory trends, and compliance requirements; and awareness of the external threat landscape and emerging trends.

The Audit and Risk Committee's oversight is further supported by TMICC's Internal Audit function, which provides independent assurance on the effectiveness of management's handling of cyber security risks, including internal control systems. This integrated approach ensures that cyber security governance is embedded within TMICC's overall ERM framework, reinforcing resilience, transparency, and stakeholder confidence.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **149**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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**Taxation**

**Dutch taxation**

This summary outlines certain Dutch tax consequences for non-resident holders of common shares under current Dutch tax law and the US-Netherlands Tax Treaty of December 18, 1992, as amended in 2004. It is not exhaustive and should not be interpreted as covering issues not specifically mentioned. As to individual tax consequences, investors in common shares should consult their own professional tax advisor.

With respect to a holder of common shares that is an individual who receives income or derives capital gains from common shares and this income received or capital gains derived are attributable to past, present or future employment activities of such holder, the income of which is taxable in the Netherlands, the Dutch tax position is not discussed in this summary.

**Dividend withholding tax**

In general, a distribution to shareholders by a company resident in the Netherlands (such as the Company) is subject to a withholding tax imposed by the Netherlands at a rate of 15%. Share dividends paid out of the Company's paid-in share premium recognized for Dutch tax purposes are not subject to the abovementioned withholding tax. Share dividends paid out of the Company's retained earnings are subject to dividend withholding tax on the nominal value of the shares issued.

Relief at source is available to certain qualifying corporate holders of common shares if such common shares are attributable to a business carried out in the Netherlands, provided that such holder demonstrates that it is the beneficial owner of the dividend. Relief at source is available for dividend distributions to certain qualifying corporate holders of common shares resident in EU/EEA member states, and to certain qualifying corporate holders of common shares resident in non-EU/EEA states with which the Netherlands has concluded a tax treaty that includes a dividend article, provided that such holder demonstrates that it is the beneficial owner of the dividend unless such holder holds the common shares of the Company with the primary aim or one of the primary aims to avoid the levy of Dutch dividend withholding tax from another person and the shareholding is put in place without valid commercial reasons that reflect economic reality.

Upon request and under certain conditions, certain qualifying non-resident individual and corporate holders of common shares resident in EU/EEA member states or in a qualifying non-EU/EEA state may be eligible for a refund of Dutch dividend withholding tax to the extent that the withholding tax levied is higher than the personal and corporate income tax which would have been due if they were resident in the Netherlands. However, this refund is not applicable when, based on the US Tax Treaty, the Dutch dividend withholding tax can be fully credited in the United States by the US holder.

Pursuant to the provisions of the US Tax Treaty, reduced rate may be applicable in respect of dividends paid by the Company to a beneficial owner holding directly 10% or more of the voting power of the Company, if such owner is a company resident in the United States (as defined in the US Tax Treaty) and entitled to the benefits of the US Tax Treaty.

Pursuant to Dutch anti-dividend stripping legislation, a holder of common shares who is the recipient of dividends will in any case not be considered the beneficial owner of the dividends if (i) as a consequence of a combination of transactions, a person other than the recipient benefits, in full or in part, directly or indirectly, from the dividends; (ii) whereby such other person retains, directly or indirectly, an interest similar to that in the common shares on which the dividends were paid; and (iii) that other person is entitled to a credit, reduction or refund of dividend withholding tax that is less than that of the recipient.

Dividends paid to qualifying exempt US pension trusts and qualifying exempt US organizations are, under certain conditions, exempt from Dutch withholding tax under the US Tax Treaty. Qualifying exempt US pension trusts normally remain subject to withholding at the rate of 15% and are required to file for a refund of the tax withheld. Only if certain conditions are fulfilled, may such pension trusts be eligible for relief at source upon payment of the dividend. However, for qualifying exempt US organizations no relief at source upon payment of the dividend is currently available; such exempt US organizations should apply for a refund of the 15% withholding tax withheld. Further, under certain circumstances, certain exempt organizations (e.g. pension funds) may be eligible for a refund of Dutch withholding tax upon their request pursuant to Dutch tax law. From 1 January 2024 onwards, , provided certain conditions are met, such (US) organizations may be eligible for relief at source upon request.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **150**<br>

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| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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The Company may, with respect to certain dividends received from qualifying non-Dutch subsidiaries, credit taxes withheld from those dividends against the Dutch withholding tax imposed on certain qualifying dividends that are redistributed by the Company, up to a maximum of the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;● 3% of the amount of qualifying dividends redistributed by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;● 3% of the gross amount of certain qualifying dividends received by the Company.

The reduction is applied to the Dutch dividend withholding tax that the Company must pay to the Dutch tax authorities and not to the Dutch dividend withholding tax that the Company must withhold.

From 1 January 2024 onwards, in addition to Dutch dividend withholding tax, Dutch conditional withholding tax may apply at a statutory rate of 25.8% on dividends and other (deemed) distributions to certain affiliated (gelieerde) entities of the Company for the purpose of the Dutch Withholding Tax Act 2021(Wet bronbelasting 2021).

The Dutch conditional withholding tax only applies on dividends and other (deemed) distributions to entities that are resident (gevestigd), or have a permanent establishment to which the dividend or distribution is attributable, in a jurisdiction that is listed in the Dutch Regulation on low-taxing states and non-cooperative jurisdictions for tax purposes (Regeling laagbelastende staten en niet-coöperatieve rechtsgebieden voor belastingdoeleinden), and in certain deemed abusive situations.

An entity is generally affiliated within the meaning of the Dutch Withholding Tax Act 2021 if there is a controlling relationship between such entity and the distributing Company.

**Income and capital gains**

Income and capital gains derived from the common shares by a non-resident individual or non-resident corporate shareholder are generally not subject to Dutch income or corporation tax, unless (i) such income and gains are attributable to a (deemed) permanent establishment or (deemed) permanent representative of the shareholder in the Netherlands; or (ii) the shareholder is entitled to a share in the profits of an enterprise or (in the case of a non-resident corporate shareholder only) a co-entitlement to the net worth of an enterprise that is effectively managed in the Netherlands (other than by way of securities) and to which enterprise the common shares are attributable; or (iii) such income and capital gains are derived from a direct, indirect or deemed substantial participation in the share capital of the Company (such substantial participation not being a business asset), and, in the case of a non-resident corporate shareholder only, it is being held with the primary aim or one of the primary aims to avoid the levy of income tax from another person and is put in place without valid commercial reasons that reflect economic reality; or (iv) in the case of a non-resident corporate shareholder, such shareholder is a resident of Aruba, Curacao or Saint Martin with a permanent establishment or permanent representative in Bonaire, Eustatius or Saba to which the common shares are attributable and certain conditions are met; or (v) in the case of a non-resident individual, such individual derives income or capital gains from the common shares that are taxable as benefits from 'miscellaneous activities' in the Netherlands (resultaat uit overige werkzaamheden, as defined in the Dutch Income Tax Act 2001), which includes the performance of activities with respect to the common shares that exceed regular portfolio management.

In general, a holder of common shares has a substantial participation if they hold either directly or indirectly and either independently or jointly with their partner (as defined in the Dutch Income Tax Act 2001), the ownership of, or certain other rights over, at least 5%of the total issued share capital or total issued particular class of shares of the Company or rights to acquire direct or indirect shares, whether or not already issued, that represent at any time 5% or more of the total issued capital (or the total issued particular class of shares) or the ownership of certain profit participating certificates that relate to 5% or more of the annual profit or to 5% or more of the liquidation proceeds. A shareholder will also have a substantial participation in the Company if one or more of certain relatives of the shareholder hold a substantial participation in the Company. A deemed substantial participation amongst others exists if (part of) a substantial participation has been disposed of, or is deemed to have been disposed of, on a non-recognition basis.

**Estate and gift taxes**

No estate, inheritance or gift taxes are imposed by the Netherlands on the transfer or deemed transfer of common shares by way of gift by or on the death of a shareholder if, at the time of the death of the shareholder or the gift of the common shares (as the case may be), such shareholder is not a (deemed) resident of the Netherlands.

Inheritance or gift taxes (as the case may be) are due, however, if such shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;● has Dutch nationality and has been a resident of the Netherlands at any time during the ten years preceding the time of their death or gift; or

&nbsp;&nbsp;&nbsp;&nbsp;● does not have Dutch nationality but has been a resident of the Netherlands at any time during the twelve months preceding the time of the gift (for Netherlands gift taxes only).

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **151**<br>

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|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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**United States Federal Taxation**

This section describes the United States federal income tax considerations generally applicable to the ownership and disposition of our ordinary shares by a US holder (as defined below) that holds our ordinary shares as "capital assets" for United States federal income tax purposes. This discussion addresses only United States federal income taxation and does not discuss all of the tax considerations that may be relevant to a US holder in light of its individual circumstances, including non-US, state or local tax consequences, estate and gift tax consequences, and tax consequences arising under the Medicare contribution tax on net investment income or the alternative minimum tax.

This section does not apply to a member of a special class of holders subject to special rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;● banks and other financial institutions,

&nbsp;&nbsp;&nbsp;&nbsp;● real estate investment trusts,

&nbsp;&nbsp;&nbsp;&nbsp;● regulated investment companies,

&nbsp;&nbsp;&nbsp;&nbsp;● certain former citizens or residents of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;● a dealer or trader in securities,

&nbsp;&nbsp;&nbsp;&nbsp;● a person that elects to use a mark-to-market method of accounting for securities holdings,

&nbsp;&nbsp;&nbsp;&nbsp;● a tax-exempt organization,

&nbsp;&nbsp;&nbsp;&nbsp;● a life insurance company,

&nbsp;&nbsp;&nbsp;&nbsp;● a person that directly, indirectly or constructively owns 10% or more of the combined voting power of our voting stock or of the total value of our stock,

&nbsp;&nbsp;&nbsp;&nbsp;● a person that holds ordinary shares as part of a straddle or a hedging or conversion transaction or other integrated transaction,

&nbsp;&nbsp;&nbsp;&nbsp;● a person that purchases or sells ordinary shares as part of a wash sale for tax purposes, or

&nbsp;&nbsp;&nbsp;&nbsp;● a person whose functional currency is not the US dollar.

This section is based on the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder, interpretive rulings of the US Internal Revenue Service and court decisions, all as currently in effect, as well as on the US-Netherlands Tax Treaty (together with a protocol thereto, the "Tax Treaty"). These authorities are subject to change and differing interpretations, possibly on a retroactive basis.

If an entity or arrangement that is treated as a partnership for United States federal income tax purposes holds the ordinary shares, the United States federal income tax treatment of a partner will generally depend on the status of the partner and the tax treatment of the partnership. A partner in a partnership holding the ordinary shares should consult its tax advisor with regard to the United States federal income tax treatment of an investment in the ordinary shares.

A US holder is defined as a beneficial owner of ordinary shares that is, for United States federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;● an individual who is a citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;● a corporation (or other entity treated as a corporation for US federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia,

&nbsp;&nbsp;&nbsp;&nbsp;● an estate whose income is subject to United States federal income tax regardless of its source, or

&nbsp;&nbsp;&nbsp;&nbsp;● a trust if (i) a United States court can exercise primary supervision over the trust's administration, and one or more United States persons are authorized to control all substantial decisions of the trust or (ii) such trust has validly elected to be treated as a United States person for US federal income tax purposes.

A US holder should consult its own tax advisor regarding the United States federal, state and local tax consequences of owning and disposing of ordinary shares in its particular circumstances.

The tax treatment of ordinary shares will depend in part on whether or not we are classified as a passive foreign investment company, or PFIC, for United States federal income tax purposes. Except as discussed below under "—Passive Foreign Investment Company Rules," this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes. The tax treatment of common shares will depend in part on whether or not we are classified as a passive foreign investment Company, or PFIC, for United States federal income tax purposes. Except as discussed below under "—PFIC Rules", this discussion assumes that we are not classified as a PFIC for United States federal income tax purposes.

**Taxation of Distributions**

Subject to the PFIC rules discussed below, the gross amount (without reduction for Dutch withholding tax) of any distribution paid in stock or cash to a US holder out of our current or accumulated earnings and profits (as determined for United States federal income tax purposes), other than certain pro-rata distributions of our ordinary shares, will generally be treated as a dividend that is subject to United States federal income taxation. For a non-corporate US holder, dividends paid that constitute "qualified

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **152**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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dividend income" will be taxable at the preferential rates applicable to long-term capital gains, provided that the non-corporate US holder holds the ordinary shares for more than 60 days during the 121-day period beginning 60 days before the ex-dividend date and provided it meets other holding period requirements. Dividends paid with respect to the ordinary shares generally will be "qualified dividend income" provided that, in the year in which the dividend is received, the ordinary shares are readily tradable on an established securities market in the United States. Our ordinary shares are listed on the New York Stock Exchange, and we therefore expect that dividends will be "qualified dividend income."

A dividend is generally includible in a US holder's gross income on the day such dividend is actually or constructively received by such holder. The dividend will not be eligible for the dividends-received deduction generally allowed to United States corporations in respect of dividends received from other United States corporations. For dividend payments made in euro, the amount of the dividend distribution that a US holder must include in its income will be the US dollar value of the euro payments made, determined at the spot euro/US dollar rate on the date the dividend is distributed, regardless of whether the payment is in fact converted into US dollars. Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend is distributed to the date a US holder converts the payment into US dollars will be treated as ordinary income or loss and will not be eligible for the special tax rate applicable to qualified dividend income. The gain or loss will generally be US-source income or loss for foreign tax credit limitation purposes. Distributions in excess of current and accumulated earnings and profits, as determined for United States federal income tax purposes, will be treated as a non-taxable return of capital to the extent of a US holder's basis in the ordinary shares and thereafter as capital gain. However, we do not expect to calculate earnings and profits in accordance with United States federal income tax principles. Accordingly, US holders should expect to generally treat distributions we make as dividends.

Subject to certain limitations (including, but not limited to, those described in this paragraph), the Dutch tax withheld in accordance with the Tax Treaty and paid over to the Netherlands will be creditable or deductible against a US holder's United States federal income tax liability. However, the Dutch withholding tax may not be creditable or deductible to the extent that we reduce (as described above under "Dutch taxation - Dividend withholding tax") the amount of withholding tax paid over to the Netherlands by crediting taxes withheld from certain dividends received by us. In addition, special rules apply in determining the foreign tax credit limitation with respect to dividends that are subject to the preferential tax rates. To the extent a reduction or refund of the tax withheld is available under Dutch law, or under the Tax Treaty, the amount of tax withheld that could have been reduced or that is refundable will not be eligible for credit against United States federal income tax liability. Dividends will generally be income from sources outside the United States and will generally be "passive category" income for purposes of computing the foreign tax credit allowable to the holder. The rules governing foreign tax credits and deductions are complex. US holders should consult their tax advisors regarding the availability of the foreign tax credit or deductions under their particular circumstances.

**Taxation of Capital Gains**

Subject to the PFIC rules discussed below, a US holder that sells or otherwise disposes of its ordinary shares will generally recognize capital gain or loss for United States federal income tax purposes equal to the difference between the US dollar value of the amount realized upon disposition of its shares and its adjusted tax basis in such shares. Any capital gain or loss of a non-corporate US holder will generally be taxed at preferential rates where such shares have been held by such US holder for more than one year. The deductibility of a capital loss may be subject to limitations.

Any gain or loss will generally be US-source income or loss for foreign tax credit limitation purposes. The rules governing foreign tax credits and deductions are complex. US holders should consult their tax advisors regarding the availability of foreign tax credits or deductions under their particular circumstances.

**Passive Foreign Investment Company Rules**

A non-US corporation will be classified as a PFIC for US federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (generally determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. We will be treated as owning our proportionate share of the assets and earning our proportionate share of the income of any other corporation in which we own, directly or indirectly, at least 25% (by value) of the stock.

If we are a PFIC for any taxable year during which a US holder holds our ordinary shares, such holder will be subject to special tax rules, regardless of whether we continue to be treated as a PFIC, with respect to any "excess distribution" that such holder receives and any gain such holder realizes from a sale or other disposition (including a pledge) of our ordinary shares, unless such holder makes a certain election discussed below. Any distribution made to a US holder in a taxable year that is greater

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **153**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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than 125% of the average annual distributions made to such holder during the shorter of the three preceding taxable years or such holder's holding period for the ordinary shares will be treated as an excess distribution. Under these special tax rules:

&nbsp;&nbsp;&nbsp;&nbsp;● the excess distribution or gain will be allocated ratably over such holder's holding period for the ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;● amounts allocated to the current taxable year and any taxable years in such holder's holding period prior to the first taxable year in which we are classified as a PFIC (a "pre-PFIC year") will be taxable as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;● amounts allocated to each prior taxable year, other than the current taxable year or a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to such holder for that year, and such amounts will be increased by an additional tax equal to interest on the resulting tax deemed deferred with respect to such years.

If we are a PFIC for any taxable year during which a US holder holds our ordinary shares and any of our non-US subsidiaries are also PFICs, such holder will be treated as owning a proportionate amount (by value) of the shares of each such non-US subsidiary classified as a PFIC for purposes of the application of these rules.

If we are classified as a PFIC, certain elections may be available to mitigate the adverse US federal income tax considerations of owning stock in a PFIC. In particular, a US holder may elect mark-to-market treatment for its ordinary shares, provided those ordinary shares constitute "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter on a qualified exchange or other market, as defined in the applicable regulations. Our ordinary shares are listed on the NYSE, which is a qualified exchange for these purposes.

We believe that the ordinary shares should currently not be treated as stock of a PFIC for United States federal income tax purposes for the taxable year ending 31 December 2025 based on our income, assets, and activities, and we do not expect to become a PFIC in the foreseeable future. However, this conclusion is a factual determination that is made annually and thus may be subject to change. There can be no assurance that we will not be a PFIC for the current taxable year, or any past or future taxable years. US holders should consult their tax advisors concerning the US federal income tax considerations of owning and disposing of our ordinary shares if we are or become a PFIC, including the availability and advisability of making certain elections and the annual PFIC filing requirements, if any.

**Articles of association**

The information required by Item 10.B of Form 20-F is incorporated herein by reference to the description of TMICC's Memorandum and Articles of Association contained in TMICC's registration statement on Form 20-F filed with the Securities and Exchange Commission on 4 November 2025. There have been no material changes to TMICC's Memorandum and Articles of Association since the filing of such registration statement. The English translation of our current memorandum and articles of association and Deed of Conversion and Amendment to Articles of Association were filed with the SEC as Exhibit 1.1 and 1.2, respectively, to out Registration Statement on Form 20-F on 4 November 2025.

**Change of Certifying Accountant**

At the AGM held on 28 May 2025, KPMG Accountants N.V. (KPMG Netherlands) was appointed as the new external audit firm for TMICC for the fiscal year ending December 31, 2025. The change in auditors was initiated as it was decided that TMICC would be domiciled/registered in the Netherlands. Accordingly, KPMG LLP (KPMG UK) has been dismissed for the purposes of item 16F(a)(1)(i) of Form 20-F. The change of our independent registered public accounting firm has been approved by our Board of Directors and the Audit and Risk Committee, and the decision was not made due to any disagreements between us and KPMG UK.

The audit report of KPMG UK in respect of the Combined Carve-Out Financial Statements of the Ice Cream Business of Unilever PLC as of 31 December 2024, 2023, 2022 and 1 January 2022, and for each of the years in the three-year period ended 31 December 2024, did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **154**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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Since our incorporation through 28 May 2025, there have been no (i) disagreements between us and KPMG UK on any matter of accounting principles or practices, financial statement disclosure, or audit scope or procedure, which disagreements if not resolved to the satisfaction of KPMG UK would have caused them to make reference thereto in their reports on the consolidated financial statements for such years, or (ii) reportable events as defined in Item 16F(a)(1)(v) of the instructions to Form 20-F. We have also provided KPMG UK with a copy of the disclosures under this Annual Report as required under Item 16F of Form 20-F and requested from KPMG UK a letter addressed to the SEC indicating whether it agrees with such disclosures. A copy of KPMG UK's letter dated 18 March 2026 was attached as Exhibit 15.3 in our Annual Report on Form 20-F filed with the Commission on 18 March 2026.

Since our incorporation through 28 May 2025, neither we nor anyone on behalf of us has consulted with KPMG Netherlands regarding (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither a written report nor oral advice was provided to us that KPMG Netherlands concluded was an important factor considered by us in reaching a decision as to any accounting, audit, or financial reporting issue, (ii) any matter that was the subject of a disagreement pursuant to Item 16F(a)(1)(iv) of the instructions to Form 20-F, or (iii) any reportable event pursuant to Item 16F(a)(1)(v) of the instructions to Form 20-F.

**Internal Controls**

This Annual Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the TMICC's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **155**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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**Form 20-F references**

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| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Page** |
| Item 1 | Identity of Directors, Senior Management and Advisers | n/a |
| Item 2 | Offer Statistics and Expected Timetable | n/a |
| Item 3 | Key Information |  |
|  | B. Capitalisation and Indebtedness | n/a |
|  | C. Reasons for the offer and use of proceeds | n/a |
|  | D. Risk factors | p.33-41 |
| Item 4 | Information on the Company |  |
|  | A. History and development of the company | p.5-10; p.23-28; p.42;<br>p.123-125; p.137; p.164; p.166 |
|  | B. Business overview | p.9-32, p.33-41; p.118; p.139; p.144; p.148 |
|  | C. Organisational structure | p. 19; p.140-141 |
|  | D. Property, plant and equipment | p.25; p.118 |
| Item 4A | Unresolved Staff Comments | n/a |
| Item 5 | Operating and Financial Review and Prospects |  |
|  | A. Operating results | p.23-32 |
|  | B. Liquidity and capital resources | p.25-28; p.41 |
|  | C. Research and development, patents and licences, etc. | p.9; p.29-31; p.139; p.144 |
|  | D. Trend information | p.14 |
|  | E. Critical accounting estimates | n/a |

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| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Page** |
| Item 6 | Directors, Senior Management and Employees |  |
|  | A. Directors and senior management | p.45-49 |
|  | B. Compensation | p.60-79 ; p.103-110 |
|  | C. Board practices | p.50-65; p.78 |
|  | D. Employees | p.103; p.144 |
|  | E. Share ownership | p.64-65; p.81 |
|  | F. Disclosure of a registrant's actions to recover erroneously awarded compensation | n/a |
| Item 7 | Major Shareholders and Related Party Transactions |  |
|  | A. Major shareholders | p.80-81 |
|  | B. Related party transactions | p81; p.139-140 |
|  | C. Interest of experts and counsel | n/a |
| Item 8 | Financial Information |  |
|  | A. Consolidated statements and other financial information | p.82-83; p.87-142; p.163 |
|  | B. Significant changes | p.96 |
| Item 9 | The Offer and Listing |  |
|  | A. Offer and listing details | p.80-82; p.164 |
|  | B. Plan of distribution | n/a |
|  | C. Markets | p.42 |
|  | D. Selling shareholders | n/a |
|  | E. Dilution | n/a |
|  | F. Expenses of the issue | n/a |

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The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **156**<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Management Report | &nbsp;&nbsp;Financial Statements | &nbsp;&nbsp;**Further Information** |
| &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d002.jpg) | &nbsp;&nbsp;![Graphic](micc-20251231x20f_d004.gif) |

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| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Page** |
| Item 10 | Additional Information |  |
|  | A. Share capital | n/a |
|  | B. Articles of association | p.42-43; p.51; p.53; p.62; p.65;<br>p.77; p.80; p.154 |
|  | C. Material contracts | p.81; p.144-148 |
|  | D. Exchange controls | p.148 |
|  | E. Taxation | p.111; p.150-154 |
|  | F. Dividends and paying agents | n/a |
|  | G. Statement by experts | n/a |
|  | H. Documents on display | p.148 |
|  | I. Subsidiary information | p.140-141 |
|  | J.Annual security report to security holders | n/a |
| Item 11 | Quantitative and Qualitative Disclosures about Market Risk | p.122-134 |
| Item 12 | Description of Securities Other than Equity Securities |  |
|  | A. Description of debt securities | n/a |
|  | B. Description of warrants and rights | n/a |
|  | C. Description of other securities | n/a |
|  | D. American Depositary Shares | n/a |
| Item 13 | Defaults, Dividend Arrearages and Delinquencies | n/a |
|  | A. Defaults | n/a |
|  | B. Dividend arrearages and delinquencies | n/a |
| Item 14 | Material Modifications to the Rights of Security Holders and Use of Proceeds | n/a |

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| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Page** |
| Item 15 | Controls and Procedures |  |
|  | A. Disclosure Controls and Procedures | p.58 |
|  | B. Annual Report on Internal Control | p.82-83 |
|  | C. Attestation Report | n/a |
|  | D. Changes in Internal Control over Financial Reporting | p.82 |
| Item 16 | Reserved |  |
| Item 16A | Audit Committee Financial Expert | p.44; p.57 |
| Item 16B | Code of Ethics | p.32; p.144 |
| Item 16C | Principal Accountant Fees and Services | p.74; p.142 |
| Item 16D | Exemptions from The Listing Standards for Audit Committees | n/a |
| Item 16E | Purchases of Equity Securities by The Issuer and Affiliated Purchasers | n/a |
| Item 16F | Change in Registrant's Certifying Accountant | p.154-155 |
| Item 16G | Corporate Governance | p.42-80 |
| Item 16H | Mine Safety Disclosures | n/a |
| Item 16I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | n/a |
| Item 16J | Insider Trading Policies (Share Dealing Standard) | p.81 |
| Item 16K | Cybersecurity | p.148-149 |
| Item 17 | Financial Statements | p.87-142; p.158 |
| Item 18 | Financial Statements | p.87-142 |
| Item 19 | Exhibits<br>Please refer to the Exhibit list located immediately following the signature page for this document as filed with the SEC. |  |

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The Magnum Ice Cream Company ![Graphic](micc-20251231x20f_d005.jpg) \| Annual Report on Form 20-F ***2025*** \| **157**<br>

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg001.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 158 This document contains information required for the Annual Report on Form 20-F for the year ended December 31, 2025, of TMICC. Reference is made to the Form 20-F cross reference table above. Only the information in this document that is referenced in the Form 20-F cross reference table and this paragraph, this cross-reference table itself, the section entitled Cautionary statement regarding forward-looking statements and the Exhibits themselves shall be deemed to be filed with the Securities and Exchange Commission for any purpose. Any additional information in this document, not referenced in the Form 20-F cross reference table, this paragraph, the section entitled Cautionary statement regarding forward-looking statements or the Exhibits themselves shall not be deemed to be filed or incorporated by reference, and shall not be part of the 2025 Annual Report on Form 20-F and is furnished to the Securities and Exchange Commission for information only. This document also includes references to certain information contained on TMICC's website - the information contained on TMICC's website is not incorporated by reference and does not form part of this document. Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg002.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 159 Definition and reconciliation of non-IFRS financial measures The sections below provide reconciliations of the closest measures prepared in accordance with IFRS to the non-IFRS measures used by the Group. Non-GAAP measures Certain discussions and analyses set out in this Annual Report (and the Additional Information for US Listing Purposes) include measures that are not defined by generally accepted accounting principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP measurements, is useful to investors because it provides a basis for measuring our operating performance, and our ability to retire debt and invest in new business opportunities. Our management uses these financial measures, along with the most directly comparable non-IFRS financial measures, in evaluating our operating performance and value creation. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP. Wherever appropriate and practical, we provide reconciliation to relevant IFRS measures. Constant currency The Group uses 'constant rate' and 'organic' measures primarily for internal performance analysis and targeting purposes. The Group presents certain items, percentages and movements, using constant exchange rates, which do not include the impact of fluctuations in foreign currency exchange rates. Constant currency values are calculated by translating both the current and the prior period local currency amounts using the prior year average exchange rates into Euro, except for the local currency of entities that operate in hyperinflationary economies. These currencies are translated into Euros using the prior year closing exchange rate before the application of IAS 29. The table below shows exchange rate movements in the Group's key markets. OSG, OVG, OPG Organic sales growth (OSG) refers to the increase in revenue for the period, excluding any change in revenue resulting from disposals, changes in currency and price growth in excess of 26 per cent. in hyperinflationary economies. Inflation of 26 per cent. per year compounded over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. The impact of disposals is excluded from OSG for a period of 12 calendar months from the applicable closing date. OSG includes increases or decreases in sales of an acquired business immediately following the business combination, unless a reliable historical baseline is not available for the 12 months prior to the acquisition, in which case sales during the first 12 months of the acquisition are excluded from OSG. The Group believes this measure provides valuable additional information on the organic sales performance of the business and it is a key measure used internally. Organic volume growth (OVG) is part of OSG and means, for the applicable period, the increase in revenue in such period calculated as the sum of: (i) the increase in revenue attributable to the volume of products sold; and (ii) the increase in revenue attributable to the composition of products sold during such period. OVG therefore excludes any impact on OSG due to changes in prices. Organic price growth (OPG) is part of OSG and means, for the applicable period, the increase in revenue attributable to changes in prices during the period. OPG therefore excludes the impact to OSG due to: (i) the volume of products sold; and (ii) the composition of products sold during the period. In determining changes in price, the Group excludes the impact of price growth in excess of 26 per cent per year in hyperinflationary economies as explained in OSG above. Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg003.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 160 The following table presents a reconciliation of changes in the IFRS measure of revenue to OSG for 2025, 2024: 2025 2024 2023 Revenue (€ million) 7,910 7,947 7,618 Revenue growth (1) (%) (0.5) 4.3 1.5 Effect of acquisitions (2) (%) 0.0 1.4 0.9 Effect of disposals (3) (%) (0.1) - - Effect of currency-related items (4) (%) (4.3) - (1.9) of which: Exchange rate changes (%) (5.3) (1.8) (4.7) Extreme price growth in hyperinflationary markets (%) 1.0 1.8 3.0 OSG (5) (6) (%) 4.2 2.8 2.5 Of which OVG (7) 1.5 1.1 (6.5) OPG (7) 2.6 1.7 9.7 (1) Revenue growth is calculated as current year revenue minus prior year revenue divided by prior year revenue. (2) Effect of acquisitions is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with acquisitions was removed from the current year. This excludes the change in revenue of the acquisitions compared to their historical base, if this change has been included in the OSG. (3) Effect of disposals is calculated using constant exchange rates and is the difference between revenue growth and what revenue growth would have been if the revenue associated with disposals was removed from the prior year. (4) Effect of currency-related items is comprised of the effect of foreign currency exchange rate movements on revenue growth and price growth in excess of 26 per cent. per year in hyperinflationary economies which is excluded from OSG. The calculation of effect of currency-related items is as follows: Effect of currency-related items = [(1 plus effect of exchange rate changes) multiplied by (1 plus effect of extreme price growth in hy-perinflationary markets)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. (5) OSG is revenue growth adjusted to remove the impacts of acquisitions, disposals and the impact of currency-related items (being movements in exchange rates and extreme price growth in hyperinflationary markets). The calculation of OSG is as follows: (1 plus revenue growth) divided by [(1 plus effect of acquisitions) multiplied by (1 plus effect of disposals) multiplied by (1 plus effect of currency-related items)] minus 1. There may be minor discrepancies between the number arrived at through the application of this calculation and the final figure set out above, which is as a result of rounding. The reconciliation of OSG to revenue is as set out in the table above. (6) OPG in excess of 26 per cent. per year in hyperinflationary economies has been excluded when calculating the OSG in the tables above, and an equal and opposite amount is shown as extreme price growth in hyperinflationary markets. (7) OVG and OPG are multiplied on a compounded basis to arrive at OSG through application of the following formula: OSG equals (1 plus OVG) multiplied by (1 plus OPG) minus 1. Adjusting items Several non-IFRS measures are adjusted to exclude items defined as adjusting. Management considers adjusting items to be significant, or unusual or non-recurring in nature and so believe that separately identifying them helps in understanding the financial performance of the Group from period to period. Adjusting items within operating profit are: • gains or losses on business disposals which arise from business disposal projects; • acquisition and disposal-related costs which are costs that are directly attributable to a business acquisition or disposal project; • restructuring costs which are costs that are directly attributable to a restructuring project. Management defines a restructuring project as a strategic, major initiative that delivers cost savings and materially changes either the scope of the business or the manner in which the business is conducted; • impairments of assets which includes impairments of goodwill, intangible assets, and property, plant and equipment; and • other approved items which are any additional matters considered by management to be significant and outside the course of normal operations. Adjusting items not in operating profit but within net profit are net monetary gain/(loss) arising from hyperinflationary economies and significant and unusual items in net finance cost and taxation. Several non-IFRS measures are adjusted to exclude items defined as adjusting. The following table sets out the calculation of adjusting items for 2025, 2024 and 2023. Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg004.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 161 In million of € 2025 2024 2023 Acquisition and disposal-related costs (1) (302) (64) (50) Restructuring costs (2) (10) (137) (74) Other (6) 1 12 Total adjusting items within operating profit (318) (200) (112) Net monetary loss (31) - (10) Total adjusting items not in operating profit (31) - (10) (1) 2025 and 2024 comprises the charge relating to the separation. 2023 included a charge of €38 million related to the revaluation of the earnout liability of Yasso. (2) In 2025, the result includes a net release of €40 million related to restructuring provisions and €50 million of costs associated with supply chain optimisation projects. The year-on-year movement primarily reflects higher restructuring releases, driven by a significantly greater redeployment of employees in 2025 who had previously been expected to exit at the end of 2024. In addition, prior-year allocated costs from Unilever central projects did not recur. Adjusted EBIT, Adjusted EBITDA, Adjusted EBIT margin, Adjusted EBITDA margin Adjusted EBIT is defined as operating profit before the impact of adjusting items within operating profit. Adjusted EBITDA is defined as Adjusted EBIT before the impact of depreciation and amortisation. Adjusted EBITDA margin and Adjusted EBIT margin is calculated as adjusted EBITDA and adjusted EBIT divided by revenue for the period. Those measures are used to evaluate the performance of the Group and its segments. Items are classified as adjusting due to their nature and/or frequency of occurrence. The Group's management believes this measure provides useful information in understanding and evaluating the Group's operating results. The following table sets out a reconciliation of net profit to Adjusted EBIT and Adjusted EBITDA for 2025 and 2024 as well as Revenue to Adjusted EBIT margin and Adjusted EBIDA margin. In million of € 2025 2024 2023 Revenue 7,910 7,947 7,618 Net profit 307 595 509 Net finance costs 121 17 20 Net monetary loss arising from hyperinflationary economies 31 - 10 Taxation 140 152 203 Operating profit 599 764 742 Adjusting items 'within operating profit' 318 200 112 Adjusted EBIT 917 964 854 Adjusted EBIT margin 11.6% 12.1% 11.2% Depreciation and amortisation 338 376 357 Adjusted EBITDA 1,255 1,340 1,211 Adjusted EBITDA margin 15.9% 16.9% 15.9% Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg005.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 162 Adjusted Earnings per Share (Adjusted EPS) Adjusted earnings per share (Adjusted EPS) is calculated as profit attributable to shareholders' equity net of adjusting items divided by the diluted average number of ordinary shares. In calculating profit attributable to shareholders' equity net of adjusting items, net profit attributable to shareholders' equity is adjusted to eliminate the post-tax impact of adjusting items. This measure reflects the adjusted earnings for each share unit of the Group. The reconciliation of net profit attributable to shareholders' equity to profit attributable to shareholders' equity net of adjusting items is as follows: In million of € 2025 Net profit 307 Non-controlling interests (14) Net profit attributable to shareholders' equity - used for basic and diluted earnings per share 293 Post-tax impact of non-underlying items 218 Profit attributable to shareholders' equity net of adjusting items - used for adjusted earnings per share 574 Diluted average number of shares (millions of share units) 616 Diluted EPS (€) 0.48 Adjusted EPS - diluted 0.93 Prior to 6 December 2025, the Group was under the control of Unilever and did not have any issued shares. Accordingly, EPS has not been calculated for prior years. The current year EPS is based on the total shares issued as at 31 December 2025. Constant Adjusted Earnings per Share (Constant Adjusted EPS) Constant Adjusted earnings per share (constant adjusted EPS) is calculated as profit attributable to shareholders' equity net of adjusting items at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies, divided by the diluted average number of ordinary share units. This measure reflects the earnings net of adjusting items for each ordinary share unit of the Group in constant exchange rates. The reconciliation of adjusted profit attributable to shareholders' equity to constant earnings attributable to shareholders' equity net of adjusted items and the calculation of constant Adjusted EPS is as follows: In million of € 2025 Adjusted net profit attributable to shareholder's equity 547 Impact of translation from current to constant exchange rates and translational hedges 73 Impact of price growth in excess of 26% per year in hyperinflationary economies (18) Constant earnings attributable to shareholders' equity net of adjusting items 629 Diluted average number of shares (millions of units) 616 Constant Adjusted EPS (€) 1.02 Free Cash Flow (FCF) FCF is defined as net cash flow from operating activities, less net capital expenditure and net interest payments. It does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from FCF. FCF reflects an additional way of viewing the Group's liquidity that management believes is useful to investors because it represents cash flows that could be used for distribution of dividends, repayment of debt or to fund the Group's strategic initiatives, including acquisitions, if any. The following table sets out a reconciliation of net cash flow from operating activities to FCF for 2025 and 2024: In million of € 2025 2024 2023 Net cash flow from operating activities 483 1,113 914 Net capital expenditure (330) (299) (253) Net interest paid (115) (11) (9) FCF 38 803 652 Net cash flow (used in)/from investing activities (315) (359) (854) Net cash flow from/(used in) financing activities 205 (737) (51) Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg006.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 163 Net Debt Net Debt is defined as the excess of total financial liabilities over cash and cash equivalents, other current financial assets and non-current financial asset derivatives that relate to financial liabilities. Management believes Net Debt provides valuable additional information on the summary presentation of the Group's net financial liabilities and is a measure in common use elsewhere. The following table sets out a reconciliation of total financial liabilities to Net Debt for 2025, 2024: In million of € 2025 2024 Total financial liabilities (3416) (333) - Current (105) (85) - Non-current (3311) (248) Cash and cash equivalents 441 70 Other current financial assets 8 - Net debt (2967) (263) Adjusted Effective Tax Rate (Adjusted ETR) The Adjusted effective tax rate is calculated by dividing taxation excluding the tax impact of adjusting items by profit before tax excluding the impact of adjusting items. This measure reflects the Adjusted effective tax rate in relation to profit before tax excluding adjusting items before tax. This is shown in the table below: In million of € 2025 2024 Taxation 140 152 Tax impact of: Adjusting items within operating profit (a) 75 50 Adjusting items not in operating profit but within net profit (b) (8) 6 Taxation before tax impact of adjusting items 207 208 Profit before taxation 447 747 Adjusting items within operating profit before tax (c) 318 200 Adjusting items not in operation profit but within net profit before tax (d) 31 - Profit before tax excluding adjusting items before tax 796 947 Effective tax rate (%) 31.3 20.3 Adjusted effective tax rate (%) 26.0 21.9 (a) Tax impact of adjusting items within operating profit is the sum of the tax on each adjusting item, based on the applicable country tax rates and tax treatment. (b) Deferred tax effect of hyperinflationary adjustments. (c) See Note "Adjusting items". (d) Net monetary loss. Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg007.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 164 Shareholder information Annual General Meeting Date 7 May 2026 Voting and Registration deadline 30 April 2026 Contact Details The Magnum Ice Cream Company N.V. Reguliersdwarsstraat 63 1017 BK Amsterdam The Netherlands Company registration number 97035467 Investor relations website corporate.magnumicecream.com/en/investors.html Any queries can also be sent to us electronically via corporate.magnumicecream.com/en/contact-us.html Private Shareholders can email us at shareholders@magnumicecream.com Investor Relations email investor.relations-tmicc@magnumicecream.com Media Relations email media.relations-tmicc@magnumicecream.com Shareholder Services The Netherlands ABN AMRO Gustav Mahlerlaan 10 1082PP Amsterdam, The Netherlands Email: corporate.broking@nl.abnamro.com Telephone: +31 (0)20 628 6070 United Kingdom Computershare Investor Services PLC The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, United Kingdom Email: WebCorres@computershare.co.uk Telephone: +44 (0)344 472 6064 (Lines are open from 8.30am to 5.30pm UK time, Monday to Friday). Shareholder website: www-uk.computershare.com/Investor/#Home United States of America By Mail By Overnight Delivery Computershare Investor Services Computershare Investor Services P.O. Box 43078 150 Royall Street - Suite 101 Providence, RI 02940-3078 Canton, MA 02021 United States of America United States of America Telephone: Toll Free: 1-866-814-3367 (Within USA, US Territories, Canada) Toll Calls: 1-781-575-2182 (Outside USA, US Territories, Canada) Shareholder website: www.computershare.com/tmicc Email: web.queries@computershare.com Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg008.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 165 The profit appropriation is set out on page 53 in the section General Meeting. Website Shareholders are encouraged to visit our website, corporate.magnumicecream.com , which provides a wealth of information about The Magnum Ice Cream Company N.V. There is a section on our website designed specifically for investors. It includes detailed coverage of the TMICC share price, our quarterly and annual results, performance charts, financial news, and investor relations presentations. It also includes details of conferences and investor/analyst presentations. References to information on websites in this document are included as an aid to their location and such information is not incorporated in, and does not form part of, this document. Any website URL is included as text only and is not an active link. Publications Copies of the TMICC Annual Report 2025 (and any Additional Information for US Listing Purposes) and the Annual Report on Form 20-F 2025 can be accessed directly or ordered via our website: corporate.magnumicecream.com The Annual Report on 20-F, which is filed with the United States Securities and Exchange Commission is also available free of charge from their website: www.sec.gov Ticker Symbols Euronext Amsterdam - MICC London Stock Exchange - MICC New York Stock Exchange - MICC Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg009.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 166 This document may contain forward-looking statements, including 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995, concerning the financial condition, results of operations and businesses of The Magnum Ice Cream Company N.V. (the 'Company'). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as 'will', 'aim', 'expects', 'anticipates', 'intends', 'looks', 'believes', 'vision', 'ambition', 'target', 'goal', 'plan', 'potential', 'work towards', 'may', 'milestone', 'objectives', 'outlook', 'probably', 'project', 'risk', 'seek', 'continue', 'projected', 'estimate', 'achieve' or the negative of these terms, and other similar expressions of future performance or results and their negatives, are intended to identify such forward-looking statements. Forward-looking statements also include, but are not limited to the Company's strategy, plans and expected trends, including trends in the global ice cream market, the Company's outlook and expected modelled or potential financial results including, sales growth and margin improvement, the anticipated growth of the global ice cream market, statements with respect to dividends, and plans and ambitions of the Company to maintain a leadership position in the global ice cream market, finalization of remaining TSAs by 2027, potential acquisition in India and its timeline. Forward-looking statements can be made in writing but also may be made verbally by directors, officers and employees of the Company (including during management presentations) in connection with this document. These forward-looking statements are based upon current expectations, assumptions, plans and projections regarding anticipated developments and other factors affecting the Company. They are not historical facts, nor are they guarantees of future performance or outcomes. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, a number of which may be beyond the Company's control, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially from those expressed in the forward-looking statements included in this document are: the Company's global brands not meeting consumer preferences; the Company's ability to innovate and remain competitive; the Company's investment choices in its portfolio management; the effect of climate change on the Company's business; the Company's ability to find sustainable solutions to its packaging; significant changes or deterioration in customer relationships; the Company's reliance on Unilever; the recruitment and retention of talented employees; disruptions in the Company's supply chain and distribution; increases or volatility in the cost of raw materials and commodities; the production of safe and high-quality products; secure and reliable IT infrastructure; execution of acquisitions, divestitures and business transformation projects; economic, social and political risks and natural disasters; financial risks; failure to meet high ethical standards; and managing regulatory, tax and legal matters and practices with regard to the interpretation and application thereof. Also see 'Our Principal Risks' for additional risks and further discussion. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. The forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Cautionary statement Management Report Financial Statements Sustainability Statements Further Information |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231x20f_eg010.jpg) | &nbsp;&nbsp;The Magnum Ice Cream Company \| Annual Report on Form 20-F 2025 \| 167 About this Annual Report on Form 20-F TMICC 2025 Annual Report on Form 20-F (or "Annual Report") This document is made up of the Management Report, the Financial Statements and Notes and Further information. The Magnum Ice Cream Company N.V. together with the companies it controls forms the TMICC Group. The terms 'TMICC', the 'Company', the 'Group', 'we','our' and 'us' refer to the TMICC Group. Our Management Report, pages 5 to 83, contains information about us, how we create value and how we run our business. It includes our strategy, business model, market outlook and key performance indicators. The Management Report is part of the 2025 Annual Report. The Management Report has been approved by the Board. Our Corporate Governance section, pages 42 to 83, contains detailed corporate governance information, our Committee reports and how we remunerate our Directors and forms part of the Management Report. A copy of the 2025 Annual Report of The Magnum Ice Cream Company N.V. is available on our website. Throughout this report, we include non-IFRS financial measures to explain the performance of our business, including Organic sales growth, Organic volume growth, Organic price growth, adjusting items, Adjusting earnings per share, Adjusting effective tax rate, constant Adjusting earnings per share, free cash flow and net debt. Such non-IFRS financial measures are defined in 'Additional financial disclosures' and a reconciliation of these measures to their most directly comparable GAAP financial measures are included within 'Additional financial disclosures'. Further details of potential risks and uncertainties affecting the Company are described in the Company's filings with Euronext Amsterdam, the London Stock Exchange, and the US Securities and Exchange Commission, including in the 2025 Annual Report on Form 20-F. This document is not prepared in accordance with US GAAP and should not therefore be relied upon by readers as such. The 2025 Annual Report on Form 20-F is separately filed with the US Securities and Exchange Commission and is available on our corporate website: www.magnumicecream.com and www.sec.gov. In addition, a printed copy of the Annual Report on Form 20-F 2025 is available, free of charge, upon request to Magnum Investor Relations Department, Reguliersdwarsstraat 63, 1017 BK Amsterdam, The Netherlands. This document comprises regulated information within the meaning of Sections 1:1 and 5:25c of the Act on Financial Supervision ('Wet op het financieel toezicht (Wft)') in the Netherlands. The brand names shown in this report are trademarks owned by or licensed to companies within the Company. References in this document to information on websites (and/or social media sites) are included as an aid to their location and such information is not incorporated in, and does not form part of, the 2025 Annual Report on Form 20-F. Management Report Financial Statements Sustainability Statements Further Information |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Magnum Ice Cream Company N.V. – Exhibit Index**

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Exhibit No.**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Description of Exhibit**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.1**  | [English translation of Form of Articles of Association\*](micc-20251231xex1d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1.2**  | [English translation of Form of Deed of Conversion and Amendment to Articles of Association of the Registrant to be effective prior to the effectiveness of this registration statement\*](micc-20251231xex1d2.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2.1**  | [Description of Securities\*](micc-20251231xex2d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.1**  | [Global Transitional Services Agreement between Magnum ICC Global Services B.V. and Unilever Europe Business Center B.V., dated 15 August 2025 <sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.2**  | [Demerger Agreement between the Company, Magnum Holdco and Unilever, dated 1 October 2025 <sup>2</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-2.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.3**  | [Tax Matters Agreement between the Company and Unilever, dated 1 October 2025 <sup>3</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-3.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.4**  | [Term Loan Facilities Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated 28 August 2025 <sup>4</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-4.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.5**  | [Revolving Credit Facility Agreement between Magnum ICC Finance B.V., The Magnum Ice Cream Company HoldCo Netherlands B.V. and the Arrangers, dated 28 August 2025 <sup>5</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-5.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.6**  | [Registration Rights Agreement by and between the Company and Unilever PLC, dated 1 October 2025 <sup>6</sup>](https://www.sec.gov/Archives/edgar/data/2071668/000110465925106340/tm2515841d11_ex4-6.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.7**  | [Chief Executive Officer Service Agreement, dated 2 December 2025\*](micc-20251231xex4d7.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.8**  | [Chief Financial Officer Service Agreement, dated 2 December 2025\*](micc-20251231xex4d8.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.9**  | [Long-Term Incentive Plan\*](micc-20251231xex4d9.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4.10**  | [Foundation Plan\*](micc-20251231xex4d10.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8.1**  | [List of Subsidiaries\*](micc-20251231xex8d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **11.1**  | [Code of Business Integrity\*](micc-20251231xex11d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **11.2**  | [Share Dealing Code\*](micc-20251231xex11d2.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **12.1**  | [Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](micc-20251231xex12d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **12.2**  | [Certification of the Chief Financial Director/Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](micc-20251231xex12d2.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **13.1**  | [Certifications of the Chief Executive Officer and Financial Director/Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*](micc-20251231xex13d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **15.1**  | [Consent of KPMG LLP, Independent Registered Public Accounting Firm\*](micc-20251231xex15d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **15.2**  | [Consent of KPMG Accountants N.V., independent registered public accounting firm\*](micc-20251231xex15d2.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **15.3**  | [Letter from KPMG LLP regarding change in registrants certifying accounting firm\*](micc-20251231xex15d3.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **97.1**  | [Malus and Clawback Policy and Recovery Policy\*](micc-20251231xex97d1.htm)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **101**  | Inline Interactive data files.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **104**  | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)\*  |

---

1 Incorporated by reference to Exhibit 4.1 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025

2 Incorporated by reference to Exhibit 4.2 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025.

3 Incorporated by reference to Exhibit 4.3 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025.

4 Incorporated by reference to Exhibit 4.4 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025.

5 Incorporated by reference to Exhibit 4.5 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025.

6 Incorporated by reference to Exhibit 4.6 of Form 20-F (File No: 001-42939) filed with the SEC on November 4, 2025.

**SIGNATURE**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
| Peter Ter-Kulve, The Magnum Ice Cream Company N.V. | Peter Ter-Kulve, The Magnum Ice Cream Company N.V. | Peter Ter-Kulve, The Magnum Ice Cream Company N.V. |
| By | /s/ Peter Ter-Kulve | /s/ Peter Ter-Kulve |
|  | Name: | Peter Ter-Kulve |
|  | Title: | Chief Executive Officer |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Abhijit Bhattacharya, The Magnum Ice Cream Company N.V. | Abhijit Bhattacharya, The Magnum Ice Cream Company N.V. | Abhijit Bhattacharya, The Magnum Ice Cream Company N.V. |
|  | By | /s/ Abhijit Bhattacharya | /s/ Abhijit Bhattacharya |
|  |  | Name: | Abhijit Bhattacharya |
|  |  | Title: | Chief Financial Officer |
| Dated: 18 March 2026 |  |  |  |

---

## Exhibit 1.1

**Exhibit 1.1**

**Articles of association of The Magnum Ice Cream Company N.V.**

Last amended by a deed of conversion and amendment of articles of

association of 1 December 2025

**NOTE ABOUT TRANSLATION:**

**This document is an English translation of a document prepared in Dutch. In preparing this document, an attempt has been made to translate as literally as possible without jeopardising the overall continuity of the text. Inevitably, however, differences may occur in translation and if they do, the Dutch text will govern by law. The definitions in article 1.1 of this document are listed in the English alphabetical order which may differ from the Dutch alphabetical order.**

**In this translation, Dutch legal concepts are expressed in English terms and not in their original Dutch terms. The concepts concerned may not be identical to concepts described by the English terms as such terms may be understood under the laws of other jurisdictions.**

**Articles of association:**

**1** **Definitions and interpretation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In these articles of association, the following terms shall have the following meanings:

"**Board**" means the board of directors of the Company.

"**CEO**" means the Executive Director who has been designated the title of chief executive officer.

"**Chair**" means the chair of the Board.

"**Company**" means the company the internal organisation of which is governed by these articles of association.

"**Company Secretary**" means the company secretary of the Company.

"**Director**" means a member of the Board. Unless the contrary is apparent, this shall include each Executive Director and each Non-Executive Director.

"**Distributable Equity**" means the part of the Company's equity which exceeds the aggregate of the paid-up and called-up part of the capital and the reserves which must be maintained pursuant to the laws of the Netherlands.

"**Executive Director**" means an executive director of the Company.

"**General Meeting**" means the body of the Company consisting of the persons to whom, as a Shareholder or otherwise, voting rights attached to Shares accrue, or (as the case may be) a meeting of such persons (or their proxies) and other Persons with Meeting Rights.

"**Group Company**" means a group company of the Company within the meaning of Section 2:24b of the Dutch Civil Code.

"**Inability**" means the inability of a Director to perform the duties within the meaning of Section 2:134, subsection 4, of the Dutch Civil Code, including the event that the relevant Director claims inability to perform such Director's duties for a certain period of time in writing.

"**in writing**" means transmitted by letter or e-mail, or any other electronic means of communication, provided the relevant message is legible and reproducible.

------

"**Meeting Rights**" means the rights conferred by the laws of the Netherlands upon holders of depositary receipts issued with a company's cooperation for shares in its capital.

"**Non-Executive Director**" means a non-executive director of the Company.

"**Person with Meeting Rights**" means a person to whom the Meeting Rights accrue.

"**Share**" means a share in the capital of the Company.

"**Shareholder**" means a holder of one or more Shares.

"**Subsidiary**" means a subsidiary of the Company within the meaning of Section 2:24a of the Dutch Civil Code.

"**Vice-Chair**" means the vice-chair of the Board.

**1.2**References to "articles" refer to articles that are part of these articles of association, except where expressly indicated otherwise.

**1.3**References to the singular include the plural and vice versa.

**2** **Name and official seat**

**2.1**The Company's name is:

**The Magnum Ice Cream Company N.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The Company has its official seat in Amsterdam, the Netherlands.

---

| | |
|:---|:---|
| **3** | **Objects** |

---

The objects of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to research and develop, to produce, to manufacture, to package, to pack, to store, to market, to trade in, to distribute and to sell consumer products, such as ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to franchise operations related to the marketing, distribution and sale of consumer products, such as ice cream products and products related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to own, to maintain, to sell, to distribute, to lend and to lease any devices or machines, such as ice cream cabinets, or any other products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to incorporate, to participate in any way whatsoever in, to manage and supervise and to finance Subsidiaries, Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to borrow, to lend, to finance and to raise funds, including the issue of bonds, debt instruments or other securities or evidence of indebtedness and to enter into agreements in connection with the aforementioned activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to render advice and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to grant guarantees, to bind the Company and to pledge or otherwise encumber assets of the Company for its own obligations and for obligations of Subsidiaries, Group Companies and third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to acquire, alienate, encumber, manage and exploit registered property and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to trade in currencies, securities and items of property in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to exploit and trade in patents, trademarks, licenses, knowhow, copyrights, data base rights and other intellectual property rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to perform any and all activities of an industrial, financial or commercial nature,

------

and to do all that is connected therewith or may be conducive thereto, all to be interpreted in the broadest sense.

---

| | |
|:---|:---|
| **4** | **Authorised capital** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The authorised capital of the Company is seven billion eight hundred and seventy-five million euro (EUR 7,875,000,000.00). The authorised capital of the Company is divided into two billion two hundred and fifty million (2,250,000,000) Shares, with a nominal value of three euro and fifty eurocent (EUR 3.50) each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** All Shares shall be registered. No share certificates shall be issued.

---

| | |
|:---|:---|
| **5** | **Register** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** The Board shall keep a register in which the names and addresses of all Shareholders are recorded. The names and addresses of pledgees and usufructuaries of Shares shall also be entered in the register. The register will contain such information as prescribed by the laws of the Netherlands and as the Board considers necessary. The register will regularly be updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Shareholders and pledgees and usufructuaries of Shares are obliged to provide their details as referred to in article 5.1 to the Company in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** The register may consist of various parts, and each part may be kept in different places, including outside of the Netherlands, and in more than one copy, in order to comply with foreign requirements or regulations or the applicable provisions set by a foreign stock exchange, as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** The Company may allow inspection of the register by, or provide information included in the register to, any competent supervisory or other authority in order to comply with requirements or regulations or the applicable provisions set by a stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** Section 2:85 of the Dutch Civil Code applies to the register.

---

| | |
|:---|:---|
| **6** | **Issuance of Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Shares may be issued pursuant to a resolution of (i) the General Meeting at the proposal of the Board, or (ii) the Board (if and during the fixed period the Board has been designated for that purpose by the General Meeting at the proposal of the Board). The General Meeting shall, for as long as such designation of the Board is in force, no longer have authority to resolve upon the issuance of Shares. Any designation must state the number of Shares which may be issued. Unless the designation provides otherwise, it may not be withdrawn, other than upon a proposal thereto of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** A resolution to issue Shares shall stipulate the price and the other conditions of the issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** Articles 6.1 and 6.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **7** | **Rights of pre-emption** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Upon issuance of Shares, each Shareholder shall have a right of pre-emption in proportion to the aggregate nominal value of such Shareholder's Shares, subject to the limitations prescribed by the laws of the Netherlands and article 7.2. The right of pre-emption does not apply to Shares issued to employees of the Company or of a Group Company and Shares issued against contribution other than in cash.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** Prior to each single issuance of Shares, the right of pre-emption may be limited or excluded pursuant to a resolution of (i) the General Meeting or (ii) the Board (if and during the fixed period the Board has been designated for that purpose by the General Meeting at the proposal of the Board). The General Meeting shall, for as long as such designation of the Board is in force, no longer have authority to resolve upon limiting or excluding the right of pre-emption. Unless the designation provides otherwise, it may not be withdrawn, other than upon a proposal thereto of the Board. A resolution of the General Meeting to limit or exclude the right of pre-emption or to designate the Board for that purpose requires a majority of at least two-thirds of the votes cast, if less than one-half of the Company's issued capital is represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** Articles 7.1 and 7.2 shall apply by analogy to the granting of rights to subscribe for Shares, but do not apply to the issuance of Shares to a person exercising a right to subscribe for Shares previously granted.

---

| | |
|:---|:---|
| **8** | **Payment for Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The nominal value of each Share must be paid upon subscription and, in addition, if such Share is subscribed for at a higher amount, the difference between such amounts must be paid, without prejudice to the provisions of Section 2:80, subsection 2, of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Payment for a Share must be made in cash insofar as no non-cash contribution has been agreed upon. Payment in a currency other than euro may only be made with the consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The Board shall be authorised to perform legal acts relating to non-cash contributions on Shares and other legal acts as referred to in Section 2:94 of the Dutch Civil Code, without the prior approval of the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** Upon resolving to issue Shares or to grant rights to subscribe for Shares, the corporate body adopting such resolution may determine that the Shares are to be paid up in full out of the Company's distributable reserves or a reserve as referred to in Sections 2:389 or 2:390 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **9** | **Own Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** The Company and its Subsidiaries may acquire fully paid-up Shares or depositary receipts thereof, with due observance of the limitations prescribed by the laws of the Netherlands. An acquisition of Shares by the Company for a consideration can only be effected if the General Meeting, upon a proposal thereto by the Board, has authorised the Board for such purpose for a fixed period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** The Board shall be authorised to resolve upon the disposal of Shares acquired by the Company. For as long as Shares or depositary receipts thereof are admitted to trading on the Equity Shares (Commercial Companies) Category of the FCA Official List, article 7 applies equally to a disposal of Shares acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** The Company may, without authorisation by the General Meeting, acquire own Shares which are quoted on the price list of a stock exchange for the purpose of transferring such Shares to employees of the Company or of a Group Company under a scheme applicable to such employees.

------

---

| | |
|:---|:---|
| **10** | **Reduction of the issued capital** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** The General Meeting may resolve to reduce the Company's issued capital at the proposal of the Board. A resolution of the General Meeting to reduce the Company's issued capital requires a majority of at least two-thirds of the votes cast, if less than one-half of the Company's issued capital is represented at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** A reduction of the Company's issued capital may be effected:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)by cancellation of Shares held by the Company or for which the Company holds the depositary receipts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by reducing the nominal value of Shares, to be effected by an amendment of these articles of association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** A resolution to reduce the Company's issued capital must designate the Shares involved and include provisions for the implementation of such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** Without the consent of all Shareholders, a reduction of the nominal value of Shares with or without repayment must be effected in proportion to all Shares.

---

| | |
|:---|:---|
| **11** | **Transfer of Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** The transferability of Shares is not restricted within the meaning of Section 2:87 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** For as long as Shares or depositary receipts thereof are admitted to listing and/or trading on a regulated stock exchange or multilateral trading facility as referred to in Section 2:86c of the Dutch Civil Code, the transfer of a Share shall require a private deed to that effect and, unless the Company itself is a party to such legal act, acknowledgement in writing by the Company of the transfer. Service on the Company of the transfer deed or a certified notarial copy or extract thereof is considered to be an acknowledgement. This article 11.2 shall also apply if at the time of the transfer of a Share it can be expected on valid grounds that Shares or depositary receipts thereof will be admitted to such listing and/or trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** For as long as Shares are listed on a regulated foreign stock exchange, the Board may resolve, with due observance of the applicable statutory provisions, that article 11.2 does not apply to Shares that are registered in the part of the shareholders' register which is kept outside the Netherlands by a registrar appointed by the Board for the purpose of the listing on such foreign stock exchange, and that the property law aspects of such Shares shall be governed by the law of the state of establishment of such stock exchange or by the law of the state in which with the consent of such stock exchange transfers and other legal acts under property law relating to such Shares can or must be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** The property law regime relating to book-entry transferable Shares referred to in Section 10:140 of the Dutch Civil Code is governed by the law of the state in whose territory the account in which the securities are administered is held in accordance with Chapter 5 of Title 10 of Book 10 of the Dutch Civil Code.

---

| | |
|:---|:---|
| **12** | **Pledging of Shares and usufruct on Shares** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** Article 11 shall apply by analogy to the pledging of Shares and to the creation or transfer of a usufruct on Shares, provided that a right of pledge may also be created without acknowledgement by or service on the Company, with due observance of Section 2:86c, subsection 4, of the Dutch Civil Code.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** Upon the creation of a right of pledge on a Share, the voting rights attached to such Share may be assigned to the pledgee, with due observance of Section 2:89 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** Upon the creation or transfer of a usufruct on a Share, the voting rights attached to such Share may be assigned to the usufructuary, with due observance of Section 2:88 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** Each of (i) the Shareholder without voting rights, (ii) the pledgee with voting rights and (iii) the usufructuary with voting rights shall have Meeting Rights. The pledgee or the usufructuary without voting rights shall not have Meeting Rights.

---

| | |
|:---|:---|
| **13** | **Depositary receipts for Shares** |

---

The Company may cooperate with the issuance of depositary receipts for Shares, but only pursuant to a resolution to that effect of the Board. Each holder of depositary receipts for Shares issued with the Company's cooperation shall have Meeting Rights.

---

| | |
|:---|:---|
| **14** | **Composition of Board and appointment of Directors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** The Board shall consist of a maximum of two Executive Directors and a minimum of five and a maximum of ten Non-Executive Directors. The Board shall determine the number of Executive Directors and Non-Executive Directors, with due observance of this article 14.1. Only individuals can be Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** Directors may only be appointed by the General Meeting on a binding nomination by the Board. The binding nomination of the Board shall include whether a person is nominated for appointment as Executive Director or Non-Executive Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** The General Meeting may at all times overrule a binding nomination for the appointment of a Director by more than half of the votes cast, representing at least one third of the Company's issued capital. If the nomination comprises one candidate for a vacancy, a resolution concerning the nomination shall result in the appointment of the candidate, unless the nomination is overruled with the required majority. If a binding nomination for the appointment of a Director is overruled by more than half of the votes cast, but this majority does not represent at least one third of the Company's issued capital, a second General Meeting may be held at which the binding nomination can be overruled by more than half of the votes cast. If a binding nomination is overruled by the General Meeting with the required majority, the Board may make a new binding nomination in accordance with article 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** The notice of the General Meeting at which the appointment of the relevant Director shall be brought up for discussion shall include the proposal referred to above in this article 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** The Board may grant titles to Directors. A Director can have more than one title.

---

| | |
|:---|:---|
| **15** | **Annual retirement, suspension and dismissal of Directors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** Directors shall be appointed for a term that ultimately ends at the end of the annual General Meeting held in the financial year following the calendar year of such Director's appointment, unless the Board decides to make a binding nomination for a longer term. For as long as Shares or depositary receipts thereof are admitted to trading on the Equity Shares (Commercial Companies)

------

Category of the FCA Official List, Directors shall only be appointed for a term that ultimately ends at the end of the annual General Meeting held in the financial year following the calendar year of such Director's appointment. Directors are eligible for immediate reappointment, subject to the previous sentence and the provisions of article 14 and provided that no Non-Executive Director can be reappointed for a term that would continue after the end of the first annual General Meeting held after nine (9) years from the date of their first appointment have lapsed. In no instance shall the term of appointment of a Director end for as long as that would result in no Directors being in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** The Board may propose to the General Meeting to suspend or dismiss a Director. An Executive Director may also be suspended by the Board. A suspension by the Board may be discontinued at any time by the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** If a suspension or dismissal of a Director is proposed to the General Meeting by the Board, the resolution of the General Meeting shall be adopted by more than half of the votes cast, representing at least one third of the Company's issued capital. In all other cases, the resolution of the General Meeting to suspend or dismiss a Director shall be adopted by at least two-thirds of the votes cast, representing more than half of the Company's issued capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** A suspension may be extended one or more times, but the total duration of the suspension may not exceed three months. If at the end of that period, no decision has been taken on termination of the suspension or on dismissal, the suspension ends.

---

| | |
|:---|:---|
| **16** | **Duties and powers of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** The Board shall be entrusted with the management of the Company, which includes in any event determining the Company's policy and strategy. In performing their duties, the Directors shall act in accordance with the interests of the Company and the business connected with it. Each Director is responsible for the general course of affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** The Executive Directors are charged with the daily management of the business connected with the Company. The Non-Executive Directors are charged with the supervision of the performance of duties by the Executive Directors and the general course of affairs of the Company and the business connected with it. The Directors will also be charged with the duties assigned to them pursuant to these articles of association, the rules referred to in article 18.1, or a resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.3** In addition to article 16.2, the Board may assign duties and powers to individual Directors. This may also include a delegation of decision-making power, provided this is laid down in writing. A Director to whom powers of the Board are delegated must comply with the rules set in relation thereto by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** The Board may establish such committees as it deems necessary. The Board (i) appoints the members of each committee, (ii) determines the tasks of each committee and (iii) may establish rules regarding the working methods and decision-making process of each committee. Such rules shall be put in writing. The Board may, at any time, change the composition and tasks of each committee as well as the rules referred to in this article 16.4.

------

---

| | |
|:---|:---|
| **17** | **Chair of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** The Board may designate a Chair and a Vice-Chair from amongst the Non-Executive Directors for such period as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** If the Chair is absent, the Vice-Chair shall be entrusted with the duties entrusted to the Chair by these articles of association or otherwise.

---

| | |
|:---|:---|
| **18** | **Meetings and decision-making process of the Board** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** The Board may establish rules regarding the working methods and decision-making process of the Board, with due observance of these articles of association. Such rules shall be put in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** A Director shall not take part in the discussions and decision-making of the Board if such Director has a direct or indirect personal interest therein that conflicts with the interests of the Company or the business connected with it. If all Directors have such conflict of interest, the resolution shall nevertheless be adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** The Board shall adopt resolutions by more than half of the votes cast, unless applicable law, these articles of association or the rules referred to in article 18.1 provide otherwise. If there is a tie in voting, the proposal is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** Third parties may rely on a written statement by the Chair or the Company Secretary regarding resolutions adopted by the Board or a committee of the Board. In the latter case, third parties may further rely on a written statement by the chair of such committee.

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|:---|:---|
| **19** | **Representation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.1** The Company shall be represented by the Board or by two Executive Directors acting jointly. The CEO, acting individually, shall also be authorised to represent the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.2** The Board may appoint officers with general or limited power to represent the Company. Each officer shall be competent to represent the Company, subject to the restrictions imposed upon or after appointment by the Board. The Board shall determine each officer's title.

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|:---|:---|
| **20** | **Remuneration** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** The Company has a policy on the remuneration of the Board. The policy shall be adopted by the General Meeting at the proposal of the Board. The Executive Directors shall not take part in the discussions and decision-making of the Board on this. A resolution to adopt the policy shall be adopted by the General Meeting by more than half of the votes cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration and other terms of service for Executive Directors is vested in the Board. The Executive Directors shall not take part in the discussions and decision-making of the Board on this.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** With due observance of the policy referred to in article 20.1, the authority to establish the remuneration for Non-Executive Directors is vested in the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** Proposals concerning remuneration of Directors in the form of Shares or rights to subscribe for Shares shall be submitted by the Board to the General Meeting for approval. Such proposals must, at a minimum, state the number of Shares or rights to subscribe for Shares that may be granted and the criteria that apply

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to the granting of such Shares or rights to subscribe for Shares and the amendment of such arrangements.

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|:---|:---|
| **21** | **Indemnification** |

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Unless Dutch law provides otherwise, the following shall be reimbursed to current and former Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the reasonable costs of conducting a defence against claims (also including claims by the Company) based on acts or failures to act in the exercise of their duties or any other duties currently or previously performed by them at the Company's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any financial losses or damages payable by them as a result of an act or failure to act as referred to under (a); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the reasonable costs of appearing in other legal proceedings in which they are involved as current or former Directors, with the exception of proceedings primarily aimed at pursuing a claim on their own behalf.

There shall be no entitlement to reimbursement, as referred to above, if and to the extent that (i) a Dutch court has established, in a final and conclusive decision, that the act or failure to act of the person concerned may be characterised as wilful, intentionally reckless or seriously culpable conduct, unless Dutch law provides otherwise or this would, in view of the circumstances of the case, be unacceptable according to standards of reasonableness and fairness, or (ii) the costs or financial loss of the person concerned are covered by an insurance and the insurer has paid out the costs or financial loss. If and to the extent that it has been established by a Dutch court, in a final and conclusive decision, that the person concerned is not entitled to reimbursement as referred to above, the person concerned shall immediately repay the amount reimbursed by the Company. The Company may request that the person concerned provides security for such person's repayment obligation. The Company may take out liability insurance for the benefit of the persons concerned. The Board may by agreement or otherwise further implement the above.

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|:---|:---|
| **22** | **Approval of resolutions** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.1** Resolutions of the Board entailing a significant change in the identity or character of the Company or its business are subject to the approval of the General Meeting, including in any case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the transfer of (almost) the entire business of the Company to a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the entry into or termination of long-term co-operations of the Company or a Subsidiary with another legal entity or company or as a fully liable partner in a limited partnership or general partnership, if this co-operation or termination is of major significance for the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition or disposal by the Company or a Subsidiary of participating interests in the capital of a company, with a value equal to at least one-third of the sum of the assets of the Company as shown on its balance sheet with explanatory notes or, if the Company prepares a consolidated balance sheet, its consolidated balance sheet with

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explanatory notes according to the last adopted annual accounts of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.2** The absence of approval by the General Meeting of a resolution as referred to in this article 22 shall not affect the authority of the Board or the Directors to represent the Company.

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|:---|:---|
| **23** | **Vacancy or Inability** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.1** If a seat of an Executive Director is vacant or upon the Inability of an Executive Director, the remaining Executive Directors or Executive Director shall be temporarily entrusted with the management of the Company, provided that the Board may designate a temporary replacement. If, due to vacant seats or Inability no Executive Directors are in office and able to perform their duties, one or more persons to be designated for that purpose by the Non-Executive Directors shall be temporarily entrusted with the management of the Company. A temporary replacement shall serve until the earlier of (a) the moment on which the seat in the Board for which that person serves as temporary replacement is again occupied by an Executive Director able to act and (b) the end of the first annual General Meeting following their designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.2** If a seat of a Non-Executive Director is vacant or upon the Inability of a Non-Executive Director, the remaining Non-Executive Directors or Non-Executive Director shall be temporarily entrusted with the performance of the duties and the exercise of the authorities of that Non-Executive Director, provided that the Board may designate a temporary replacement. If, due to vacant seats or Inability no Non-Executive Directors are in office and able to perform their duties, one or more persons to be designated for that purpose by the General Meeting shall be temporarily entrusted with the performance of the duties and the exercise of the authorities of the Non-Executive Directors. A temporary replacement shall serve until the earlier of (a) the moment on which the seat in the Board for which that person serves as temporary replacement is again occupied by a Non-Executive Director able to act and (b) the end of the first annual General Meeting following their designation.

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|:---|:---|
| **24** | **Financial year and annual accounts** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** The Company's financial year shall be the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** Annually, within the period as prescribed by the laws of the Netherlands, the Board shall prepare annual accounts and the management report and shall deposit the same at the Company's office, for inspection by the Shareholders and the other Persons with Meeting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** The annual accounts shall consist of a balance sheet, a profit and loss account and explanatory notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.4** The annual accounts shall be signed by the Directors. If the signature of one or more of them is missing, this shall be stated and the reasons for this omission shall be given.

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|:---|:---|
| **25** | **Auditor** |

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The General Meeting or, if it fails to do so, the Board, shall instruct an auditor to audit the annual accounts prepared by the Board in accordance with Section 2:393, subsection 3, of the Dutch Civil Code. The Executive Directors shall not take part in the discussions and decision-making of the Board on this. The

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auditor shall report on the audit to the Board and present the result of such audit in an opinion.

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|:---|:---|
| **26** | **Adoption of the annual accounts and release from liability** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.1** The General Meeting shall adopt the annual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.2** At the General Meeting at which it is resolved to adopt the annual accounts, the proposal to release the Executive Directors from liability for the management pursued and the Non-Executive Directors for the performance of their duties, insofar as the exercise of such management and duties is reflected in the annual accounts or otherwise disclosed to the General Meeting prior to the adoption of the annual accounts, may be put on the agenda as a separate item.

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| | |
|:---|:---|
| **27** | **Profits and distributions** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.1** Distribution of profits shall be made after adoption of the annual accounts from which such distribution appears to be permitted under the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.2** The Board may resolve that profits accrued in a financial year shall be fully or partially added to the reserves and may also resolve how losses are allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.3** The allocation of any profits remaining after application of article 27.2 shall be determined by the General Meeting. A proposal to make a distribution of profits shall be dealt with as a separate agenda item at the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.4** Any distribution shall be made to the Shareholders in proportion to the number of Shares held by each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.5** Distributions on Shares may be made only up to an amount which does not exceed the amount of the Distributable Equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.6** The Board may resolve that a distribution on Shares shall be made in kind. The Board may further resolve that a distribution on Shares shall take place as a payment in Shares, or resolve that Shareholders shall have the option to receive a distribution as a cash payment and/or as a payment in Shares, out of the profit and/or at the expense of any reserve of the Company and subject to such conditions as determined by the Board, provided that, if the distribution or part thereof consists of newly issued Shares, the Board is designated by the General Meeting pursuant to article 6.1 as the body of the Company authorised to issue Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.7** No distributions shall be made on Shares held by the Company in its own capital, unless these Shares have been pledged or a usufruct has been created in these Shares and the authority to collect distributions or the right to receive distributions, respectively, accrues to the pledgee or the usufructuary, respectively. For the computation of distributions, the Shares on which no distributions shall be made pursuant to this article 27.7, shall not be taken into account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.8** The Board shall determine how a shortfall that is determined by the adoption of the annual accounts shall be accounted for. A loss may be set off against the reserves to be maintained by law only to the extent permitted by applicable law.

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|:---|:---|
| **28** | **Interim distributions** |

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The Board may resolve to make interim distributions of profits or distributions from reserves, provided that the requirement of article 27.5 has been met, which must be evidenced by an interim statement of assets and liabilities as referred

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to in Section 2:105, subsection 4, of the Dutch Civil Code.

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| | |
|:---|:---|
| **29** | **Notices and payment of distributions** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1** Distributions on Shares shall be made payable in the manner and at such date, and notice thereof shall be given as the Board, or the General Meeting at the proposal of the Board, shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** The Board may determine that distributions on Shares will be made payable either in euro, British pound sterling, United States Dollar or in another currency. The Board shall determine the method in which a currency conversion in respect of distributions, if any, is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3** If a distribution is made in a form other than in cash, the Board shall determine which value the Company will allocate to such distribution for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.4** A claim by a Shareholder for payment of a distribution on Shares shall be barred after five years have elapsed. Any such distributions will be forfeited to the Company and will be added to the reserves.

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|:---|:---|
| **30** | **General Meetings** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.1** The annual General Meeting shall be held within six months after the end of the financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.2** Other General Meetings will be held as often as the Board deems necessary, without prejudice to the provisions of Sections 2:108a, 2:110, 2:111 and 2:112 of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.3** One or more Persons with Meeting Rights, alone or jointly representing at least the percentage of the Company's issued capital as required by law, may request the Board in writing to convene a General Meeting. The request must clearly state the items to be discussed. If the Board fails to take the measures necessary to allow the General Meeting to be held within the statutory term after the request, the requesting Persons with Meeting Rights may, subject to applicable law, seek authorisation by a court in preliminary relief proceedings to convene a General Meeting.

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|:---|:---|
| **31** | **Notice of General Meetings** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.1** Notice of General Meetings shall be given by or on behalf of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.2** Notice of the meeting shall be given with due regard to the notice period prescribed by the laws of the Netherlands. The notice convening the meeting will be given by way of an announcement on the website of the Company and/or through other means of electronic public announcement and shall be in accordance with the requirements of the laws of the Netherlands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.3** The notice convening the meeting shall include the agenda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.4** Items, for which a written request has been filed to discuss them, by one or more Shareholders and/or other Persons with Meeting Rights, alone or jointly representing at least the percentage of the Company's issued capital as required by law, shall be included in the notice or announced in the same manner, provided that the Company received the substantiated request or a proposal for a resolution no later than on the day prescribed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.5** With due observance of article 31.2, Shareholders and other Persons with Meeting Rights may also be given notice in writing. The providing of an electronic mail address by a Shareholder or other Person with Meeting Rights

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to the Company will constitute evidence of that person's consent to receiving notices electronically, unless the contrary is proven.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31.6** This article 31 shall apply by analogy to other announcements, notices and notifications to Shareholders and other Persons with Meeting Rights.

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|:---|:---|
| **32** | **Venue of General Meetings** |

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General Meetings are held in the municipality in which, according to these articles of association, the Company has its official seat, in Amstelveen, The Hague, Hoofddorp, Haarlem, Lelystad, Rotterdam, Utrecht or at Schiphol airport (municipality of Haarlemmermeer), notwithstanding article 33.5.

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|:---|:---|
| **33** | **Admittance to General Meetings, Meeting Rights and voting rights** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.1** The Meeting Rights accrue to each Shareholder and each other Person with Meeting Rights. Each Shareholder, and each pledgee and usufructuary to whom the voting rights accrue shall be entitled to exercise voting rights in the General Meeting. Shareholders and other Persons with Meeting Rights may be represented in a meeting by a proxy authorised in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.2** For each General Meeting a statutory record date will be applied to determine which persons shall have Meeting Rights and/or voting rights. The record date and the manner in which Shareholders and other Persons with Meeting Rights can register and exercise their rights will be set out in the notice convening the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.3** Each Shareholder and other Person with Meeting Rights, or any such person's proxy authorised in writing, will only be admitted to the meeting after having notified the Company of their intention to attend the meeting in writing at the address and by the date specified in the notice convening the General Meeting. Each proxy shall be required to produce evidence in writing of its mandate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.4** The Board may determine that the Meeting Rights and the voting rights may be exercised by electronic means of communication, either in person or by a proxy authorised in writing. In order to do so, a Person with Meeting Rights, or any such person's proxy authorised in writing, must, through the electronic means of communication, be identifiable, be able to directly observe the proceedings at the meeting and, if the voting rights accrue to such person, be able to exercise the voting rights. The Board may also resolve that Persons with Meeting Rights can participate in the discussion via electronic means of communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.5** In deviation from article 32 and to the extent permitted by applicable law, the Board may determine that a General Meeting is only accessible via electronic means of communication. Article 33.4 shall apply to the use of electronic means of communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.6** The Board may attach further conditions to the use of electronic means of communication as referred to in articles 33.4 and 33.5, subject to applicable law. Such further conditions will be set out in the notice convening the General Meeting. Any non- or malfunctioning of the means of electronic communication used is at the risk of the Shareholder, other Person with Meeting Rights or any such person's proxy authorised in writing using the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.7** The Board may determine that votes cast by electronic means of communication or by mail prior to the General Meeting shall be treated equally to votes cast during the meeting. Such votes may not be cast before the

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statutory record date referred to in article 33.2. Without prejudice to this article 33, the notice convening the General Meeting must state how persons entitled to vote may exercise their rights prior to the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.8** The Company Secretary will arrange for the keeping of an attendance list in respect of each General Meeting. The attendance list will contain in respect of each person with voting rights present or represented: such person's name, the number of votes that can be exercised by such person and, if applicable, the name of any such person's representative. The attendance list will furthermore contain the aforementioned information in respect of persons with voting rights who participate in the meeting in accordance with article 33.4 or who have cast their votes in the manner referred to in article 33.7. The chair of the meeting may decide that the name and other information about other persons present will be recorded in the attendance list. The Board is authorised to apply such verification procedures as it reasonably deems necessary to establish the identity of the Persons with Meeting Rights and, where applicable, the identity and authority of proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.9** The Directors shall have the right to attend the General Meeting in person and to address the meeting. The Directors will further have the right to cast an advisory vote in the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33.10** The chair of the meeting shall decide on the admittance to the meeting of persons other than those aforementioned in this article 33.

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|:---|:---|
| **34** | **Chair and secretary of General Meetings; order of the meeting** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.1** The General Meetings shall be presided over by the Chair or, in the Chair's absence, the Vice-Chair. In the Vice-Chair's absence, the Non-Executive Directors present at the meeting shall appoint a chair from amongst themselves. If no Non-Executive Directors are present or no such appointment is made, the chair of the meeting shall be appointed by the General Meeting, on the understanding that as long as such appointment has not been made, an Executive Director shall be chair, designated for this purpose by the other Executive Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.2** The chair of the meeting shall appoint a secretary for the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.3** With due observance of the agenda of the meeting, the chair of the meeting may determine the order of proceedings at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34.4** The chair of the meeting may further, in the interest of the meeting being conducted in an orderly fashion, restrict the time for which Shareholders and other Persons with Meeting Rights may speak, and/or take other measures that the chair considers desirable for the efficient and orderly conduct of the business of the meeting.

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|:---|:---|
| **35** | **Resolutions in General Meetings** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.1** Each Share confers the right to cast one vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.2** In the General Meeting, no voting rights may be exercised for Shares held by the Company or a Subsidiary, nor for Shares for which the Company or a Subsidiary holds the depositary receipts. However, pledgees and usufructuaries of Shares owned by the Company or a Subsidiary are not excluded from exercising voting rights if the right of pledge or usufruct, respectively, was created before the Share was owned by the Company or such Subsidiary. The

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Company or a Subsidiary may not exercise voting rights for a Share in which it holds a right of pledge or a usufruct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.3** To the extent that the laws of the Netherlands or these articles of association do not provide otherwise, all resolutions of the General Meeting shall be adopted by more than half of the votes cast, without a quorum being required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.4** If there is a tie in voting, the proposal is rejected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.5** The chair of the meeting will decide whether and to what extent votes are taken orally, in writing, electronically or by acclamation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.6** Blank votes, invalid votes and abstentions shall not be counted as votes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.7** The secretary of a General Meeting shall keep minutes of the proceedings at the meeting. The minutes shall be adopted by the chair and the secretary of the meeting and as evidence thereof shall be signed by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35.8** The Board shall keep a record of all resolutions adopted by the General Meeting. If the Board is not represented at a meeting, the chair of the meeting shall ensure that the Board is provided with a transcript of the resolutions adopted, as soon as possible after the meeting. The records shall be deposited at the Company's office for inspection by the Shareholders and the other Persons with Meeting Rights. On application, each of them shall be provided with a copy of or an extract from the records, at not more than cost price.

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|:---|:---|
| **36** | **Amendment of articles of association** |

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The General Meeting may resolve to amend these articles of association at the proposal of the Board. When a proposal to amend these articles of association is to be made to the General Meeting, the notice convening the General Meeting must state so and a copy of the proposal, including the verbatim text thereof, shall be deposited and kept available at the Company's office for inspection by the Shareholders and other Persons with Meeting Rights, until the conclusion of the meeting.

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|:---|:---|
| **37** | **Statutory merger and statutory demerger** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.1** The Company may enter into a statutory merger with one or more other legal entities. The resolution to effect a merger shall be adopted by the General Meeting at the proposal of the Board. The resolution to effect a merger may be adopted by the Board if the Company is the acquiring company in the merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.2** The Company may be a party to a statutory demerger. The resolution to effect a demerger shall be adopted by the General Meeting at a proposal of the Board. The resolution to effect a demerger may be adopted by the Board if (i) the Company is an acquiring company in the demerger, or (ii) the Company is the demerging company provided that all of the acquiring companies are incorporated pursuant to the demerger and the Company will become the sole shareholder thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37.3** A resolution of the General Meeting to effect a statutory merger or statutory demerger requires a majority of at least two-thirds of the votes cast if less than one-half of the Company's issued capital is represented at the meeting.

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|:---|:---|
| **38** | **Dissolution and liquidation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.1** The Company may be dissolved pursuant to a resolution to that effect by the General Meeting at the proposal of the Board. When a proposal to dissolve the Company is to be made to the General Meeting, this must be stated in the notice

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convening the General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.2** If the Company is dissolved pursuant to a resolution of the General Meeting, the Executive Directors shall become liquidators of the dissolved Company's assets and the Non-Executive Directors shall be charged with the supervision of the liquidation. The General Meeting may resolve to appoint one or more other persons as liquidators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.3** During liquidation, the provisions of these articles of association shall remain in force to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.4** The balance remaining after payment of the debts of the dissolved Company shall be transferred to the Shareholders in proportion to the number of Shares held by each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38.5** After the end of the liquidation, the books, records and other data carriers of the dissolved Company shall remain in the custody of the person designated for that purpose by the General Meeting, and in the absence thereof the person designated for that purpose by the liquidators, for a period as prescribed by the laws of the Netherlands.

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## Exhibit 1.2

#### Exhibit 1.2
&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g001.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g002.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g003.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g004.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g005.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g006.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g007.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g008.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g009.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g010.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g011.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g012.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g013.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g014.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g015.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g016.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g017.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g018.jpg)<br>

&nbsp;&nbsp;![GRAPHIC](micc-20251231xex1d2g019.jpg)<br>

## Exhibit 2.1

**Exhibit 2.1**

**DESCRIPTION OF SECURITIES REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT**<sup>1</sup>

As of 31 December 2025, The Magnum Ice Cream Company N.V., (the **Company**, **we**, **our** and **us**) has only one class of securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the **Exchange Act**):

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on <br>which registered** |
| Ordinary Shares, nominal****<br> value of €3.50 per share | MICC | New York Stock Exchange |

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The authorised capital of the Company is is seven billion eight hundred and seventy-five million euro (€7,875,000,000). The authorised capital of the Company is divided into two billion two hundred and fifty million (2,250,000,000) shares, with a nominal value of €3.50 per share. Since 8 December 2025, our ordinary shares are traded through their listing on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange under the symbol MICC.

All shares of TMICC are in registered form. As of 31 December 2025, the total number of outstanding shares was 612,259,739.

**Articles Of Association**

Set out below is a summary of the material information concerning the Company's share capital and of material provisions of Dutch law and the articles of association of the Company (**Articles of Association**). It is based on relevant provisions of Dutch law in effect on the date of this annual report on Form 20-F and the Articles of Association. This summary does not purport to give a complete overview and should be read in conjunction with, and is qualified in its entirety by reference to, the relevant provisions of Dutch law and the Articles of Association. The full text of the Articles of Association (in Dutch, and an unofficial English translation) is available free of charge on the Company's website (www.corporate.magnumicecream.com).

There are no restrictions under the Articles of Association or under Dutch law that limit the right of persons to hold shares. The transfer of shares to persons who are located or residents in, citizens of, or have registered addresses in jurisdictions other than the Netherlands may, however, be subject to specific regulations or restrictions according to their securities laws.

**Objects**

Pursuant to the Articles of Association, the objects of the Company are to:

● research and develop, to produce, to manufacture, to package, to pack, to store, to market, to trade in, to distribute and to sell consumer goods, such as ice cream products and products related thereto;

● franchise operations related to the marketing, distribution and sale of consumer goods, such as ice cream products and products related thereto;

● own, to maintain, to sell, to distribute, to lend and to lease ice cream cabinets;

● incorporate, to participate in any way whatsoever in, to manage and supervise and to finance subsidiaries, group companies and third parties;

● borrow, to lend and to raise funds, including the issue of bonds, debt instruments or other securities or evidence of indebtedness and to enter into agreements in connection with the aforementioned activities;

● render advice and services;

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<sup>1</sup> CC to confirm accuracy and completeness of this summary pursuant to Dutch law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● grant guarantees, to bind the Company and to pledge or otherwise encumber its assets for its own obligations and for obligations of subsidiaries, group companies and third parties;

● acquire, alienate, encumber, manage and exploit registered property and items of property in general;

● trade in currencies, securities and items of property in general;

● exploit and trade in patents, trademarks, licences, knowhow, copyrights, database rights and other intellectual property rights;

● perform any and all activities of an industrial, financial or commercial nature; and

● to do all that is connected therewith or may be conducive thereto, the interpretation of which is to be in the broadest sense. In pursuing its objects, the Company shall also take into account the interests of the legal entities and companies with which it forms a group.

**Meetings of Shareholders and Voting Rights**

***General Meetings***

According to the Articles of Association, general meetings can be held in the Netherlands in Amsterdam, Amstelveen, The Hague, Hoofddorp, Haarlem, Lelystad, Rotterdam, Utrecht or Haarlemmermeer (including Schiphol Airport), at the choice of those who call the meeting. The Board may also determine that a general meeting is only accessible via electronic means of communication.

The annual general meeting must be held within six months after the end of each financial year. An extraordinary general meeting may be held as often as the Board deems necessary and must be held within three months after the Board has considered it to be likely that the Company's equity has decreased to an amount equal to or lower than one-half of its paid-up and called-up share capital, in order to discuss any requisite measures.

In addition, shareholders representing alone or in aggregate at least one-tenth of the issued share capital of the Company may, pursuant to the Dutch Civil Code, request that a general meeting be convened. If the Board has not taken such measures that the General Meeting can be held within eight weeks of shareholders making such request, the shareholders making such request may, upon their request, be authorised by the Amsterdam district court in summary proceedings to convene a general meeting.

Notice of the general meeting must be given by at least such number of days prior to the day of the meeting as required by Dutch law, which, at the date of this annual report on Form 20 - F, is 42 calendar days. The notice convening the general meeting will be given by way of an announcement on the website of the Company and/or through other means of electronic public announcement.

The notice convening the general meeting shall specify the business to be discussed, the venue and time of the general meeting, the requirements for admittance to the general meeting, the address of the Company's website, and such other information as may be required by Dutch law. The agenda for the annual general meeting must contain specific subjects including, among other things, the adoption of the annual accounts, the discussion of any substantial change in the corporate governance structure of the Company and the allocation of profits, insofar as these are at the disposal of the general meeting. In addition, the agenda must include such items as have been included in it by the Board or the Shareholders (with due observance of Dutch law as described below). If the agenda of the general meeting contains an item granting discharge to the Directors concerning the performance of their duties, the discharge must be mentioned on the agenda as separate items for the Executive and Non-Executive Directors.

Shareholders holding at least 3% of the Company's issued and outstanding share capital may request, by a motivated request, that an item is added to the agenda. Such requests must be made in writing, must either be substantiated or include a proposal for a resolution, and must be received by the Company at least 60 days before the day of the general meeting.

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No resolutions may be adopted on items other than those that have been included in the agenda (unless the resolution would be adopted unanimously during a meeting where the entire issued capital of the Company is present or represented).

Shareholders who, individually or with other shareholders, hold shares that represent at least 1% of the Company's issued share capital or a market value of at least €250,000 may if certain conditions are met request the Company to disseminate information that is prepared by them in connection with an agenda item for a general meeting. The Company can only refuse dissemination of such information if received less than seven business days prior to the day of the general meeting, if the information gives or could give an incorrect or misleading signal or if, in light of the nature of the information, the Company cannot reasonably be required to disseminate it.

The general meeting is presided over by the Board Chair or, in the Board Chair's absence, the vice-chair of the Board (who shall also fulfil the role of Senior Independent Director). In such vice-chair's absence, the Non-Executive Directors present at the meeting shall appoint a chair from among them. If no such appointment is made, the chair of the meeting shall be appointed by the general meeting. The chair of the general meeting will have all powers necessary to ensure the proper and orderly functioning of the general meeting. Directors may always attend a general meeting. In these general meetings, they have an advisory vote. The external auditors of the Company are also authorised to attend the annual general meeting. The chair of the general meeting may decide at its discretion to admit other persons to the general meeting.

Each shareholder (as well as other persons with voting rights or meeting rights) may attend the general meeting, address the general meeting and, insofar as it has such right, exercise voting rights in accordance with the terms of the relevant shares, either in person or by proxy.

The Board may decide that persons entitled to attend and vote at general meetings may cast their vote electronically or by mail in a manner to be decided by the Board. Votes validly cast electronically or by mail have the same status as votes validly cast at the general meeting.

***Voting Rights***

At general meetings, each share carries one vote.

In the general meeting, no voting rights may be exercised for shares held by the Company or its subsidiaries, or for shares for which the Company or its subsidiaries hold the depositary receipts. However, usufructuaries and pledgees of shares owned by the Company or its subsidiaries are under certain circumstances able to exercise voting rights.

The record date in order to establish which shareholders are entitled to attend and vote at the general meeting shall be the 28<sup>th</sup> calendar day falling prior to the day of the general meeting. The record date and the manner in which shareholders can register and exercise their rights will be set out in the notice of the meeting.

Decisions of the general meeting are taken by a majority of the votes cast without any quorum being required, except where Dutch law or the Articles of Association provide for a qualified majority and/or a quorum. For each resolution passed at a general meeting, the voting results must be posted on the Company's website within 15 calendar days after the meeting. The information posted will include the numbers of votes cast in favour, cast against and the abstentions, the total number of shares validly voted, the total number of valid votes cast and the percentage of the Company's issued and outstanding share capital represented by the total number of shares validly voted. The voting results must be kept accessible on the Company's website for a period of at least one year.

The voting rights attached to the shares may only be amended by amendment to the Articles of Association.

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**Dividends and Other Distributions**

***General***

The Company may only make distributions, whether a distribution of profits or of freely distributable reserves, to its shareholders if its shareholders' equity exceeds the amount of the paid-up and called-up part of the issued capital plus any reserves as required to be maintained by the Articles of Association or by Dutch law. The distribution payout can be summarised as set out below.

***Annual Profit Distribution***

A distribution of profits other than an interim distribution is only allowed after the adoption of the Company's annual accounts, and the information in the annual accounts will determine whether the distribution of profits is legally permitted for the relevant financial year.

***Right to Reserve***

The Board may decide that the profits realised during a financial year, if any, are to be fully or partially reserved. Any profits remaining after allocation to the reserves shall be put at the disposal of the general meeting. Furthermore, the Board may decide that distributions to the shareholders shall be at the expense of reserves.

***Interim Distribution***

Subject to Dutch law and the Articles of Association, the Board may resolve to make an interim distribution of profits or distributions from reserves, provided that it appears from an interim statement of assets and liabilities signed by the Board that the Company's equity does not fall below the sum of paid-up and called-up part of the issued capital plus the reserves as required to be maintained by the Articles of Association (if any) or by Dutch law.

***Distribution in Kind***

The Board may decide that a distribution is made in kind, such as a payment in shares or other securities, or decide that shareholders shall have the option to receive a distribution as a cash payment and/or as a payment in shares or other securities, provided that the Board is designated by the general meeting as the competent corporate body to resolve to issue shares.

***Profit Ranking of the Shares***

The shares will rank *pari passu* with each other and holders of shares will be entitled to dividends and other distributions declared and paid on them.

***Payment***

Payment of any distribution on shares to shareholders will, in principle, be made in euro, Pounds Sterling or US dollars. The Company will, however, have the authority to make distributions in currencies other than euro, Pounds Sterling and US dollars.

Any distributions on shares that are paid to shareholders through DTC will be automatically credited to the cash account of the relevant Shareholders' DTC participant in US dollars, including holders of book-entry interests in the shares holding through intermediaries who are direct participants in Euroclear Bank SA/NV (**Euroclear Bank**) (except for Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. (**Euroclear Nederland**) and its participant entities), while dividends on shares that are paid to shareholders through Euroclear Nederland are expected to be credited in euro to the cash account of the relevant Euroclear Nederland participant and dividends on shares that are paid to shareholders through Euroclear UK & International Limited (**Euroclear UK**) are expected to be credited in pounds sterling to the relevant CREST account. Payments to shareholders holding their shares via the Direct Registration System (**DRS**) (**DRS Shareholders**) will be paid by the US Transfer

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Agent in US dollars, either by cheque or through bank transfer. Shareholders may consult their intermediary or professional adviser in relation to the currency in which their dividends will be paid. There are no restrictions in relation to the payment of dividends under Dutch law in respect of holders of shares who are non-residents of the Netherlands. Payments of profit and other payments are announced in a notice by the Company. A shareholder's claim to payments of profits and other payments lapses five years and one day after the day on which the claim became payable. Any profit or other payments that are not claimed within this period will be considered to have been forfeited to the Company and will be carried to the reserves of the Company.

Any proposal for distributions on shares and any resolution to make distributions on shares are announced in a notice by the Company. Distributions on shares are made payable in the manner and at such date, and notice thereof shall be given as the Board, or the general meeting at the proposal of the Board, shall determine. A shareholder's claim to payments of distributions lapses five years after the day on which the claim became payable. Any distributions not collected within this period revert to the Company.

**Form of Shares and Shareholders' Register**

All shares are in registered form (*op naam*). Pursuant to Dutch law and the Articles of Association, the Company must keep a shareholders' register. A copy of the Company's shareholders' register (the **Shareholders' Register**) will be kept by the Board at the offices of the Company in the Netherlands. The register may consist of various parts, and each part may be kept in different places, including outside the Netherlands, and in more than one copy, in order to comply with foreign requirements or regulations or the applicable provision set by a foreign stock exchange, as determined by the Board. In the Shareholders' Register, the names and addresses of all other persons holding meeting rights (being the right to be invited to and attend general meetings and to speak at such meetings and the other rights the Dutch Civil Code grants to persons holding shares or depositary receipts for shares issued with the co-operation of the Company) must also be recorded, as well as the names and addresses of all holders of a right of usufruct (*vruchtgebruik*) or pledge (*pandrecht*) in respect of shares and whether they have meeting rights.

If requested, the Board will provide a shareholder or usufructuary or pledgee of shares with an extract from the Shareholders' Register relating to its title or right to a share free of charge. If the shares are encumbered with a right of usufruct, the extract will state who has such rights. The Company may allow inspection of the Shareholders' Register by, or provide information included in the Shareholders' Register to, any competent supervisory or other authority in order to comply with requirements or regulations or the applicable provisions set by a stock exchange.

**Issue of Shares**

Resolutions to issue shares are adopted by the general meeting or by the Board if and during the fixed period the Board has been designated for that purpose by the general meeting, but only upon a proposal of the Board. A resolution of the general meeting to issue shares, or to designate the Board as the competent corporate body to issue shares, can only be adopted by a majority of the votes cast. The foregoing also applies to the granting of rights to subscribe for shares, such as options, but does not apply to the issue of shares to a person exercising a previously granted right to subscribe for shares. An authorisation by the general meeting to issue shares must state the term for which it is valid, which term may not be longer than five years. The general meeting is not authorised to resolve on the issuance of shares or the granting of rights to subscribe for shares to the extent it has authorised the Board as the competent body for such purpose. The resolution granting such authority to the Board must specify the number of shares which may be issued (which may be expressed as a percentage of the issued capital). The authorisation may be renewed in each case for another maximum period of five years. Unless provided otherwise in the authorisation, it may not be

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withdrawn, other than upon a proposal thereto of the Board. The Company may not subscribe for its own shares on issue.

The Board was designated by a general meeting, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting and (ii) the date of renewal of this authorisation, to issue shares, to grant rights to subscribe for shares and to limit or exclude statutory pre-emptive rights in relation to such issuances or grants. Such authorisation of the Board is expected to be limited to 10% of the shares in issue for any purposes, including for issuances/grants in connection with employee share plans.

**Pre-emptive Rights**

Upon the issue of shares or granting of rights to subscribe for shares, each holder of shares shall have a pre-emptive right in respect of the shares to be issued, in proportion to the aggregate nominal value of the shares already held by it. Exceptions to these pre-emptive rights include: (i) the issue of shares against a contribution in kind; (ii) the issue of shares to the employees of the Company or of a Group company (*groepsmaatschappij*) pursuant to an employee share scheme or as an employee benefit; and (iii) the issue of shares to persons exercising a previously granted right to subscribe for shares.

Pursuant to the Articles of Association, the pre-emptive right may be restricted or excluded pursuant to a resolution of the general meeting, or by the Board if and during the fixed period the Board has been designated for that purpose by the general meeting at the proposal of the Board. The general meeting is not authorised to resolve on the restriction or exclusion of pre-emptive rights to the extent it has authorised the Board as the competent body for such purpose. The proposal to this effect must explain the reasons for the designation and the intended issue price. The designation of the Board as the competent corporate body to restrict or exclude the pre-emptive rights may be for a period of up to five years. Unless provided otherwise in the authorisation, it may not be withdrawn, other than upon a proposal thereto of the Board. A resolution of the General Meeting to restrict or exclude pre-emptive rights, or to designate the Board to restrict or exclude pre-emptive rights, requires a majority of at least two-thirds of the votes cast if less than 50% of the issued share capital is represented at the general meeting.

The Board has been designated by a general meeting, for a period expiring on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to limit or exclude the pre-emptive rights pertaining to such shares and rights. This authorisation of the Board is limited to up to a maximum of 10% of the shares issued and outstanding.

**Acquisition of Own Shares**

The Board is authorised to acquire fully paid-up shares either gratuitously (*om niet*), under universal succession of title, or if and to the extent: (i) the Company's equity, less the payment required to make the acquisition, does not fall below the sum of called-up and paid-up share capital and any statutory reserves; (ii) the aggregate nominal value of the shares which the Company obtains, holds or holds as pledgee or which are held by a subsidiary does not exceed 50% of the issued share capital; and (iii) the Board has been authorised by a general meeting to repurchase shares. The Company may, without authorisation by a general meeting, acquire its own shares for the purpose of transferring such shares to its employees under a scheme applicable to such employees, provided such shares are quoted on the price list of a stock exchange.

A general meeting's authorisation may be valid for a maximum of 18 months. As part of the authorisation, the general meeting must determine the number of shares that may be acquired, the manner in which the shares may be acquired and the limits within which the price must be set.

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The Board was designated by a general meeting, for a period on the earlier of: (i) the date falling six months following the conclusion of the Company's 2026 Annual General Meeting; and (ii) the date of renewal of this authorisation, to allow the Company to acquire its own shares up to a maximum of 10% of the aggregate number of shares in issue, provided the Company will hold no more shares in treasury than 10% of its issued share capital, either through purchase on a stock exchange or otherwise, at a price, excluding expenses, not lower than the nominal value of the shares and not higher than the opening market price of the shares on Euronext Amsterdam on the day of the repurchase plus 10%.

The Company may not cast votes on shares held by it or by its subsidiaries and such shares will not be counted for the purpose of calculating a voting quorum. Votes may, however, be cast on shares held by the Company if such shares are encumbered with a right of usufruct or a right of pledge that benefits a party other than the Company or a subsidiary of the Company, the voting right attached to those shares accrues to the other party and the right of usufruct or right of pledge was created prior to the Company or its subsidiary obtaining the shares.

No dividend or other distribution shall be paid or made on the shares held by the Company in its own capital, unless such shares are subject to a right of usufruct or pledge and the authority to collect distributions or the right to receive distributions accrues to the usufructuary or the pledgee, respectively. For the purpose of determining the dividend or other distribution on shares, the shares held by the Company in its own capital shall be disregarded. The Board is authorised to dispose of the Company's own shares held by it. For as long as shares are admitted to trading on the ESCC category of the FCA's Official List, the procedures set out under "*Pre-emptive rights*" herein shall apply to the disposal of the Company's own shares held by it.

**Reduction of Share Capital**

Subject to the provisions of Dutch law and the Articles of Association, a general meeting may, but only if proposed by the Board, pass resolutions to reduce the issued share capital by: (i) cancelling shares; or (ii) reducing the nominal value of the shares by amendment of the Articles of Association. A resolution to cancel shares may only relate to shares held by the Company or of which it holds the depositary receipts. A reduction of the nominal value of the shares, whether without redemption or against partial repayment on the shares or upon release from the obligation to pay up the nominal value of the shares, must be made *pro rata* on all shares. This pro rata requirement may be waived if all shareholders concerned so agree. A resolution of a general meeting to reduce the share capital requires a majority of at least two-thirds of the votes cast if less than 50% of the issued share capital is represented at the general meeting. If 50% or more of the issued share capital is represented at the general meeting, then the resolution of the general meeting requires a majority of the votes cast.

In addition, Dutch law contains detailed provisions regarding the reduction of capital. A resolution to reduce the issued share capital shall not take effect as long as creditors have legal recourse against the resolution.

**Transfer of Shares**

The Articles of Association provide that, for as long as shares are listed on a regulated stock exchange outside of the Netherlands, the Board may resolve that the property law aspects (*het goederenrechtelijke regime*) applying to shares that are registered in the part of the Shareholders' Register which is kept outside the Netherlands, shall be governed by the laws of the state of establishment of such foreign stock exchange. The Board has resolved that, as of and subject to the shares being admitted to listing and trading on the NYSE, the laws of the State of New York, United States of America, will apply to the property law aspects of the shares that are registered in the part of the shareholders' register of the Company maintained by Computershare Trust Company, N.A., being all shares. Such resolution will be made public in accordance with the applicable provisions of Dutch law. Accordingly, a transfer of a share (not being, for the avoidance of doubt, a beneficial entitlement

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to a share held through the systems of DTC, Euroclear Bank, Euroclear Nederland or Euroclear UK) or of a restricted right (*beperkt recht*) will be governed by the laws of the State of New York, United States of America. Any change of such designation must also be made public in accordance with the applicable provisions of Dutch law.

Shares that have been entered into DTC's book-entry system will be registered in the name of Cede & Co. as nominee for DTC and transfers of beneficial ownership of shares held through DTC will be effected by electronic transfer made by DTC participants. shares accepted for inclusion by Euroclear Nederland (as the central institute under the Dutch Securities Giro Transactions Act) or an intermediary in the giro depot or collective depot, respectively, can only be delivered from a collective depot or giro depot with due observance of the related provisions of the Dutch Securities Giro Transactions Act. The transfer by a depot shareholder of its book-entry rights representing such shares shall be effected in accordance with the provisions of the Dutch Securities Giro Transactions Act. The same applies to the establishment of a right of pledge and the establishment or transfer of a usufruct on these book-entry rights. Transfers of depository interests (**DIs**) may be effected by means of a relevant system (i.e. CREST) unless the CREST Regulations provide otherwise.

**Amendment of Articles of Association**

A general meeting may pass a resolution to amend the Articles of Association, but only on a proposal of the Board.

A proposal to amend the Articles of Association must be included in the notice of the general meeting. A copy of such proposal containing the verbatim text of the proposed amendment must be deposited at the Company's office, for inspection by shareholders and other persons holding meeting rights, until the end of the meeting. Furthermore, a copy of the proposal must be made available free of charge to Shareholders and other persons holding meeting rights from the day it was deposited until the day of the meeting.

**Dissolution and Liquidation**

The general meeting may pass a resolution to dissolve the Company, but only on a proposal of the Board. When a proposal to dissolve the Company is to be made to a general meeting, such proposal must be stated in the notice convening the general meeting. In the event of the dissolution of the Company by resolution of the general meeting, the Directors will be charged with effecting the liquidation of the Company's affairs, unless the general meeting resolves to appoint one or more other persons as liquidators, without prejudice to the ability of the district court to replace a liquidator. During liquidation, the provisions of the Articles of Association will remain in force to the extent possible.

The balance of the Company's assets remaining after all liabilities have been paid shall be transferred to the holders of shares in proportion to the number of shares held by each shareholder. Any transfer to a shareholder will be subject to the rights of any shareholders to whom shares have been issued on special conditions, and subject further to the right of the Company to apply set-off in respect of the liability, if any, of shareholders for unpaid capital or share premium. Once the liquidation has been completed, the books, records and other data carriers of the dissolved company will be held by the person or legal person appointed for that purpose by the general meeting for the period prescribed by law (which as at the date of this annual report on Form 20-F is seven years).

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## Exhibit 4.7

**Exhibit 4.7**

THE MAGNUM ICE CREAM COMPANY N.V.

and

PETER TER KULVE

SERVICE AGREEMENT

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**THE UNDERSIGNED:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **The Magnum Ice Cream Company N.V.**, a public company (*naamloze vennootschap*), having its corporate seat (*statutaire zetel*) in Amsterdam, the Netherlands and maintaining business premises at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands, and registered with the Dutch Trade Register under file number 97035467 (the "**Company** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Peter ter Kulve**, [\*\*\*\*\*] (the "**Individual** ").

The Company and the Individual hereinafter also collectively referred to as the "**Parties**" and each individually as a "**Party**".

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Individual provides services to the Company, consisting of being an executive director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Parties wish to record their agreement in this respect in writing by means of this service agreement (the "**Service Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With reference to Article 2:132 (3) of the Dutch Civil Code, this Service Agreement does not constitute an employment agreement within the meaning of Article 7:610 et seq. of the Dutch Civil Code, but qualifies as a services agreement (*overeenkomst van opdracht*) within the meaning of Article 7:400 et seq. of the Dutch Civil Code, and the Individual enters into this Service Agreement in the course of an independent profession or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Service Agreement is subject to the Board establishing these terms and conditions by means of a resolution.

**HAVE AGREED AS FOLLOWS:**

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| | |
|:---|:---|
| **1** | **Definitions and Interpretation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** In this Service Agreement (and any schedules to it):

"**Board**" means the board of directors of the Company from time to time or any person or committee nominated by the board of directors as its representative for the purposes of this Service Agreement;

"**Confidential Information**" means information (whether or not recorded, and in any form, physical, electronic or otherwise) relating to the business, products, affairs and finances of the Company or any Group Company for the time being confidential to the Company or any Group Company and trade secrets (including trade secrets within the meaning of the Dutch Trade Secrets Act) including, without limitation, technical data and know-how relating to the business of the Company or any Group Company or any of its or their business contacts, including in particular (by way of illustration only and without limitation) customer/client lists, pricing lists/structures, business/strategy plans, software, sales and marketing information, agreements with suppliers or contractors, employee details including as to terms and conditions and remuneration;

"**Group**" means the Company and any Group Company from time to time;

"**Group Company**" means any (group) company affiliated with the Company from time to time and "**Group Companies**" will be interpreted accordingly;

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"**Remuneration Policy**" means such policy for the remuneration and benefits of directors of the Company as applicable from time to time; and

"**Variable Remuneration**" means any bonus or incentive award in whatever form including, but not limited to, cash, shares or other financial instruments (or rights or options thereto), whether paid or vesting upfront or subject to deferral.

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| | |
|:---|:---|
| **2** | **Duties and responsibilities** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Individual will serve as executive director of the Company and Chief Executive Officer. In this role, the Individual shall be responsible for the general management of the business of the Company. The Individual is prepared to also perform other work or duties, if the Company's reasonable interests require this, at the Company's discretion. The Individual will report to the chair of the Board (from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The Individual will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** devote the whole of their working time, attention and skill to their duties under this Service Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** properly perform their duties and exercise their powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** act in the best interest of the Company and its affiliated enterprise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** comply with all rules, requirements, codes and regulations imposed or recommended from time to time by any industry or regulatory body relevant to their role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.5** comply with all statutory duties to the Company or any Group Companies of which the Individual is a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.6** do such things as are necessary to ensure compliance by themselves and the Company and any Group Companies with all rules, requirements, recommendations or codes as amended, replaced or introduced from time to time including but not limited to those of the Dutch, UK and US listing authority (including the Market Abuse Regulation and any internal share dealing code of the Company), any regulator, and any Corporate Governance Code, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.7** accept any offices or directorships as reasonably required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.8** comply with all rules, policies and regulations issued by the Company whether or not contained in the Code of Business Principles and related Code Policies, including but not limited to the Company's Privacy and Data Protection policy and the Anti-Bribery, Gifts & Hospitality Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.9** comply with the directions of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.10** use their best endeavours to promote the interests and reputation of the Company and every Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.11** not do anything that would cause the Individual to be disqualified from acting as a director or have a negative impact on their own reputation or the reputation of the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** The Individual will keep the Board (and, where appropriate the board of any Group Company) fully informed of their conduct of the business, finances or affairs of the Company

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or any Group Company in a prompt and timely manner. The Individual will provide information to the Board in writing if requested.

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| | |
|:---|:---|
| **3** | **Duration and termination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** This Service Agreement becomes effective as of the date of listing of the Company, and will (subject to the terms of this Service Agreement) continue for a term of four years and will terminate by operation of law four (4) years after its effective date, unless such term is extended by the Parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Individual may terminate this Service Agreement at any time, subject to six months' advance notice in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** The Company may, in addition to its termination right set forth in Clause 3.4 below, at its sole discretion terminate this Service Agreement at any time, subject to six months' advance notice in writing to the Individual **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** In addition, the Company shall be entitled to terminate this Service Agreement at any time immediately by means of a written notice to the Individual if the Individual shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.1** cease to be available to discharge their obligations under this Service Agreement for a continuous period of more than 60 days for any reason (including but not limited to sickness, accident or physical or mental incapacity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.2** be guilty of any serious misconduct, or any conduct tending to bring the Company, any Group Company or any of its or their business partners, or the Individual themselves, into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.3** be convicted of any criminal offence other than minor road traffic offences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.4** be subject to a civil law director disqualification (*civielrechtelijk bestuursverbod*) as referred to in article 106a of the Netherlands Bankruptcy Act (*Faillissementswet*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.5** be placed under guardianship (*curatele*) or be put under administration (*bewind*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.6** become bankrupt or make any composition or enter into any arrangement with their creditors (or any class of creditors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.7** commit any act of dishonesty, whether relating to the Company, any Group Company or any of its or their business partners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.8** take any action that is detrimental to or otherwise adversely affects the interests of the Company, any Group Company or any of its or their business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** Each Party shall be entitled to terminate this Service Agreement immediately upon the giving of written notice to the other Party if the other Party shall have committed a serious or persistent breach of the terms of this Service Agreement and (if such breach shall be capable of remedy) shall have failed to remedy the same within 7 days of the service of written notice specifying the details of the breach and the action required to remedy it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** This Service Agreement will automatically be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.1** in case of the Individual's death, in which case termination takes immediate effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.2** upon the resignation of the Individual as executive director of the Company, in which case termination takes effect at the end of the notice period set out in Clause 3.2;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.3** upon the Individual being dismissed or not being (re)elected as executive director of the Company by the Company's general meeting, as per the end of the general meeting concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.4** upon the Individual not being proposed or nominated for (re)election as executive director of the Company, as per the moment the Individual's current term of appointment lapses,

and provided that in the event of Clause 3.6.3 and Clause 3.6.4 the Company or the Company's general meeting may determine that the Service Agreement (i) will not be terminated or (ii) will be terminated as per another date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** Notwithstanding the other provisions of this Service Agreement, the Company shall have the power to terminate this Service Agreement immediately at any time by notifying the Individual in writing that the Company is exercising its right to do so under this Clause 3.7 and paying to the Individual (less any deductions the Company is required by law to make) within 28 days of such notice an amount equal to the pro-rated amount of the annual fee in lieu of the unexpired notice period (or balance thereof) which would otherwise be applicable pursuant to this Clause 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** The Company may pay any sums due under Clause 3.7 in equal monthly instalments until the date on which the notice period referred to at Clause 3.7 would have expired if notice had been worked. The Individual shall be obliged to seek alternative income during this period and to promptly notify the Company of any income so received. The instalment payments shall then be reduced by the amount of such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9** The Company shall have the power to deduct from any sums due to the Individual under Clause 3.7 such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9.1** as shall be necessary to satisfy any performance adjustment or clawback provisions applicable to the Individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9.2** as are required by law.

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| | |
|:---|:---|
| **4** | **Severance** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** If this Service Agreement is terminated at the initiative of the Company other than pursuant to clause 3.4.2 to 3.4.8 and 3.5, the Company shall pay to the Individual, in accordance with the Dutch Corporate Governance Code 2025, gross severance compensation not exceeding the gross fixed annual compensation as referred to in Clause 8.1. The Company shall not pay the aforementioned severance if such severance payment would be unacceptable according to the standards of the Dutch Corporate Governance Code 2025 and any future amendments thereof as applicable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** The termination by operation of law at the end of the term in accordance with Clause 3.6.3 and Clause 3.6.4 shall not be deemed a "termination at the initiative of the Company" for the purposes of Clause 4.1 and the aforementioned severance payment referred to in this Clause 4 will not be due by the Company in either scenario.

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| | |
|:---|:---|
| **5** | **Garden leave** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** At any time after notice to terminate the Service Agreement is given by either Party under Clause 3 above, or if the Individual resigns without giving due notice and the Company does not accept such resignation, the Company shall have the power, for a period not exceeding

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the applicable notice period or the balance of the applicable notice period (the "**Garden Leave Period**"), to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** require the Individual not to perform any duties for the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** require the Individual not to remain or become involved in any aspect of the business of the Company or any Group Company, except as required by such companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** appoint another person to carry out the Individual's duties jointly with the Individual, or in the Individual's place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4** vary the Individual's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.5** restrict the Individual from retaining, and prohibit the Individual from or seeking to obtain, any access to electronic systems or devices owned or operated by the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.6** prohibit the Individual from contacting or having any communication with any customer or client of the Company or any Group Company in relation to the business of the Company or any Group Company (other than purely social contact and responding to incoming communications solely to refer the person to the relevant individual within the Group Companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.7** prohibit the Individual from contacting or having any communication with any employee, officer, director, agent or consultant of the Company or any Group Company in relation to the business of the Company or any Group Company (other than purely social contact and responding to incoming communications solely to refer the person to the relevant individual within the Group Companies); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.8** prohibit the Individual from entering or attending the premises of the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** During the Garden Leave Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** neither the Company nor any Group Company is under any obligation to provide the Individual with any work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** the Individual will be entitled to receive the fees in accordance with the terms of this Service Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** the Individual will not be entitled to any variable remuneration (unless the applicable plan rules or scheme provide otherwise), or to any new award pursuant to any long-term incentive plan or scheme, during or referable to any Garden Leave Period. Any entitlement to variable remuneration in respect of or granted before the Garden Leave Period will be subject to the rules of the relevant plan/schemes(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** unless otherwise permitted by the terms of this Service Agreement, the Individual shall not without the prior written consent of the Board, be employed or otherwise engaged in the conduct of any business activity or take any affirmative steps to establish, develop or assist any business which provides, offers or engages in or is about to or intends to provide, offer or engage in any business in competition with the business of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.5** the Individual will provide such assistance as the Company or any Group Company may require to effect an orderly handover of the Individual's responsibilities to any individual or individuals appointed by the Company or any Group Company to take over the Individual's role or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.6** the Individual shall make themselves available to deal with requests for information, provide assistance, be available for meetings and advise on matters relating to work (unless the Company has agreed that the Individual may be unavailable for a period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.7** the Individual shall not make any internal or external announcement regarding their service under this Service Agreement or its termination, unless it has previously been approved in writing by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.8** all of the Individual's duties under this Service Agreement and (subject to clause 18.2) as a director of the Company or any Group Company (whether express or implied), including, without limitation, to act in the best interest of the Company (or any relevant Group Company), shall continue throughout the Garden Leave Period save as expressly varied by this Clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** At the end of the Garden Leave Period (or at any time during it), the Company shall have the power to terminate this Service Agreement immediately in accordance with the provisions of Clauses 3.7 to 3.9.

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| | |
|:---|:---|
| **6** | **Obligations of the Company** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** The Company shall at all times provide the Individual with all necessary information for them to satisfactorily perform their duties and render their services under this Service Agreement.

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| | |
|:---|:---|
| **7** | **Hours and location** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** The Individual will work for whatever time is reasonably required to properly carry out the Individual's duties under this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** The Individual will work at the principal office of the Company in the Netherlands or anywhere else as shall be reasonably required by the Board. The Individual acknowledges and accepts that they may, at the Board's request, be required to relocate in order to satisfy their obligations to the Company.

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| | |
|:---|:---|
| **8** | **Remuneration, benefits and expenses** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The Company will pay the Individual an annual fee of EUR 1,250,000 gross (i.e. subject to applicable tax and social security withholdings in accordance with applicable law), to be paid in twelve equal monthly instalments to a bank account designated by the Individual. The Individual will not be entitled to any fees in respect of any period in which they are unable to carry out their duties under this Service Agreement (unless otherwise agreed with Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** The Company will pay the Individual a benefits envelope equal to 20% of the gross annual fee, which enables the Individual to make their own retirement arrangements, to be paid in twelve equal monthly instalments. The Individual will not be entitled to this payment in respect of any period in which they are unable to carry out their duties under this Service Agreement (unless otherwise agreed with Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The Individual will also be eligible to receive the following benefits, provided by the Company, subject to the terms and conditions of the relevant policies and provided that the Company may from time to time at its discretion amend, replace or discontinue benefits, amend the terms on which they are provided (including without limitation by substituting other schemes/providers, changing the scale, level and nature of the Individual's benefits package, and/or terminating and not replacing any of the benefits for which the Individual may be eligible from time to time if the Company believes it is in the best interests of the business to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) international private medical insurance for the Individual and eligible dependents (currently provided by Allianz);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) life insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) disability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** The Company will cover the reasonable costs of assistance from a third-party tax vendor with the preparation and filing of the Individual's income tax returns. The Individual is required to cooperate with the Company and the tax vendor by providing requested information promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** The Company will reimburse the Individual for any reasonable and documented expenses (such as travel costs) properly incurred in performance of the duties under this Service Agreement in accordance with any expense policies or procedures in force from time to time.

**Variable Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** The Individual is eligible to participate in such long and/or short-term incentive schemes, including but not limited to bonus, as the Board shall determine from time to time, on a basis consistent with the Remuneration Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** Participation and the making of any award or payment is subject to the rules of the relevant plan or scheme and nothing in this Service Agreement shall give the Individual any entitlement to receive any awards or payments under such a plan or scheme. If the Board makes any award or payment to the Individual in respect of any year it shall not be obliged to make an award or payment of any or a similar amount in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** The Individual may be entitled to receive a pro-rata bonus in the year in which the Service Agreement terminates, provided that such a bonus is consistent with the Remuneration Policy and is subject to the achievement of such performance measures as the Board considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** Any Variable Remuneration payable to the Individual in connection with this Service Agreement (in whatever form and whether awarded before or after the date of this Service Agreement) is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.1** the Company's policy including any plan rules, schemes, or other regulations or rules applicable to the Company, including any Remuneration Policy, from time to time in force, dealing with performance adjustment and clawback. The Individual acknowledges that in accordance with such a policy the Company or any Group Company may reduce or cancel any Variable Remuneration prior to payment or vesting and/or require repayment of Variable Remuneration payments already made to the Individual and/or surrender of shares or other benefits provided. In the case of repayment, this may be by way of deduction from any payments due to the Individual in the future, including but not limited to future fees, and/or Variable

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Remuneration. By entering into this Service Agreement, the Individual agrees to the operation of performance adjustment and clawback and, in particular, where required, consents to such repayment, surrender and/or deduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.2** any applicable plan rules or schemes in place from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.3** such deductions as are required by law and in each case paid gross (i.e. subject to applicable tax and social security withholdings in accordance with applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10** Any payments or awards offered or made to the Individual under this Clause 8 are and remain subject to any law, regulation, or regulatory guidance from time to time applicable, including any Remuneration Policy. The Company is only authorised to make payments to the Individual which are within the terms of the Remuneration Policy. Any other payment shall require the express approval of the authorised body of the Company and the Company will not be obliged to seek such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11** No further remuneration or benefits will be provided in consideration of this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12** In each case where the Company is assessed with employee taxation (including but not limited to wage taxes) or any social security premiums in relation to any actual or deemed payments made by the Company to the Individual under this Service Agreement, to the extent such employee taxation and social security premiums have not already been withheld by the Company from such payments, in each case including any interest, fines and/or penalties, the Individual agrees that, to the extent allowed pursuant to applicable law, the Company may recover such taxes and social security premiums attributable to the Individual, in each case including any interest, fines and/or penalties, from the Individual, via deductions from any payments made by the Company to the Individual under this Service Agreement, and, if and to the extent that such deductions are insufficient to cover such taxes and social security premiums, the Individual shall indemnify and hold the Company harmless by paying to the Company an amount equal to such taxes and social security premiums, in each case including any interest, fines and/or penalties, promptly upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13** The Individual will comply with the personal shareholding requirements set out in the Company's Remuneration Policy or in any other policy from time to time, including in respect of obligations applicable to the Individual (i) following termination of this Service Agreement and/or (ii) to hold some or all Company shares received as a result of the vesting, release and/or exercise of awards under the Company's Variable Remuneration arrangements from time to time.

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| | |
|:---|:---|
| **9** | **Illness** |

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In the event of illness or other reason pursuant to which the Individual is incapacitated or unable to discharge their obligations under this Service Agreement, the Individual shall notify the Company as soon as possible.

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| | |
|:---|:---|
| **10** | **Liability** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** The Individual shall be covered by directors & officers liability insurance, in accordance with the applicable terms and conditions from time to time.

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| | |
|:---|:---|
| **11** | **Confidentiality** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** During the term of this Service Agreement (except in the proper course of the performance of their services) or at any time after the termination of this Service Agreement, the Individual shall (i) not make use of or disclose to any person any Confidential Information relating to the Company, any of its subsidiaries, affiliates, or any of its or their business partners and (ii) use their best efforts to prevent the unauthorised use or disclosure of any such information; provided always that the Individual may disclose any such Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1** to their professional advisers who need to have such knowledge upon those persons undertaking to keep strictly confidential any Confidential Information disclosed to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2** to any government agency or regulatory body, including a stock exchange in compliance with any law or regulation applicable to the Company, any of its subsidiaries, affiliates, or any of its or their business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.3** if the information (in the form in which it is compiled) is in the public domain otherwise than by virtue of a breach of this Service Agreement by the Individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.4** if the information was lawfully in the possession of the recipient before disclosure by the Individual and was not acquired directly from the Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** Nothing in this Service Agreement shall prohibit the disclosure by the Individual of information that they are required to disclose by applicable law. The Individual shall consult with the Company so far as may be reasonably possible before making any such disclosure.

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| | |
|:---|:---|
| **12** | **Ancillary activities** |

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The Individual shall not take on any appointments or interests which might give rise to a conflict of interest with the Company and/or any of the Group Companies, without the Company's prior written approval. The Individual must notify the chair of the Board of any appointments or interests before commencement thereof. Accepting any outside directorship, including a non-executive director position or a position as a supervisory board member, requires the prior approval of the Board.

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| | |
|:---|:---|
| **13** | **Gifts** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** For the duration of this Service Agreement and without the Company's explicit prior written consent, the Individual is forbidden to accept or stipulate, either directly or in any way indirectly, any kind of commission, compensation, fee or payment of any kind and in whatever shape or form from business relations of the Company or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** The Individual is forbidden to accept from business relations of the Company or others, any gifts of more than € 250 and other benefits, in whatever shape or form, of which it is likely that these were offered to the Individual in connection with their position or activities for the Company. If the Individual is offered such gifts or benefits by business relations of the Company or others they shall notify the Company about this immediately. In case the Individual is in doubt about the proper application of this Clause they should always consult the non-executive directors of the Company first.

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| | |
|:---|:---|
| **14** | **Non-competition and non-solicitation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** In this Clause 14:

"**Prohibited Area**" means all jurisdictions in which the Company and/or any Group Company has material business dealings in the 12 months prior to the Relevant Date;

"**Relevant Date**" means the date on which the Service Agreement terminates; and

"**Restricted Period**" means the period of one year commencing on the Relevant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** The Individual is likely to obtain Confidential Information and personal knowledge of and influence over customers, clients and employees of the Group during the course of the Service Agreement. To protect these and other legitimate interests of the Company, the Individual agrees with the Company that the Individual will be bound by the following covenants (unless with the prior approval of the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.1** during the Restricted Period and within the Prohibited Area the Individual will not (i) be employed or engaged in (including as a director), or carry on for their own account or for any other person; or (ii) be a shareholder of any company engaged in (other than as a minority shareholder beneficially entitled to not more than 3% of the issued share capital of a company), any business which is or is about to be in competition with any business of the Company or any Group Company being carried on by such company at the Relevant Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.2** during the Restricted Period the Individual will not directly or indirectly advise or participate or act in concert with or be employed or engaged by any person, firm, company or other organisation who makes or is considering making any offer for the issued share capital of the Company or making an offer to buy the business or a significant proportion of the business of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.3** during the Restricted Period the Individual will not (either on his own behalf or for or with any other person), whether directly or indirectly, deal with or otherwise accept in competition with the Company or any Group Company the custom of any person who was at any time during the 12 months prior to the Relevant Date a customer or client of, or in the habit of dealing with, the Company or (as the case may be) any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.4** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company or any Group Company the custom of any person who at any time during the 12 months prior to the Relevant Date was a customer or client of, or in the habit of dealing with, the Company or (as the case may be) any Group Company and in respect of whom the Individual had access to Confidential Information or with whose custom or business the Individual was personally concerned or employees reporting directly to them were personally concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.5** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, deal with or otherwise accept in competition with the Company or any Group Company the custom of any person who was negotiating with the Company or any Group Company for the supply of goods or services (whether as customer, client, supplier, agent or distributor of the Company) during the six months prior to the Relevant Date or

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who was a potential customer to whom the Individual had made a presentation or a pitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.6** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company or any Group Company the custom of any person who was negotiating with the Company or any Group Company for the supply of goods or services (whether as customer, client, supplier, agent or distributor of the Company) during the six months prior to the Relevant Date or who was a potential customer to whom the Individual had made a presentation or a pitch; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.7** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, entice or try to entice away from the Company or any Group Company any person who was at the Relevant Date and who had been at any time during the six months prior to the Relevant Date an employee, director, officer, agent or consultant of the Company or a Group Company and with whom the Individual had worked closely at any time during that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** Each of the paragraphs contained in Clause 14.2 constitutes an entirely separate and independent covenant. If any covenant is found to be invalid this will not affect the validity or enforceability of any of the other covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** Following the Relevant Date, the Individual will not represent themselves as being in any way connected with the businesses of the Company or of any Group Company (except as a shareholder of the Company or otherwise to the extent agreed by such a company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** If any person, firm, company or other entity makes an offer of employment, or appointment as a director or officer, agent, consultancy or partnership, to the Individual at any time during the Service Agreement or thereafter whilst any restrictions in this Clause 14 remain in force, the Individual shall provide such person, firm, company or other entity with a copy of Clauses 11 and 14 of this Service Agreement immediately upon receiving such an offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** Any benefit given or deemed to be given by the Individual to any Group Company under the terms of this Clause 14 is received and held on trust by the Company for the relevant Group Company and the provisions of this Clause 14 are irrevocable third-party stipulations for no consideration (*onherroeppelijke derdenbedingen om niet*) for each of the Group Companies. The Individual will enter into appropriate restrictive covenants directly with any Group Company if asked to do so by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** The obligations as set out in this Clause 14 also apply if the Individual obtains a different position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** This Clause 14 also extends to include the interests of future legal successors – by universal or singular title – to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9** The Individual acknowledges the interest of the Company in protecting its goodwill and market position as set out in this Clause 14 and the Parties determine that this Clause 14 protects this interest in a reasonable manner.

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| | |
|:---|:---|
| **15** | **Intellectual property rights** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** The Parties agree that, worldwide, all existing and future rights and intellectual property rights (including, but not limited to: patent rights, copyrights, neighbouring rights, database

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rights, design rights, trade mark rights, trade name rights and rights to know-how) in respect of all that is brought about in, or in relation to, the execution of this Service Agreement, regardless of whether such falls within the (assigned) duties of the Individual, are vested exclusively in the Company. The aforementioned shall hereinafter be referred to as the "**Result(s)**", the (intellectual property) rights in respect of the Result(s) as the "**Intellectual Property Rights**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** Insofar as the Intellectual Property Rights are, by operation of law or otherwise, vested in the Individual, the Individual hereby irrevocably, unconditionally and without limitation, assigns and transfers to the Company all such (existing and future) Intellectual Property Rights, which assignment and transfer is hereby accepted (in advance) by the Company. **15.3** The Individual hereby irrevocably waives all (existing and future) moral rights as meant, inter alia, in Article 25 of the Dutch Copyright Act (*Auteurswet*) and Article 5 of the Neighbouring Rights Act 1993 (*Wet op de naburige rechten*), and all comparable provisions worldwide that rest upon, are incorporated in or arise from the Result(s), in as far as such acts provide for such possibility ()"**Moral Rights** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** The Individual shall at the Company's request – both during the term of this Service Agreement and after its termination – perform all acts that the Company deems necessary or desirable to perfect the assignment and transfer of the Intellectual Property Rights and/or waiver of Moral Rights, to establish and protect the Intellectual Property Rights and to enforce them in relation to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** The payment of the fee to the Individual by the Company on the basis of this Service Agreement also covers any assignment of (future) Intellectual Property Rights and any waiver of Moral Rights by the Individual and any exploitation (including by any future forms of exploitation) as meant under this Service Agreement and also includes any and all reasonable remunerations payable under applicable law.

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| | |
|:---|:---|
| **16** | **Penalty clause** |

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Upon infringement of any of the obligations in Clauses 11 (Confidentiality), 12 (Ancillary activities), 13 (Gifts), 14 (Non-competition and non-solicitation) or 15 (Intellectual property rights) of this Service Agreement, the Individual shall without further notice of default forfeit a penalty to the Company for each infringement of EUR 25,000 as well as a penalty of EUR 5,000 for each day that this infringement continues, without prejudice to the right of the Company to claim the damages actually suffered instead, if these damages exceed the stipulated penalty. In addition, this penalty is without prejudice to the Company's possibility to impose other sanctions in relation to such infringements.

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| | |
|:---|:---|
| **17** | **Return of Company Property** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** At any time during the Service Agreement (at the request of the Company) and in any event when the Service Agreement terminates, the Individual will immediately return to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1** all documents, files, records, correspondence, information (in any form whether physical, electronic or otherwise and whether originals or copies) including but not limited to client/customer lists and contacts which the Individual has in their possession or control concerning the Company or any Group Company. The Individual agrees that they will not retain any copies of any materials or other information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2** all other property (including, without limitation, keys, security pass, credit or charge cards, business equipment, mobile phone or smart phone, tablet computer, laptop or printer) belonging or relating to the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** When the Service Agreement terminates the Individual will delete from any device owned, controlled or used by them any files, records, documents, correspondence, data, client lists, customer lists and contacts, and all Company and Group information including but not limited to Confidential Information and copies thereof.

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| | |
|:---|:---|
| **18** | **Directorships** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** The Individual's office as a director of the Company or any Group Company is subject to the Articles of Association of the relevant company (as amended from time to time). If the provisions of this Service Agreement conflict with the provisions of the Articles of Association, the Articles of Association will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** The Individual agrees that they will resign from any office, directorship or trusteeship held in any Group Company if they are asked to do so by the Company (including, but not limited to, during any Garden Leave Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** Save where Clause 3.6 applies, the termination of any directorship held by the Individual will not terminate this Service Agreement or amount to a breach of terms of this Service Agreement by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** During the Service Agreement the Individual will not do anything which could cause them to be disqualified from continuing to act as a director of any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.5** The Individual must not resign his office as a director of any Group Company without the agreement of the Company.

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| | |
|:---|:---|
| **19** | **Data Privacy** |

---

The Individual acknowledges that the Company will process their personal data and sensitive personal data relating to the Service Agreement in accordance with the Company's privacy policy in place from time to time. A copy of the Company's privacy policy is available from HR.

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| | |
|:---|:---|
| **20** | **Miscellaneous** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** With reference to Article 2:132 (3) of the Dutch Civil Code, the performance of the role of executive director of the Company and Chief Executive Officer is considered to be the rendering of services and this Service Agreement qualifies as a services agreement (*overeenkomst van opdracht*) within the meaning of Article 7:400 et seq. of the Dutch Civil Code. The Individual will not be an employee of the Company, its subsidiaries or its affiliates and this Service Agreement shall not constitute an employment agreement within the meaning of Article 7:610 et seq. of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** This Service Agreement constitutes the entire agreement between the Parties in respect of its subject matter and replaces all previous oral or written agreements, understandings and communications of the Parties as to such subject matter. The Parties acknowledge that the Individual's prior employment agreement has been converted by law into a services agreement and the Parties subsequently agreed new terms and conditions. No notice or other payment are due in connection with the aforementioned conversion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** No amendment or variation of this Service Agreement shall be effective unless made in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** The Individual cannot assign this Service Agreement to anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** Neither Party's rights or powers under this Service Agreement will be affected if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5.1** one Party delays in enforcing any provision of this Service Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5.2** one Party grants time to the other Party to remedy any breach by the other Party of its obligations under this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** If either Party agrees to waive its or their rights under a provision of this Service Agreement, that waiver will only be effective if it is in writing and it is signed by it or them. A Party's agreement to waive any breach of any term or condition of this Service Agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** If at any time any provision of this Service Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Service Agreement shall not be affected or impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.8** This Service Agreement may be executed in counterparts. Each counterpart shall constitute an original of this Service Agreement, but all the counterparts together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.9** This Service Agreement shall be governed by the laws of the Netherlands. Any dispute arising under this Service Agreement or any agreement resulting therefrom and relating thereto shall be brought before the competent court of Amsterdam, the Netherlands.

*\*\*\* signature page follows \*\*\**

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Thus agreed upon and signed in duplicate,

**The Magnum Ice Cream Company N.V.**

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| | | |
|:---|:---|:---|
| By | /s/ Jean-Francois van Boxmeer | /s/ Jean-Francois van Boxmeer |
|  | Name: | Jean-Francois van Boxmeer |
|  | Title: | Chair |
|  | Date: | 2 December 2025 |

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**The Individual**

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| | | |
|:---|:---|:---|
| By | /s/ Peter ter Kulve | /s/ Peter ter Kulve |
|  | Name: | Peter ter Kulve |
|  | Date: | 2 December 2025 |

---

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## Exhibit 4.8

**Exhibit 4.8**

THE MAGNUM ICE CREAM COMPANY N.V.

and

ABHIJIT BHATTACHARYA

SERVICE AGREEMENT

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**THE UNDERSIGNED:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **The Magnum Ice Cream Company N.V**, a public company (*naamloze vennootschap*), having its corporate seat (*statutaire zetel*) in Amsterdam, the Netherlands and maintaining business premises at Reguliersdwarsstraat 63, 1017 BK Amsterdam, the Netherlands, and registered with the Dutch Trade Register under file number 97035467 (the "**Company** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Abhijit Bhattacharya**, [\*\*\*\*\*] (the "**Individual** ").

The Company and the Individual hereinafter also collectively referred to as the "**Parties**" and each individually as a "**Party**".

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Individual provides services to the Company, consisting of being an executive director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Parties wish to record their agreement in this respect in writing by means of this service agreement (the "**Service Agreement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With reference to Article 2:132 (3) of the Dutch Civil Code, this Service Agreement does not constitute an employment agreement within the meaning of Article 7:610 et seq. of the Dutch Civil Code, but qualifies as a services agreement (*overeenkomst van opdracht*) within the meaning of Article 7:400 et seq. of the Dutch Civil Code, and the Individual enters into this Service Agreement in the course of an independent profession or business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Service Agreement is subject to the Board establishing these terms and conditions by means of a resolution.

**HAVE AGREED AS FOLLOWS:**

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| | |
|:---|:---|
| **1** | **Definitions and Interpretation** |

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**1.1**In this Service Agreement (and any schedules to it):

"**Board**" means the board of directors of the Company from time to time or any person or committee nominated by the board of directors as its representative for the purposes of this Service Agreement;

"**Confidential Information**" means information (whether or not recorded, and in any form, physical, electronic or otherwise) relating to the business, products, affairs and finances of the Company or any Group Company for the time being confidential to the Company or any Group Company and trade secrets (including trade secrets within the meaning of the Dutch Trade Secrets Act) including, without limitation, technical data and know-how relating to the business of the Company or any Group Company or any of its or their business contacts, including in particular (by way of illustration only and without limitation) customer/client lists, pricing lists/structures, business/strategy plans, software, sales and marketing information, agreements with suppliers or contractors, employee details including as to terms and conditions and remuneration;

"**Group**" means the Company and any Group Company from time to time;

"**Group Company**" means any (group) company affiliated with the Company from time to time and "**Group Companies**" will be interpreted accordingly;

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"**Remuneration Policy**" means such policy for the remuneration and benefits of directors of the Company as applicable from time to time; and

"**Variable Remuneration**" means any bonus or incentive award in whatever form including, but not limited to, cash, shares or other financial instruments (or rights or options thereto), whether paid or vesting upfront or subject to deferral.

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| | |
|:---|:---|
| **2** | **Duties and responsibilities** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Individual will serve as executive director of the Company and Chief Financial Officer. In this role, the Individual shall be responsible for the financial affairs of the Company. The Individual is prepared to also perform other work or duties, if the Company's reasonable interests require this, at the Company's discretion. The Individual will report to the chair of the Board (from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** The Individual will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** devote the whole of their working time, attention and skill to their duties under this Service Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** properly perform their duties and exercise their powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** act in the best interest of the Company and its affiliated enterprise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4** comply with all rules, requirements, codes and regulations imposed or recommended from time to time by any industry or regulatory body relevant to their role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.5** comply with all statutory duties to the Company or any Group Companies of which the Individual is a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.6** do such things as are necessary to ensure compliance by themselves and the Company and any Group Companies with all rules, requirements, recommendations or codes as amended, replaced or introduced from time to time including but not limited to those of the Dutch, UK and US listing authority (including the Market Abuse Regulation and any internal share dealing code of the Company), any regulator, and any Corporate Governance Code, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.7** accept any offices or directorships as reasonably required by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.8** comply with all rules, policies and regulations issued by the Company whether or not contained in the Code of Business Principles and related Code Policies, including but not limited to the Company's Privacy and Data Protection policy and the Anti-Bribery, Gifts & Hospitality Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.9** comply with the directions of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.10** use their best endeavours to promote the interests and reputation of the Company and every Group Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.11** not do anything that would cause the Individual to be disqualified from acting as a director or have a negative impact on their own reputation or the reputation of the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** The Individual will keep the Board (and, where appropriate the board of any Group Company) fully informed of their conduct of the business, finances or affairs of the Company

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or any Group Company in a prompt and timely manner. The Individual will provide information to the Board in writing if requested.

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|:---|:---|
| **3** | **Duration and termination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** This Service Agreement becomes effective as of the date of listing of the Company, and will (subject to the terms of this Service Agreement) continue for a term of four years and will terminate by operation of law four (4) years after its effective date, unless such term is extended by the Parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Individual may terminate this Service Agreement at any time, subject to six months' advance notice in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** The Company may, in addition to its termination right set forth in Clause 3.4 below, at its sole discretion terminate this Service Agreement at any time, subject to six months' advance notice in writing to the Individual **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** In addition, the Company shall be entitled to terminate this Service Agreement at any time immediately by means of a written notice to the Individual if the Individual shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.1** cease to be available to discharge their obligations under this Service Agreement for a continuous period of more than 60 days for any reason (including but not limited to sickness, accident or physical or mental incapacity);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.2** be guilty of any serious misconduct, or any conduct tending to bring the Company, any Group Company or any of its or their business partners, or the Individual themselves, into disrepute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.3** be convicted of any criminal offence other than minor road traffic offences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.4** be subject to a civil law director disqualification (*civielrechtelijk bestuursverbod*) as referred to in article 106a of the Netherlands Bankruptcy Act (*Faillissementswet*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.5** be placed under guardianship (*curatele*) or be put under administration (*bewind*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.6** become bankrupt or make any composition or enter into any arrangement with their creditors (or any class of creditors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.7** commit any act of dishonesty, whether relating to the Company, any Group Company or any of its or their business partners; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4.8** take any action that is detrimental to or otherwise adversely affects the interests of the Company, any Group Company or any of its or their business partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** Each Party shall be entitled to terminate this Service Agreement immediately upon the giving of written notice to the other Party if the other Party shall have committed a serious or persistent breach of the terms of this Service Agreement and (if such breach shall be capable of remedy) shall have failed to remedy the same within 7 days of the service of written notice specifying the details of the breach and the action required to remedy it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** This Service Agreement will automatically be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.1** in case of the Individual's death, in which case termination takes immediate effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.2** upon the resignation of the Individual as executive director of the Company, in which case termination takes effect at the end of the notice period set out in Clause 3.2;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.3** upon the Individual being dismissed or not being (re)elected as executive director of the Company by the Company's general meeting, as per the end of the general meeting concerned; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.4** upon the Individual not being proposed or nominated for (re)election as executive director of the Company, as per the moment the Individual's current term of appointment lapses,

and provided that in the event of Clause 3.6.3 and Clause 3.6.4 the Company or the Company's general meeting may determine that the Service Agreement (i) will not be terminated or (ii) will be terminated as per another date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** Notwithstanding the other provisions of this Service Agreement, the Company shall have the power to terminate this Service Agreement immediately at any time by notifying the Individual in writing that the Company is exercising its right to do so under this Clause 3.7 and paying to the Individual (less any deductions the Company is required by law to make) within 28 days of such notice an amount equal to the pro-rated amount of the annual fee in lieu of the unexpired notice period (or balance thereof) which would otherwise be applicable pursuant to this Clause 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** The Company may pay any sums due under Clause 3.7 in equal monthly instalments until the date on which the notice period referred to at Clause 3.7 would have expired if notice had been worked. The Individual shall be obliged to seek alternative income during this period and to promptly notify the Company of any income so received. The instalment payments shall then be reduced by the amount of such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9** The Company shall have the power to deduct from any sums due to the Individual under Clause 3.7 such amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9.1** as shall be necessary to satisfy any performance adjustment or clawback provisions applicable to the Individual; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9.2** as are required by law.

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| | |
|:---|:---|
| **4** | **Severance** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** If this Service Agreement is terminated at the initiative of the Company other than pursuant to clause 3.4.2 to 3.4.8 and 3.5, the Company shall pay to the Individual, in accordance with the Dutch Corporate Governance Code 2025, gross severance compensation not exceeding the gross fixed annual compensation as referred to in Clause 8.1. The Company shall not pay the aforementioned severance if such severance payment would be unacceptable according to the standards of the Dutch Corporate Governance Code 2025 and any future amendments thereof as applicable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** The termination by operation of law at the end of the term in accordance with Clause 3.6.3 and Clause 3.6.4 shall not be deemed a "termination at the initiative of the Company" for the purposes of Clause 4.1 and the aforementioned severance payment referred to in this Clause 4 will not be due by the Company in either scenario.

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| | |
|:---|:---|
| **5** | **Garden leave** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** At any time after notice to terminate the Service Agreement is given by either Party under Clause 3 above, or if the Individual resigns without giving due notice and the Company does not accept such resignation, the Company shall have the power, for a period not exceeding

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the applicable notice period or the balance of the applicable notice period (the "**Garden Leave Period**"), to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** require the Individual not to perform any duties for the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** require the Individual not to remain or become involved in any aspect of the business of the Company or any Group Company, except as required by such companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** appoint another person to carry out the Individual's duties jointly with the Individual, or in the Individual's place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4** vary the Individual's duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.5** restrict the Individual from retaining, and prohibit the Individual from or seeking to obtain, any access to electronic systems or devices owned or operated by the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.6** prohibit the Individual from contacting or having any communication with any customer or client of the Company or any Group Company in relation to the business of the Company or any Group Company (other than purely social contact and responding to incoming communications solely to refer the person to the relevant individual within the Group Companies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.7** prohibit the Individual from contacting or having any communication with any employee, officer, director, agent or consultant of the Company or any Group Company in relation to the business of the Company or any Group Company (other than purely social contact and responding to incoming communications solely to refer the person to the relevant individual within the Group Companies); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.8** prohibit the Individual from entering or attending the premises of the Company or any Group Company.

**5.2**During the Garden Leave Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** neither the Company nor any Group Company is under any obligation to provide the Individual with any work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** the Individual will be entitled to receive the fees in accordance with the terms of this Service Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** the Individual will not be entitled to any variable remuneration (unless the applicable plan rules or scheme provide otherwise), or to any new award pursuant to any long-term incentive plan or scheme, during or referable to any Garden Leave Period. Any entitlement to variable remuneration in respect of or granted before the Garden Leave Period will be subject to the rules of the relevant plan/schemes(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** unless otherwise permitted by the terms of this Service Agreement, the Individual shall not without the prior written consent of the Board, be employed or otherwise engaged in the conduct of any business activity or take any affirmative steps to establish, develop or assist any business which provides, offers or engages in or is about to or intends to provide, offer or engage in any business in competition with the business of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.5** the Individual will provide such assistance as the Company or any Group Company may require to effect an orderly handover of the Individual's responsibilities to any individual or individuals appointed by the Company or any Group Company to take over the Individual's role or responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.6** the Individual shall make themselves available to deal with requests for information, provide assistance, be available for meetings and advise on matters relating to work (unless the Company has agreed that the Individual may be unavailable for a period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.7** the Individual shall not make any internal or external announcement regarding their service under this Service Agreement or its termination, unless it has previously been approved in writing by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.8** all of the Individual's duties under this Service Agreement and (subject to clause 18.2) as a director of the Company or any Group Company (whether express or implied), including, without limitation, to act in the best interest of the Company (or any relevant Group Company), shall continue throughout the Garden Leave Period save as expressly varied by this Clause 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** At the end of the Garden Leave Period (or at any time during it), the Company shall have the power to terminate this Service Agreement immediately in accordance with the provisions of Clauses 3.7 to 3.9.

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|:---|:---|
| **6** | **Obligations of the Company** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** The Company shall at all times provide the Individual with all necessary information for them to satisfactorily perform their duties and render their services under this Service Agreement.

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|:---|:---|
| **7** | **Hours and location** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** The Individual will work for whatever time is reasonably required to properly carry out the Individual's duties under this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** The Individual will work at the principal office of the Company in the Netherlands or anywhere else as shall be reasonably required by the Board. The Individual acknowledges and accepts that they may, at the Board's request, be required to relocate in order to satisfy their obligations to the Company.

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|:---|:---|
| **8** | **Remuneration, benefits and expenses** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The Company will pay the Individual an annual fee of EUR 875,000 gross (i.e. subject to applicable tax and social security withholdings in accordance with applicable law), to be paid in twelve equal monthly instalments to a bank account designated by the Individual. The Individual will not be entitled to any fees in respect of any period in which they are unable to carry out their duties under this Service Agreement (unless otherwise agreed with Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** The Company will pay the Individual a benefits envelope equal to 20% of the gross annual fee, which enables the Individual to make their own retirement arrangements, to be paid in twelve equal monthly instalments. The Individual will not be entitled to this payment in respect of any period in which they are unable to carry out their duties under this Service Agreement (unless otherwise agreed with Company).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** The Individual will also be eligible to receive the following benefits, provided by the Company, subject to the terms and conditions of the relevant policies and provided that the Company may from time to time at its discretion amend, replace or discontinue benefits, amend the terms on which they are provided (including without limitation by substituting other schemes/providers, changing the scale, level and nature of the Individual's benefits package, and/or terminating and not replacing any of the benefits for which the Individual may be eligible from time to time if the Company believes it is in the best interests of the business to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) international private medical insurance for the Individual and eligible dependents (currently provided by Allianz);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) life insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) disability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** The Company will cover the reasonable costs of assistance from a third-party tax vendor with the preparation and filing of the Individual's income tax returns. The Individual is required to cooperate with the Company and the tax vendor by providing requested information promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** The Company will reimburse the Individual for any reasonable and documented expenses (such as travel costs) properly incurred in performance of the duties under this Service Agreement in accordance with any expense policies or procedures in force from time to time.

**Variable Remuneration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** The Individual is eligible to participate in such long and/or short-term incentive schemes, including but not limited to bonus, as the Board shall determine from time to time, on a basis consistent with the Remuneration Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** Participation and the making of any award or payment is subject to the rules of the relevant plan or scheme and nothing in this Service Agreement shall give the Individual any entitlement to receive any awards or payments under such a plan or scheme. If the Board makes any award or payment to the Individual in respect of any year it shall not be obliged to make an award or payment of any or a similar amount in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** The Individual may be entitled to receive a pro-rata bonus in the year in which the Service Agreement terminates, provided that such a bonus is consistent with the Remuneration Policy and is subject to the achievement of such performance measures as the Board considers appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** Any Variable Remuneration payable to the Individual in connection with this Service Agreement (in whatever form and whether awarded before or after the date of this Service Agreement) is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.1** the Company's policy including any plan rules, schemes, or other regulations or rules applicable to the Company, including any Remuneration Policy, from time to time in force, dealing with performance adjustment and clawback. The Individual acknowledges that in accordance with such a policy the Company or any Group Company may reduce or cancel any Variable Remuneration prior to payment or vesting and/or require repayment of Variable Remuneration payments already made to the Individual and/or surrender of shares or other benefits provided. In the case of repayment, this may be by way of deduction from any payments due to the Individual in the future, including but not limited to future fees, and/or Variable

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Remuneration. By entering into this Service Agreement, the Individual agrees to the operation of performance adjustment and clawback and, in particular, where required, consents to such repayment, surrender and/or deduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.2** any applicable plan rules or schemes in place from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.3** such deductions as are required by law and in each case paid gross (i.e. subject to applicable tax and social security withholdings in accordance with applicable law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10** Any payments or awards offered or made to the Individual under this Clause 8 are and remain subject to any law, regulation, or regulatory guidance from time to time applicable, including any Remuneration Policy. The Company is only authorised to make payments to the Individual which are within the terms of the Remuneration Policy. Any other payment shall require the express approval of the authorised body of the Company and the Company will not be obliged to seek such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11** No further remuneration or benefits will be provided in consideration of this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12** In each case where the Company is assessed with employee taxation (including but not limited to wage taxes) or any social security premiums in relation to any actual or deemed payments made by the Company to the Individual under this Service Agreement, to the extent such employee taxation and social security premiums have not already been withheld by the Company from such payments, in each case including any interest, fines and/or penalties, the Individual agrees that, to the extent allowed pursuant to applicable law, the Company may recover such taxes and social security premiums attributable to the Individual, in each case including any interest, fines and/or penalties, from the Individual, via deductions from any payments made by the Company to the Individual under this Service Agreement, and, if and to the extent that such deductions are insufficient to cover such taxes and social security premiums, the Individual shall indemnify and hold the Company harmless by paying to the Company an amount equal to such taxes and social security premiums, in each case including any interest, fines and/or penalties, promptly upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13** The Individual will comply with the personal shareholding requirements set out in the Company's Remuneration Policy or in any other policy from time to time, including in respect of obligations applicable to the Individual (i) following termination of this Service Agreement and/or (ii) to hold some or all Company shares received as a result of the vesting, release and/or exercise of awards under the Company's Variable Remuneration arrangements from time to time.

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|:---|:---|
| **9** | **Illness** |

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In the event of illness or other reason pursuant to which the Individual is incapacitated or unable to discharge their obligations under this Service Agreement, the Individual shall notify the Company as soon as possible.

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|:---|:---|
| **10** | **Liability** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** The Individual shall be covered by directors & officers liability insurance, in accordance with the applicable terms and conditions from time to time.

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|:---|:---|
| **11** | **Confidentiality** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** During the term of this Service Agreement (except in the proper course of the performance of their services) or at any time after the termination of this Service Agreement, the Individual shall (i) not make use of or disclose to any person any Confidential Information relating to the Company, any of its subsidiaries, affiliates, or any of its or their business partners and (ii) use their best efforts to prevent the unauthorised use or disclosure of any such information; provided always that the Individual may disclose any such Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1** to their professional advisers who need to have such knowledge upon those persons undertaking to keep strictly confidential any Confidential Information disclosed to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2** to any government agency or regulatory body, including a stock exchange in compliance with any law or regulation applicable to the Company, any of its subsidiaries, affiliates, or any of its or their business partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.3** if the information (in the form in which it is compiled) is in the public domain otherwise than by virtue of a breach of this Service Agreement by the Individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.4** if the information was lawfully in the possession of the recipient before disclosure by the Individual and was not acquired directly from the Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** Nothing in this Service Agreement shall prohibit the disclosure by the Individual of information that they are required to disclose by applicable law. The Individual shall consult with the Company so far as may be reasonably possible before making any such disclosure.

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|:---|:---|
| **12** | **Ancillary activities** |

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The Individual shall not take on any appointments or interests which might give rise to a conflict of interest with the Company and/or any of the Group Companies, without the Company's prior written approval. The Individual must notify the chair of the Board of any appointments or interests before commencement thereof. Accepting any outside directorship, including a non-executive director position or a position as a supervisory board member, requires the prior approval of the Board.

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|:---|:---|
| **13** | **Gifts** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** For the duration of this Service Agreement and without the Company's explicit prior written consent, the Individual is forbidden to accept or stipulate, either directly or in any way indirectly, any kind of commission, compensation, fee or payment of any kind and in whatever shape or form from business relations of the Company or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** The Individual is forbidden to accept from business relations of the Company or others, any gifts of more than € 250 and other benefits, in whatever shape or form, of which it is likely that these were offered to the Individual in connection with their position or activities for the Company. If the Individual is offered such gifts or benefits by business relations of the Company or others they shall notify the Company about this immediately. In case the Individual is in doubt about the proper application of this Clause they should always consult the non-executive directors of the Company first.

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|:---|:---|
| **14** | **Non-competition and non-solicitation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** In this Clause 14:

"**Prohibited Area**" means all jurisdictions in which the Company and/or any Group Company has material business dealings in the 12 months prior to the Relevant Date; "**Relevant Date**" means the date on which the Service Agreement terminates; and

"**Restricted Period**" means the period of one year commencing on the Relevant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** The Individual is likely to obtain Confidential Information and personal knowledge of and influence over customers, clients and employees of the Group during the course of the Service Agreement. To protect these and other legitimate interests of the Company, the Individual agrees with the Company that the Individual will be bound by the following covenants (unless with the prior approval of the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.1** during the Restricted Period and within the Prohibited Area the Individual will not (i) be employed or engaged in (including as a director), or carry on for their own account or for any other person; or (ii) be a shareholder of any company engaged in (other than as a minority shareholder beneficially entitled to not more than 3% of the issued share capital of a company), any business which is or is about to be in competition with any business of the Company or any Group Company being carried on by such company at the Relevant Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.2** during the Restricted Period the Individual will not directly or indirectly advise or participate or act in concert with or be employed or engaged by any person, firm, company or other organisation who makes or is considering making any offer for the issued share capital of the Company or making an offer to buy the business or a significant proportion of the business of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.3** during the Restricted Period the Individual will not (either on his own behalf or for or with any other person), whether directly or indirectly, deal with or otherwise accept in competition with the Company or any Group Company the custom of any person who was at any time during the 12 months prior to the Relevant Date a customer or client of, or in the habit of dealing with, the Company or (as the case may be) any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.4** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company or any Group Company the custom of any person who at any time during the 12 months prior to the Relevant Date was a customer or client of, or in the habit of dealing with, the Company or (as the case may be) any Group Company and in respect of whom the Individual had access to Confidential Information or with whose custom or business the Individual was personally concerned or employees reporting directly to them were personally concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.5** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, deal with or otherwise accept in competition with the Company or any Group Company the custom of any person who was negotiating with the Company or any Group Company for the supply of goods or services (whether as customer, client, supplier, agent or distributor of the Company) during the six months prior to the Relevant Date or

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who was a potential customer to whom the Individual had made a presentation or a pitch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.6** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, canvass or solicit in competition with the Company or any Group Company the custom of any person who was negotiating with the Company or any Group Company for the supply of goods or services (whether as customer, client, supplier, agent or distributor of the Company) during the six months prior to the Relevant Date or who was a potential customer to whom the Individual had made a presentation or a pitch; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2.7** during the Restricted Period the Individual will not (either on their own behalf or for or with any other person), whether directly or indirectly, entice or try to entice away from the Company or any Group Company any person who was at the Relevant Date and who had been at any time during the six months prior to the Relevant Date an employee, director, officer, agent or consultant of the Company or a Group Company and with whom the Individual had worked closely at any time during that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** Each of the paragraphs contained in Clause 14.2 constitutes an entirely separate and independent covenant. If any covenant is found to be invalid this will not affect the validity or enforceability of any of the other covenants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** Following the Relevant Date, the Individual will not represent themselves as being in any way connected with the businesses of the Company or of any Group Company (except as a shareholder of the Company or otherwise to the extent agreed by such a company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** If any person, firm, company or other entity makes an offer of employment, or appointment as a director or officer, agent, consultancy or partnership, to the Individual at any time during the Service Agreement or thereafter whilst any restrictions in this Clause 14 remain in force, the Individual shall provide such person, firm, company or other entity with a copy of Clauses 11 and 14 of this Service Agreement immediately upon receiving such an offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** Any benefit given or deemed to be given by the Individual to any Group Company under the terms of this Clause 14 is received and held on trust by the Company for the relevant Group Company and the provisions of this Clause 14 are irrevocable third-party stipulations for no consideration (*onherroeppelijke derdenbedingen om niet*) for each of the Group Companies. The Individual will enter into appropriate restrictive covenants directly with any Group Company if asked to do so by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** The obligations as set out in this Clause 14 also apply if the Individual obtains a different position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.8** This Clause 14 also extends to include the interests of future legal successors – by universal or singular title – to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.9** The Individual acknowledges the interest of the Company in protecting its goodwill and market position as set out in this Clause 14 and the Parties determine that this Clause 14 protects this interest in a reasonable manner.

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|:---|:---|
| **15** | **Intellectual property rights** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** The Parties agree that, worldwide, all existing and future rights and intellectual property rights (including, but not limited to: patent rights, copyrights, neighbouring rights, database

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rights, design rights, trade mark rights, trade name rights and rights to know-how) in respect of all that is brought about in, or in relation to, the execution of this Service Agreement, regardless of whether such falls within the (assigned) duties of the Individual, are vested exclusively in the Company. The aforementioned shall hereinafter be referred to as the "**Result(s)**", the (intellectual property) rights in respect of the Result(s) as the "**Intellectual Property Rights**".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** Insofar as the Intellectual Property Rights are, by operation of law or otherwise, vested in the Individual, the Individual hereby irrevocably, unconditionally and without limitation, assigns and transfers to the Company all such (existing and future) Intellectual Property Rights, which assignment and transfer is hereby accepted (in advance) by the Company. **15.3** The Individual hereby irrevocably waives all (existing and future) moral rights as meant, inter alia, in Article 25 of the Dutch Copyright Act (*Auteurswet*) and Article 5 of the Neighbouring Rights Act 1993 (*Wet op de naburige rechten*), and all comparable provisions worldwide that rest upon, are incorporated in or arise from the Result(s), in as far as such acts provide for such possibility ()"**Moral Rights** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** The Individual shall at the Company's request – both during the term of this Service Agreement and after its termination – perform all acts that the Company deems necessary or desirable to perfect the assignment and transfer of the Intellectual Property Rights and/or waiver of Moral Rights, to establish and protect the Intellectual Property Rights and to enforce them in relation to third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** The payment of the fee to the Individual by the Company on the basis of this Service Agreement also covers any assignment of (future) Intellectual Property Rights and any waiver of Moral Rights by the Individual and any exploitation (including by any future forms of exploitation) as meant under this Service Agreement and also includes any and all reasonable remunerations payable under applicable law.

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|:---|:---|
| **16** | **Penalty clause** |

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Upon infringement of any of the obligations in Clauses 11 (Confidentiality), 12(Ancillary activities), 13(Gifts), 14 (Non-competition and non-solicitation) or 15 (Intellectual property rights) of this Service Agreement, the Individual shall without further notice of default forfeit a penalty to the Company for each infringement of EUR 25,000 as well as a penalty of EUR 5,000 for each day that this infringement continues, without prejudice to the right of the Company to claim the damages actually suffered instead, if these damages exceed the stipulated penalty. In addition, this penalty is without prejudice to the Company's possibility to impose other sanctions in relation to such infringements.

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|:---|:---|
| **17** | **Return of Company Property** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** At any time during the Service Agreement (at the request of the Company) and in any event when the Service Agreement terminates, the Individual will immediately return to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1** all documents, files, records, correspondence, information (in any form whether physical, electronic or otherwise and whether originals or copies) including but not limited to client/customer lists and contacts which the Individual has in their possession or control concerning the Company or any Group Company. The Individual agrees that they will not retain any copies of any materials or other information; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2** all other property (including, without limitation, keys, security pass, credit or charge cards, business equipment, mobile phone or smart phone, tablet computer, laptop or printer) belonging or relating to the Company or any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** When the Service Agreement terminates the Individual will delete from any device owned, controlled or used by them any files, records, documents, correspondence, data, client lists, customer lists and contacts, and all Company and Group information including but not limited to Confidential Information and copies thereof.

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|:---|:---|
| **18** | **Directorships** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** The Individual's office as a director of the Company or any Group Company is subject to the Articles of Association of the relevant company (as amended from time to time). If the provisions of this Service Agreement conflict with the provisions of the Articles of Association, the Articles of Association will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** The Individual agrees that they will resign from any office, directorship or trusteeship held in any Group Company if they are asked to do so by the Company (including, but not limited to, during any Garden Leave Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.3** Save where Clause 3.6 applies, the termination of any directorship held by the Individual will not terminate this Service Agreement or amount to a breach of terms of this Service Agreement by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.4** During the Service Agreement the Individual will not do anything which could cause them to be disqualified from continuing to act as a director of any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.5** The Individual must not resign his office as a director of any Group Company without the agreement of the Company.

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|:---|:---|
| **19** | **Data Privacy** |

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The Individual acknowledges that the Company will process their personal data and sensitive personal data relating to the Service Agreement in accordance with the Company's privacy policy in place from time to time. A copy of the Company's privacy policy is available from HR.

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|:---|:---|
| **20** | **Miscellaneous** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.1** With reference to Article 2:132 (3) of the Dutch Civil Code, the performance of the role of executive director of the Company and Chief Financial Officer is considered to be the rendering of services and this Service Agreement qualifies as a services agreement (*overeenkomst van opdracht*) within the meaning of Article 7:400 et seq. of the Dutch Civil Code. The Individual will not be an employee of the Company, its subsidiaries or its affiliates and this Service Agreement shall not constitute an employment agreement within the meaning of Article 7:610 et seq. of the Dutch Civil Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.2** This Service Agreement constitutes the entire agreement between the Parties in respect of its subject matter and replaces all previous oral or written agreements, understandings and communications of the Parties as to such subject matter. The Parties acknowledge that the Individual's prior employment agreement has been converted by law into a services agreement and the Parties subsequently agreed new terms and conditions. No notice or other payment are due in connection with the aforementioned conversion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.3** No amendment or variation of this Service Agreement shall be effective unless made in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4** The Individual cannot assign this Service Agreement to anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5** Neither Party's rights or powers under this Service Agreement will be affected if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5.1** one Party delays in enforcing any provision of this Service Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.5.2** one Party grants time to the other Party to remedy any breach by the other Party of its obligations under this Service Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6** If either Party agrees to waive its or their rights under a provision of this Service Agreement, that waiver will only be effective if it is in writing and it is signed by it or them. A Party's agreement to waive any breach of any term or condition of this Service Agreement will not be regarded as a waiver of any subsequent breach of the same term or condition or a different term or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.7** If at any time any provision of this Service Agreement is or becomes illegal, invalid or unenforceable in any respect, the legality, validity and enforceability of the remaining provisions of this Service Agreement shall not be affected or impaired thereby.

**20.8** This Service Agreement may be executed in counterparts. Each counterpart shall constitute an original of this Service Agreement, but all the counterparts together shall constitute one and the same instrument.

**20.9** This Service Agreement shall be governed by the laws of the Netherlands. Any dispute arising under this Service Agreement or any agreement resulting therefrom and relating thereto shall be brought before the competent court of Amsterdam, the Netherlands.

*\*\*\* signature page follows \*\*\**

------

Thus agreed upon and signed in duplicate,

---

| | |
|:---|:---|
| **The Magnum Ice Cream Company N.V** | **The Magnum Ice Cream Company N.V** |
| By | /s/ Jean-Francois van Boxmeer |
|  | Name: Jean-Francois van Boxmeer |
|  | Title: Chair |
|  | Date: 2 December 2025 |
| **The Individual** | **The Individual** |
| By | /s/ Abhijit Bhattacharya |
|  | Name: Abhijit Bhattacharya |
|  | Date: 2 December 2025 |

---

------

## Exhibit 4.9

**Exhibit 4.9**

![Graphic](micc-20251231xex4d9001.jpg)

&nbsp;&nbsp;<br>RULES OF THE MAGNUM ICE CREAM COMPANY LONG<br>TERM INCENTIVE PLAN 2025<br>

---

| | |
|:---|:---|
| THE MAGNUM ICE CREAM COMPANY N.V. | THE MAGNUM ICE CREAM COMPANY N.V. |
| Directors' Adoption: | 8 December 2025 |
| Shareholders' Approval: | 6 December 2025 |
| Expiry Date: | 6 December 2035 |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| **Contents** | **Page** |
| **1&nbsp;&nbsp;&nbsp;&nbsp;Definitions** | **1** |
| **2&nbsp;&nbsp;&nbsp;&nbsp;Granting Awards** | **3** |
| **3&nbsp;&nbsp;&nbsp;&nbsp;Before Vesting** | **6** |
| **4&nbsp;&nbsp;&nbsp;&nbsp;Malus and clawback** | **7** |
| **5&nbsp;&nbsp;&nbsp;&nbsp;Vesting** | **7** |
| **6&nbsp;&nbsp;&nbsp;&nbsp;Leaving Employment and death** | **10** |
| **7&nbsp;&nbsp;&nbsp;&nbsp;Corporate events** | **12** |
| **8&nbsp;&nbsp;&nbsp;&nbsp;Changing the Plan and termination** | **14** |
| **9&nbsp;&nbsp;&nbsp;&nbsp;General** | **16** |
| **Schedule 1 Holding Requirement through holding of Shares** | **19** |
| **Schedule 2 Holding Requirement through deferred Vesting** | **21** |
| **Schedule 3 Forfeitable Shares** | **23** |
| **Schedule 4 US taxpayers** | **25** |

---

i

------

**Rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025**

---

| | |
|:---|:---|
| **1** | **Definitions** |

---

In these rules:

**"Acquiring Company"** means a person who has, acquires or otherwise obtains Control of the Company;

**"Admission"** means the admission of the Shares to public trading following Demerger;

**"Award"** means a Conditional Award or an Option;

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person obtaining Control of the Company as a result of an offer to acquire Shares made by a person becoming or being declared wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person obtaining Control of the Company in any other way if the Directors, in their discretion, so decide,

and references to a person obtaining Control include a group of persons acting in concert obtaining Control;

**"Company"** means The Magnum Ice Cream Company N.V.;

**"Conditional Award"** means a conditional right to acquire Shares granted under the Plan;

**"Control"** means, in relation to a company, the right to exercise more than 50% of the votes exercisable at any meeting of that company or to appoint more than half of its directors, whether by virtue of provisions contained in its articles of association or, as the case may be, certificate of incorporation or by-laws, statutes or other constitutional documents or any contract or arrangement with any other persons;

**"Dealing Restriction"** means any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time;

**"Deferred Bonus Award"** means an Award which the Directors designate as a Deferred Bonus Award under rule 2.3 (Terms of Awards) on the basis that it forms part of a bonus payable to the Participant;

**"Demerger"** means the date on which the Company ceases to be under the Control of Unilever PLC;

**"Directors"** means, subject to rule 7.5 (Directors), the board of directors of the Company or any person or persons to whom that board has, from time to time, delegated any of their functions under the Plan;

**"Dividend Equivalent"** means a right to an amount in respect of Relevant Dividends on Shares subject to an Award, as described in rule 2.6 (Dividend Equivalents);

**"Employee"** means any employee of a Member of the Group;

**"Employer"** means the employer of an Employee, or in the case of an executive director of the Company who is not an Employee, the legal entity that has engaged such executive director;

------

**"Employment"** means the employment of an Employee, or in the case of an executive director of the Company who is not an Employee, the service of such executive director;

**"Exercise** Price" means the amount payable for each Share on the exercise of an Option set by the Directors under rule 2.3 (Terms of Awards);

**"Final Exercise Date"** means the tenth anniversary of the date on which an Option is granted or an earlier date set under rule 2.3 (Terms of Awards);

**"Grant Date"** means the date set by the Directors for the Award under rule 2.3 (Terms of Awards) or, if no such date is set, the date on which the Award is granted;

**"Group Company"** means a group company within the meaning of Section 2:24b of the Dutch Civil Code (and **"Group Companies"** shall be interpreted accordingly);

**"Holding Period"** means the period during which a Holding Requirement applies;

**"Holding Requirement"** means a requirement that Shares be held during the Holding Period (Schedule 1 (Holding Requirement through holding of Shares)) or a delay in the Vesting of an Award until the end of the Holding Period (Schedule 2 (Holding Requirement through deferred Vesting));

**"Holding Share"** means a Share which is subject to a Holding Requirement;

**"Malus & Clawback Policy"** means The Magnum Ice Cream Company Malus & Clawback Policy as amended from time to time;

**"Member of the Group"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Subsidiaries and Group Companies from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other company which is associated with the Company and is so designated by the Directors;

**"Normal Vesting Date"** means the date set by the Directors for Vesting of an Award under rule 2.3 (Terms of Awards);

**"Option"** means a right to acquire Shares granted under the Plan;

**"Participant"** means a person holding (or who previously held) an Award, or their personal representatives;

**"Performance Condition"** has the meaning given in rule 2.4 (Conditions);

**"Performance Period"** means the period in respect of which a condition is to be satisfied;

**"Plan"** means these rules known as The Magnum Ice Cream Company Long Term Incentive Plan 2025, as changed from time to time;

**"Relevant Dividend**" means (i) any dividend declared by the Company; and (ii) if the Directors so determine in relation to any particular reduction of share capital, some or all (as determined by the Directors) of any repayments of nominal share capital as a result of such reduction of share capital;

**"Shares"** means fully paid-up ordinary shares (including interests representing shares) in the capital of the Company;

------

**"Subsidiary"** means a subsidiary within the meaning of Section 2:24a of the Dutch Civil Code;

**"US Code Section 409A"** means Section 409A of the United States Internal Revenue Code of 1986, as amended from time to time, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance;

**"US Taxpayer"** means a Participant who is a citizen or tax resident of the United States of America or any other Participant to the extent that their Award(s) or any portion thereof is or becomes subject to income taxation under the laws of the United States of America; and

**"Vesting"** occurs at the time or times described in rule 5.2 (Timing of Vesting) and, in relation to an Option, means an Option becoming exercisable and, in relation to a Conditional Award, means a Participant becoming entitled to have the Shares issued or transferred to them on the timeframe described in rule 5.5 (Consequences of Vesting for Conditional Awards), and "Vest", "Vested" and "Unvested" have a corresponding meaning.

---

| | |
|:---|:---|
| **2** | **Granting Awards** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Eligibility** 

The Directors may decide that an Award will be granted to anyone who is an Employee or an executive director of the Company or former Employee or former executive director of the Company on the Grant Date in accordance with any selection criteria that the Directors in their discretion may set. However, unless the Directors consider that special circumstances exist, an Award may not be granted to an Employee or executive director of the Company who on the Grant Date has given or received notice of termination of Employment, whether or not such termination is lawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Timing of Award** 

Awards can be granted at any time but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** may not be granted after the tenth anniversary of adoption and approval of the Plan by the Company's general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** may only be granted to executive directors of the Company within 42 days starting on any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of Admission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date of adoption and approval of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the announcement or preliminary announcement of the Company's results for the full or half-year financial periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date of the Company's annual general meeting or any extraordinary general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any day on which the Directors resolve that exceptional circumstances exist which justify the grant of Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any day on which changes to the legislation or regulations affecting share plans are announced, effected or made; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the lifting of Dealing Restrictions which prevented the granting of Awards during any period specified above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Terms of Awards** 

Awards are subject to the rules of the Plan from time to time and any conditions. The Directors will determine the terms of each Award, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** whether the Award is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Conditional Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Option,

or a combination of these;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.3** the number of Shares subject to the Award or the basis on which it will be calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.4** any Performance Condition (see rule 2.4 (Conditions)) and any other conditions to which the Award is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.5** the Normal Vesting Date(s) and, if more than one, the number of Shares which can Vest on each such date or how that will be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.6** whether the Award is a Deferred Bonus Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.7** whether or not a Holding Requirement will apply and if so, when the Holding Period will normally end;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.8** whether the Award carries a Dividend Equivalent and, if so, the basis on which it will be calculated, as described in rule 2.6 (Dividend Equivalents); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.9** for an Option, the Exercise Price (which may be nil) and (if relevant) the Final Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Conditions** 

When granting an Award, the Directors may, and must where this is required under the Company's remuneration policy for Participants who are executive directors of the Company, make its Vesting conditional on the satisfaction of one or more conditions which may or may not be linked to the performance of the Company, the Participant, or the Member of the Group in whose business unit the Participant works (a "Performance Condition"). A Performance Condition will normally be specified when the Award is granted. The Directors may waive or change a Performance Condition in accordance with its terms or if anything happens which causes the Directors reasonably to consider it appropriate to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **US Taxpayers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.1** The provisions of Schedule 4 (US Taxpayers) shall apply to any Award granted to a US Taxpayer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.2** In the event that a Participant is or after the grant of an Award becomes a US Taxpayer, the Directors may make such amendments to the terms of the Award, on a retroactive basis as required, as they see necessary or desirable to avoid or limit the application of any additional or accelerated taxation, including adverse tax consequences under US Code Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Dividend Equivalents** 

The amount of a Dividend Equivalent will be the number of Shares in respect of which the Award Vests multiplied by the per-Share amount of the Relevant Dividends with a payment date between the Grant Date and the date of Vesting. Unless the Directors determine otherwise on grant, the amount will be determined as if each relevant dividend were reinvested in further Shares at the market value of a Share on the payment date.

The amount will be payable in accordance with rule 5.7 (Dividend Equivalent).

However, the Directors may determine on grant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.1** the amount will be determined as if interest were payable on each relevant dividend from the payment date until the date of Vesting (or exercise, if applicable) at a rate determined by the Directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.2** in the case of an Option, the Dividend Equivalent will be calculated as if relevant dividends were the dividends on a Share the payment date for which falls between the Grant Date and the date of exercise (rather than the date of Vesting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Documentation of Awards** 

Each Award will be granted and documented in such manner as the Directors consider reasonable.

Each Participant will be notified of the terms of their Award (as determined under rule 2.3 (Terms of Awards)) as soon as practicable after the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8** **No payment** 

A Participant is not required to pay for the grant of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9** **Administrative errors** 

If the Directors grant an Award which is inconsistent with rule 2.1 (Eligibility), it will lapse immediately.

If the Directors try to grant an Award which is inconsistent with rule 2.10 (Individual limit for Awards) or rule 2.11 (Plan limits), the Award will be limited and will take effect from the date on which it is granted on a basis consistent with those rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10** **Individual limit for Awards** 

An Award must not be granted to an executive director of the Company if it would at the proposed Grant Date cause the market value of Shares subject to Awards to the executive director granted in respect of that financial year under the Plan to exceed any limit set out in the Company's directors' remuneration policy from time to time. For these purposes, market value may be determined by reference to share price averaged over a period as specified by the Directors. For Options (apart from those with a nil Exercise Price), "the market value of Shares subject to Awards" is to be the economic value of the Options as calculated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11** **Plan limits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.1** The Directors must not grant an Award if the number of Shares committed to be issued under that Award exceeds 10% of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which

------

have been issued, or committed to be issued, to satisfy Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted in the previous 10 years.

For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shares receivable under a Dividend Equivalent (or otherwise in respect of any dividend) do not count towards this limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Shares issued, or committed to be issued, to satisfy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Awards under the Plan, or options or awards under any other employee share plan operated by the Company, granted before Admission or in respect of the replacement of the portion of awards granted by Unilever PLC under the Unilever Share Plan 2017 that lapsed in connection with the Demerger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) awards granted by Unilever PLC under the Unilever Share Plan 2017 which were exchanged for awards over Shares in connection with the Demerger,

do not count towards this limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as long as so required by the UK Investment Association, shares transferred from treasury are counted as part of the ordinary share capital of the Company, and as shares issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.2** Additionally, the Directors must not grant an Award if doing so would exceed their authority to do so granted by the Company's shareholders from time to time, pursuant to the Company's Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12** **Listing Rules** 

No Shares will be issued under the Plan if it would cause UK Listing Rule 6.2.22 (shares in public hands) to be breached.

---

| | |
|:---|:---|
| **3** | **Before Vesting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Rights** 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Award until the Shares are issued or transferred to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Transfer** 

A Participant may not transfer, assign or otherwise dispose of an Award or any rights in respect of it. If the Participant does, whether voluntarily or involuntarily, then it will immediately lapse. This rule 3.2 does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** to the transmission of an Award on the death of a Participant to the personal representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to the assignment of an Award, with the prior consent of the Directors, subject to any terms and conditions that the Directors impose.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Adjustment of Awards** 

If there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** a merger, demerger or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** any other corporate event which might affect the current or future value of any Award,

the Directors may adjust the description, number and/or class of Shares or securities subject to the Award and/or the method of calculating Dividend Equivalents and/or, in the case of an Option, the Exercise Price.

---

| | |
|:---|:---|
| **4** | **Malus and clawback** |

---

An Award may be reduced and/or Vesting delayed and/or Shares or cash obtained under the Award may be recovered from the Participant as described in the Malus & Clawback Policy which is deemed to form part of the terms of any Award.

---

| | |
|:---|:---|
| **5** | **Vesting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Determining Vesting** 

As soon as reasonably practicable after the end of the Performance Period, the Directors will determine how many Shares Vest for each Award in accordance with any applicable Performance Condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Timing of Vesting** 

Subject to the Malus & Clawback Policy, rule 5.3 (Delayed Vesting), rule 5.4 (Holding Requirement) and rule 5.9 (Tax), an Award will normally Vest on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** the date on which the Directors make the determination under rule 5.1 (Determining Vesting) (where relevant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** any other date the Directors set for Vesting when making the determination under rule 5.1 (Determining Vesting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** the Normal Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** the first date on which Vesting is not prevented by a Dealing Restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Delayed Vesting** 

Without limiting the Malus & Clawback Policy, the Directors may decide that Vesting will be delayed in respect of a Participant's Award, or any part of it, if any of the following circumstances apply on the anticipated date of Vesting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1** if the Participant is subject to any Disciplinary Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2** if the Participant's Employment has terminated or is about to terminate in circumstances where it is not clear whether the Award should lapse under rule 6 (Leaving Employment and death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.3** if a matter which may otherwise involve or affect that Participant has been referred to the Directors for review under the Malus & Clawback Policy; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.4** the Directors consider that it is necessary or appropriate to defer Vesting.

In these cases, Vesting will not occur unless and until the Directors determine that the Award should Vest.

"**Disciplinary Action**" for the purpose of this rule 5.3, means any enquiry or investigation by any Member of the Group into the conduct, capability or performance of a Participant that may potentially lead to disciplinary action being taken against that Participant, and/or any disciplinary procedure (whether in accordance with any relevant contractual obligation, policy or otherwise) that has been commenced by any Member of the Group against a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Holding Requirement** 

Subject to the following, where an Award is granted subject to a Holding Requirement (see rule 2.3 (Terms of Awards)) the terms of Schedule 1 (Holding Requirement through holding of Shares) will apply. Other than in respect of Awards held by US Taxpayers, the Directors may alternatively determine, on or before Vesting, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.1** Schedule 2 (Holding Requirement through deferred Vesting) will instead apply; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.2** such other terms as the Directors may determine will apply to give effect to the Holding Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Consequences of Vesting for Conditional Awards** 

Subject to these rules and any Holding Requirement, ordinarily within 30 days of an Award Vesting, the Directors will arrange, subject to these rules, for the transfer, including a transfer out of treasury or issue, to, or to the order of, the Participant, of the number of Shares in respect of which the Award has Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6** **Consequences of Vesting for Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.1** A Participant may only exercise an Option to the extent that it has Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.2** To exercise the Option, the Participant must give notice in the prescribed form to the Directors or any person nominated by the Directors and pay the Exercise Price (if any) or make arrangements, satisfactory to the Directors, for its payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.3** Ordinarily within 30 days of a valid exercise of an Option, the Directors will arrange, subject to these rules and any Holding Requirement, for the transfer including a transfer out of treasury or issue to, or to the order of, the Participant, of the number of Shares in respect of which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.4** To the extent that an Option has not been exercised by the close of business on the Final Exercise Date, the Company will, unless it has received notice in writing to the contrary and subject to the condition set out below being satisfied, be deemed to have received a valid exercise notice immediately preceding the close of business on the Final Exercise Date, together with a direction to sell sufficient of the Shares issued or transferred on the exercise of the Option to fund any Exercise Price, any costs of sale and any taxation or social security contributions payable under rule 5.9 (Tax). The remaining Shares subject to the Option will be transferred or issued as set out in rule 5.6.3 above.

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The condition referred to above is that A - B is greater than C, calculated as follows: A equals the expected sale proceeds of the Shares resulting from the exercise of the Option. B equals any costs of any sale (including any actual or estimated liability to taxation, social security contributions and any other related costs in respect of the Option) and C equals the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.5** The Option will lapse, at the latest, on the close of business on the Final Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6.6** If an Option lapses under more than one provision of the rules of the Plan, the provision resulting in the shortest exercise period will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7** **Dividend Equivalent** 

Subject to any determinations under rule 2.6 (Dividend Equivalents), if the Award carries a Dividend Equivalent, it will be paid in cash or Shares (as determined from time to time by the Directors) at or around the same time as the balance of the Award is settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8** **Cash and Share alternative** 

The Directors may decide at any time prior to settlement that an Award will be settled (in whole or in part) by paying an equivalent amount in cash (subject to rule 5.9 (Tax)). For Options, the cash amount must be equal to the amount by which the market value of all or some of the Shares in respect of which the Option is exercised exceeds the Exercise Price. An Award may be granted on the basis that it will always be cash-settled.

For the avoidance of doubt, any Award subject to a Holding Requirement may only be cashsettled in accordance with this rule 5.8 at or after the end of the applicable Holding Period.

In respect of Awards which consist of a right to receive a cash amount, the Directors may decide instead at any time prior to settlement to settle such Awards (and any Dividend Equivalent) wholly or partly by the delivery of Shares (subject to rule 5.9 (Tax)). The number of Shares will be calculated by reference to the market value of the Shares on the date of Vesting for Conditional Awards and the date of exercise for Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9** **Tax** 

Notwithstanding any other provision of this Plan or any other document relating to this Plan, the Participant will bear and be responsible for all taxes, social security contributions and other levies or charges (including any costs of sale) arising out of or in connection with an Award or the acquisition, holding or disposal of Shares or any interest in them and each Participant shall acknowledge that such taxes, social security contributions and other levies or charges may be levied by way of withholding by the Company, any Member of the Group or the trustee of any employee benefit.

If the Company, any Member of the Group or the trustee of any employee benefit trust has any liability to pay or account for any such tax, contribution, levy or charge (including any costs of sale), it will normally meet the liability by selling Shares to which the Participant becomes entitled on their behalf and using the proceeds to meet the liability.

However, the Directors may decide that the liability will, instead, be met by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.1** the Participant paying the amount of the liability to or to the order of the relevant Member of the Group on such basis as the Directors may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.2** deducting the amount of the liability from any cash payment due under the Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.3** reducing the number of Shares to which the Participant would otherwise be entitled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9.4** deducting the amount from any payment of salary, bonus or other payment due to the Participant.

The Participant will enter into any elections required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and/or 83(b) elections under the Internal Revenue Code and/or elections to transfer any liability, or agreements to pay social security contributions.

In any case where the Company, any Member of the Group or the trustee of any employee benefit trust is assessed with any taxes, social security contributions and other levies or charges (including, but not limited to, wage taxes) in relation to any payments made or deemed to be made by the Company, any Member of the Group or the trustee of any employee benefit trust to the Participant under the Plan, in each case including any interest, fines and/or penalties, the Company, any Member of the Group or the trustee of any employee benefit trust may recover such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, from the Participant to the extent permitted by law and the Participant shall indemnify and hold the Company, any Member of the Group or the trustee of any employee benefit trust harmless by paying to the Company, any Member of the Group or the trustee of any employee benefit trust an amount equal to such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, promptly upon demand.

Despite anything else in these rules, the Vesting of an Award or the issue or transfer of Shares or any payment of cash may be delayed until the Participant has done all things reasonably required by the Directors to give effect to this rule 5.9.

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|:---|:---|
| **6** | **Leaving Employment and death** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **General rule on leaving Employment** 

Subject to the rest of this rule 6, an Award which has not Vested will lapse on the date on which the Participant leaves Employment. An Award which has Vested will lapse if the Participant leaves Employment in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct.

A Deferred Bonus Award will only lapse if the Participant leaves Employment in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exceptions** 

Subject to rules 6.4 (Early Vesting), 6.5 (Exchange of Awards on a sale of Employer) and 6.6 (Death), an Award will not lapse and the rules will continue to apply if a Participant leaves Employment due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** ill-health, injury or disability, established to the satisfaction of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** retirement with the agreement of the Participant's Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** the Participant's Employer ceasing to be a Member of the Group;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4** a transfer of the undertaking, or the part of the undertaking, in which the Participant works to a person that is not a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.5** redundancy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.6** any other reason, if the Directors so decide in any particular case.

Vesting or exercise of the Award on or after leaving Employment will be subject to rule 6.3 (Events after leaving Employment) and such additional conditions as the Directors may impose.

Unless the Directors decide otherwise, the number of Shares in respect of which the Award Vests will be reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed by the date on which the Participant left Employment or to such greater extent as they may determine. This will not apply to a Deferred Bonus Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Events after leaving Employment** 

The Directors may decide that an Award will lapse, wholly or in part, if, after the Participant has left Employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** facts emerge which, if known at the time of leaving, would have caused the Award to lapse or caused the Directors to exercise any discretion under this rule 6 differently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** the Participant is employed by, holds office with or provides services to a business that competes with any business operated by any Member of the Group (as determined by the Directors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Early Vesting** 

Where a Participant leaves Employment for one of the reasons set out in rule 6.2 (Exceptions), the Directors may decide, in their discretion, that an Award will Vest on the date on which the Participant leaves Employment or on any later date chosen by them.

Where they do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** subject to any Holding Requirement, if the Award is subject to a Performance Condition, the Award will Vest to the extent that such Performance Condition has been or is likely to be satisfied (as determined by the Directors, at the time the Participant leaves Employment, in the manner specified in the condition or in such manner as they consider reasonable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** the number of Shares in respect of which the Award Vests will, unless the Directors decide otherwise, be reduced to reflect the proportion of the period up to the Normal Vesting Date which had elapsed by the date on which the Participant left Employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.3** the Award will lapse to the extent that it does not Vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Exchange of Awards on a sale of Employer** 

If the Directors, with the agreement of any relevant purchaser, so decide before the event referred to in rule 6.2.3 or 6.2.4 (Exceptions) takes effect, Awards will not Vest, but will instead be exchanged, and rules 7.4 (Exchange) to 7.7 (Exchange terms) will apply. In applying rules 7.4 (Exchange) to 7.7 (Exchange terms), the "**Acquiring Company**" will mean

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the relevant purchaser or any company nominated by the relevant purchaser and approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6** **Death** 

If a Participant dies, the Award will Vest on the date of death. If the Award is subject to a Performance Condition, unless the Directors determine otherwise, such Performance Condition will be deemed to have been satisfied at target level and will lapse as to the balance.

The Directors will only arrange for Shares to be issued or transferred, or cash paid to the personal representatives of a deceased Participant, if they have produced such evidence as the Directors may require of their status as such. The receipt of Shares or cash by any person who has produced such evidence will discharge the Directors from any obligation to the Participant or their estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.1** A Participant will be treated as "leaving Employment" when they are no longer an Employee or director of any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7.2** An Option which does not lapse when the Participant leaves Employment will be exercisable for 12 months, from the date of leaving or, if later, from the date on which it Vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8** **Overseas transfer** 

If a Participant remains an Employee or executive director of the Company but is transferred to work in another country or changes tax residence status and as a result would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.1** suffer a tax disadvantage in relation to the Awards (this being shown to the satisfaction of the Directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8.2** become subject to restrictions on the ability to exercise Awards or to hold Awards or to hold or deal in the Shares or the proceeds of the sale of the Shares acquired on exercise or Vesting because of the security laws or exchange control laws of the country to which the Participant is transferred,

then the Directors may decide that an Award will Vest on a date they choose before or after the transfer takes effect. The Award will Vest to the extent they permit and will lapse as to balance.

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| | |
|:---|:---|
| **7** | **Corporate events** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Time of Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** If there is a Change of Control, an Award Vests subject to rules 7.2 (Extent of Vesting), 7.3 (Lapse of Options) and 7.4 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** If the Company is or may be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any demerger, delisting, distribution (other than a dividend) or other transaction, which, in the opinion of the Directors, might affect the current or future value of any Award; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reverse takeover (not within rule 7.1.1 above), merger by way of a dual listed company or other significant corporate event, as determined by the Directors,

the Directors may allow an Award to Vest. The Award will Vest to the extent described in rule 7.2 (Extent of Vesting). The Directors may impose other conditions on Vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Extent of Vesting** 

Where an Award Vests under rule 7.1 (Time of Vesting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.1** if the Award is subject to a Performance Condition, the Directors will determine the proportion of the Award which, taking into account the extent to which the Performance Condition has been met over the shortened Performance Period or the extent to which, in the opinion of the Directors, it would have been met over the full Performance Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.2** unless the Directors decide otherwise, the Award is reduced proportionately to reflect the acceleration of Vesting (unless it is a Deferred Bonus Award).

To the extent that the Award does not Vest as a result of this rule 7.2, the Directors may decide that it will be exchanged (wholly or partly) under rule 7.4 (Exchange). The Award will lapse to the extent not Vested or exchanged under rule 7.4 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Lapse of Options** 

An Option will be exercisable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1** following a Change of Control, for six months after the Change of Control, or such shorter period as the Directors may set at the time of the Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.2** following an event described in rule 7.1.2 (Time of Vesting), for such period (not exceeding one year) as the Directors may set at the time of the event,

and will lapse at the end of that period to the extent that it has not been exercised or exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Exchange** 

An Award will not Vest (or, in the case of an Unvested Option, become exercisable) following an event described in rule 7.1 (Time of Vesting) but will be exchanged pursuant to rule 7.7 (Exchange terms) to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.1** an offer to exchange the Award is made and accepted by a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.2** the Directors, with the consent of the Acquiring Company, decide before a Change of Control that the Award will be automatically exchanged.

An Award will also be exchanged under this rule 7.4 if rule 6.5 (Exchange of Awards on a sale of Employer) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Directors** 

In this rule 7, "**Directors**" means those people who were members of the remuneration committee of the Company immediately before the Change of Control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Timing of exchange** 

Where an Award is to be exchanged under rule 7.4 (Exchange) the exchange is effective immediately following the relevant event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Exchange terms** 

Where a Participant is granted a new award in exchange for an existing Award, the new award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.1** must confer a right to acquire shares in the Acquiring Company or another body corporate determined by the Acquiring Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.2** must be equivalent to the existing Award, subject to rule 7.7.4 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.3** is treated as having been acquired at the same time as the existing Award and, subject to rule 7.7.4 below, Vests in the same manner and at the same time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.4** must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be subject to a condition which is, so far as possible, equivalent to any Performance Condition applying to the existing Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be subject to any condition but be in respect of the number of shares which is equivalent to the number of Shares comprised in the existing Award which would have Vested under rule 7.2 (Extent of Vesting) and Vest at the end of the original Performance Period (if applicable) or on the Normal Vesting Date set by the Directors on the grant of the Award; and, in each case

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be subject to such other terms as the Directors consider appropriate in all the circumstances,

but where the Award is exchanged to the extent that it does not Vest under rule 7.2 (Extent of Vesting), it need not be subject to any condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.5** will be governed by the rules of the Plan from time to time, as if references to Shares were references to the shares over which the new Award is granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 7.7.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** **Assumption of exchanged awards** 

Subject only to rule 2.11 (Plan limits), notwithstanding any other rule(s) of the Plan, where the Company consents, in connection with the Demerger, to exchange awards granted by Unilever PLC under the Unilever Share Plan 2017 for awards over Shares in connection with the Demerger, such exchanged awards may be subject to such terms and conditions as the Directors may determine (and notify to relevant participants) in their absolute discretion in order to comply with the requirements of the Unilever Share Plan 2017.

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| | |
|:---|:---|
| **8** | **Changing the Plan and termination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Directors' powers** 

Subject to rule 8.2 (Shareholder approval), the Directors may at any time change the Plan in any way, including changes to the terms of any existing Award which are not to the advantage of the Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Shareholder approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** Except as described in rules 8.2.2 and 8.2.3 below, the Company's general meeting must adopt any proposed change to the Plan to the advantage of present or future Participants, which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the limitations on the amount or number of Shares, cash or other benefits subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the individual limit for each Participant under the Plan who is an executive director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the basis for determining a Participant's entitlement to, and the terms of, securities, cash or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms of this rule 8.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** The Directors can change the Plan and need not obtain the approval of the Company's general meeting for any minor changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to benefit the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to comply with or take account of the provisions of any proposed or existing legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to take account of any changes to legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company, any Subsidiary or any present or future Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** The Directors may, without obtaining the approval of the Company in general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish further plans (by way of schedules to the rules or otherwise) based on the rules, but modified to take account of local tax, exchange control or securities law in non-Dutch and non-UK territories. However, any Shares made available under such plans are treated as counting against any limits on individual or overall participation in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) waive or change a Performance Condition as described in rule 2.4 (Conditions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change the terms of an Award to the advantage of the Participant if the Plan would permit a new Award to be granted on those changed terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Notice** 

The Directors are not required to give Participants notice of any changes unless required to do so by local law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Termination** 

The Plan will terminate on the tenth anniversary of adoption and approval of the Plan by the Company's general meeting, but the Directors may terminate the Plan at any time before that date. The termination of the Plan will not affect existing Awards.

---

| | |
|:---|:---|
| **9** | **General** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** This rule 9.1 applies during a Participant's Employment and after termination of that Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** Nothing in the rules or the operation of the Plan forms part of the contract of Employment of the Participant. The rights and obligations arising from the Employment relationship between the Participant and the Employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** Nobody has a right to participate in the Plan. Participation in the Plan or the grant of Awards on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Awards on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.4** The terms of the Plan do not entitle the Participant to the exercise of any discretion in their favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.5** The Participant will have no claim or right of action in respect of any decision, omission or discretion, which may operate to their disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.6** Nobody has any right to compensation for any loss in relation to the Plan, including any loss in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss or reduction of rights or expectations under the Plan in any circumstances (including termination of Employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any exercise of a discretion or a decision taken in relation to an Award or to the Plan, or any failure to exercise a discretion or take a decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operation, suspension, termination or amendment of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Directors' decisions final and binding** 

The decision of the Directors on the interpretation of the Plan or in any dispute relating to an Award or matter relating to the Plan will be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Third party rights** 

Any Member of the Group may rely on and enforce any term of the Plan. Apart from that, (i) nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant; (ii) this Plan does not contain any stipulation in favour of a third party (derdenbeding); and (iii) this Plan does not affect any other right or remedy of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Documents sent to shareholders** 

The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares. For the avoidance of doubt, the Company shall

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be required to send such documents or notices to Participants if and for as long as they are a holder of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Costs** 

The Company will pay the costs of introducing and administering the Plan but, for the avoidance of doubt, shall not be responsible for, or be required to pay, any costs incurred by a Participant in respect of the acquisition, holding or disposal of any Shares or any interest in them. The Company may ask a Participant's Employer to bear the costs in respect of an Award to that Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Employee trust** 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them to acquire Shares to be held for the purposes of the Plan or enter into any guarantee or indemnity for those purposes, to the extent permitted by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Participants' information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.1** Subject to rule 9.7.2 below, by participating in the Plan and accepting an Award where required, the Participant consents to the holding and processing of personal information that the Participant provides to any Member of the Group, trustee or thirdparty service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)administering and maintaining Participant records including tax administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) providing information to Members of the Group, trustees of any employee benefit trust, registrars, brokers or third-party administrators of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) providing information to future purchasers or merger partners of the Company, the Participant's Employer, or the business in which the Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) transferring information about the Participant to any country or territory that may not provide the same statutory protection for the information as the Participant's home country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.2** The basis for any processing of personal information about the Participant under the EU's General Data Protection Regulation (2016/679) (or any successor laws) is set out in the Company's Privacy Notice and is not the consent given under rule 9.7.1 above. The Company's Privacy Notice also contains details about how the Participant's personal information is processed and the Participant's rights in relation to that information. The Participant has a right to review the Company's Privacy Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** **Consents** 

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the Netherlands or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the necessity for any such consent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9** **Share rights** 

Shares issued to satisfy Awards under the Plan will rank equally in all respects with the Shares in issue on the date of issue. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of issue. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10** **Listing** 

If and for so long as the Shares are listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.1** Any information or notice to a person who is or will be eligible to be a Participant under or in connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.2** Any information or notice to the Company or other duly appointed agent under or in connection with the Plan may be sent by post or transmitted to it at its registered office or such other place, or by such other means, as the Directors or the duly appointed agent may decide and notify to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11.3** Notices sent by post will be deemed to have been given a week after the date of posting. However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been received on the day after sending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12** **Governing law and jurisdiction** 

The law of the Netherlands governs the Plan and all Awards and their construction. The courts of Amsterdam, the Netherlands, have exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Award.

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**Schedule 1**

**Holding Requirement through holding of Shares**

This Schedule 1 applies to an Award if it is subject to a Holding Period.

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| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

---

The Award will Vest at the time and to the extent determined under rule 5.2 (Timing of Vesting), rule 6.1 (General rule on leaving Employment) or rule 6.4 (Early Vesting) (including any Dividend Equivalent) but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** if the Award is a Conditional Award, the Holding Shares will be issued or transferred (including a transfer out of treasury or otherwise) to the Participant or to another person to be held for the benefit of the Participant (as the Directors determine) on the basis set out in this Schedule 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** if the Award is an Option and it is exercised during the Holding Period, the Holding Shares will be issued or transferred as described above to be held for the balance of the Holding Period on the basis set out in this Schedule 1.

If required to do so by the Directors, the Participant must enter into an agreement setting out the basis on which the Holding Shares will be held under this Schedule 1. If the Participant does not do so in the manner and within the timeframe specified by the Directors, the Award will lapse and the Holding Shares will not be issued or transferred (or will be forfeited if already issued or transferred).

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| | |
|:---|:---|
| **2** | **Tax** |

---

Where tax is payable before the end of the Holding Period, rule 5.9 (Tax) will apply. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares (or the number of Holding Shares, if fewer).

The Participant must enter into any elections in relation to Holding Shares required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003. If the Participant does not do so within any period specified by the Directors, the Award will lapse at the end of that period and the Holding Shares will not be issued or transferred (or they will be forfeited if already issued or transferred).

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| | |
|:---|:---|
| **3** | **Rights during the Holding Period** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The Participant will be entitled to vote (or give instructions as to voting) and to receive dividends and have all other rights of a shareholder in respect of the Holding Shares from the date on which the Shares are issued or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Participant may not transfer, assign or otherwise dispose of the Holding Shares or any interest in them (or instruct anyone to do so) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** on forfeiture of the Holding Shares as described in paragraph 5 (Forfeiture of Holding Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to fund any tax in accordance with paragraph 2 (Tax);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** in case of an irrevocable undertaking to accept or vote in favour of a transaction contemplated by rule 7 (Corporate events); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** in the case of any other circumstances if the Directors so allow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Any securities which the Participant receives in respect of Holding Shares as a result of an event described in rule 3.3 (Adjustment of Awards) during the Holding Period will, unless the Directors decide otherwise, be subject to the same restrictions as the corresponding Holding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** For the avoidance of doubt, clawback under the Malus & Clawback Policy will apply to the Holding Shares during the Holding Period.

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| | |
|:---|:---|
| **4** | **Leaving Employment during the Holding Period** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Rule 6 (Leaving Employment and death) will not apply to any Holding Shares during the Holding Period and the Holding Requirement will continue to apply after the Participant has left Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** However, if the Participant leaves Employment during the Holding Period in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Holding Shares will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** If a Participant leaves Employment because of ill-health, injury or disability, the Directors may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** the Holding Requirement will not apply to the extent that the Award Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** if the Holding Period started before the Participant left Employment, it will come to an end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** If a Participant dies, no Holding Requirement will apply to any Awards which Vest, and any Holding Period which has already started will come to an end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** On leaving in other circumstances, any Holding Requirement will continue to apply to an Award which Vests on or after the Participant has left Employment.

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| | |
|:---|:---|
| **5** | **Forfeiture of Holding Shares** |

---

Where any Holding Shares are forfeited, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration (as determined by the Directors), to any person (which may include the Company, where permitted) specified by the Directors.

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| | |
|:---|:---|
| **6** | **End of the Holding Period** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** the date on which the Holding Period would normally end, as set by the Directors under rule 2.3 (Terms of Awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** the date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** the date of a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** any other date determined by the Directors.

At the end of the Holding Period, the restrictions relating to Holding Shares under this Schedule 1 will cease to apply.

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**Schedule 2**

**Holding Requirement through deferred Vesting**

This Schedule 2 applies to an Award if it is subject to a Holding Period and the Directors so determine under rule 5.4 (Holding Requirement).

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| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

---

The Directors will determine the extent to which the Award would Vest (but for this Schedule 2) under rule 5.1 (Determining Vesting), rule 6.2 (Exceptions) or rule 6.4 (Early Vesting) (including any Dividend Equivalent), but Vesting will be deferred so that the Award will continue in respect of the number of Shares which would have Vested but for this Schedule 2, to the end of the Holding Period. During the Holding Period the rules continue to apply, subject to this Schedule 2.

For the avoidance of doubt, malus under the Malus & Clawback Policy will continue to apply throughout the Holding Period.

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| | |
|:---|:---|
| **2** | **Tax** |

---

Where tax is payable before the end of the Holding Period, rule 5.9 (Tax) will apply. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares.

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| | |
|:---|:---|
| **3** | **Leaving Employment during the Holding Period** |

---

Rule 6 (Leaving Employment and death) will not apply to the Award during the Holding Period. The Holding Requirement will continue to apply after the Participant has left Employment.

However, if the Participant leaves Employment during the Holding Period in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Award will lapse.

If a Participant leaves Employment because of ill-health, injury or disability, the Directors may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Holding Requirement will not apply to the extent that the Award Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Holding Period started before the Participant left Employment, it will come to an end.

If a Participant dies, no Holding Requirement will apply to any Awards which Vest, and any Holding Period which has already started will come to an end.

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| | |
|:---|:---|
| **4** | **End of the Holding Period** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the date on which the Holding Period would normally end, as set by the Directors under rule 2.3 (Terms of Awards);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** the date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** the date of a Change of Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** any other date determined by the Directors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** At the end of the Holding Period, the Award will Vest under rule 5.5 (Consequences of Vesting for Conditional Awards) or 5.6 (Consequences of Vesting for Options) to the extent determined under paragraph 1 (Effect of Holding Requirement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** As soon as practicable after Vesting or, in the case of Options, exercise, the Participant will be entitled to an amount equal to the dividends with a payment date during the Holding Period on the number of Shares Vesting at the end of the Holding Period. That amount may be paid in cash or Shares (as determined from time to time by the Directors). This will not apply to the extent that the dividend counts towards a Dividend Equivalent for the Award or an adjustment is made in respect of it under rule 3.3 (Adjustment of Awards).

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**Schedule 3**

**Forfeitable Shares**

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| | |
|:---|:---|
| **1** | **Definitions** |

---

**"Award"** means Forfeitable Shares;

**"Forfeitable Shares"** means Shares held in the name of or for the benefit of a Participant subject to the Forfeitable Share Agreement;

**"Forfeitable Share Agreement"** means the agreement referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule; and

**"Vesting"** means the restrictions set out in the Forfeitable Share Agreement between the Participant and the Company, as referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule, ceasing to have effect.

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| | |
|:---|:---|
| **2** | **Rules** |

---

The rules of The Magnum Ice Cream Company Long Term Incentive Plan 2025 ("Plan") will apply to grants made under this Schedule, as amended by the terms of this Schedule.

---

| | |
|:---|:---|
| **3** | **Terms of Awards** |

---

The Directors may determine that Awards are granted under this Schedule, in the form of Forfeitable Shares. If so, the document referred to in rule 2.7 (Documentation of Awards) of the Plan will be the Forfeitable Share Agreement which must state that the Award is in the form of Forfeitable Shares.

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| | |
|:---|:---|
| **4** | **Forfeitable Share Agreement** |

---

Where an Award consists of Forfeitable Shares, the Participant must enter into a Forfeitable Share Agreement with the Company. This Forfeitable Share Agreement must provide that to the extent that the Award lapses under the Plan, the Shares are forfeited and the Participant will immediately transfer the interest in the Shares, for no consideration or nominal consideration (as determined by the Directors), to any person (which may include the Company, where permitted) specified by the Directors.

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| | |
|:---|:---|
| **5** | **Acquisition of Forfeitable Shares** |

---

On or after the grant of an Award of Forfeitable Shares, the Directors will procure that the relevant number of Shares are issued or transferred, including a transfer out of treasury or otherwise, to the Participant or to another person to be held for the benefit of the Participant under the terms of the Plan.

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| | |
|:---|:---|
| **6** | **No transfer of Forfeitable Shares** |

---

Rule 3.2 (Transfer) does not prevent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) forfeiture of the Forfeitable Shares on lapse of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a sale of Forfeitable Shares to fund any tax in accordance with rule 5.9 (Tax); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an irrevocable undertaking in respect of Forfeitable Shares to accept or vote in favour of a transaction contemplated by rule 7 (Corporate events).

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| | |
|:---|:---|
| **7** | **Rights** |

---

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Rule 9.9 (Share rights) of the Plan will be replaced with the following paragraph:

"Except to the extent specified in the Forfeitable Share Agreement and in these rules, a Participant will have all rights of a shareholder in respect of Forfeitable Shares until the Award lapses."

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| | |
|:---|:---|
| **8** | **Documents and elections** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** The Participant must sign any documentation, including a power of attorney, requested by the Directors. If the Participant does not do so within a period specified by the Directors, the Award will lapse at the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** The Participant must enter into any elections required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003 and elections to transfer any liability, or agreements to pay, social security contributions. If the Participant does not do so within a period specified by the Directors, the Award will lapse at the end of that period.

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| | |
|:---|:---|
| **9** | **Adjustment of Awards** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** Subject to the Forfeitable Share Agreement, a Participant will have the same rights as any other shareholders in respect of Forfeitable Shares where there is a variation or other event of the sort described in rule 3.3 (Adjustment of Awards) of the Plan. Any shares, securities or rights issued to a Participant as a result of such an event will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** treated as if they were awarded to the Participant under the Plan in the same way and at the same time as the Forfeitable Shares in respect of which the rights were conferred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** subject to the rules of the Plan, as modified by this Schedule, and the terms of the Forfeitable Share Agreement.

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| | |
|:---|:---|
| **10** | **Lapse of Forfeitable Shares** |

---

On the lapse of an Award of Forfeitable Shares, a Participant must transfer the interest in the Shares in accordance with the Forfeitable Share Agreement.

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| | |
|:---|:---|
| **11** | **Vesting of Forfeitable Shares** |

---

To the extent that it has Vested, an Award of Forfeitable Shares will not lapse under the Plan and the restrictions referred to in paragraph 4 (Forfeitable Share Agreement) of this Schedule and contained in the Forfeitable Share Agreement will cease to have effect. Any tax and social security contributions payable on Vesting will be dealt with in accordance with rule 5.9 (Tax) of the Plan.

If an Award of Forfeitable Shares is subject to a Holding Requirement, Vesting will be deferred until the end of the Holding Requirement. During the Holding Period, the Forfeitable Share Agreement will continue to apply as varied by Schedule 1 (Holding Requirement through holding of Shares) as if the Forfeitable Shares were Holding Shares.

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| | |
|:---|:---|
| **12** | **Cash and Share alternative** |

---

Rule 5.8 (Cash and Share alternative) of the Plan will not apply.

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**Schedule 4**

**US taxpayers**

The rules of this Schedule 4 are made under and amend and supplement (as applicable) the terms of The Magnum Ice Cream Company Long Term Incentive Plan 2025 (the "Plan"). This Schedule 4 applies to Awards made to a US Taxpayer.

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| | |
|:---|:---|
| **1** | **Defined terms** |

---

In this Schedule 4, capitalised terms shall have the meaning given to them in the rules of the Plan, save where otherwise defined herein:

**"Award Agreement"** means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan;

**"Performance Criteria Condition"** means a Condition that is an organisational or individual performance criteria specified in the Award Agreement relating to a Performance Period with respect to the performance of the Company, the Participant, or the Member of the Group in whose business unit the Participant works, provided that the outcome is substantially uncertain at the time the criteria are established;

**"U.S. Treas. Reg."** means the regulations issued by the U.S. Department of Treasury to interpret the United States Internal Revenue Code of 1986, as amended from time to time; and

**"409A Deferred Compensation"** means a "deferral of compensation" or "deferred compensation" as those terms are defined in the regulations under US Code Section 409A.

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| | |
|:---|:---|
| **2** | **Interpretation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Plan and any Awards made under the Plan are intended to, and shall be interpreted, construed and administered, in order to comply with US Code Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term deferral treatment or other exceptions or provisions. The Directors will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of (i) the Plan, any Award Agreement and any Schedule to the Plan other than this Schedule 4; and (ii) this Schedule 4, the provisions of this Schedule 4 will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** If the Award includes a "series of instalment payments" as described in U.S. Treas. Reg. §1.409A-2(b)(2)(iii), a Participant's right to the series of instalment payments will be treated as a right to a series of separate payments and not as a right to a single payment.

---

| | |
|:---|:---|
| **3** | **Delivery and payment of Awards** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** To the extent that an Award (or any portion thereof) is intended to satisfy the requirements for short-term deferral treatment under US Code Section 409A, delivery or payment in respect of the Award will occur by the last day of the applicable "short-term deferral" period described in U.S. Treas. Reg. §1.409A-1(b)(4) in order for the delivery or payment to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Directors elect, pursuant to U.S. Treas. Reg.

------

§1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with US Code Section 409A, to delay delivery or payment to a later date within the same calendar year or to such later date as may be permitted under US Code Section 409A, including U.S. Treas. Reg.§1.409A-3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Notwithstanding any provision of the Plan or in any applicable Award Agreement, any authority that the Directors have to delay, accelerate or amend the timing of the Vesting, delivery or payment in respect of any Award, or otherwise amend the Award (including for the purposes of rule 2.4 (Conditions), rule 3.3 (Adjustment of Awards), rule 4 (Malus and clawback), rule 5.2 (Timing of Vesting), rule 5.3 (Delayed Vesting), rule 5.4 (Holding Requirement), rule 5.9 (Tax), rule 6.8 (Overseas transfer), rule 7 (Corporate events) and rule 8.1 (Directors' powers)), such authority shall only apply in respect of Awards granted to US Taxpayers to the extent that such changes are permitted in accordance with US Code Section 409A and will not result in the imposition of additional tax under US Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Rule 7.4.1 (Exchange) will not apply to US Taxpayers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** Notwithstanding anything to the contrary in the Plan or in any applicable Award Agreement, to the extent required to avoid the imposition of additional taxes under US Code Section 409A, if amounts payable to a Participant constitute 409A Deferred Compensation and termination of Employment is a payment event for an Award granted under this Schedule 4, such termination of Employment shall only be a payment event if it is a "separation from service" (within the meaning of U.S. Treas. Reg. §1.409A-1(h)) and any US Taxpayer who is a "specified employee" (within the meaning of U.S. Treas. Reg. §1.409A-1(i)) shall not receive payment or delivery until the first day of the seventh month following their "separation from service".

---

| | |
|:---|:---|
| **4** | **Options – Exercise Price** |

---

For Options granted to US Taxpayers, the Exercise Price will not be less than the fair market value of a Share on the Grant Date. For the avoidance of doubt, the determination of fair market value shall be determined in a manner consistent with U.S. Treas. Reg. §1.409A1(b)(5)(iv).

---

| | |
|:---|:---|
| **5** | **Leaving Employment** |

---

Notwithstanding anything to the contrary in rule 6 (Leaving Employment and death), in the event that a Participant who is a US Taxpayer leaves employment due to the reasons specified in rules 6.2.1 to 6.2.6 (Exceptions) and the US Taxpayer's Award(s) are not 409A Deferred Compensation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** Such US Taxpayer's Award(s) that are not subject to any Performance Criteria Condition will immediately Vest to the extent determined under rule 6 (Leaving Employment and death) (and in the case of Conditional Awards, become payable) upon the earlier of (i) the US Taxpayer's termination of Employment in accordance with rule 6.4 (Early Vesting); or (ii) the Normal Vesting Date, and lapse as to the balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** Such US Taxpayer's Award(s) that are subject to any Performance Criteria Condition will not lapse but will continue to be subject to the Plan rules and the satisfaction of any applicable Performance Criteria Condition, and will Vest in accordance with rule 6.2 (Exceptions) or 6.4 (Early Vesting), and lapse as to the balance.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** Notwithstanding the Vesting and timing provisions of rule 6.6 (Death), on death, the delivery and payment referred to therein will be made after the date of death and by December 31 of the calendar year following the calendar year in which death occurs (or on such later date as may be permitted under US Code Section 409A).

---

| | |
|:---|:---|
| **6** | **Adjustment of Awards** |

---

No adjustment to the number and/or class of Shares or securities comprised in an Award shall be made pursuant to rule 3.3 (Adjustment of Awards) to the extent that it contravenes US Code Section 409A or results in adverse tax consequences under US Code Section 409A.

---

| | |
|:---|:---|
| **7** | **Non-competes** |

---

Rule 6.3.2 (Events after leaving Employment) shall only apply to the extent permitted by applicable law and shall not apply to Participants who are Employees in California.

---

| | |
|:---|:---|
| **8** | **Taxation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** Notwithstanding any provision of the Plan to the contrary, in the event that the Directors determine that any amounts payable hereunder will be subject to accelerated taxation or additional tax under US Code Section 409A, then, prior to delivery to such Participant of such payment, the Company may (i) adopt such amendments to the Plan and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Directors determine necessary or appropriate under applicable law to preserve the intended tax treatment of the benefits provided by the Plan; or (ii) take such other actions that the Directors determine necessary or appropriate to avoid or limit the imposition of such additional or accelerated tax under US Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Notwithstanding the foregoing, none of the Company nor any Member of the Group shall have any obligation to take any action to prevent the imposition of any additional tax or penalty on any Participant under US Code Section 409A, and none of the Company, any Member of the Group or the Directors will have any liability to any Participant for such tax or penalty. Each Participant is solely responsible and liable for the satisfaction of all taxes, interest and penalties that may be imposed on or for the account of such Participant in connection with the Plan (including any taxes and penalties under US Code Section 409A).

------

## Exhibit 4.10

**Exhibit 4.10**

![Graphic](micc-20251231xex4d10001.jpg)

<br>FOUNDATION PLAN FOR GROWTH <br> RULES OF THE MAGNUM ICE CREAM COMPANY<br>FOUNDATION PLAN FOR GROWTH

---

| | |
|:---|:---|
| THE MAGNUM ICE CREAM COMPANY N.V. | THE MAGNUM ICE CREAM COMPANY N.V. |
|  | [TBC] *[****Note to draft****: date of* |
| Directors' Adoption: | *Directors' Adoption will be the same* |
|  | *as the date of Shareholders'* |
|  | *Approval]* |
| Shareholders' Approval: | [TBC] |
| Expiry Date: | 30 June 2026 |

---

------

**Table of Contents**

---

| | |
|:---|:---|
| **Contents** | **Page** |

---

---

| | | |
|:---|:---|:---|
| **1**  | **Definitions** | **1** |
| **2**  | **Acquisition of Investment Shares** | **3** |
| **3**  | **Grant of Options** | **4** |
| **4**  | **Before Vesting** | **7** |
| **5**  | **Malus and clawback** | **7** |
| **6**  | **Vesting** | **8** |
| **7**  | **Exercise** | **9** |
| **8**  | **Leaving Employment and death** | **11** |
| **9**  | **Corporate events** | **13** |
| **10**  | **Changing the Plan and termination** | **15** |
| **11**  | **General** | **16** |
| **Schedule 1 Holding Requirement through holding of Shares** | **Schedule 1 Holding Requirement through holding of Shares** | **19** |
| **Schedule 2 Holding Requirement through deferred Vesting** | **Schedule 2 Holding Requirement through deferred Vesting** | **21** |
| **Schedule 3 US taxpayers** | **Schedule 3 US taxpayers** | **22** |

---

i

------

**Rules of The Magnum Ice Cream Company Foundation Plan for Growth**

**1** **Definitions**

In these rules:

**"Acquiring Company"** means a person who has, acquires or otherwise obtains Control of the Company;

**"Admission"** means the admission of the Shares to public trading following Demerger;

**"Annual Salary"** means: (i) in respect of an executive director of the Company, their annual fee; and (ii) in respect of an Employee, their annual base salary, in each case as at the date of the Invitation;

**"Change of Control"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person obtaining Control of the Company as a result of an offer to acquire Shares made by a person becoming or being declared wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person obtaining Control of the Company in any other way if the Directors, in their discretion, so decide,

and references to a person obtaining Control include a group of persons acting in concert obtaining Control;

**"Company"** means The Magnum Ice Cream Company N.V.;

**"Control"** means, in relation to a company, the right to exercise more than 50% of the votes exercisable at any meeting of that company or to appoint more than half of its directors, whether by virtue of provisions contained in its articles of association or, as the case may be, certificate of incorporation or by-laws, statutes or other constitutional documents or any contract or arrangement with any other persons;

**"Dealing Restriction"** means any restriction on dealing in securities imposed by regulation, statute, order, directive or any code adopted by the Company as varied from time to time;

**"Demerger"** means the date on which the Company ceases to be under the Control of Unilever PLC;

**"Directors"** means, subject to rule 9.5 (Directors), the board of directors of the Company or any person or persons to whom that board has, from time to time, delegated any of their functions under the Plan;

**"Employee"** means any employee of a Member of the Group;

**"Employer"** means the employer of an Employee, or in the case of an executive director of the Company who is not an Employee, the legal entity that has engaged such executive director;

**"Employment"** means the employment of an Employee, or in the case of an executive director of the Company who is not an Employee, the service of such executive director;

**"Exercise Price"** means the amount payable for each Share on the exercise of an Option as determined under rule 3.3 (Terms of Options);

------

**"Final Exercise Date"** means the seventh anniversary of the date on which an Option is granted;

**"Grant Date"** means the date set by the Directors for the Option under rule 3.3 (Terms of Options) or, if no such date is set, the date on which the Option is granted;

**"Group Company"** means a group company within the meaning of Section 2:24b of the Dutch Civil Code (and **"Group Companies"** shall be interpreted accordingly);

**"Holding Period"** means the period during which a Holding Requirement applies as set out in Schedule 1 (Holding Requirement through Holding Shares) or Schedule 2 (Holding Requirement through deferred Vesting) (as applicable);

**"Holding Requirement"** means a requirement that Shares be held during the Holding Period

(Schedule 1 (Holding Requirement through Holding Shares)) or a delay in the Vesting of an Option until the end of the Holding Period (Schedule 2 (Holding Requirement through deferred Vesting));

**"Holding Share"** means a Share which is subject to a Holding Requirement;

**"Investment Period"** means the period during which any Investment Shares must be acquired in order to receive a Matching Option as described in rule 2.2 (Conditions to grant of Matching Options) and the Invitation;

**"Investment Share"** means Shares acquired by an Invitee as described in rule 2.2 (Conditions to grant of Matching Options) (and, for the avoidance of doubt, includes any shares, or securities issued to a Participant in respect of Investment Shares as a result of an event described in rule 4.4 (Adjustment of Options));

**"Invitation"** means an invitation to acquire Investment Shares and receive Matching Options which includes the details set out in rule 2.1 (Invitations);

**"Invitee"** means a person whom the Directors have invited to acquire Investment Shares and receive a Matching Option under rule 2.1 (Invitations);

**"Malus & Clawback Policy"** means the Magnum Ice Cream Company Malus & Clawback Policy as amended from time to time;

**"Matching Option"** means an Option granted subject to the Invitee acquiring Investment Shares in accordance with their Invitation;

**"Matching Ratio"** means the ratio of Shares subject to a Matching Option to Investment Shares, as determined in accordance with rule 2.1 (Invitations);

**"Maximum Investment Amount"** means the maximum amount (expressed as a multiple of up to five times the Invitee's Annual Salary) which the Invitee may use to acquire Investment Shares as determined by the Directors under rule 2.1 (Invitations) and set out in the Invitation;

**"Member of the Group"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Subsidiaries and Group Companies from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other company which is associated with the Company and is so designated by the Directors;

------

**"Normal Vesting Date"** means the date set by the Directors for Vesting of an Option under rule 3.3 (Terms of Options);

**"Option"** means a right to acquire Shares granted under the Plan (and such term may, for the avoidance of doubt, refer to a Matching Option);

**"Participant"** means a person holding (or who previously held) an Option, or their personal representatives;

**"Performance Conditions"** has the meaning given in rule 3.4 (Performance Conditions);

**"Performance Period"** means the period in respect of which a Performance Condition is to be satisfied;

**"Plan"** means these rules known as The Magnum Ice Cream Company Foundation Plan for Growth, as changed from time to time;

**"Shares"** means fully paid-up ordinary shares (including interests representing shares) in the capital of the Company;

**"Subsidiary"** means a subsidiary within the meaning of Section 2:24a of the Dutch Civil Code;

**"US Code Section 409A"** means Section 409A of the United States Internal Revenue Code of 1986, as amended from time to time, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they, from time to time, may be amended or interpreted through further administrative guidance;

**"US Taxpayer"** means a Participant who is a citizen or tax resident of the United States of America or any other Participant to the extent that their Option(s) or any portion thereof is or becomes subject to income taxation under the laws of the United States of America; and

**"Vesting"** means an Option becoming exercisable and **"Vest"**, **"Vested"** and **"Unvested"** have a corresponding meaning.

**2** **Acquisition of Investment Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Invitations** 

The Directors, in accordance with any selection criteria that the Directors in their discretion may set, may invite Employees and executive directors of the Company to acquire Investment Shares and receive the grant of a Matching Option, subject to and in accordance with the terms of an Invitation and the rules of the Plan.

The Invitation will set out, for each Invitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1**the Maximum Investment Amount, which will be such amount as determined by the Directors, but shall not exceed five times the Invitee's Annual Salary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2**the Matching Ratio, which will be such ratio as determined by the Directors, but shall not exceed 5:1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3**the start and end dates of the Investment Period (which, for the avoidance of doubt, may start prior to the sending of the Invitation); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4**any conditions (beyond those set out in rule 2.2) that will be applicable to the Matching Option, if granted (including a general description of the Performance Condition(s), if known).

**2.2** **Conditions to grant of Matching Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** If an Invitee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquires Investment Shares during the Investment Period and continues to hold such Investment Shares to the end of the Investment Period in accordance with the terms of their Invitation (as evidenced to the satisfaction of the Directors); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is in Employment on the date of grant,

the Invitee will be granted a Matching Option, subject to and in accordance with the rules of the Plan from time to time and any conditions set out in the Invitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** Any Shares acquired by an Invitee during the Investment Period which the Directors determine are in excess of the Maximum Investment Amount shall not be counted as Investment Shares for the purposes of determining the number of Matching Options to be granted under rule 3.3.3 (Terms of Options).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** In making a determination under rule 2.2.2, the Directors will take into account the price (excluding any costs of purchase) actually paid for such Shares by the Invitee (as evidenced to the satisfaction of the Directors). Where the Invitee is unable to provide sufficient evidence of the price paid for such Shares, the Directors may make their determination by reference to the average closing share price of a Share during the Investment Period.

**3** **Grant of Options**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Eligibility to receive Options other than Matching Options** 

The Directors may decide that an Option (other than a Matching Option) will be granted to anyone who is an Employee on the date of grant in accordance with any selection criteria or conditions under these rules and/or that the Directors in their discretion may set.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Timing of grant** 

An Option may be granted at any time but:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** may not be granted after 30 June 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** may only be granted to executive directors of the Company within 42 days starting on any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of adoption of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the announcement of the Company's results for the 2025 financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of the Company's annual general meeting or any other general meeting in 2026.

Subject to and in accordance with the above, Matching Options must be granted as soon as practicable after the end of the Investment Period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Terms of Options** 

Options are subject to the rules of the Plan from time to time and any conditions. The Directors will determine the terms of each Option, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** whether the Option is a Matching Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** the number of Shares subject to the Option, which for Matching Options shall be determined by reference to the number of Investment Shares held by the Invitee and the Matching Ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.4** the Normal Vesting Date(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.5** the Performance Condition(s) (see rule 3.4 (Performance Conditions)) and any other conditions to which the Option is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.6** whether or not a Holding Requirement will apply and if so, when the Holding Period will normally end; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.7** the Exercise Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Performance Conditions** 

The Directors may, and must where this is required under the Company's remuneration policy for Participants who are executive directors of the Company, make the Vesting of an Option conditional on the satisfaction of a condition or conditions linked to the performance of the Company **("Performance Conditions")**. The Performance Conditions, the Performance Periods and the number of Shares under Option subject to the achievement of each Performance Condition will be specified when the Option is granted. The Directors may waive or change a Performance Condition in accordance with its terms or if anything happens which causes the Directors reasonably to consider it appropriate to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **US Taxpayers** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.1** The provisions of Schedule 3 (US Taxpayers) shall apply to any Option granted to a US Taxpayer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.2** In the event that a Participant is, or after the grant of an Option becomes, a US Taxpayer, the Directors may make such amendments to the terms of the Option, on a retroactive basis as required, as they see necessary or desirable to avoid or limit the application of any additional or accelerated taxation, including adverse tax consequences under US Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Documentation of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.1** Each Option will be granted and documented in such manner as the Directors consider reasonable (for example, by way of resolution or deed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.2** Each Participant will be notified of the key terms of their Option (as set out in rule 3.3 (Terms of Options)) as soon as practicable after the grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **No payment** 

A Participant is not required to pay for the grant of any Option.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.8** **Administrative errors** 

If the Directors grant an Option which is inconsistent with rule 3.1 (Eligibility) or in the case of a Matching Option which is inconsistent with rule 2.2 (Conditions to grant of Matching Options), it will lapse immediately.

If the Directors try to grant an Option which is inconsistent with rule 3.9 (Individual limits) or rule 3.10 (Plan limits), the Option will be limited and will take effect from the date on which it is granted on a basis consistent with those rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.9** **Individual limits** 

An Option must not be granted to an executive director of the Company if it would at the proposed Grant Date cause the number of Shares subject to Options to the executive director granted under the Plan to exceed the maximum Matching Ratio set out in the Company's directors' remuneration policy from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10** **Plan limits** 

The Directors must not grant an Option if the number of Shares committed to be issued under that Option exceeds 10% of the ordinary share capital of the Company in issue immediately before that day, when added to the number of Shares which have been issued, or committed to be issued, to satisfy Options under the Plan, or options or awards under any other employee share plan operated by the Company, granted in the previous 10 years.

For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10.1** Shares receivable under a dividend equivalent (or otherwise in respect of any dividend) do not count towards this limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10.2** Shares issued, or committed to be issued, to satisfy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Options under the Plan, or options or awards under any other employee share plan operated by the Company, granted before Admission or in respect of the replacement of the portion of awards granted by Unilever PLC under the Unilever Share Plan 2017 that lapsed in connection with the Demerger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) awards granted by Unilever PLC under the Unilever Share Plan 2017 which were exchanged for awards over Shares in connection with the Demerger, do not count towards this limit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.10.3** as long as so required by the Investment Association, shares transferred from treasury are counted as part of the ordinary share capital of the Company, and as shares issued by the Company.

Additionally, the Directors must not grant an Option if doing so would exceed their authority to do so granted by the Company's shareholders from time to time, pursuant to the Company's Articles of Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.11** **Listing Rules** 

No Shares will be issued under the Plan if it would cause UK Listing Rule 6.2.22 (shares in public hands) to be breached.

------

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| | |
|:---|:---|
| **4** | **Before Vesting** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Lapse of Matching Options on sale or transfer of Investment Shares** 

If the Invitee transfers, assigns or otherwise disposes of an Investment Share or any rights in respect of it before the Matching Option has fully Vested, the Matching Option (whether or not Vested) will lapse in full unless, for participants other than the executive directors, the Directors determine otherwise.

This rule 4.1 will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the transmission of Investment Shares on the death of the Invitee to their personal representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** an irrevocable undertaking in respect of Investment Shares to accept or vote in favour of a transaction contemplated by rule 9 (Corporate Events); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** any other transfer, assignment or other disposition of Investment Shares with the prior written consent of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Rights** 

A Participant is not entitled to vote, to receive dividends or to have any other rights of a shareholder in respect of Shares subject to an Option until the Shares are issued or transferred to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Transfer** 

A Participant may not transfer, assign or otherwise dispose of an Option or any rights in respect of it. If the Participant does, whether voluntarily or involuntarily, then it will immediately lapse. This rule 4.3 does not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** to the transmission of an Option on the death of a Participant to the personal representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** to the assignment of an Option, with the prior consent of the Directors, subject to any terms and conditions that the Directors impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Adjustment of Options** 

If there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1** a variation in the equity share capital of the Company, including a capitalisation or rights issue, sub-division, consolidation or reduction of share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2** a merger, demerger or conversion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.3** any other corporate event which might affect the current or future value of any Option,

the Directors may adjust the description, number and/or class of Shares or securities subject to the Option and/or the Exercise Price as they determine appropriate.

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| | |
|:---|:---|
| **5** | **Malus and clawback** |

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An Option may be reduced and/or Vesting delayed and/or Shares or cash obtained under the Option may be recovered from the Participant as described in the Malus & Clawback Policy which is deemed to form part of the terms of any Option.

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| | |
|:---|:---|
| **6** | **Vesting** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Determining Vesting** 

As soon as reasonably practicable after the end of the applicable Performance Period, the Directors will determine how many Shares Vest for each Option in accordance with the applicable Performance Condition(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Timing of Vesting** 

Subject to the Malus & Clawback Policy, rule 6.4 (Holding Requirement – executive directors only), rule 6.3 (Delayed Vesting) and rule 7.7 (Tax), an Option will normally Vest on the latest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** the date on which the Directors make the determination under rule 6.1 (Determining Vesting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** any other date that the Directors set for Vesting when making the determination under rule 6.1 (Determining Vesting);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3**the Normal Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.4**the first date on which Vesting is not prevented by a Dealing Restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Delayed Vesting** 

Without limiting the Malus & Clawback Policy, the Directors may decide that Vesting will be delayed, wholly or in part, if any of the following circumstances apply on the anticipated date of Vesting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1**if the Participant is subject to any Disciplinary Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** if the Participant's Employment has terminated or is about to terminate in circumstances where it is not clear whether the Option should lapse under rule 8 (Leaving Employment and death);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.3** if a matter which may otherwise involve or affect that Participant has been referred to the Directors for review under the Malus & Clawback Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.4**the Directors consider that it is necessary or appropriate to defer the right to exercise.

In these cases, Vesting will not occur unless and until the Directors determine that the Option should Vest.

**"Disciplinary Action"** for the purpose of this rule 6.3, means any enquiry or investigation by any Member of the Group into the conduct, capability or performance of a Participant that may potentially lead to disciplinary action being taken against that Participant, and/or any disciplinary procedure (whether in accordance with any relevant contractual obligation, policy or otherwise) that has been commenced by any Member of the Group against a Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Holding Requirement – executive directors only** 

A Matching Option granted to an executive director of the Company will be subject to a Holding Requirement which will normally end on the fifth anniversary of the date of grant. Subject to the following, where a Matching Option is granted subject to a Holding Requirement, the terms of Schedule 1 (Holding Requirement through Holding Shares) will

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apply. Other than in respect of Matching Options held by US Taxpayers, the Directors may alternatively determine, on or before Vesting, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** Schedule 2 (Holding Requirement through deferred Vesting) will instead apply; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** such other terms as the Directors may determine will apply to give effect to the Holding Requirement.

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| | |
|:---|:---|
| **7** | **Exercise** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Timing of exercise** 

Subject to rule 6.3 (Delayed Vesting) and the Malus & Clawback Policy, an Option can only be exercised to the extent that it has Vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Manner of exercise** 

To exercise the Option, the Participant must give notice in the prescribed form to the Directors or any person nominated by the Directors and pay the Exercise Price (if any) or make arrangements, satisfactory to the Directors for its payment.

The Directors may determine at any time prior to exercise of an Option that a Participant may exercise their Option without a requirement to pay the Exercise Price per Share. If the Directors make such a determination, the number of Shares received on exercise of the Option will have a market value equal to the market value of the Shares subject to the Option on the exercise date minus the aggregate Exercise Price of the Option, rounded down to the nearest whole number. For these purposes, market value may be determined by reference to share price averaged over a period as specified by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Issue or transfer of Shares** 

Ordinarily within 30 days of a valid exercise of an Option, the Directors will arrange, subject to these rules and any Holding Requirement, for the transfer including a transfer out of treasury or issue to, or to the order of, the Participant, of the number of Shares in respect of which the Option is exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Automatic exercise before Final Exercise Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.1** To the extent that an Option has not been exercised by the close of business on the Final Exercise Date, the Company will, unless it has received notice in writing to the contrary and subject to the condition set out below being satisfied, be deemed to have received a valid exercise notice immediately preceding the close of business on the Final Exercise Date, together with a direction to sell sufficient of the Shares issued or transferred on the exercise of the Option to fund any Exercise Price, any costs of sale and any taxation or social security contributions payable under rule 7.7 (Tax). The remaining Shares subject to the Option will be transferred or issued as set out in rule 7.3 (Issue or transfer of Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.2** The condition referred to above is that A - B is greater than C, calculated as follows: A equals the expected sale proceeds of the Shares resulting from the exercise of the Option. B equals any costs of any sale (including any actual or estimated liability to taxation, social security contributions and any other related costs in respect of the Option) and C equals the aggregate Exercise Price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Lapse of Options** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.1** The Option will lapse, at the latest, on the close of business on the Final Exercise Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.2** If an Option lapses under more than one provision of the rules of the Plan, the provision resulting in the shortest exercise period and earliest lapse will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Cash and Share alternative** 

The Directors may decide at any time prior to settlement that an Option will be settled (in whole or in part) by paying to the Participant (subject to rule 7.7 (Tax)) an amount in cash equal (per Share) to the amount by which the market value of all or some of the Shares in respect of which the Option is exercised exceeds the Exercise Price. An Option may be granted on the basis that it will always be cash-settled.

For the avoidance of doubt, any Option subject to a Holding Requirement may only be cashsettled in accordance with this rule 7.6 at or after the end of the applicable Holding Period.

The Directors may decide at any time prior to settlement to settle an Option which consists of a right to receive a cash amount, wholly or partly by the delivery of Shares (subject to rule 7.7 (Tax)). The number of Shares will be calculated by reference to the market value of the Shares on the date of exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Tax** 

Notwithstanding any other provision of this Plan or any other document relating to this Plan, the Participant will bear and be responsible for all taxes, social security contributions and other levies or charges (including any costs of sale) arising out of or in connection with an Option or the acquisition, holding or disposal of Shares or any interest in them and each Participant shall acknowledge that such taxes, social security contributions and other levies or charges may be levied by way of withholding by the Company, any Member of the Group or the trustee of any employee benefit.

If the Company, any Member of the Group or the trustee of any employee benefit trust has any liability to pay or account for any such tax, contribution, levy or charge (including any costs of sale), it will normally meet the liability by selling Shares to which the Participant becomes entitled on their behalf and using the proceeds to meet the liability.

However, the Directors may decide that the liability will, instead, be met by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.1** the Participant paying the amount of the liability to or to the order of the relevant Member of the Group on such basis as the Directors may specify;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.2**deducting the amount of the liability from any cash payment due under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.3** reducing the number of Shares to which the Participant would otherwise be entitled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7.4** deducting the amount from any payment of salary, bonus or other payment due to the Participant.

In any case where the Company, any Member of the Group or the trustee of any employee benefit trust is assessed with any taxes, social security contributions and other levies or charges (including, but not limited to, wage taxes) in relation to any payments made or deemed to be made by the Company, any Member of the Group or the trustee of any employee benefit trust to the Participant under the Plan, in each case including any interest,

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fines and/or penalties, the Company, any Member of the Group or the trustee of any employee benefit trust may recover such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, from the Participant to the extent permitted by law and the Participant shall indemnify and hold the Company, any Member of the Group or the trustee of any employee benefit trust harmless by paying to the Company, any Member of the Group or the trustee of any employee benefit trust an amount equal to such taxes, social security contributions and other levies or charges, in each case including any interest, fines and/or penalties, promptly upon demand.

Despite anything else in these rules, the Vesting of an Option or the issue or transfer of Shares or any payment of cash may be delayed until the Participant has done all things reasonably required by the Directors to give effect to this rule 7.7.

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| | |
|:---|:---|
| **8** | **Leaving Employment and death** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **General rule on leaving Employment** 

Subject to the rest of this rule 8, an Option which has not Vested will lapse on the date on which the Participant leaves Employment.

An Option which has Vested will lapse if the Participant leaves Employment in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Exceptions** 

Subject to the rest of this rule 8, an Option will not lapse but will continue to Vest and the rules will continue to apply if a Participant leaves Employment due to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1**ill-health, injury or disability, established to the satisfaction of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2**the Participant's Employer ceasing to be a Member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** a transfer of the undertaking, or the part of the undertaking, in which the Participant works to a person that is not a Member of the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.4**any other reason, if the Directors so decide in any particular case.

Vesting or exercise of the Option on or after leaving Employment will be subject to rule 8.3 (Events after leaving Employment) and such additional conditions as the Directors may impose.

Unless the Directors decide otherwise, the number of Shares in respect of which the Option Vests will be reduced to reflect the proportion of the period up to the applicable Normal Vesting Date which had elapsed by the date on which the Participant left Employment or to such greater extent as they may determine<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Events after leaving Employment** 

The Directors may decide that an Option will lapse, wholly or in part, if, after the Participant has left Employment:

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<sup>1</sup> Where there is still more than one applicable Normal Vesting Date, each tranche will be calculated separately.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.1** facts emerge which, if known at the time of leaving, would have caused the Option to lapse or caused the Directors to exercise any discretion under this rule 8 differently; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.2** the Participant is employed by, holds office with or provides services to a business that competes with any business operated by any Member of the Group (as determined by the Directors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Early Vesting** 

Where a Participant leaves Employment for one of the reasons set out in rule 8.2 (Exceptions), the Directors may decide, in their discretion, that an Option will Vest on the date on which the Participant leaves Employment or on any later date chosen by them.

Where they do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.1** subject to any Holding Requirement, if the Option is subject to a Performance Condition, the Option will Vest to the extent that such Performance Condition(s) has been or is likely to be satisfied (as determined by the Directors, at the time the Participant leaves Employment, in the manner specified in the condition or in such manner as they consider reasonable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.2** the number of Shares in respect of which the Option Vests will, unless the Directors decide otherwise, be reduced to reflect the proportion of the period up to the applicable Normal Vesting Date which had elapsed by the date on which the Participant left Employment <sup>2</sup> ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3**the Option will lapse to the extent that it does not Vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Exchange of Options on a sale of Employer** 

If the Directors, with the agreement of any relevant purchaser, so decide before the event referred to in rule 8.2.2 or 8.2.3 takes effect, Options will not Vest, but will instead be exchanged, and rules 9.4 (Exchange) to 9.7 (Exchange terms) will apply. In applying rules 9.4 (Exchange) to 9.7 (Exchange terms), the **"Acquiring Company"** will mean the relevant purchaser or any company nominated by the relevant purchaser and approved by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Death** 

If a Participant dies, the Option will Vest on the date of death. If the Option is subject to a Performance Condition, unless the Directors determine otherwise, the Performance Condition(s) will be deemed to have been satisfied at target, where applicable, and the Option will lapse as to the balance.

Following exercise of the Option by the personal representatives in accordance with rule 7.2 (Manner of exercise) the Directors will only arrange for Shares to be issued or transferred, or cash paid to the personal representatives of a deceased Participant, if they have produced such evidence as the Directors may require of their status as such. The receipt of Shares or cash by any person who has produced such evidence will discharge the Directors from any obligation to the Participant or their estate.

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<sup>2</sup>Where there is still more than one applicable Normal Vesting Date Period, each tranche will be calculated separately.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7.1** A Participant will be treated as "leaving Employment" when they are no longer an Employee or director of any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7.2** An Option which does not lapse when the Participant leaves Employment will be exercisable for 12 months from the date of leaving or, if later, the date on which it Vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** **Overseas transfer** 

If a Participant remains an Employee or executive director of the Company but is transferred to work in another country or changes tax residence status and as a result would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.1** suffer a tax disadvantage in relation to the Options (this being shown to the satisfaction of the Directors); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8.2** become subject to restrictions on the ability to hold or exercise Options or to hold or deal in the Shares or the proceeds of the sale of the Shares acquired on exercise or Vesting because of the security laws or exchange control laws of the country to which the Participant is transferred,

then the Directors may decide that an Option will Vest and/or become exercisable on a date they choose before or after the transfer takes effect. The Option will Vest and/or become exercisable to the extent they permit and will lapse as to balance.

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| | |
|:---|:---|
| **9** | **Corporate events** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Early Vesting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** If there is a Change of Control, an Option Vests and becomes exercisable subject to rules 9.2 (Extent of Vesting and exercise), 9.3 (Lapse) and 9.4 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2**If the Company is or may be affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any demerger, delisting, distribution (other than a dividend) or other transaction, which, in the opinion of the Directors, might affect the current or future value of any Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any reverse takeover (not within rule 9.1.1 above), merger by way of a dual listed company or other significant corporate event, as determined by the Directors,

the Directors may allow an Option to Vest and become exercisable. The Option will Vest and become exercisable to the extent described in rule 9.2 (Extent of Vesting and exercise) and will lapse as to the balance. The Directors may impose other conditions on Vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Extent of Vesting and exercise** 

Where an Option Vests under rule 9.1 (Early Vesting):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** if the Option is subject to a Performance Condition, the Directors will determine the proportion of the Option which, taking into account the extent to which the Performance Condition has been met over the shortened Performance Period or the extent to which, in the opinion of the Directors, it would have been met over the full Performance Period; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** unless the Directors decide otherwise, the Option is reduced proportionately to reflect the acceleration of Vesting <sup>3</sup> .

To the extent that the Option does not Vest as a result of this rule 9.2, the Directors may decide that it will be exchanged (wholly or partly) under rule 9.4 (Exchange).

The Option will lapse to the extent not Vested or exchanged under rule 9.4 (Exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Lapse** 

An Option will be exercisable to the extent Vested:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** following a Change of Control, for six months after the Change of Control, or such shorter period as the Directors may set at the time of the Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** following an event described in rule 9.1.2, for such period (not exceeding one year) as the Directors may set at the time of the event,

and will lapse at the end of that period to the extent that it has not been exercised or exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Exchange** 

An Option will not Vest or become exercisable following an event described in rule 9.1 (Early Vesting) but will be exchanged pursuant to rule 9.7 (Exchange terms) to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.1** an offer to exchange the Option is made and accepted by a Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.2** the Directors, with the consent of the Acquiring Company, decide before a Change of Control that the Option will be automatically exchanged.

An Option will also be exchanged under this rule 9.4 if rule 8.5 (Exchange of Options on a sale of Employer) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Directors** 

In this rule 9, **"Directors"** means those people who were members of the remuneration committee of the Company immediately before the Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **Timing of exchange** 

Where an Option is to be exchanged under rule 9.4 (Exchange) the exchange is effective immediately following the relevant event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** **Exchange terms** 

Where a Participant is granted a new Option in exchange for an existing Option, the new Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.1** must confer a right to acquire shares in the Acquiring Company or another body corporate determined by the Acquiring Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.2** must be equivalent to the existing Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.3** is treated as having been acquired at the same time as the existing Option and Vests in the same manner and at the same time;

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<sup>3</sup>Where there is still more than one applicable Normal Vesting Date, each tranche will be calculated separately.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.4** must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be subject to a condition which is, so far as possible, equivalent to any Performance Condition(s) applying to the existing Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be subject to any condition but be in respect of the number of shares which is equivalent to the number of Shares comprised in the existing Option which would have Vested under rule 9.2 (Extent of Vesting and exercise) and Vest at the end of the original Performance Period or on the Normal Vesting Date set by the Directors on the grant of the Option; and, in each case

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be subject to such other terms as the Directors consider appropriate in all the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7.5** will be governed by the rules of the Plan from time to time, as if references to Shares were references to the shares over which the new Option is granted and references to the Company were references to the Acquiring Company or the body corporate determined under rule 9.7.1 above.

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|:---|:---|
| **10** | **Changing the Plan and termination** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Directors' powers** 

Subject to rule 10.2 (Shareholder approval), the Directors may at any time change the Plan in any way, including changes to the terms of any existing Option which are not to the advantage of the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Shareholder approval** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** Except as described in rules 10.2.2 and 10.2.3, the Company's general meeting must adopt any proposed change to the Plan to the advantage of present or future Participants, which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the limitations on the amount or number of Shares, cash or other benefits subject to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the individual limit for each Participant under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the basis for determining a Participant's entitlement to, and the terms of, securities, cash or other benefit to be provided and for the adjustment thereof (if any) if there is a capitalisation issue, rights issue or open offer, sub-division or consolidation of shares or reduction of capital or any other variation of capital; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the terms of this rule 10.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** The Directors can change the Plan and need not obtain the approval of the Company's general meeting for any minor changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to benefit the administration of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to take account of any changes or proposed changes to legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to obtain or maintain favourable tax, exchange control or regulatory treatment of the Company, any Subsidiary or any present or future Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3** The Directors may, without obtaining the approval of the Company in general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish further plans (by way of schedules to the rules or otherwise) based on the rules, but modified to take account of local tax, exchange control or securities law in non-Dutch and non-UK territories. However, any Shares made available under such plans are treated as counting against any limits on individual or overall participation in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) waive or change a Performance Condition as described in rule 3.4 (Performance Conditions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change the terms of an Option to the advantage of the Participant if the Plan would permit a new Option to be granted on those changed terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Notice** 

The Directors are not required to give Participants notice of any changes unless required to do so by local law.

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| | |
|:---|:---|
| **11** | **General** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Terms of Employment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1** This rule 11.1 applies during a Participant's Employment and after termination of that Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2** Nothing in the rules or the operation of the Plan forms part of the contract of Employment of the Participant. The rights and obligations arising from the Employment relationship between the Participant and the Employer are separate from, and are not affected by, the Plan. Participation in the Plan does not create any right to, or expectation of, continued Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.3** Nobody has a right to participate in the Plan. Participation in the Plan or the grant of Options on a particular basis in any year does not create any right to or expectation of participation in the Plan or the grant of Options on the same basis, or at all, in any future year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.4** The terms of the Plan do not entitle the Participant to the exercise of any discretion in their favour.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.5** The Participant will have no claim or right of action in respect of any decision, omission or discretion, which may operate to their disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.6** Nobody has any right to compensation for any loss in relation to the Plan, including any loss in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any loss or reduction of rights or expectations under the Plan in any circumstances (including termination of Employment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any exercise of a discretion or a decision taken in relation to an Option or to the Plan, or any failure to exercise a discretion or take a decision; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operation, suspension, termination or amendment of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Directors' decisions final and binding** 

The decision of the Directors on the interpretation of the Plan or in any dispute relating to an Option or matter relating to the Plan will be final and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Third party rights** 

Any Member of the Group may rely on and enforce any term of the Plan. Apart from that, (i) nothing in this Plan confers any benefit, right or expectation on a person who is not a Participant; (ii) this Plan does not contain any stipulation in favour of a third party (*derdenbeding*); and (iii) this Plan does not affect any other right or remedy of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Documents sent to shareholders** 

The Company is not required to send to Participants copies of any documents or notices normally sent to the holders of its Shares. For the avoidance of doubt, the Company shall be required to send such documents or notices to Participants if and for as long as they are a holder of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Costs** 

The Company will pay the costs of introducing and administering the Plan but, for the avoidance of doubt, shall not be responsible for, or be required to pay, any costs incurred by a Participant in respect of the acquisition, holding or disposal of any Shares or any interest in them. The Company may ask a Participant's Employer to bear the costs in respect of an Option to that Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Employee trust** 

The Company and any Subsidiary may provide money to the trustee of any trust or any other person to enable them to acquire Shares to be held for the purposes of the Plan or enter into any guarantee or indemnity for those purposes, to the extent permitted by any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** **Participants' information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7.1** Subject to rule 11.7.2 below, by participating in the Plan and accepting an Option where required, the Participant consents to the holding and processing of personal information that the Participant provides to any Member of the Group, trustee or thirdparty service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)administering and maintaining Participant records including tax administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)providing information to Members of the Group, trustees of any employee benefit trust, registrars, brokers or third-party administrators of the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)providing information to future purchasers or merger partners of the Company, the Participant's Employer, or the business in which the Participant works; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)transferring information about the Participant to any country or territory that may not provide the same statutory protection for the information as the Participant's home country.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7.2** The basis for any processing of personal information about the Participant under the EU's General Data Protection Regulation (2016/679) (or any successor laws) is set out in the Company's Privacy Notice and is not the consent given under rule 11.7.1 above. The Company's Privacy Notice also contains details about how the Participant's personal information is processed and the Participant's rights in relation to that information. The Participant has a right to review the Company's Privacy Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8** **Consents** 

All allotments, issues and transfers of Shares will be subject to any necessary consents under any relevant enactments or regulations for the time being in force in the Netherlands or elsewhere. The Participant is responsible for complying with any requirements to obtain or avoid the necessity for any such consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9** **Share rights** 

Shares issued to satisfy Options under the Plan will rank equally in all respects with the Shares in issue on the date of issue. They will not rank for any rights attaching to Shares by reference to a record date preceding the date of issue. Where Shares are transferred to a Participant, including a transfer out of treasury, the Participant will be entitled to all rights attaching to the Shares by reference to a record date on or after the transfer date. The Participant will not be entitled to rights before that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10** **Listing** 

If and for so long as the Shares are listed and traded on a public market, the Company will apply for listing of any Shares issued under the Plan as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11.1** Any information or notice to a person who is or will be eligible to be a Participant under or in connection with the Plan may be posted, or sent by electronic means, in such manner to such address as the Company considers appropriate, including publication on any website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11.2** Any information or notice to the Company or other duly appointed agent under or in connection with the Plan may be sent by post or transmitted to it at its registered office or such other place, or by such other means, as the Directors or the duly appointed agent may decide and notify to Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11.3** Notices sent by post will be deemed to have been given a week after the date of posting. However, notices sent by or to a Participant who is working overseas will be deemed to have been given on the seventh day after the date of posting. Notices sent by electronic means, in the absence of evidence to the contrary, will be deemed to have been received on the day after sending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12** **Governing law and jurisdiction** 

The law of the Netherlands governs the Plan and all Options and their construction. The courts of Amsterdam, the Netherlands, have exclusive jurisdiction in respect of disputes arising under or in connection with the Plan or any Option.

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**Schedule 1<br>Holding Requirement through holding of Shares**

This Schedule 1 applies to an Option if it is subject to a Holding Period.

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| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** If the Option is exercised during the Holding Period, the Holding Shares will be issued or transferred (including a transfer out of treasury or otherwise) to the Participant or to another person to be held for the benefit of the Participant (as the Directors determine) on the basis set out in this Schedule 1 for the balance of the Holding Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** If required to do so by the Directors, the Participant must enter into an agreement setting out the basis on which the Holding Shares will be held under this Schedule 1. If the Participant does not do so in the manner and within the timeframe specified by the Directors, the Option will lapse and the Holding Shares will not be issued or transferred (or will be forfeited if already issued or transferred).

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| | |
|:---|:---|
| **2** | **Tax** |

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Where tax is payable before the end of the Holding Period, rule 7.7 (Tax) will apply. Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares (or the number of Holding Shares, if fewer).

The Participant must enter into any elections in relation to Holding Shares required by the Directors, including elections under Part 7 of the Income Tax (Earnings and Pensions) Act 2003. If the Participant does not do so within any period specified by the Directors, the Option will lapse at the end of that period and the Holding Shares will not be issued or transferred (or they will be forfeited if already issued or transferred).

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| | |
|:---|:---|
| **3** | **Rights during the Holding Period** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The Participant will be entitled to vote (or give instructions as to voting) and to receive dividends and have all other rights of a shareholder in respect of the Holding Shares from the date on which the Shares are issued or transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** The Participant may not transfer, assign or otherwise dispose of the Holding Shares or any interest in them (or instruct anyone to do so) except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** on forfeiture of the Holding Shares as described in paragraph 5 (Forfeiture of Holding Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** to fund any tax in accordance with paragraph 2 (Tax);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3** in case of an irrevocable undertaking to accept or vote in favour of a transaction contemplated by rule 9 (Corporate Events); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** in the case of any other circumstances if the Directors so allow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Any securities which the Participant receives in respect of Holding Shares as a result of an event described in rule 4.4 (Adjustment of Options) during the Holding Period will, unless the Directors decide otherwise, be subject to the same restrictions as the corresponding Holding Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** For the avoidance of doubt, clawback under the Malus & Clawback Policy will apply to the Holding Shares during the Holding Period.

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| | |
|:---|:---|
| **4** | **Leaving Employment during the Holding Period** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Rule 8 (Leaving Employment and death) will not apply to any Holding Shares during the Holding Period and the Holding Requirement will continue to apply after the Participant has left Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** However, if the Participant leaves Employment during the Holding Period in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Holding Shares will be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** If a Participant leaves Employment because of ill-health, injury or disability, the Directors may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.1** the Holding Requirement will not apply to the extent that the Option Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3.2** if the Holding Period started before the Participant left Employment, it will come to an end.

If a Participant dies, no Holding Requirement will apply to any Options which Vest, and any Holding Period which has already started will come to an end.

On leaving in other circumstances, any Holding Requirement will continue to apply to an Option which Vests on or after the Participant has left Employment.

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| | |
|:---|:---|
| **5** | **Forfeiture of Holding Shares** |

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Where any Holding Shares are forfeited, the Participant will immediately transfer their interest in the Holding Shares, for no consideration or nominal consideration (as determined by the Directors), to any person (which may include the Company, where permitted) specified by the Directors.

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| | |
|:---|:---|
| **6** | **End of the Holding Period** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** the fifth anniversary of the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** the date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** the date of a Change of Control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** any other date determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** At the end of the Holding Period, the restrictions relating to Holding Shares under this Schedule 1 will cease to apply.

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**Schedule 2<br>Holding Requirement through deferred Vesting**

This Schedule 2 applies to an Option if it is subject to a Holding Period and the Directors so determine under rule 6.4 (Holding Requirement – executive directors only).

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| | |
|:---|:---|
| **1** | **Effect of Holding Requirement** |

---

Notwithstanding anything else in these rules, the Option will not become exercisable until the end of the Holding Period. During the Holding Period the rules continue to apply, subject to this Schedule 2.

For the avoidance of doubt, malus under the Malus & Clawback Policy will continue to apply throughout the Holding Period.

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| | |
|:---|:---|
| **2** | **Tax** |

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Where tax is payable before the end of the Holding Period, rule 7.7 (Tax) will apply. The Option may be exercised and Shares may be issued or transferred and sold to the extent necessary to satisfy the liability under that rule. The Holding Requirement will apply in respect of the remainder of the Shares.

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| | |
|:---|:---|
| **3** | **Leaving Employment during the Holding Period** |

---

Rule 8 (Leaving Employment and death) will not apply to the Option during the Holding Period. The Holding Requirement will continue to apply after the Participant has left Employment.

However, if the Participant leaves Employment during the Holding Period in circumstances in which their Employment could have been terminated without notice or otherwise due to the Participant's misconduct, the Option will lapse.

If a Participant leaves Employment because of ill-health, injury or disability, the Directors may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Holding Requirement will not apply to the extent that the Option Vests as a result; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Holding Period started before the Participant left Employment, it will come to an end.

If a Participant dies, no Holding Requirement will apply to any Options which Vest, and any Holding Period which has already started will come to an end.

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| | |
|:---|:---|
| **4** | **End of the Holding Period** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The Holding Period will end on the earliest of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** the fifth anniversary of the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** the date on which the Participant dies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** the date of a Change of Control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** any other date determined by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** As soon as practicable after exercise, the Participant will be entitled to an amount equal to the dividends with a payment date during the Holding Period on the number of Shares Vesting at the end of the Holding Period. That amount may be paid in cash or Shares (as determined from time to time by the Directors).

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**Schedule 3<br>US taxpayers**

The rules of this Schedule 3 are made under and amend and supplement (as applicable) the terms of The Magnum Ice Cream Company Long Term Incentive Plan 2025 (the **"Plan"**). This Schedule 3 applies to Options made to a US Taxpayer.

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| | |
|:---|:---|
| **1** | **Defined terms** |

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In this Schedule 3, capitalised terms shall have the meaning given to them in the rules of the Plan, save where otherwise defined herein:

**"Option Agreement"** means a written agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Option granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Option Agreement shall be subject to the terms and conditions of the Plan;

**"U.S. Treas. Reg."** means the regulations issued by the U.S. Department of Treasury to interpret the United States Internal Revenue Code of 1986, as amended from time to time; and

**"409A Deferred Compensation"** means a "deferral of compensation" or "deferred compensation" as those terms are defined in the regulations under US Code Section 409A.

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| | |
|:---|:---|
| **2** | **Interpretation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Plan and any Options made under the Plan are intended to, and shall be interpreted, construed and administered, in order to comply with US Code Section 409A (including the requirements applicable to, or the conditions for exemption from treatment as, 409A Deferred Compensation), whether by reason of short-term deferral treatment or other exceptions or provisions. The Directors will have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of (i) the Plan, any Option Agreement and any Schedule to the Plan other than this Schedule 3; and (ii) this Schedule 3, the provisions of this Schedule 3 will prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** If the Option includes a "series of instalment payments" as described in U.S. Treas. Reg. §1.409A-2(b)(2)(iii), a Participant's right to the series of instalment payments will be treated as a right to a series of separate payments and not as a right to a single payment.

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| | |
|:---|:---|
| **3** | **Delivery and payment of Options** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** To the extent that an Option (or any portion thereof) is intended to satisfy the requirements for short-term deferral treatment under US Code Section 409A, delivery or payment in respect of the Option will occur by the last day of the applicable "short-term deferral" period described in U.S. Treas. Reg. §1.409A-1(b)(4) in order for the delivery or payment to be within the short-term deferral exception unless, in order to permit all applicable conditions or restrictions on delivery to be satisfied, the Directors elect, pursuant to U.S. Treas. Reg. §1.409A-1(b)(4)(i)(D) or otherwise as may be permitted in accordance with US Code Section 409A, to delay delivery or payment to a later date within the same calendar year or to such later date as may be permitted under US Code Section 409A, including U.S. Treas. Reg.§1.409A-3(d).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** Notwithstanding any provision of the Plan or in any applicable Option Agreement, any authority that the Directors have to delay, accelerate or amend the timing of the Vesting, delivery or payment in respect of any Option, or otherwise amend the Option (including for the purposes of rule 6.4 (Holding Requirement – executive directors only), rule 4.4 (Adjustment of Options), rule 5 (Malus and clawback), rule 6.2 (Timing of Vesting), rule 6.3 (Delayed Vesting), rule 7.7 (Tax), rule 8.8 (Overseas transfer), rule 9 (Corporate events) and rule 10.1 (Directors' powers)), such authority shall only apply in respect of Options granted to US Taxpayers to the extent that such changes are permitted in accordance with US Code Section 409A and will not result in the imposition of additional tax under US Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** Rule 9.4.1 (Exchange) will not apply to US Taxpayers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** Notwithstanding anything to the contrary in the Plan or in any applicable Option Agreement, to the extent required to avoid the imposition of additional taxes under US Code Section 409A, if amounts payable to a Participant constitute 409A Deferred Compensation and termination of Employment is a payment event for an Option granted under this Schedule 3, such termination of Employment shall only be a payment event if it is a "separation from service" (within the meaning of U.S. Treas. Reg. §1.409A-1(h)) and any US Taxpayer who is a "specified employee" (within the meaning of U.S. Treas. Reg. §1.409A-1(i)) shall not receive payment or delivery until the first day of the seventh month following their "separation from service".

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| | |
|:---|:---|
| **4** | **Options – Exercise Price** |

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Except as otherwise set forth in the applicable Option Agreement, the Exercise Price for Options granted to US Taxpayers will be the closing price on the trading day before the Grant Date. For the avoidance of doubt, for Options granted to US Taxpayers, the Exercise Price will not be less than the fair market value of a Share on the Grant Date and the determination of fair market value shall be determined in a manner consistent with U.S. Treas. Reg. §1.409A-1(b)(5)(iv).

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| | |
|:---|:---|
| **5** | **Adjustment of Options** |

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No adjustment to the number and/or class of Shares or securities comprised in an Option shall be made pursuant to rule 4.4 (Adjustment of Options) to the extent that it contravenes US Code Section 409A or results in adverse tax consequences under US Code Section 409A.

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| | |
|:---|:---|
| **6** | **Non-competes** |

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Rule 8.3.2 (Events after leaving Employment) shall only apply to the extent permitted by applicable law and shall not apply to Participants who are Employees in California.

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| | |
|:---|:---|
| **7** | **Taxation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Notwithstanding any provision of the Plan to the contrary, in the event that the Directors determine that any amounts payable hereunder will be subject to accelerated taxation or additional tax under US Code Section 409A, then, prior to delivery to such Participant of such payment, the Company may (i) adopt such amendments to the Plan and appropriate policies and procedures, including amendments and policies with retroactive effect, that the Directors determine necessary or appropriate under applicable law to preserve the intended tax treatment of the benefits provided by the Plan; or (ii) take such other actions that the

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Directors determine necessary or appropriate to avoid or limit the imposition of such additional or accelerated tax under US Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** Notwithstanding the foregoing, none of the Company nor any Member of the Group shall have any obligation to take any action to prevent the imposition of any additional tax or penalty on any Participant under US Code Section 409A and none of the Company, any Member of the Group or the Directors will have any liability to any Participant for such tax or penalty. Each Participant is solely responsible and liable for the satisfaction of all taxes, interest and penalties that may be imposed on or for the account of such Participant in connection with the Plan (including any taxes and penalties under US Code Section 409A).

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## Exhibit 8.1

Interest in subsidiaries

The Group comprises the following entities 100 % owned by the Group and are consolidated:

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| | |
|:---|:---|
| Country | Legal Entity Name |
| Australia | Ben & Jerry's Franchising Australia Limited <sup>(#)</sup> |
|  | Magnum ICC Australia Pty Ltd |
| Austria | Delico Handels GmbH <sup>(#)</sup> |
|  | Magnum ICC Austria GmbH |
| Belgium | Magnum ICC Belgium NV |
| Brazil | Magnum ICC Brasil Supply Ltda (formerly Unilever Brasil Gelados Ltda) <sup>(#)</sup> |
|  | Magnum ICC Brasil Ltda |
| Bulgaria | Unilever Ice Cream Bulgaria EOOD <sup>(#)</sup> |
| Canada | Magnum ICC CA Limited |
| China | Wall`s (China) Co., Ltd. <sup>(#)</sup> |
|  | Magnum Investment (Shanghai) Co., Ltd |
| Czech Republic | Magnum ICC ČR, spol. s r.o. |
| Denmark | Magnum ICC Denmark A/S |
| Ecuador | Magnum-ICC Ecuador S.A.S. |
| Finland | Magnum ICC Finland Oy |
| France | Cogesal-Miko SAS <sup>(#)</sup> |
|  | Magnum ICC Retail Operations France SAS <sup>(#)</sup><br>(formerly Unilever Retail Operations France SAS (UROF)) |
|  | Magnum ICC France SAS |
| Germany | Magnum ICC Germany GmbH (formerly BlitZ 24-179 GmbH) |
|  | Magnum ICC Germany Supply GmbH (formerly Blitz 24-180 GmbH) |
| Greece | ALGIDA ICC Single Member S.A. |
| Hungary | Magnum ICC Hungary Kft (formerly Magnum ICC Hungary Korlátolt Felelősségű Társaság) |
|  | Magnum ICC Hungary Supply Kft<br>(formerly Magnum ICC Hungary supply Korlátolt Felelősségű Társaság) |

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Exhibit 8.1

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| | |
|:---|:---|
| Country | Legal Entity Name |
| India | Magnum ICC India Services Private Limited |
| Indonesia | PT The Magnum Ice Cream Indonesia |
| Ireland | Magnum ICC Ireland Limited |
| Israel | Glidat Strauss Limited <sup>(#)</sup> |
| Italy | Gromart S.R.L <sup>(#)</sup> |
|  | Magnum ICC Italy S.r.l. |
|  | Magnum ICC Italy Supply S.r.l. |
| Kazakhstan | Magnum ICC Kazakhstan Limited |
| Lithuania | UAB Magnum Lietuva gamyba (formerly UAB Unilever Lietuva ledu gamyba) <sup>(#)</sup> |
| Malaysia | Magnum ICC MY SDN. BHD |
| Mexico | Magnum ICC México, S. DE R.L. DE C.V. |
| Netherlands | Ben en Jerry's Hellendoorn B.V.<sup>(#)</sup> |
|  | The Magnum Ice Cream Company HoldCo Netherlands B.V. |
|  | The Magnum Ice Cream Company HoldCo 1 Netherlands B.V |
|  | The Magnum Ice Cream Company HoldCo 2 Netherlands B.V. |
|  | The Magnum Ice Cream Company HoldCo 3 Netherlands B.V. |
|  | The Magnum Ice Cream Company HoldCo 4 Netherlands B.V. |
|  | The Magnum Ice Cream Company NewCo Netherlands B.V. |
|  | Magnum ICC Europe B.V. |
|  | Magnum ICC Finance B.V. |
|  | Magnum IP Holdings B.V. |
|  | Magnum ICC Global Services B.V. |
|  | Magnum ICC Netherlands B.V. |
| New Zealand | Ben & Jerry's Franchising New Zealand Limited <sup>(#)</sup> |
|  | Magnum ICC NZ Limited |
| Poland | Magnum ICC Poland sp.z o.o. (formerly Nonia sp. Z o.o.) |
|  | Magnum ICC Poland Supply sp.z o.o. (formerly Nogaro sp. z o.o.) |
| Romania | Betty Ice SRL <sup>(#)</sup> |
|  | Betty Ice Distributie SRL <sup>(#)</sup> |
|  | Magnum ICC RO S.R.L. |
| Singapore | Magnum ICC SG Pte Ltd |
| Slovakia | Magnum ICC Slovakia s. r. o. |
| South Africa | Magnum ICC SA Propietary Limited (formerly Magnum Ice Cream Company South Africa) |
| Spain | Magnum ICC Spain S.L. |
| Sweden | Magnum ICC Sweden Supply AB (formerly Unilever Produktion AB) <sup>(#)</sup> |
|  | Magnum ICC Sweden AB (formerly The Magnum Ice Cream Company Sweden AB) |
| Switzerland | The Magnum Ice Cream Company Switzerland AG |
| Thailand | Magnum ICC (Thailand) Co. Ltd<br>(formerly The Magnum Ice Cream (Thailand) Company Limited) |
| Türkiye | Magnum Dondurma Anonim Şirketi |
| UAE | Magnum ICC General Trading L.L.C. |

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| | | |
|:---|:---|:---|
| Country | Legal Entity Name |  |
| UK | Magnum ICC UK Limited (formerly The Magnum Ice Cream Company UK Trading Limited) |  |
|  | Magnum ICC UK Supply Limited<br>(formerly The Magnum Ice Cream Company Manufacturing UK Limited) |  |
|  | Magnum ICC UK Supply Limited<br>(formerly The Magnum Ice Cream Company Manufacturing UK Limited) | Magnum ICC UK R&D Limited<br>(formerly The Magnum Ice Cream Company R&D United Kingdom Limited) |
| United States of America | Ben & Jerry's Homemade Inc <sup>(#)</sup> | Magnum ICC UK R&D Limited<br>(formerly The Magnum Ice Cream Company R&D United Kingdom Limited) |
|  | Ben & Jerry's Franchising Inc <sup>(#)</sup> |  |
|  | Ben & Jerry's Gift Card LLC <sup>(#)</sup> |  |
|  | Yasso Holdings Inc <sup>(#)</sup> |  |
|  | Yasso Inc <sup>(#)</sup> |  |
|  | Magnum ICC US SpinCo, LLC |  |
|  | Magnum ICC US Holdco, LLC |  |
|  | Magnum ICC US, LLC |  |
|  | Ben& Jerry's Holdco, LLC |  |

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And the following entities which are not 100% owned and are consolidated:

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| | | |
|:---|:---|:---|
| Country | Legal Entity Name | % Group Shareholding |
| Pakistan | The Magnum Ice Cream Company Pakistan Limited | 99.35% |
| Philippines | Magnum RFM Ice Cream Inc | 50%+1 share |
|  | (formerly Unilever RFM Ice Cream, Inc)<sup>(#) (a)</sup> |  |
| (a) The Group controls Magnum RFM Ice Cream Inc as it has the majority of seats at the Board and voting rights. | (a) The Group controls Magnum RFM Ice Cream Inc as it has the majority of seats at the Board and voting rights. | (a) The Group controls Magnum RFM Ice Cream Inc as it has the majority of seats at the Board and voting rights. |
| (b) Direct 40% and indirect 10% through WS holding Inc. | (b) Direct 40% and indirect 10% through WS holding Inc. | (b) Direct 40% and indirect 10% through WS holding Inc. |

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The Group has significant influence over the joint ventures and associates, however due to materiality has accounted for those under non-current investment.

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## Exhibit 11.1

#### Exhibit 11.1

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Code of Business Integrity Life tastes better with ice cream. And integrity is always in our recipe. Without it, our business melts! |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Welcome to Our Code of Business Integrity (Our Code) As we embark on our exciting journey as a stand-alone company, we affirm our commitment to always do business with Integrity. We share a responsibility to foster a culture of trust – both within The Magnum Ice Cream Company (TMICC) and in all of the external communities we engage. This Code sets out the principles that govern our conduct – individually and collectively. Following these principles ensures that the people who work with us feel confident to engage in courageous conversations, to make the right decisions even when difficult, and to Speak Up when something is not right. Please be sure to read the complete Code, including our Code Policies. CEO Statement We create and spread joy by living Our Business Integrity Principles – being honest, respectful, fair, caring, innovative, and collaborative. Only with integrity can we succeed. These principles protect our people, our property, our reputation, the communities in which we operate, our customers, and our partners. They keep us honest and enable us to deliver results of which we can be proud. Our Code cannot cover every single situation you may encounter, but when you are guided by Our Business Integrity Principles – you will know what to do. And if you do not, just ask. You are not alone. Peter 2 Living Our Business Integrity Principles CoBI Code Policies Speak Up |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Our Business Integrity Principles Each of us makes life taste better with ice cream . Respect, Fairness, Honesty, Care, Innovation and Collaboration are essential to our recipe – without them, our success melts . We win when we live Our Business Integrity Principles and do business the right way. Our Code and the related Code Policies explain each of Our Business Integrity Principles. Following them makes TMICC a welcoming workplace, helps prevent injuries, ensures legal compliance, safeguards our reputation, and secures the trust of our people and customers. We take Our Code seriously, and breaching it can lead to consequences, including disciplinary action and termination. What must I do? • Understand and comply with Our Code and Code Policies. The Board and Executive Committee will not criticise me for loss of business caused by complying with Our Code. • Complete mandatory training. • Seek guidance from my Line Manager or Business Integrity Officer if unsure about how to interpret Our Code, Code Policies or behaviours. • Follow the laws of the countries where we do business. Ignorance is not an excuse. • Report breaches (actual or potential) of Our Code or Code Policies honestly and in good faith. Failing to Speak Up is a violation of Our Code. • Support those who report concerns or breaches, taking them seriously, keeping them confidential, and making sure no one is punished for speaking up. • Ask questions and make the disclosures required by Our Code and Code Policies. • Cooperate fully, truthfully and promptly with any investigations or audits by TMICC. Answer questions, share documents and information, and make devices and data available. Do not change or discard any relevant information, especially when subject to a legal hold or other request from Legal. • Consult with Legal when negotiating a contract, working with government agencies, onboarding a third party, evaluating obligations under applicable laws, and purchasing products that may be subject to trade controls or sanctions. As a Manager or Team Leader, I must : • Lead by example, demonstratingintegrity in everything I do. • Ensure all team members have read and completed training on Our Code and Code Policies. • Collaborate with my Business Integrity Officer to address concerns, ensuring timely and appropriate action is taken. C 3 oBI Code Policies Speak Up Our Business Integrity Principles: Respect We treat each other, our consumers, our customers, our business partners, and our communities with respect and dignity; Fairness We follow the law and act fairly; Honesty We are ethical and honest, approaching each situation with integrity and not taking TMICC's opportunities for our personal benefit; Care We care for and protect our people, our assets, our confidential information, and our planet; Innovation We develop new products and use new technologies that give our consumers more to love, without compromising our high standards for quality and safety; Collaboration We rely on the many resources across TMICC to drive the business, answer questions, or raise concerns. We are all partners. |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Respect . Respect Life tastes better with Respect . Human Rights • We respect Human Rights. We aim to provide a living wage and have zero tolerance for forced labour in any form – including compulsory, trafficked or child labour. Health, Safety and Security • We are committed to creating a safe, supportive and respectful workplace that protects the occupational health, safety, security and dignity of our employees. We foster a workplace atmosphere that prioritises psychological safety and promotes a learner mindset. We strive towards achieving zero harm to people, showing respect to our neighbours and actively contributing to communities we serve. Diversity, Equity and Inclusion • We strive to create an environment of collective belonging, where everyone feels valued for their unique characteristics. We believe our employees must represent a full range of ideas, experiences and backgrounds. We engage and reward every employee equitably, based on their unique contributions. Discrimination and Harassment • We are committed to creating an environment where all voices can be heard, free from discrimination of any kind. This includes discrimination based on race, age, role, gender, gender identity, colour, religion, country of origin, sexual orientation, marital status, dependants, disability, social class, political views or any other class protected by law. • We have zero tolerance for sexual harassment, discrimination based on protected characteristics, harassment, bullying or any offensive behaviour whether direct or indirect. This includes inappropriate jokes, lewd comments, sexual images, community exclusion, intimidation, bullying, malicious acts, violence or insulting behaviour of any kind. • We provide a transparent, confidential and fair process for raising concerns or reporting unfair or discriminatory treatment, and we do not tolerate any form of retaliation against those who Speak Up. Respect means treating each other, our consumers, customers, business partners and competitors as we want to be treated – like creating an environment where everyone feels comfortable to share ideas, even if different from yours. Every voice and perspective matters, and everyone has the right to respect, dignity and fair treatment. We respect employees' rights to form or join legally recognised unions or other representative bodies and engage in constructive dialogue. What does Respect look like? Discrimination and Harassment • An employee repeatedly interrupts and demeans a colleague in a meeting, dismissing her as being uninformed based on her race and gender. This unprofessional, offensive, and intimidating conduct is not tolerated. It undermines human dignity and violates our commitment to an environment free from bullying and discrimination. You report via a Speak Up channel. • A colleague makes a sexual joke about another employee's appearance. You report this conduct via the Speak Up channels immediately, ensuring the workplace remains safe and inclusive. Health, Safety and Security • You find exposed wiring on a factory floor. You report it and have it fixed immediately to prevent an accident or injury. Diversity, Equity and Inclusion • While interviewing candidates for a vacant role, you ensure a fair and equitable process by asking all candidates similar core questions and valuing diverse backgrounds that strengthen collaboration and innovation. C 4 oBI Code Policies Speak Up |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Fairness . Fairness Life tastes better with Fairness . Anti - Bribery and Anti - Corruption • We do not offer, give, accept or request benefits of any type, including gifts, hospitality, donations or sponsorships, that are intended to inappropriately influence decisions or that are outside policy limits. Anti - Money Laundering, Economic Sanctions, and Trade Controls • We do not facilitate the laundering of money and do not do business with any person or company subject to economic sanctions. We conduct business in compliance with all relevant trade controls and do not engage in unlawful boycotts. • To ensure TMICC is not working with any criminal entities who are trying to use legitimate business with us to clean their money from criminal activities, we must conduct due diligence on the third parties with whom we work to learn about their reputations, business experience, and beneficial owners and directors. • Trade restrictions apply to the shipment or transmission of goods (including raw materials and packing, finished products, equipment, promotional and marketing items), services, technology and money across international borders. • Anti-boycott laws prohibit companies from participating in, or cooperating with, an international boycott that is not approved or sanctioned by the U.S. or E.U. • Economic sanctions restrict the countries and people with whom we do business. Violating sanctions laws may result in significant fines and reputational harm. Fair Competition • We compete fairly and comply with all competition laws, refusing to engage in any kind of anti competitive practice. We never collude with competitors or other third parties to limit competition. Political Activities and Donations • We do not support political parties or make political donations, except in our personal capacity. Any personal support of political groups must not affect our work and must not refer to TMICC in any way. TMICC resources – including our time during work hours and our TMICC email – should not be used to support or advance political parties or activities. Any political association could create a perception of a conflict of interest or damage our business because TMICC interacts with different governments as part of our business operations. Preventing Insider Trading • We do not trade or encourage others to trade securities when in possession of Inside Information. Using Inside Information to trade or sharing it with others who are not authorised to know the information, is a crime in many countries. Inside Information is information not known to the public that could affect investor choices. Fairness means playing by the rules and acting with integrity. We act strategically and competitively, but always within the bounds of the law. What does Fairness look like? Anti-Money Laundering, Economic Sanctions and Trade Controls • Even though qualified and reasonably priced, you do not onboard a supplier who is listed on a sanctions database. You report the finding to your Line Manager and Legal to evaluate next steps, even if it delays a project. Fair Competition • During a bidding process, you do not seek non public, confidential information about competitors' bids, keeping the competition fair and lawful. Anti-Bribery and Anti-Corruption • You do not offer to make a significant donation to a charitable organisation, run by a tax official's husband, in exchange for the tax official reducing the company's tax exposure. C 5 oBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Honesty . Honesty Life tastes better with Honesty . Being honest , doing the right thing, and following the law are non-negotiable. We may face challenges or difficult choices, but when we approach each situation honestly, the solutions are obvious. What does Honesty look like? Accurate Records, Reporting, and Accounting • You lost a receipt for a reimbursable expense. Do not submit a receipt for a non-reimbursable expense in its place. Be honest and provide the details for the appropriate expense. Company Purchasing • You are negotiating a purchase for TMICC. You do not reveal the maximum price TMICC is willing to pay, but you do not misrepresent facts to gain an improper advantage. You can be strategic in negotiating and advocating for TMICC, while still being honest. Avoiding Conflicts of Interest • You notice scrap metal set aside for recycling. Your brother's company could put the scrap to good use. You do not take the scrap until you ask your manager for approval and evaluate whether a Conflicts of Interest disclosure is necessary. Gifts, Hospitality & Sponsorship Guidelines • While evaluating proposals from prospective suppliers, you receive a luxury gift basket from one of the suppliers. You contact BI to disclose the gift and to determine next steps. 6 Avoiding Conflicts of Interest • We avoid even the appearance of a conflict of interest by immediately disclosingwhen our personal interests or external commitments – whether personal, professional, commercial, social or political-could be perceived as conflicting with TMICC's and might require company preapproval. Disclosures should be made promptly upon becoming aware of the potential conflict of interest and should be submitted through the Speak Up channel. Accurate Records, Reporting, and Accounting • We ensure all our records, accounts and reporting are accurate and transparent, and all transactions are based on valid documents – from our travel expenses, to our emails with our colleagues, to contracts with third parties. We do not tolerate deception or fraud. Accurate financial records and business information are essential for good decision-making, meeting legal and regulatory obligations and maintaining trust. Company Purchasing • We spend responsibly and wisely when purchasing services and materials, ensuring every decision reflects our business priorities and supports quality, safety, innovation, sustainability and the long-term interests of TMICC. We conduct diligence on third-party partners and enter into written contracts to protect TMICC's assets. Gifts, Hospitality & Sponsorship Guidelines • TMICC may provide (and TMICC employees may accept) reasonably priced gifts, valued at 30 euros and under, on limited occasions. • TMICC may sponsor charitable events or otherwise support charitable causes, provided the charities meet TMICC's standards and no improper benefit will be provided to TMICC in exchange for the charitable donation. Disclose the gifts, hospitality, and sponsorships through the Speak Up channels. CoBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Care . Care Life tastes better with Care . Protecting Technology, Personal Data and Privacy • We are committed to respecting the privacy and protecting the personal data of all individuals with whom we work. We care about people's rights and are accountable for protecting their data in compliance with applicable privacy and data protection laws. We ensure all TMICC's digital assets are secure, properly maintained and used only for appropriate work purposes. We protect all forms of TMICC information by classifying, storing, securing, sharing, updating and deleting it in line with our standards and relevant laws, including privacy, security, employment and data retention. Protecting Physical, Financial and IP Assets • We protect TMICC's assets, guarding them from fraud and theft and approving only activities within our personal limits. We safeguard TMICC's intellectual property by ensuring our brands and innovations are protected. We respect valid third-party intellectual property rights by obtaining the relevant licences and approvals. Protecting the Environment • We work to reduce our environmental impact and to move towards net zero emissions across our own value chain and operations. We source key commodities responsibly and reduce plastic pollution. Through our commitment to environmental compliance, we prevent and reduce pollutants from entering air, land and water. We report our sustainability goals accurately and work diligently to achieve them, consistently with our Environmental Standard. External Engagements and Communications • We protect TMICC's reputation by ensuring we are trained and approved before speaking to brokers, analysts, shareholders, media, government, NGOs, regulators and trade associations. We post about TMICC on social media truthfully, responsibly and consistently with TMICC's policies. We embody Care every day and in many ways, including by protecting individual privacy, our reputation, our assets, and our planet. What does Care look like? Protecting Technology, Personal Data and Privacy • As an HR professional, you have access to payroll records and bank details. You use this information strictly for intended purposes, store it securely, and only share it with authorised colleagues. External Engagement and Communications • An industry journalist contacts you on LinkedIn, asking for your views on TMICC's latest financial results. Instead of replying to the question, you direct them to the Media Communications Team because you are not cleared to speak externally. Protecting Physical, Financial and IP Assets • You are negotiating a major supplier contract. Before signing anything, you bring Legal in to review terms and ensure compliance with our policies. C 7 oBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Innovation . Innovation Life tastes better with Innovation . Innovation is how we grow and create real magic – developing new products and using new technologies that give our consumers more to love, while collaborating with external partners, bringing fun and disruptive solutions to market and building sustainable ecosystems. We never lose sight of our obligation to ensure product safety and quality and to act responsibly while innovating. What does Innovation look like? Product Safety and Quality • When developing eco-friendly packaging, you partner with materials experts to ensure durability and food safety aren't compromised. The innovation reduces environmental impact, while protecting consumers, demonstrating that safety and sustainability can go hand in hand with innovation. Responsible Marketing • Our marketing avoids exaggerated health claims. We are upfront about sugar content to ensure consumers can make informed choices and our brands maintain credibility. 8 Product Safety and Quality • Food safety and quality are non-negotiable. We design, make and sell products based on sound science, technology and responsible innovation, applying rigorous safety and quality standards, aligned with aligned with GFSI standards, HACCP and science-led systems. We run robust Food Fraud and Food Defence programs, aim to continuously improve, and deliver superior quality to benefit consumers and customers. We invest in training and communication, partner with suppliers, regulators and customers to uphold food integrity. Responsible Sourcing and Partnering • We select and work only with partners who can uphold standards consistent with our own commitment. Working with the best partners supports our future growth. Responsible Risk Management • We identify , assess, and manage the risks relevant to our roles, recognising that we are a part of something bigger than ourselves. Risk management is essential to our ability to deliver on our strategy and long-term goals. Understanding and addressing risks – from global to local, strategic to operational – helps us make better decisions, comply with regulations, protect our business, and create value. For more guidance, contact the Global Risk and Controls Director or the Risk Management Hub for the Risk Standard. Responsible Marketing • We sell products that are accurately and transparently labelled, advertised and communicated. We conduct marketing activities and research in line with societal expectations. Our marketing has the power to influence society, so it must be conducted thoughtfully, respectfully, and consistently with applicable marketing laws. For more guidance, refer to TMICC's Internal Marketing and Brand Guidelines or speak to your Line Manager. CoBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Collaboration . Collaboration Life tastes better with Collaboration . Legal Consultation It's important that you seek advice to resolve questions, abide by laws and regulations, and protect TMICC from potential claims, financial losses and reputational damage. You must follow Legal's advice. I must seek guidance from a Legal Business Partner for: • Commercial contracts, leases, licenses and transactions. • Onboarding key third parties where red flags exist. • Legal or regulatory action, such as employment disputes, contractual disagreements and regulatory inquiries. • Communication with government or regulatory bodies. • Competition law matters. • Press communications that impact TMICC's reputation, create legal liability or contain "inside" or "price sensitive" information. • Claims , brands, trademarks and marketing materials. • Employment - related issues, including non-compete obligations, non-routine contract terms, disputes and terminations. • Product safety, tampering or counterfeiting. • Legal or governance structures. • Bribery , corruption, sanctions, money laundering or trade control concerns, including questions about the origin of raw materials, limitations on purchasing or selling products in certain countries, and indirect sales. If you receive a request from law enforcement or a regulator to participate in a government investigation (i.e. a subpoena for documents or information), promptly notify Legal, unless the request specifically prohibits sharing any information even with Legal. Legal will ensure the request is addressed. You must cooperate fully and respond honestly. You must work with TMICC's experts to reduce risk, ensure compliance with applicable laws, and drive the business in strategic and innovative ways. Rely on the many resources available to answer your questions and to support your work. Raise your concerns about a potential or actual breach of Our Code through any of the various available channels. Ask for support. At TMICC, we will handle issues and concerns with care and attention. Caring for each other, which includes challenging behaviours or actions that go against our values, is a fundamental part of our Ice Cream Way cultural identity. Many resources are available: • Your Line Manager and / or Team : For questions related to your job responsibilities, or interactions within your team, handling these directly with your manager or team is often the best place to start. • Human Resources : Your HR team can provide support for issues that are not appropriate for, or you are uncomfortable raising with, your manager. Questions related to your place of work, treatment at work (for yourself or others) can be directed to your local HR team. • Business Integrity Officers : If your question relates to Our Code or your understanding of Our Code, contact a Business Integrity Officer or use the Speak Up hotline or website. • For questions relating to a specific subject area, contact the team mentioned in the relevant Code Policy. Report • To report a potential or actual breach of Our Code, use theSpeak Up hotline or website. C 9 oBI Code Policies Speak Up |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Living Our Code with Integrity This is what our actions look like when we live Our Code with Integrity: • Treating people with respect, dignity, and fairness. • Using TMICC assets only for TMICC business and in line with TMICC's policies. • Keeping business records in line with legal and policy requirements or as instructed, including for audits, litigation or regulatory investigations. • Recording all transactions accurately, completely, and on time. This includes: • Waiting until there is an approved purchase order (PO) before making financial commitments or starting any work on the related project or order. Any exceptions must be approved by Supplier Operations first. • Not splitting purchase orders, unless there is a valid business reason that has been approved by Supplier Operations. • Never receipting purchase orders, unless the goods or services have been delivered. • Always reviewing the details of a purchase order, as well as expense reports, before submitting or approving. I can contact our Local PO Helpdesk for more guidance. • Ensuring financial budgets, where relevant to my role, including trade discounts and rebates, are monitored and reviewed. • Conducting only business activities I am approved to carry out and ensuring such activities are legitimate and supported by proper documentation. • Ensuring transactions I approve are within the limits set out in the Global Schedule of Authorities, are legitimate and based on valid documentation. • Consulting with Legal as a strategic partner. • Disclosing potential and actual conflicts of interest, as well as gifts and hospitality received from a third party. • Obtaining approvals before offering or accepting gifts or hospitality. • Informing my Business Integrity Officer and Head of Finance of any suspected fraud, tax evasion or accounting issues; any red flags raised by the behaviour of a business partner or other third party; and any requests for Facilitation Payments. • Understanding that devices used for TMICC business are subject to review and collection in internal and government reviews, subject to applicable laws. • Cooperating with requests for information and data from TMICC. • Never artificially inflating or shifting sales or profits between accounting periods. • Ensure the environmental and social impacts of a decision and associated risks are transparent, understood, and in line with our commitments. Acting with Integrity in everything we do is how we bring Our Code to life. It's how we demonstrate Respect, Fairness, Honesty, Care, Innovation and Collaboration in our roles at TMICC. As a Finance professional , I will also: • Proactively comply with accounting, auditing, tax and environmental procedures, processes, standards and laws on a daily basis. • Follow all applicable external reporting standards and regulations and the internal accounting policy manual, carefully documenting the assumptions that underpin accounting records. • Demonstrate understanding of TMICC's Financial Rules and Standards. • Ensure there are no hidden or unrecorded accounts, funds or assets. Facilitation Payments • Unofficial payments made to government officers to secure or speed up the performance of a routine action they are required to provide anyway. Facilitation payments are illegal in most countries, although a small number provide exceptions under specific circumstances. C 10 oBI Code Policies Speak Up |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Business Integrity Principles Respect Fairness Honesty Care Innovation Collaboration Legal Consultation Asking For Help Speak Up Channels Application Living Our Code with Integrity Our Business Integrity Principles and Code Policies 11 Code Policies Avoiding Conflicts of Interest Anti-Bribery and Anti-Corruption Anti-Money Laundering, Trade Controls and Economic Sanctions Fair Competition Share Dealing and Preventing Insider Trading Protecting Physical, Financial, IT and IP Assets Privacy and Data Protection Responsible Sourcing and Business Partnering External Engagements and Communication Health, Safety and Security Product Safety and Quality CoBI Code Policies Speak Up |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . We avoid even the appearance of a conflict of interest by immediately disclosingwhen our personal interests or external commitments could be perceived as conflicting with TMICC's. Disclosures should be made promptly upon becoming aware of the potential conflict of interest and should be submitted through the Speak Up channel. This includes gifts, hospitality, charitable donations, and sponsorships where you have a relationship with the other party. 12 Why is it important ? Conflicts of interest arise when we allow our actual, perceived, or potential personal, familial, financial, or non-financial interests to affect our objectivity when performing our job. Conflicts of interest can impact our reputation, our business and our people negatively. A perceived conflict of interest can be just as damaging to our reputation, to trust amongst colleagues, and to morale as an actual conflict of interest. • Have a personal interest – or have a Close Personal Contact\* with an interest – in the business of TMICC competitors or third parties who work with TMICC, such as an investment in or financial arrangement with a TMICC competitor or with a third-party bidding on or performing work for TMICC, working on products that compete with TMICC or working for a company that takes positions adverse to TMICC. • Investments through publicly traded pension, index, or tracker funds, where I do not own 5% or more of a TMICC competitor or a company doing business with TMICC does not need to be reported. • Am presented with an opportunity to potentially profit from TMICC resources or information outside of my normal role, such as from the sale of expired products or by bidding on an opportunity where TMICC is also bidding, or by becoming a franchisee. • Am engaged in political activity in a personal capacity that may reflect on TMICC or potentially impact TMICC. • Am engaged in retaining, monitoring, or investigating a third-party in which I, or a Close Personal Contact, have a financial interest. • Financial interest includes receiving anything of value from that third-party. What must I do? • Evaluate whether my situation may create a potential or actual conflict of interest by viewing it from TMICC's perspective. • Repor t any actual, perceived, or potential conflicts of interest to Business Integrity, including when I: • Receive or direct money, gifts or other benefits from TMICC through a third party, including a for-profit or non-profit entity, with which I am affiliated. • Hire, manage, direct business to, or influence the workload, assessment, approvals or rewards of a Close Personal Contact\*. • Have a Close Personal Contact\* who is a Public Official\*\* with decision-making authority that could impact TMICC's business. CoBI Code Policies Speak Up \*Close Personal Contact includes a parent, grandparent, step-parent, child, step-child, grandchild, sibling, step-sibling, aunt, uncle, first cousin, the spouse or significant other of any such family member, a romantic partner, a close friend, or someone with whom I share a residence or a financial interest. \*\*A Public Official is an employee of local, national or international government agencies, or government-owned or controlled entities. This term also includes a member of a political party or royal family, a candidate for political office, and an employee of a public international organisation, such as the UN, WTO or UNICEF. Avoiding Conflicts of Interest Part 1/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Avoiding Conflicts of Interest 13 What must I do? • Ensure Business Integrity has cleared my conflict of interest before starting or continuing with the potentially conflicting activity. • Be mindful that external commitments, like second jobs or serving on a board, do not impact my work or performance for TMICC. • Seek approval before accepting external commitments, including second jobs or a financial interest in a franchise or a supplier. • Protect confidential and commercially sensitive information about TMICC and our current or potential competitors, including when my TMICC employment ends. • Ensure that my non-financial interests, including personal beliefs and political views, do not take precedence over TMICC's lawful and ethical expectations. • Seek approval before representing TMICC in any economic, industry or social advisory groups that are set up by governments. • Position TMICC for success by performing my job with integrity and with loyalty to TMICC. • Do not take or divert TMICC business opportunities to others. • Request approval from Business Integrity before hiring former Public Officials or taking personal directorships in other organisations. What do I need to know about directorships ? Disclosure is needed if I am: • Interested in taking up a directorship, whether commercial or not-for-profit, including roles in trade associations or roles for public bodies. • A new employee who holds directorships that were not disclosed during my recruitment process. This disclosure requirement excludes roles on school boards, governing positions in amateur sporting or recreational groups, and directors of property / housing blocks in which an employee lives. I need approval from the Chief Business Integrity Officer before becoming a director of any publicly listed company. Where do I go for more information ? Business Integrity Officer and Conflicts of Interest Disclosure tool. Make disclosures, or seek approval or guidance at: http://uk.core.resolver.com CoBI Code Policies Speak Up Part 2/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Anti - Bribery and Anti - Corruption 14 We do not offer, give, accept or request benefits of any type , including gifts, hospitality, donations or sponsorships, that are intended to inappropriately influence decisions or that are outside policy limits. What must I do? • Do not offer or give anything of value or any advantages, including Facilitation Payments, to anyone, which are, or give the impression that they are, intended to improperly influence decisions about TMICC or to give TMICC an improper advantage. • An exception applies if my freedom or physical safety is in danger. I must disclose those circumstances to Business Integrity as soon as practical after the threat ends. • A bribe is not allowed even if I pay for it with my own money. • Facilitation Payments are small amounts made to a low-level government employee to secure or expedite the performance of a routine or necessary action to which TMICC is entitled. They are not allowed, except in rare circumstances pre-approved by the Chief Business Integrity Officer. • Maintain integrity by refusing bribes, anything of value, or any advantages from any third party\* that could influence improperly the way TMICC makes decisions or my own objectivity and impartiality. • Follow all TMICC third party\* and finance processes, such as those for onboarding third parties, conducting diligence on third parties, raising purchase orders, and offering / receiving discounts. • Include in third party\* contracts clauses that advise third parties of their obligations to comply with applicable anti-corruption and anti-bribery laws, give TMICC rights to audit the third parties' books and records related to their TMICC business, require the third parties to cooperate fully and truthfully in any audit or investigation by TMICC, and allow TMICC the right to terminate the contract if we have a reasonable belief that the third party\* is engaged in corruption, bribery, conflicts of interest or other fraud. Why is it important ? Bribery and corruption harm communities, damage our reputation, undermine trust, are illegal, and may result in severe consequences, including fines, imprisonment and loss of business. Excessive, unreasonable or frequent gifts and hospitality expenses give the appearance that our success is being bought, rather than built. Acting with integrity in all interactions helps protect both me and TMICC. CoBI Code Policies Speak Up \*A third party is any entity with whom we have a financial relationship. Certain third parties create greater risk than others, and our processes are risk-based. Part 1/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Anti - Bribery and Anti - Corruption 15 Our Gifts and Hospitality Standard • Report any suspected or actual breaches as set out in Our Code, including any requests for a bribe or other benefit by any Public Official\* or other third party with whom TMICC does business. • Ensure all gifts and hospitality are for legitimate business purposes, proportionate, occasional, and within limits, whilst avoiding cash or equivalents, like gift cards, loans, shares, hotels or other travel benefits. • Use reasonably priced TMICC-branded gifts or ice-cream coupons (within Gift limits) in lieu of other gifts. • Report any gifts and hospitality that are above these limits to the Business Integrity Team. • Decline any gift or hospitality that is outside of the limits set in this Gifts and Hospitality Standard, unless an exception has been approved through the Disclosure Tool. Where do I go for more information ? Business Integrity Officer, Global Policy Portal, or Gifts or Hospitality Disclosure Tool. CoBI Code Policies Speak Up Gifts Hospitality ALL WL WL 1 & 2 WL 3 & 4 WL 5+ €30 €60 €120 €300 \*A Public Official is an employee of local, national or international government agencies, or government-owned or controlled entities. This term also includes a member of a political party or royal family, a candidate for political office, and an employee of a public international organisation, such as the UN, WTO or UNICEF. Part 2/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Anti - Money Laundering, Trade Controls and Economic Sanctions We do not do business with criminal organisations or with any person or company subject to economic sanctions. We conduct business in compliance with all relevant trade controls, including rules related to boycotts. Trade restrictions or export controls apply to the shipment or transmission of goods (including raw materials and packing, finished products, equipment, promotional and marketing items), services, technology and money across international borders. Anti-boycott laws prohibit companies from participating in, or cooperating with, an international boycott that is not approved or sanctioned. Sanctions come in many forms including: Financial Sanctions which prohibit contracting with or paying or receiving money from a person or company listed on a country's sanctions list, and Trade Sanctions which restrict the movement of goods to or from sanctioned countries. C 16 oBI Code Policies Speak Up Why is it important ? Violating money laundering, trade controls or sanctions laws can result in serious legal consequences, including imprisonment, fines and bans on the sales of our products. As a global company, shipping and sourcing products around the world, we must be aware of the limitations imposed by these laws. What must I do? • Conduct due diligence on third parties before onboarding to (1) learn about their reputations, business experience, origin of goods, and beneficial owners and directors and (2) ensure TMICC is not working with any criminal entities who are trying to use legitimate business with us to clean their money from criminal activities. • Ensure third-party screeningis conducted and any issues are remediated in full before contracts are signed and transactions occur; do not assume this has been done – always confirm with Procurement, Supply Chain, Customer Development, and / or Legal. • Do not transact with any party who is subject to economic sanctions. Follow TMICC processes for onboarding, including verifying third parties are not on sanctions lists before awarding any business, keeping accurate and complete records of transactions, and knowing the background of the third parties with which we are working. • Notify my Business Unit and Country General Counsel immediately if I suspect a business partner is engaged in any illegal activity, products may be sourced from sanctioned countries or sanctioned third parties or prohibited boycott requests. Typical red flags include unusual or overly complex payment structures, sudden changes in ownership of the third party, inconsistent or incomplete documentation of expenses and experience, resistance to providing required information, or incomplete information about the origin of goods. Part 1/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Anti - Money Laundering, Trade Controls and Economic Sanctions C 17 oBI Code Policies Speak Up Where do I go for more information ? Business Integrity Officer, Global Policy Portal or Disclosure Tool. What must I do? • Obtain prior clearance from my Business Unit and Country General Counsel, plus a senior Finance Manager, before proceeding with any transaction outside normal business terms, such as payments to accounts that do not match the name, country, or currency of the country of the business partner; those made in cash or overpaid; and those split across several bank accounts or purchase orders. • Do not inform any third party suspected of money laundering that they are under investigation. • Seek guidance from my Business Integrity Officer when screening outcomes are unclear or where extra scrutiny is needed. • Disclose to Business Integrity if I need to recuse myself from an Economic Sanctions perspective, for example, if I am a US citizen and prohibited from engaging in a certain transaction. Part 2/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Fair Competition Part 1/2 We do not engage in any form of collusion, we compete fairly , and we comply with all competition laws, refusing to engage in any anti-competitive practice. 18 Why is it important ? We are fully committed to competing vigorously, fairly and in compliance with the law, for the benefit of our consumers and a healthy competitive environment. Violating competition laws can lead to serious consequences, including large fines, civil damages, criminal sanctions for individuals and damage to TMICC's reputation and relationships. What must I do? • Follow and cascade competition law guidance and training to ensure I and my colleagues thoroughly understand, recognise and stay alert to competition law sensitivities. • Never participate in cartels, even in countries without competition laws. • Refrain from agreeing, discussing or exchanging information on any of the following, directly or indirectly (i.e., via a customer or a supplier), with competitors unless approved by Legal: • Commercially sensitive information – including prices or terms of sale; costs or other conditions with third parties; purchasing or other strategies, production, marketing, advertising, sales, recruitment, employment terms, wages or rewards. • Division or allocation of markets, channels, customers or product lines. • Boycotts or refusals to deal with certain market players (unless approved by Legal). • Coordination or allocation of bids or tender quotes. • Only collect and / or use competitor information from the public domain, and: • Clearly record the source of competitor information in any internal or external communication and document. • If I acquire competitor commercially sensitive information unintentionally, notify Legal immediately. • If I want to collect competitor information beyond the public domain (i.e., for benchmarking), I consult Legal. • Act with caution when TMICC's market positions are strong, seeking advice from my Legal Business Partner if TMICC's commercial practices could be perceived as abusively excluding competitors or as unfair to customers or suppliers. • Do not seek to obtain or use information in a way that might violate legal or contractual non-disclosure obligations of third parties or new employees. CoBI Code Policies Speak Up |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Fair Competition Part 2/2 C 19 oBI Code Policies Speak Up What must I do? • Before taking part in a trade association meeting, industry events, or meetings with competitors, ensure that: • My Line Manager approves the activity. • I complete the required training. • A clear agenda is shared (by email, in the invite, etc.), including a competition caution (see sample below) that will be read at the start of the meeting and included in the minutes. • Minutes, which refer to the attendees, purpose, and discussions are circulated after the meeting. • If inappropriate discussions continue, noticeably leave at once (requesting this be noted in the minutes); report the incident to my Line Manager and Legal immediately. Sample of Competition Caution: All participants at today's meeting must adhere to competition law and shall not enter any discussion, activity or conduct that may breach any applicable competition law. For example, participants shall not discuss or exchange any commercially sensitive information, including non-public information on selling prices and trade terms, revenues, costs, conditions with third parties, or purchasing / production / marketing / advertising / distribution / selling strategies. This applies not only to discussions in formal meetings but also to informal discussions before, during, and after the meeting. Should discussions cover matters that may be problematic under competition laws, the moderator will close the meeting. Consult Legal if: • I want to restrict imports in, or exports to, certain countries in regions other than Europe, to comply with international trade rules. • I am in doubt on how to apply competition law to a specific situation. • I want to exchange information or discuss collaboration opportunities with competitors (for example, on joint purchasing, production, R&D, standardisation agreements). • My discussion or decision may restrict how or where a customer (retailer, distributor, concessionaire, wholesaler, etc.) markets, sells or distributes TMICC products: • I plan to apply certain commercial practices in markets where TMICC is strong, which may result in an unfair disadvantage of customers or unfairly prevent competitors from entering, remaining or expanding (for example, selling below cost, exclusivity, certain rebates or bonuses). • I am contacted by, or plan to contact, competition authorities or courts: all such contacts must be coordinated by Legal. What must I do? In cross-border sales: • Refrain from taking any action if any of the motivations are to limit cross-border sales within Europe and never complain or comment in a negative way on cross-border sales within Europe, in external or internal communications. |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Share Dealing and Preventing Insider Trading 20 We do not trade or encourage others to trade securities when in possession of any inside information. Inside Information is non-public information which would be likely to impact share price if it were to be made public. If I have access to TMICC Inside Information, I will be added to an Insider List and notified. If I am not sure whether information I have is Inside Information, I must behave like it is and / or check with the person who gave me the information. Why is it important ? Using Inside Information to trade, or sharing it improperly, is a serious disciplinary matter and a criminal offense in many countries, leading to fines, imprisonment and reputational harm. These restrictions apply to Inside Information I learn about TMICC or another publicly traded company with whom TMICC is doing business. Offenses can occur in many ways, including: • Unlawful disclosure of Inside Information : disclosing Inside Information to any other person, except in the normal exercise of employment. • Insider dealing : using Inside Information to acquire or dispose of (whether for my account or someone else's), directly or indirectly, financial instruments to which the information relates. • Market manipulation : doing anything that gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument, including entering into a transaction or trade, giving information to the media, or sharing false or misleading information. As a Director or Senior Manager, I must: • Take reasonable steps to prevent any dealings in TMICC securities by or on behalf of Close Personal Contact (CPC) with me; • Advise my CPC that this Policy applies to them; • Advise my CPCs of the Closed Periods during which they should not deal in TMICC securities; and • Advise my CPCs that I must get clearance before dealing in TMICC securities. CoBI Code Policies Speak Up Part 1/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Share Dealing and Preventing Insider Trading 21 • Disclose immediately if I suspect or know Inside Information (1) has been shared with anyone not authorised to have it or (2) is being misused. • Disclose transactions that may trigger this Policy using these forms I do not need to disclose transactions when Investing in: • A unit or share in a collective investment undertaking (CIU) in which the exposure to TMICC securities does not exceed 20% of the assets held by the CIU; • A financial instrument which provides exposure to a portfolio of assets in which the exposure to TMICC securities does not exceed 20%; • If I do not know, and could not know, the investment composition or exposure of such CIU or portfolio of assets in relation to TMICC securities and there is no reason to believe that such exposure is greater than 20%; • Transactions in TMICC securities executed by managers of a CIU who operate with full discretion and do not need to notify me when executing a transaction. What must I do? • Understand what is considered Inside Information. It may include information that relates to future, speculative or contingent events not publicly available. Information is not necessarily public merely because it has been discussed in the press or on social media. I should presume that information is non-public, unless I can point to its official release by TMICC, such as by a public filing or press release. • Do not buy or sell TMICC securities (including shares, ADRs and related derivatives and spread bets) for my own account or on anyone else's behalf, or recommend third parties to do so, while I am in possession of Inside Information. • Refrain from sharing Inside Information with anyone not authorised to have it, including other TMICC employees. • Cybersecurity incidents. • M&A, tender offers, JVs, restructuring or divestments. • Revisions in dividend policy. • Expansion or reduction of operations. • Gain or loss of significant customers or suppliers. • Changes in auditors, Executive Directors or company control. • Product or Brand defect claims. Inside Information Examples: • Business results or forecasts. • Reserves for company debt. • Major launches and new inventions. • Significant threatened or potential litigation or claims. CoBI Code Policies Speak Up Part 2/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Share Dealing and Preventing Insider Trading 22 What must I do? • If I am in any doubt about whether I need to seek clearance to deal, I must notify and ask the Company Corporate Secretary for guidance. • Contac t the Corporate Secretary for more information, including obligations for persons included in TMICC's Insider List. • The Insider Lists name all employees and external advisors who have authorised access to TMICC's Inside Information. People on these lists must also comply with the requirements in TMICC's Share Dealing and Disclosure Manuals, available at the Corporate Secretaries' Department. • Refrain from engaging in activities that involve manipulation of publicly listed companies' price or spread of false information. • Use TMICC's information only for legitimate business purposes or as required by law. • Report any concerns about the use of TMICC restricted or Inside Information by any person, including business partners, to my Line Manager or Business Integrity Officer. What is permitted ? Number of shares which may be sold: Equity Securities: a WL4 or higher may sell in a three-month period the greater of: • 1% of the outstanding TMICC securities; or • The average weekly reported trading volume in the four calendar weeks preceding the transactions. Debt Securities: a WL4 or higher may sell in a three-month period the greater of: • The average weekly reported trading volume in the four calendar weeks preceding the sale; or • 10% of the principal amount of the tranche of debt securities (or 10% of the class of non participatory preferred stock). Any restricted securities must be held for six months prior to reselling such securities. CoBI Code Policies Speak Up Part 3/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Protecting Physical, Financial, IT and IP Assets We protect TMICC's assets, guarding them from misuse, fraud and theft and approving only activities within our role and responsibilities. We safeguard TMICC's intellectual property by ensuring our brands and innovations are protected. We respect valid third-party intellectual property rights by obtaining the relevant licences and approvals. 23 Why is it important ? TMICC's technology and information are vital tools that allow employees and trusted partners to perform their roles effectively. When these assets are misused, stolen, damaged or handled carelessly, the impact can be serious – disrupting operations, breaching legal and privacy obligations, and harming our reputation. By protecting our assets and handling our information with the right level of care and classification, we keep our operations running smoothly, safeguard financial stability, preserve innovation and competitive advantage, protect individual's rights and meet our legal and regulatory obligations. • Guard TMICC's financial assets – such as cash, bank accounts and credit cards – against misuse, loss, fraud or theft, and immediately escalate any red flags to my Line Manager. • Approve financial transactions only within my limits, as defined by my role, and in compliance with the Global Schedule of Authorities. • Address cyber security risks by embedding cyber security standards and controls. This particularly applies if implementing or purchasing technology solutions. • Beware of cyber security risks on any devices used for TMICC business: • Avoid opening attachments, unless I know the sender and have verified the accuracy of the email address. • Avoid visiting websites that may not have adequate security certificates. • Use multi-factor authentication and strong passwords on devices. What must I do? All assets: • Handle TMICC's physical assets – for example factory equipment, products, buildings, computers and vehicles – with care, to avoid damage, misuse, or loss. • Report theft or loss to site SHE Managers promptly. • Do not remove TMICC assets, except TMICC issued laptops and phones, from any site unless authorised, and do not use TMICC assets inappropriately or for unauthorised personal benefit. • Identify and manage potential hazards to assets on site, reducing risks to an acceptable level. CoBI Code Policies Speak Up Part 1/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Protecting Physical, Financial, IT and IP Assets 24 Information: • Classify information, documents, and emails in line with the Information Classification Standard: Public, Internal, Confidential, Restricted. • Follow the requirements outlined in the Information Handling Standard, which sets out what types of information can be shared with whom. Take personal responsibility for how information is used, shared, stored, protected, and disposed of. • Share TMICC information only on a need-to-know basis with individuals and authorised third parties for legitimate business purposes, or as required by law. • Do not forward TMICC information to personal email or storage accounts, sync TMICC data on devices not managed by TMICC or use removable media (i.e. USBs). • Do not engage in contract negotiations, discuss substantive issues with regulators, address due diligence red flags, or share any non-public TMICC information on unapproved technology or on collaboration and messaging tools (WhatsApp, Signal, etc.). • Understand that, in accordance with our Business Integrity Principles and applicable laws, all information processed by, or stored on, TMICC-issued or owned systems and equipment (and TMICC information on personal devices) may be monitored, inspected or removed by TMICC without prior notification. TMICC may monitor, log, diagnose, investigate and assess activity and data including messages and other communications sent, received, and stored on TMICC's network, systems and equipment to the extent permitted by applicable laws, to ensure this policy is being followed and TMICC's technical environment is optimised and risk managed. What must I do? Intellectual Property (IP): • Do not use TMICC's IP, except for TMICC's benefit. • Report suspected counterfeit products or potential IP infringements – such as those related to trademarks, patents, designs, copyrights and domain names – to the Business Group or IP General Counsel. • Ensure checks and filings are completed for patents, trademarks and other IP rights when launching new brands, sub-brands, products, services or other materials. • Use contracts with appropriate clauses to protect TMICC's IP when working with third parties. • Refrain from using valid third-party IP without the appropriate licenses, for example Music, Video, Technology etc. If unsure what is valid, speak with my Legal Business Partner. • Do not train third party GenAI or any other third party LLM with TMICC IP or confidential information, including trade secrets, designs, patents and trademarks. CoBI Code Policies Speak Up Part 2/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g025.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Protecting Physical, Financial, IT and IP Assets 25 Malicious activity: • Do not intentionally access TMICC technology or TMICC information that is not intended for my role, or after leaving TMICC employment. • Do not disable, bypass or interfere with security controls, for example, browser configuration, anti-virus, privileged access, firewalls or system logs. • Do not use systems for any illegal activities, or that could cause serious or widespread offence or are associated with violence, terrorism, pornography or insulting content. If I own, procure or run technology, or manage a third party, what do I need to do? • Address cyber security risks through the correct application of the Cyber Security Standards and follow the cyber processes detailed on the Cyber Security Zone. What must I do? Equipment & technology: • Use only TMICC-approved technology to share and manage information and take additional care when working in public places. • Install only approved applications and use only approved services, including Software as a Service and AI. • Ensure work equipment is used appropriately and kept protected from damage, theft or loss. • Secure equipment and documents when not in use. Lock any device with a password or PIN when unattended, irrespective of location. • Do not share TMICC access credentials with anyone, use TMICC passwords anywhere else or use TMICC identities for non-business-related activity. • Ensure personal use of TMICC technology does not materially impact performance, such as excessive storage or data usage. • Report any suspected cyber issues or suspicious activity by raising a security incident, such as unauthorised information sharing or unexpected authentication notifications. • Report lost or stolen devices (TMICC or personal) used to access TMICC information immediately as a security incident. CoBI Code Policies Speak Up What is the Information Classification Standard ? • Public: Information already available to the general public may be freely distributed. • Internal: Only shared within TMICC and authorised third parties with a genuine business need. • Confidential: Only shared on a need-to-know basis with a genuine business need. • Restricted: Only shared with named individuals who are on the relevant Restricted Information List. Where do I go for more information ? Chief Information Security Officer, Local SHE Manager or Legal Business Partner, Intellectual Property Standard, Cyber Security Standards, Cyber Security Zone (including to report a Cyber Incident). Part 3/3 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g026.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Privacy and Data Protection We are committed to respecting the privacy of all individuals with whom we work and protecting their personal data in compliance with applicable privacy and data protection laws. Personal data is any information that can be used to identify a person either directly or indirectly. We handle personal data responsibly by collecting only what's needed, using it fairly and transparently, keeping it accurate and secure, and only storing it for as long as necessary. We ensure all TMICC's digital assets are safe, properly maintained and used only for appropriate work purposes. We protect all forms of TMICC information by classifying, storing, securing, sharing, updating and deleting it in line with our standards and relevant laws, including privacy, security, employment and data retention. 26 Why is it important ? Protecting personal data is fundamental to respecting people and the human right to privacy. It builds trust with our employees, consumers, customers and business partners. It ensures compliance with legal obligations, helping us avoid fines and reputational harm. It safeguards sensitive information from misuse, loss or unauthorised access, and enables individuals to exercise their rights over their own personal data. • Store personal data securely using approved systems and tools in accordance with our information security policies. • Keep personal data accurate and up to date. • Respect individuals' rights (e.g. for access, correction, or deletion) and get consent to use it where necessary (e.g. for e-marketing). • Complete a Privacy Risk Assessment before any new project, campaign, or activity that involves personal data. • Do not keep personal data longer than needed – delete or anonymise it in accordance with our retention policies. • Do not put confidential information, including personal data, into publicly available AI tools or on social media, and do not share it with third parties without authorisation and appropriate contract terms, including after my TMICC employment ends. What must I do? • Only collect or access personal data when necessary for my role or business purpose. • Limit the amount of data I collect to the minimum I need for the specific purpose. • Use personal data fairly. • Consider potential harm to individuals when using their data and take steps to mitigate these risks. • Be transparent with individuals about how their data is used. CoBI Code Policies Speak Up Part 1/2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g027.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . 27 TMICC has an obligation to cooperate with requests from government agencies for information stored on TMICC devices or used for TMICC business. That means that if I receive a request to keep certain information, I must ensure that the requested information is secure, will not be deleted or altered, and is available for review or production by TMICC or relevant third parties, even if the data retention period has expired. If I fail to follow this request, I and TMICC could face fines, liability and reputational harm. Always speak to Data Privacy Team before: • Collecting or using any sensitive or special category personal data or data relating to vulnerable people (including children); • Using innovative technology, AI, or automated decision making to process personal data; • Monitoring people or their behaviour; or • Using large volumes of personal data (>100,000 for marketing and >10,000 for HR / R&D). What are Examples of Personal Data ? Names, email addresses, home addresses, phone numbers, medical information, online cookies, IP addresses, location data, employee ID number, photographs or videos where individuals are identifiable. Certain categories of personal data, such as race, ethnicity, religion, health, sexuality or biometric data are classified as "sensitive" or "special category" data and require additional protection. All data on company-issued devices is subject to collection, transfer and inspection, as is company-related data on personal devices used for business purposes. What is a Personal Data Incident ? A Personal Data Incident is any incident that has the potential for personal data to be lost, damaged or misused. This could be the result of a security failing, and it could be accidental or malicious in nature. A Personal Data Breach is when there is a confirmed loss, alteration, destruction, unauthorised disclosure of, or access to, personal data. Examples of Personal Data Incidents: • Accidental Disclosure: HR data (names, salaries) sent to the wrong recipients. • Malware Attack: Consumer accounts database compromised by malicious software. • Accidental Destruction: Payroll records deleted, causing payment delays. • Loss of Paper Records: Health declaration forms mislaid at reception. Report any Personal Data Incidents immediately to the Privacy Team. Where do I go for more information ? Chief Privacy Officer, Global Privacy Team, Legal and Business Integrity Teams, Privacy & Data Governance Hub. CoBI Code Policies Speak Up Privacy and Data Protection Part 2/2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g028.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Responsible Sourcing and Business Partnering We select and work only with partners who can uphold standards consistent with our own commitment. 28 Why is it important ? TMICC expects the third parties with whom we do business to have their own compliance codes and policies in place that are appropriate to their business and of a comparable standard to ours, and to pass down similar requirements to their supply chain, customers, and / or entities with whom they do business. Our Responsible Partner Policy (RPP) sets out the mandatory requirements that all third parties must meet. Our Purchasing Policy provides the additional guidelines on purchasing materials and services from third parties. Failing to meet these standards may result in legal and reputational risks for TMICC and the abuse of Human Rights of workers in our supply chain. All employees engaging with third parties play a vital role in ensuring compliance. • Include contract clauses in agreements with suppliers, distributors and other parties (such as MSAs, MPAs, MRO, CM, among others) to confirm that business partners acknowledge and agree they can meet the RPP requirements as a condition of engagement, including clauses requiring: • Compliance with applicable laws. • Cooperation in investigations or audits conducted by TMICC. • TMICC's right to audit when we suspect non-compliance and to impose the costs of the audit on the third party in the event of non-compliance. • TMICC's right to terminate for non-compliance. • TMICC's right to be indemnified for supplier's non-compliant practices. • Do not agree to contractual changes related to the RPP without first consulting my Legal Business Partner and obtaining written authorisation from the Responsible Business team. • Supplier must agree with RPP terms before engaging in the RPP process. • Report to my Line Manager, the Responsible Business team or Business Integrity Officer if I am aware of, or suspect, non-compliance with the RPP or any legal requirement by a third party. What must I do? • Read and understand the RPP, which contains clear standards for suppliers, customers and other third parties. The RPP is supported by tools, guidance and processes for onboarding, monitoring and addressing non-compliance, and mechanisms for employees to raise and seek resolution of concerns related to third-party conduct. • Ensure that all third parties are subject to the provided RPP controls for onboarding, contracting and ongoing monitoring, including risk-based auditing and remediation of issues. • Ensure that third-party selection, shortlisting and tendering processes consider their ability to meet the RPP requirements and legitimate business needs. CoBI Code Policies Speak Up Part 1/2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g029.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Responsible Sourcing and Business Partnering 29 What must I do? • Engage with the Responsible Business team (i.e. Procurement, Business Integrity, Sustainability) on how to support the remediation of issues before terminating a partner due to non-compliance. • Discontinue transacting with third parties who have been identified as non-compliant with the RPP, unless a formal exemption has been granted by the Responsible Business team or Legal team. • Respect the rights of all individuals and communities who are defenders of Human Rights and civic freedoms. • Seek guidance on both the legal requirements and Human Rights impacts of the transaction, when procuring, disposing of, or changing use of land. TMICC respects customary and legitimate land tenure rights and does not tolerate land grabbing. Where do I go for more information ? Responsible Business or Human Rights teams, Procurement Team, Sustainability Team, Legal and Business Integrity teams, Responsible Partner Portal (RPP) and Human Rights Portal. CoBI Code Policies Speak Up Part 2/2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g030.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . External Engagements and Communication We are trained and approved before speaking to brokers, analysts, shareholders, media, government, NGOs, regulators, or trade associations. 30 Why is it important ? Communicating on social media or with external parties, including brokers, analysts, shareholders, media, governments, NGOs, regulators or trade associations carries risks. Mishandled communication can result in misinformation, legal risk, reputational damage and regulatory consequences. Responsible and transparent engagement builds trust and protects TMICC's ability to operate and grow. • Seek approval from the relevant teams before making contact on specific topics e.g. contact local Finance or Legal teams before discussing financial, legal, tax or pensions matters; Regulatory Affairs before contacting regulators about products, ingredients or regulatory compliance; local Communications, Corporate Affairs and Sustainability Team before contacting NGOs or for any media engagement; local or global Corporate Affairs teams before engaging with public policy makers (e.g., governments, politicians, officials). External engagement: • Engage only with external parties if I am appropriately trained and specifically authorised and briefed by the appropriate team. • For Engagements with Trade Associations, refer to the Fair Competition Policy. • Comply with any authorisation conditions and keep a record of my contact and interactions with external parties. Wherever feasible, meet with authorities with another colleague present. • Seek prior approval before making contact to represent TMICC's interests, and obtain ongoing clearance if contact is a regular part of my role. • Follow site procedures for unannounced inspections and know who the designated responsible person is at my site. What must I do? External communication: • Ensure the accuracy and truthfulness of all information shared. • Avoid saying or doing anything that may, or may be perceived as seeking to, improperly influence decisions about TMICC by any government, legislators, regulators or NGOs (see the Code Policy on Anti-Bribery and Anti-Corruption). • Consider TMICC's reputation when communicating externally, applying the rules set out in the Social Media Guidelines for Leaders and Employees. • Do not post on social media on behalf of TMICC without prior authorisation. CoBI Code Policies Speak Up Part 1/2 |

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| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g031.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . External Engagements and Communication 31 What I need to remember when using personal social media as TMICC employee? • Make it personal. • Be honest and humble. • Keep confidential information confidential. • Link to official sources only. • Keep market talk off the table. Where do I go for more information ? Communications, Corporate Affairs and Sustainability Team or Product Safety & Regulatory Affairs teams, Business Integrity Officer or Legal, Global Policy Portal. TMICC Standard on Trade Association Memberships including the governance on trade associations. CoBI Code Policies Speak Up Part 2/2 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g032.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Health, Safety and Security Part 1/2 We are committed to creating a safe, supportive and respectful workplace that protects the occupational health, safety, security and dignity of our employees. We foster a workplace atmosphere that prioritises psychological safety and promotes a learner mindset. We strive towards achieving zero harm to people, showing respect to our neighbours and actively contributing to communities we serve. We identify and mitigate hazards; continuously improving health, safety, and security performance through employee engagements. We play a leading role in promoting best practices in our industry. 32 Why is it important ? Unsafe practices can lead to serious physical or emotional injuries, environmental harm, or even loss of life. Managers play a key role in implementations, but each employee contributes to a safe workplace. Through individual action and shared responsibility, we protect people, property and the environment, act as a responsible and respectful neighbour, and earn the trust and confidence of our customers and consumers. What must I do? • Avoid and report any behaviour that could be offensive, intimidating, malicious, violent, insulting or bullying of any kind. We have a zero-tolerance policy on sexual harassment and discrimination. • Promote a culture where employees are treated with dignity, and concerns can be raised and addressed promptly and fairly and without retaliation. • Behave in a safe and health-conscious manner, following all laws, regulations, policies, standards, procedures, instructions and training relevant to my role. • Never carry weapons on site. • Perform work only when trained, competent, medically fit, sufficiently rested, functionally capable and alert enough to do so. • Know emergency procedures in my location, during visits to other sites or when travelling. • Report all incidents, near-misses, unsafe conditions, injuries, illness or unhealthy conditions to local TMICC management, without delay. Never assume someone else will. • Support team leaders to ensure all employees, contractors and visitors understand and follow health and safety procedures and instructions. • Understand the Life Critical Standards and follow them. • Avoid working under the influence of any substance that may negatively impact the health and safety of myself or others. • Do not carry on with any work that becomes unsafe or unhealthy. • Speak Up if I have concerns about my ability to meet these minimum requirements or if the environment is unsafe or unhealthy. CoBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g033.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Health, Safety and Security Part 2/2 33 What must I do as a Manager or Team Leader ? • Establish and maintain a suitable health and safety management system for my site and team, including the appointment of committees, managers, competent experts, and a system for gathering concerns and input from employees, contractors and visitors. • Set Occupational Health Safety-Security (OHS-S) objectives, review performance achievements and share evaluation outcomes. • Foste r a proactive OHS-S culture by promoting ownership at all levels and encouraging active participation through engagement, consultation, and training. • Follow a structured methodology to ensure legal compliance and drive ongoing performance enhancement. • Ensure contractors are responsible for implementing OHS-S measures consistent with this policy. • Integrate OHS-S performance into employee evaluations, ensuring that safety responsibilities are recognised and rewarded accordingly. • Maintain constructive, transparent communication with neighbouring stakeholders and affected communities. • Guarantee that all managers and employees are fully aware of and accountable for fulfilling their roles in accordance with the company's policy. • Implement strong process safety systems, conduct regular risk assessments and maintain safety-critical equipment to prevent major accidents. • Drive a comprehensive Health and Wellbeing programme to support the health and wellness of employees. • Implement measures to ensure the safety and wellbeing of all employees during work-related travel by providing clear travel guidelines. • Implement targeted programs to enhance road safety performance, supported by effective measures to ensure sustained improvement. • Ensure all work is based on freely agreed and documented terms that employees understand, and which are available throughout their employment. • Provide a pay slip for each pay period, clearly indicating the components of compensation. • Verify that no one has paid recruitment fees or related costs to gain employment, either directly or indirectly, and arrange repayment of any fees that are found to be paid. What do I need to know? Domestic violence and abuse can take many forms. It may appear as a single act or as a repeated pattern of behaviours, including physical harm, verbal abuse, sexual violence, emotional manipulation, psychological control and financial exploitation. TMICC offers a range of support, such as special paid leave, access to counselling / support services, temporary or permanent change of working times, location, and pattern, etc. For more information, please contact your HRBP. Where do I go for more information ? Health, Safety and Security Manager, Site's Health, Safety and Security management system, Global Health, Safety and Security Standards (for Life Critical Standards). CoBI Code Policies Speak Up |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](micc-20251231xex11d1g034.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Life tastes better with Our Code . Product Safety and Quality Food safety and quality are non - negotiable . We design, make and sell products based on sound science, technology and responsible innovation, applying rigorous safety and quality standards, aligned with GFSI standards, HACCP and science-led systems. We run robust Food Fraud and Food Defence programs, aim to continuously improve, and deliver superior quality to benefit consumers and customers. We invest in training and communication, partner with suppliers, regulators and customers to uphold food integrity. 34 Why is it important ? TMICC prioritises the safety and quality of our products, adhering to all standards and regulations. This commitment builds consumer trust and strengthens our brands. What must I do? • Conduct all research and innovation in compliance with our global standards for safety, sustainability and ethical responsibility. • Ensure risks related to consumer safety, occupational safety and environmental safety are assessed by experts and managed. • Ensure specifications for raw materials, products and packaging comply with relevant regulatory requirements and standards. • Ensure research involving human subjects is conducted to the highest ethical standards. • Support TMICC's commitment to eliminating animal testing, ensuring that any mandatory regulatory testing is approved in advance. • Maintain complete and accessible records of all research, including data, study protocols and related decisions. • Apply and uphold Quality Management Standards (QMS) and systems to design, deliver, monitor, measure and continually improve product and process performance to ensure compliance with internal and external requirements. • Act on risks, issues and feedback from consumers, customers and partners, including taking proactive steps to prevent quality or safety issues and escalating or recalling products that do not meet standards or regulations. • Foster a quality-first culture by promoting transparency, accountability and timely reporting of concerns to my Line Manager or Quality lead. • Communicate responsibly and share accurate information about product safety. • Seek authorisation and follow the escalation procedure before responding to external queries, whether from consumers, business partners, or the media about any product safety or quality concerns. Where do I go for more information ? Local or Global Quality Team, Quality and Safety Policy, QMS portal and chatbot, R&D Standards Hub. CoBI Code Policies Speak Up |

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## Exhibit 11.2

**Exhibit 11.2**

SHARE DEALING CODE

Dated 1 December 2025

The Magnum Ice Cream Company N.V.

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|:---|:---|
| **1** | **INTRODUCTION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** This is the Share Dealing Code (the "**Code**") of The Magnum Ice Cream Company N.V. (the "**Company**" or "**TMICC** "). It sets out the rules for directors, officers and employees of the Group regarding dealing with TMICC securities and those of its listed subsidiaries, seeking the related pre-clearances and complying with the associated notification procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** This Code also contains the Company's **Prevention of Insider Dealing Policy**, which explains what insider trading is, what the market abuse offences are in the U.S., UK, and EU that apply to employees, how employees can be sure they don't engage in it, and what to do if they discover Inside Information is being misused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** Employees must not use Inside Information to buy or sell securities of the Company, or any listed subsidiary of the Company, or any other publicly traded company. Securities include shares, options, equities and related derivatives or spread bets as well as debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** The Company's Disclosure Committee – on behalf of the Board – oversees that the Company has the necessary procedures in place to ensure the Company complies with applicable insider trading laws and regulations, including this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** The prohibitions on dealing by Restricted Persons (except in the limited circumstances as set out in this Code) come from UK MAR, the Criminal Justice Act 1993, EU MAR, the Securities Act and the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** The Company Secretary is responsible for ensuring this Code is understood and complied with. Any deviation or amendment to this Code requires the prior approval of the Company Secretary. It is the responsibility of the Company Secretary to keep this Code up to date. Should you have any queries on the contents of this Code or otherwise on the policies and procedures to be followed, you should contact the Company Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** Failure to comply with this Code, trading or encouraging others to trade on Inside Information or giving it to unauthorised persons is a serious disciplinary matter, which may lead to dismissal and, in many cases, will also constitute a civil and/or criminal offence (see Annex 2 for further details).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** Capitalised terms used but not defined in this Code shall have the meaning ascribed to them in Annex 2 to this Code.

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| | |
|:---|:---|
| **2** | **INSIDE INFORMATION** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** Inside Information means information of a precise nature, which has not been made public, relating, directly or indirectly, to the Group or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments ()"**Inside Information** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** This may include information that relates to future, speculative or contingent events and even if it is significant only when considered in combination with publicly available information. It is important to note that information is not necessarily public merely because it has been discussed in the press or on social media, which will sometimes report rumours. You should presume that information is non-public, unless you can point to its official release by the Company such as by a public filing or issuance of a press release. Inside Information is often referred to as material non-public information under U.S. laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** Depending on the facts and circumstances, the types of information that could be considered Inside Information includes, but is not limited to, the following:

● Business results or forecasts for the whole company or for one of our listed subsidiaries, including earnings announcements, changes to previously released earnings announcements, unpublished financial results;

● Writedowns and additions to reserves for bad debts;

● A major new product, product claim or product incident/issue;

● A cybersecurity incident or risk that may adversely impact business, reputation or share value;

● A pending or proposed acquisition, merger, tender offer, joint venture, restructuring, or divestment;

● A sizeable restructuring project;

● Pending or threatened significant litigation or government action, or major developments in or the resolution thereof or in dealings with regulator or governments;

● Revisions in dividend policy;

● Expansion or curtailment of operations, including increased orders of supplies, and business disruptions;

● New inventions or discoveries;

● The gain or loss of a significant customer or supplier;

● Changes in auditors or auditor notification that the Company may no longer rely on an audit report; and

● Changes in executive directors, company control, or extraordinary management developments.

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|:---|:---|
| **3** | **MARKET ABUSE OFFENCES** |

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Both EU MAR and UK MAR define market abuse as "a concept that encompasses unlawful behaviour on the financial markets" and in the U.S. the Securities Act and Exchange Act include comparable prohibitions, which should be understood as comprising the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**  ***Insider dealing*** 

Insider dealing arises where a person possesses Inside Information and uses that information by acquiring or disposing of (whether for its own account or for the account of a third party), directly or indirectly, financial instruments to which that information relates. This includes recommending that another person engage in insider dealing, or inducing another person to engage in insider dealing on the basis of that Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**  ***Unlawful disclosure of inside information*** 

This behaviour arises where a person possesses Inside Information and discloses that information to any other person, except where the disclosure is made in the normal exercise of an employment, a profession or duties. Insider dealing includes unlawful disclosure of Inside Information where the person disclosing the recommendation or inducement knows

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or ought to know that it was based on Inside Information. This Code applies regardless of whether the person or entity who receives the Inside Information is related to you and regardless of whether you receive any monetary benefit for disclosing the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**  ***Market manipulation*** 

Behaviour amounts to market manipulation or attempted market manipulation where, among other things, a person does anything that gives, or is likely to give, false or misleading signals as to the supply of, demand for, or price of, a financial instrument. This includes entering into a transaction or trade, giving information to the media, or otherwise transmitting false or misleading information.

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|:---|:---|
| **4** | **MUST AND MUST NOTS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**  ***Employees must:*** 

● Refer to this Code or contact the Company Secretary in the Legal Group, to check whether something is Inside Information.

● Immediately advise a member of the Disclosure Committee (the Company Secretary holds the names of committee members) if they suspect or know that some Inside Information is not being managed as Inside information or that someone is engaging in market abuse.

● Exercise utmost care and circumspection at all times to protect any Inside Information known to them relating to the Company or about another entity that they learn in connection with conducting the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**  ***Employees must not:*** 

● Buy or sell securities of any listed company when in possession of Inside Information related to those securities – even if they believe they are not relying on it. This includes trading at times when there are market rumours that they know are false.

● Decide to exercise a share option or award (or decide to sell shares to pay tax or any exercise price) under the Company's share plans when in possession of Inside Information relating to the Company's securities.

● Encourage anyone to buy or sell securities of any listed companies when they have Inside Information related to those securities – even if they do not profit from the arrangement.

● Pass Inside Information relating to the Company to anyone within the Company (unless they are on a relevant insider list) or outside the Company, including family members or friends.

● Spread false information or engage in other activities to manipulate the price of publicly listed securities.

● Trade in options, warrants, puts and calls or similar instruments on Company securities. Given the relatively short term of publicly-traded options, transactions in options may create the appearance that a director, officer or other employee is trading based on inside information and focus a director's, officer's or other employee's attention on short-term performance at the expense of the Company's long-term objectives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Engage in short sales of Company securities (unless permitted in connection with the Company's share plans). A short sale has occurred if the seller (i) does not own the securities sold or (ii) does own the securities sold, but does not deliver them within 20 days or place them in the mail within 5 days of the sale. Short sales may reduce a seller's incentive to seek to improve the Company's performance and often have the potential to signal to the market that the seller lacks confidence in the Company's prospects.

● Hold Company securities in a margin account or otherwise pledge Company securities as collateral for a loan. This is because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of Inside Information or otherwise is not permitted to trade in Company securities.

● Engage in hedging transactions such as (but not limited to) zero-cost collars, equity swaps and forward sale contracts. Hedging transactions may allow a director, officer or other employee to continue to own Company securities, but without the full risks and rewards of ownership. This may lead to the director, officer or other employee no longer having the same objectives as the Company's other shareholders.

● Sell any Company securities of the same class (which includes any other securities that are convertible or exchangeable into such class) during the six months following the purchase (or vice versa). This does not prohibit, following the exercise of an option or vesting of an award, either: (i) the automatic sale of shares to pay tax or any exercise price; or (ii) subject to clearance being obtained, deciding to sell shares to pay tax or any exercise price. Short-term trading of Company securities may be distracting to the person and may unduly focus the person on the Company's short-term stock market performance instead of the Company's long-term business objectives.

● Place standing or limit orders on Company securities. Standing and limit orders create heightened risks for insider trading violations because there is no control over the timing of purchases or sales that result from standing instructions to a broker, and as a result, the broker could execute a transaction when a director, officer or other employee is in possession of Inside Information.

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|:---|:---|
| **5** | **TMICC RESTRICTED PERSONS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** Certain additional obligations apply to people falling within the following two categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** the Directors and the Senior Managers during the period that the office is held and until they no longer possess Inside Information or for 6 months after termination, whichever period ends later, and their PCAs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** the Company's employees who have been notified by the Company Secretary they are on the TMICC Restricted Period List (the "**TMRL**" and such persons, being "**Restricted Employees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** The Company maintains insider lists that name all employees and external advisers who have authorised access to the Company's Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** Note that the obligations resulting from possessing Inside Information will apply any time you have Inside Information, regardless of whether you are on any insider list or have been explicitly informed that you are a Restricted Employee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** For the purposes of this Code, PCAs are the following people in relation to a Director or Senior Manager:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Family Relationship** | &nbsp;&nbsp;**PCA** |
| &nbsp;&nbsp;Husband/wife/civil partner | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Husband/wife/civil partner (separated but not yet divorced) | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Ex-husband/wife/civil partner (after divorce finalised) | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Live-in partner or live-out partner | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Child/step-child under 18 and unmarried/no civil partner | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Child/step-child under 18 who is married or has a civil partner and does not live at home | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Live-in relative (e.g. elderly aunt, grandchild, adult child or married child under 18) who has shared the same address for 1 year or more on the date of the transaction concerned | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Live-in non-relatives (e.g. au pair, lodger) | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Other relatives who do not share an address (parents, siblings, in-laws etc) | &nbsp;&nbsp;No |
| &nbsp;&nbsp;**Corporate Relationship** | &nbsp;&nbsp;**PCA** |
| &nbsp;&nbsp;Legal person, trust or partnership:<br>● of which you or one of your PCAs discharges the managerial responsibilities<br>● which is directly or indirectly controlled by you or one of your PCAs<br>● set up for your or your PCAs benefit<br>● or the economic interests of which are substantially equivalent to those of you or your PCAs<br>| &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;Legal person of which you or one of your PCAs hold at least 20% of shares or voting rights (but not control) | &nbsp;&nbsp;No |

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**6** **OBLIGATIONS FOR RESTRICTED PERSONS**

**6.1** ***Provisions applicable to Directors and Senior Managers***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not deal in TMICC securities in Closed Periods except in the limited circumstances as outlined in paragraph 6.4 and clearance must be obtained in advance for all dealings in TMICC securities as outlined in Annex 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clearance being obtained, you can only deal in Open Periods provided that you are not in possession of any Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must not deal in TMICC securities based on short-term considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You must keep confidential the fact that you have applied for clearance and if clearance is refused that must also be kept confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You must advise your PCAs (if any) of their obligations under EU MAR and UK MAR and the Company Secretary will provide a memo for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) You must update the Company Secretary if your list of PCAs changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) You must inform the Company Secretary as soon as possible (and in any event within two working days of the transaction) after you or one of your PCAs deals in TMICC securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If you want to deal in the securities of a listed subsidiary of the Company, you must first obtain clearance in advance of any dealing from the Company Secretary and also from the company secretary of the listed subsidiary (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Listed subsidiaries of the Company may have their own share dealing codes to comply with the requirements of local stock exchange rules and you must comply with these.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) When requested, you must provide the Company Secretary with details of your holdings of, and transactions in, TMICC securities or the securities of listed subsidiaries of the Company or other publicly traded companies.

**6.2** ***Provisions applicable to Restricted Employees***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You may not deal in TMICC securities in Closed Periods except in the limited circumstances as outlined in paragraph 6.4 and clearance must be obtained in advance for all dealings in TMICC securities as outlined in Annex 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clearance being obtained, you can only deal in Open Periods provided that you are not in possession of any Inside Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must not deal in TMICC securities based on short-term considerations (other than as permitted in relation to the Company's share plans).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You must keep confidential the fact that you have applied for clearance and if clearance is refused that must also be kept confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If you want to deal in the securities of a listed subsidiary of the Company, you must first obtain clearance in advance of any dealing from the Company Secretary and also from the company secretary of the listed subsidiary (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Listed subsidiaries of the Company may have their own share dealing codes to comply with the requirements of local stock exchange rules and you must comply with these.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) When requested, you must provide the Company Secretary with details of your holdings of, and transactions in, TMICC securities or the securities of listed subsidiaries of the Company or other publicly traded companies.

**6.3** ***Dealings***

Restricted Persons (other than PCAs) must obtain clearance for any 'dealings' in TMICC securities unless you are told that clearance is not needed (for example, in relation to certain Company share plan events). Dealings are defined very widely. Dealing means any type of transaction in TMICC securities, including purchases, sales, the exercise of options, the receipt of shares under share schemes, using TMICC securities as security for a loan or other obligation and entering into, amending or terminating any agreement in relation to TMICC securities.

The following is a non-exhaustive list of transactions that are dealings for the purposes of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) buying or selling TMICC shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transactions in TMICC shares carried out on your (or your PCA's) behalf (e.g. by trustees of a family trust);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) selling TMICC shares to cover the tax when you receive shares under one of the Company's share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) buying TMICC shares under a dividend re-investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) granting of options or share awards, exercise of options or receipt of TMICC shares following the vesting of share awards under one of the Company's share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) cashing out an award under one of the Company's share plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) pledging any TMICC shares as security for a loan or other borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) giving or receiving a gift of shares including to or from your spouse or civil partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inheriting shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) your (or your PCA's) dealings in units or shares in a collective investment undertaking or a portfolio of assets which has an exposure to TMICC shares or debt instruments of more than 20%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) dealings in TMICC shares or debt instruments by a collective investment undertaking (for example a UCITS, or an Alternative Investment Fund), in which you or your PCA have invested, but only where you/your PCA have a say in investment decisions and not where the manager has complete discretion.

Whilst transactions on behalf of your PCAs, for example by their asset managers, do not need pre-clearance at all, there is still a requirement to notify these transactions to the Company. Other transactions in TMICC shares carried out by other persons on your behalf – e.g. trustees of a family trust of which you are a beneficiary (whether or not you can tell them what to invest in and when) must be notified.

When requesting pre-clearance, Directors and Senior Managers should carefully consider whether you may be aware of any Inside Information, and should fully describe those circumstances to the Company Secretary. You should also be prepared to comply with SEC Rule 144 and file Form 144, if required, at the time of any sale (see paragraph 4).

There is no requirement to notify transactions to the Company in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where you are investing in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a unit or share in a collective investment undertaking ()"**CIU**") in which the exposure to TMICC securities does not exceed 20% of the assets held by the CIU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a financial instrument which provides exposure to a portfolio of assets in which the exposure to TMICC securities does not exceed 20%; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the cases of either (i) or (ii) above, if you do not know, and could not know, the investment composition or exposure of such CIU or portfolio of assets in relation to TMICC securities and there is no reason to believe that such exposure is greater than 20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transactions in TMICC securities executed by managers of a CIU where the manager of the CIU operates with full discretion and does not need to notify you when executing a transaction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where the Company does something which results in you (or your PCA) having to notify a dealing, you (or your PCA) will be treated as having notified the Company. The Company will notify the AFM and the FCA on your/their behalf so you/they do not need to do anything further. This covers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) being granted an option or award under the Company's share plans where the recipient is not required to take any action to accept the option or award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shares being issued or transferred following exercise of an option or vesting of an award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) automatic sales of shares to cover tax (or any exercise price) on such an award or option.

If you are in any doubt about whether you need to seek clearance to deal or whether you have to notify, then you should ask the Company Secretary for guidance.

**6.4** ***When is clearance likely to be given?***

Clearance to deal in securities is always at the discretion of the person giving the clearance. Clearance to deal may be given subject to conditions. If this is the case, you must observe those conditions when dealing.

Clearance is likely to be given where dealings take place during one of the Open Periods, provided that the Restricted Person is not in possession of any Inside Information at the time. Even if you have been given clearance to deal, you must not deal if you are in possession of Inside Information.

The Company Secretary will make arrangements for clearance to be given for transactions related to the Company's equity-based incentive schemes, personal equity plans, individual savings accounts (ISAs) and dividend reinvestment plans.

If allowed by applicable rules and regulations, clearance may be given to a Restricted Person during a Closed Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) on a case-by-case basis where it is the only reasonable course of action available (i.e., if the person is in severe financial difficulty or there are other exceptional circumstances). Clearance may be given for such a person to sell (but not to purchase) TMICC securities. "Severe financial difficulty" is taken to mean a pressing financial commitment that cannot be satisfied otherwise than by selling TMICC securities. An "exceptional circumstance" arises if the person is required by a court to transfer or sell TMICC securities or there is an overriding legal requirement to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) due to the characteristics of the trading involved for transactions made under, or related to, an employee share or saving scheme and employees' schemes concerning financial instruments other than shares, qualification or entitlement of shares and qualifications or entitlements of financial instruments other than shares, or transactions where the beneficial interest in the relevant security does not change; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the dealing is a transfer between a Director's or Senior Manager's own security accounts and does not result in a change in price of TMICC securities or a sale of TMICC securities necessary in order to enable a Director or Senior Manager

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to fund taxes such Director or Senior Manager is required to pay prior to the end of the Closed Period.

Notwithstanding the above, clearance shall be given to a Restricted Person to trade or to make transactions on its own account or for the account of a third party during a Closed Period in the case of transactions or trade activities that do not relate to active investment decisions undertaken by the person in question, or that result exclusively from external factors or actions of third parties, or that are transactions or trade activities, including the exercise of derivatives, based on predetermined terms.

**6.5** ***Notification and external reporting requirements***

The Company Secretary will notify the relevant authorities of dealings carried out by Directors and Senior Managers and (where relevant) their PCAs. Such notifications need to be made promptly, but at least within three working days after the date of the transaction.

Directors and Senior Managers (including their respective PCAs) are personally responsible for notifying transactions in TMICC securities to the AFM and the FCA. However, the Company Secretary is authorised to notify the AFM and the FCA on their behalf and will do so as soon as possible after being notified of transactions in accordance with Annex 3.

**6.6** ***Post-termination transactions***

This Code continues to apply to transactions in TMICC securities even after a person's service with the Company is terminated. If a person is in possession of Inside Information when his or her employment or service terminates, that individual may not trade in TMICC securities (or, if the Inside Information relates to another entity, that entity's securities) until that information has become public or is no longer deemed to be Inside Information. Questions or concerns on whether any non-public information constitutes or remains Inside Information should be directed to the Company Secretary. The pre-clearance procedures specified, however, will cease to apply to transactions in TMICC securities upon the expiration of any Closed Period or other Company-imposed trading restrictions applicable at the time of the termination of employment or service.

**7** **Additional U.S. Transaction Considerations and Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** Subject to the receipt of clearance to deal in securities, the Securities Act requires that securities may be sold only pursuant to an effective registration statement or an exemption from the registration requirements. Directors and certain Senior Managers who are (or were within the prior 90 days) affiliates of the Company and who wish to sell TMICC securities may seek a "safe harbor" for their sales to establish an exemption from such registration requirements by complying with the conditions of Rule 144 applicable to affiliates. "Securities" under Rule 144 are broadly defined to include all securities, not just equity securities. The Rule 144 safe harbor is available not only to sales of common and preferred stock, but also to sales of bonds, debentures and any other form of security. Affiliates and others who seek to sell securities acquired directly from the Company or a Company affiliate in a series of transactions not involving any public offering may avail themselves of the safe harbor of Rule 144 by complying with the provisions applicable to resales of "restricted securities" (which apply, for affiliates, in addition to, and in conjunction with, the provisions of that Rule applicable to resales by affiliates).

The following summarises the relevant provisions of Rule 144, as they apply to resales by Directors and Senior Managers seeking to take advantage of the safe harbour. The below is

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an overview of the key provisions of Rule 144 and you should seek legal advice prior to taking any step in effecting a transfer of TMICC securities that are "restricted securities".

**7.2** ***Current public information***

There must be adequate current public information available regarding the Company. This requirement is satisfied only if the Company has filed all reports required by the Exchange Act during the 12 months preceding the sale, other than Form 8-K or Form 6-K, as applicable.

**7.3** ***Manner of sale***

The sale of TMICC securities by a Director or Senior Manager must be made in one of the following manners:

● in an open market transaction through a broker at the prevailing market price for no more than the usual and customary brokerage commission;

● to a market maker at the price held out by the market maker; or

● in a riskless principal transaction in which trades are executed at the same price, exclusive of any explicitly disclosed markup or markdown, commission equivalent or other fee, and where the transaction is permitted to be reported as riskless under the rules of a self-regulatory organisation.

Furthermore, the broker may not solicit or arrange for the solicitation of customers to purchase the shares. In addition, your broker likely has its own Rule 144 procedures (and must be involved in transmitting Form 144), so it is important to speak with your broker prior to any sale.

Even if your stock certificates do not contain any restrictive legends, you should inform your broker that you may be considered an affiliate of the Company.

**7.4** ***Number of shares which may be sold***

**Equity Securities**. The amount of equity securities that a Director or Senior Manager may sell in a three-month period is limited to the greater of:

● 1% of the outstanding TMICC securities; or

● the average weekly reported trading volume in the four calendar weeks preceding the transactions.

**Debt Securities**. The amount of debt securities that a Director or Senior Manager may sell in a three-month period is limited to the greater of:

● the average weekly reported trading volume in the four calendar weeks preceding the sale; or

● 10% of the principal amount of the tranche of debt securities (or 10% of the class of non-participatory preferred stock).

**7.5** ***Notice of proposed sale***

If the amount of TMICC securities proposed to be sold by a Director or Senior Manager during any three-month period exceeds 5,000 shares or has an expected aggregate sale

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price in excess of $50,000, the Director or Senior Manager must file a notice of sale on Form 144 with the SEC, prior to, or concurrently with, the placing of the order to sell securities.

**7.6** ***Holding periods***

Any restricted securities must be held for six months prior to reselling such securities.

**8** **Frequently Asked Questions**

**8.1***How will I know if the Company is in an Open or Closed Period?*

The Company Secretary will inform you by email of forthcoming Open Periods and Closed Periods. Whilst it is your responsibility to ensure you only deal when you do not have Inside Information, the Company Secretary will inform you if they are aware you have access to Inside Information and will place you on a restricted project list for that purpose.

**8.2***How will I know if I have Inside Information?*

Whilst it is your responsibility to ensure you only deal when you do not have Inside Information, the Company Secretary will inform you if they are aware you have access to Inside Information and will create a restricted project list for that purpose. Please refer to paragraph 2 of this Code for further information on Inside Information.

**8.3***What is meant by 'short-term considerations' in relation to dealing in TMICC securities?*

Generally, TMICC securities should not be sold within one year of purchase and purchases should not be made within one year of any sale. Exceptions may apply in relation to dealings related to the Company's share plans.

**8.4***What are my obligations in relation to my PCAs?*

Directors and Senior Managers must:

● take reasonable steps to prevent any dealings in TMICC securities by or on behalf of your PCAs on considerations of a short-term nature;

● advise your PCAs that this Code applies to them as they are a PCA; and

● advise your PCAs of the Closed Periods during which they should not deal in TMICC securities.

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**Annex 1**

**Definitions and interpretations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** In this Code, the following terms have the following meanings:

"**AFM**" means the Dutch Authority for the Financial Markets.

"**CEO**" the Director who has been designated the title of chief executive officer.

"**Chair**" means the chair of the Board.

"**Closed Period**" or "**blackout period**" means the period of 30 days in advance of (i) the release of a preliminary announcement of the Company's annual results; (ii) the publication of the annual results, (iii) publication of the Company's half-yearly financial reports and, if applicable, quarterly financial reports, or (iv) any other period that the Disclosure Committee of the Company, in their absolute discretion, designates as an event-specific closed period. Such event-specific closed periods may not be announced. If, however, a person whose trades are subject to pre-clearance requests permission to trade in TMICC securities during an event-specific closed period, the Company Secretary will inform the requesting person of the existence of a closed period, without disclosing the reason for this. Any person made aware of the existence of an event-specific closed period should not disclose its existence to any other person. This further includes the period while the Company is in the process of assembling information and until the information has been released and fully absorbed by the market. Directors and Senior Managers may also be subject to event-specific closed periods pursuant to the SEC's Regulation Blackout Trading Restriction, which prohibits certain sales and other transfers by insiders during certain pension plan closed periods.

"**Company**" or "**TMICC**" means The Magnum Ice Cream Company N.V.

"**Company Secretary**" means the company secretary of the Company.

"**Director**" means a member of the Board. Unless the contrary is apparent, this shall include each Executive Director and each Non-Executive Director.

"**EU MAR**" means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, as amended.

"**Exchange Act**" means the U.S. Securities Exchange Act of 1934.

"**Executive Leadership Team**" means the Group's executives who have been designated as such by the CEO.

"**FCA**" means the UK Financial Conduct Authority.

"**Group**" means the Company and its subsidiaries.

"**Inside Information**" has the meaning given in paragraph 2.

"**Open Period**" means any period that is not a Closed Period.

"**PCAs**" or "**persons closely associated**" means the persons closely associated to the Directors and Senior Managers, as set out in paragraph 5.4.

"**Restricted Employee**" has the meaning given in paragraph 5.1.2.

"**Restricted Persons**" means Directors, Senior Managers, Restricted Employees and PCAs.

"**SEC**" means the U.S. Securities and Exchange Commission.

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"**Securities Act**" means the Securities Act of 1933.

"**Senior Managers**" means the Company's senior managers, this includes the Company's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), the Executive Leadership Team, any vice-president of the Company in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the issuer. Officers of the Company's subsidiaries are deemed officers of the Company if they perform such policy-making functions for the Company.

"**TMRL**" has the meaning given in paragraph 5.1.2.

"**UK MAR**" means the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** Save where the context dictates otherwise, in these Board Regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) words and expressions expressed in the singular form also include the plural form, and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) references to "clauses" refer to clauses that are part of these Board Regulations, except where expressly indicated otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a reference to a statutory provision counts as a reference to this statutory provision including all amendments, additions and replacing statutory provisions that may apply from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) references to EUR shall be understood to also refer to the equivalent in any other currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** Headings of clauses and other headings in the rules are inserted for ease of reference and do not form part of the rules concerned for the purpose of interpretation.

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**Annex 2**

**Consequences of Breach**

The consequences of a breach of the prohibitions set out in this Code will depend on the country in and/or from which the breach takes place.

Dismissal as a possible Company sanction is applicable for a breach in or from any country.

The possible consequences of a breach in the Netherlands, the U.S., and the United Kingdom are set out below. Note that the consequences of breaching the relevant Dutch, U.S., and UK laws are equally relevant to any Restricted Person.

The consequences of a breach in other countries will depend on applicable law in those jurisdictions.

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| | |
|:---|:---|
| **CONSEQUENCES OF A BREACH IN THE NETHERLANDS** | **CONSEQUENCES OF A BREACH IN THE NETHERLANDS** |
| **Sanction** | **Details** |
| **Administrative fines** | The AFM may impose an incremental penalty (*last onder dwangsom*) or an administrative fine (*bestuurlijke boete*) of the second category (€1,000,000) or third category (€5,000,000), which can be doubled in case of a repeat offence. For certain turnover-related penalties, an increased percentage applies.  |
| **Public statement** | The AFM may immediately make a public statement regarding a decision to impose fines in relation to certain breaches (including breaches by Directors and Senior Managers and their respective PCAs of their notification obligations under EU MAR).  |
| **Imprisonment and/or criminal fine** | The penalty for the criminal offence of insider dealing or market manipulation is up to six years imprisonment, community service (*taakstraf*) and/or a fine of up to €1,030,000 (for legal entities) or €103,000 (for natural persons).<br>The penalty for breaches of disclosure obligations under EU MAR is up to two years imprisonment, community service and/or a fine of up to €103,000 (for legal entities) or €25,750 (for natural persons). The penalty for repeat offenders of such breaches is up to four years imprisonment, community service and/or a fine of up to €1,030,000 (for legal entities) or €103,000 (for natural persons). |
| **Suspension** | In connection with insider dealing or market manipulation, the AFM may temporarily suspend a natural person's authority to trade for his own account (*handelen voor eigen rekening*) for up to one year (which can be extended by one year).  |

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| | |
|:---|:---|
| **CONSEQUENCES OF A BREACH IN THE U.K.** | **CONSEQUENCES OF A BREACH IN THE U.K.** |
| **Sanction** | **Details** |
| **Civil fine** | The FCA may impose an unlimited fine on individuals. The minimum fine will be the greater of:<br>● A percentage (between 0% and 40%, depending on the seriousness of abuse) of an individual's total gross employment benefits for the period that the market abuse was committed;<br>● A multiple (between 0 and 4 times) of the profit made or loss avoided as a direct result of the breach; and<br>● £100,000 (in serious cases of market abuse).<br>|
| **Public statement** | The FCA may make a public statement that the individual concerned has committed a breach of the prohibitions. |
| **Injunction /**<br>**Freezing Order** | The FCA may apply to the court for:<br>● An injunction to restrain a threatened or continued breach;<br>● An injunction requiring a person to take steps to remedy the breach; or<br>● A freezing order preventing the person from selling (or otherwise dealing with) assets if that person has committed or may commit a breach.<br>|
| **Order to repay benefits** | The FCA may apply to the court for an order to repay benefits (either the sum of the profits the person has accrued or the amount of the victims' loss). |
| **Payment of compensation** | The FCA may require the payment of compensation to victims. |
| **Imprisonment and/or criminal fine** | The penalty for the criminal offence of insider dealing is up to ten years imprisonment and/or an unlimited fine.<br>Alternatively the FCA may decide to issue a formal caution rather than prosecute an offender. |
| **Suspension** | The FCA may impose:<br>● A temporary prohibition on the individual acquiring or disposing of financial instruments;<br>● A permanent prohibition on the individual taking decisions about the management of an investment firm; and/or<br>● A suspension, limitation or other restriction in relation to the carrying on of a regulated activity for up to 12 months.<br>|

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| | |
|:---|:---|
| **CONSEQUENCES OF A BREACH IN THE U.S.** | **CONSEQUENCES OF A BREACH IN THE U.S.** |
| **Sanction** | **Details** |
| **Civil penalties** | The amount of a penalty could total three times the profits made or losses avoided. The maximum penalty may be assessed even against the individual who receives Inside Information from ("tippee") for the profits made or losses avoided by all tippees, including remote tippees (i.e., others who may have been tipped by the tippee). Further, civil penalties of the greater of $2 million or three times the profits made or losses avoided can be imposed on any person who "controls" a person who engages in illegal insider trading.  |
| **Order to repay benefits** | The SEC may require a disgorgement of all benefits |
| **Injunction / cease-and desist order** | The SEC could apply for an injunction or cease-and-desist prohibiting a defendant from committing further violations  |
| **Criminal penalties** | The SEC may refer cases to criminal authorities (generally the U.S. Department of Justice). Any person who "wilfully" violates any provision of the Exchange Act (or rule promulgated thereunder) may receive a criminal fine up to $5 million ($25 million for entities) and/or imprisoned for up to 20 years. |

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**Annex 3**

**Clearance and Notification Procedure**

Process for obtaining clearance to deal in TMICC securities for Directors and Senior Managers:

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| | |
|:---|:---|
| **STEP 1** | **STEP 1** |
| Request clearance to deal in TMICC securities for yourself in one of two ways:<br>1.<br>Fill out the Clearance to Deal Form included below and send it by email to the Company Secretary; or<br>2.<br>Write to the Company Secretary via email including the following information about the trade:<br>● Type of security (e.g. TMICC ordinary shares).<br>● Nature of transaction (e.g. buying, selling, pledging).<br>● Capacity in which dealing or seeking clearance (i.e., on behalf of self or on your behalf e.g. by a family trust).<br>● Reason for the dealing, if applicable. | Request clearance to deal in TMICC securities for yourself in one of two ways:<br>1.<br>Fill out the Clearance to Deal Form included below and send it by email to the Company Secretary; or<br>2.<br>Write to the Company Secretary via email including the following information about the trade:<br>● Type of security (e.g. TMICC ordinary shares).<br>● Nature of transaction (e.g. buying, selling, pledging).<br>● Capacity in which dealing or seeking clearance (i.e., on behalf of self or on your behalf e.g. by a family trust).<br>● Reason for the dealing, if applicable. |
| **STEP 2** | **STEP 2** |
| The Company Secretary will arrange for the clearance application to be considered by an appropriate person as set out below.  | The Company Secretary will arrange for the clearance application to be considered by an appropriate person as set out below.  |
| **Dealing by:** | **Clearance to be obtained from:** |
| Chair | CEO, or if not available, the Company Secretary |
| CEO | Chair, or if not available, the Company Secretary |
| CFO | CEO, or if not available, the Company Secretary |
| Other Director | Chair or CEO, or if not available, CFO |
| Company Secretary | Chair or CEO |
| Senior Managers  | Company Secretary or CEO |
| Restricted Employees | Company Secretary |
| **STEP 3** | **STEP 3** |
| If clearance is given, dealing must be made as soon as possible and must be completed within two working days (excluding the day on which clearance is given) in the jurisdiction in which the trade is taking place and should not take place if you come into possession of Inside Information before dealing. Please note that the timelines for seeking clearance and dealing are based on the time zone in the Netherlands. Please ensure that you take this into account if you are located in another time zone. | If clearance is given, dealing must be made as soon as possible and must be completed within two working days (excluding the day on which clearance is given) in the jurisdiction in which the trade is taking place and should not take place if you come into possession of Inside Information before dealing. Please note that the timelines for seeking clearance and dealing are based on the time zone in the Netherlands. Please ensure that you take this into account if you are located in another time zone. |

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| |
|:---|
| A business day in the Netherlands is a day other than:<br>● a Saturday or Sunday; or<br>● a public holiday.<br>A working day is defined in UK MAR as a day other than:<br>● a Saturday or Sunday;<br>● Christmas Day or Good Friday; or<br>● a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971.<br>In the U.S., a business day means any day other than any Saturday, Sunday, or any day on which either the New York Stock Exchange or the Federal Reserve Bank of New York is closed.<br>If you trade via [Computershare or Fidelity] [TBC] you will be asked to confirm that you have the appropriate clearance.<br>New clearance must be sought if the dealing is not completed within this period. Any dealing must be completed before the beginning of the next closed period.<br>HOW TO DEAL<br>Senior Managers must complete their dealings with [Computershare via EquatePlus (Computershare's dealing platform)] [TBC] or over the phone. The relevant numbers and office hours are available on request, and Company Secretary will be able to assist if you are not able to connect with Computershare. |
| **STEP 4** |
| Directors and Senior Managers must confirm IMMEDIATELY (but in any event within 2 working days) that they have executed the transaction by filling in the Transaction Notification Form included in Section 2 below and send it by email to the Company Secretary.<br>PCAs must fill in a Transaction Notification Form included in Section 2 below and send it by email to the Company Secretary within 2 working days of transacting in TMICC securities.<br>Restricted Employees should confirm that they have executed the transaction as soon as possible (by in any event within 2 working days). There is no requirement for a Restricted Employee to complete the Transaction Notification Form.<br>The reporting obligation also applies to transactions in TMICC securities carried out by persons professionally arranging or executing transactions or by another person on your or your PCA's behalf, even where the manager or trustee has full discretion. Directors and Senior Managers must notify the Company Secretary if they have transferred the management of TMICC securities to an investment manager and must authorise the investment manager to report directly to the Company Secretary of any dealings in TMICC securities. |

---

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---

| | |
|:---|:---|
| **1** | **Clearance to Deal Form** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**Application for Clearance to Deal**If you wish to apply for clearance to deal under the Share Dealing Code (the "**Code**") of The Magnum Ice Cream Company N.V. (the "**Company**") please complete sections 1 and 2 of the table below and submit this form to the Company Secretary. By submitting this form, you will be deemed to have confirmed and agree that:(a)the information included in this form is accurate and complete;(b)you are not in possession of Inside Information (as defined in the Code) relating to the Company or any Company securities;(c)if you are given clearance to deal and you still wish to deal, you will do so as soon as possible and in any event within two business days; and(d)if you become aware that you are in possession of Inside Information before you deal, you will inform the Company Secretary immediately and refrain from dealing.**The Magnum Ice Cream Company N.V. – Dealing in TMICC shares** &nbsp;&nbsp;&nbsp;&nbsp;

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---

| | |
|:---|:---|
| **2** | **Transaction Notification Form**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

**Transaction Notification**Please send your completed form to the Company Secretary. If you require assistance in completing this form, please reach out to the Company Secretary.**The Magnum Ice Cream Company N.V. – Notification of Transaction** &nbsp;&nbsp;&nbsp;&nbsp;

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## Exhibit 12.1

**Exhibit 12.1**

**Certification by the Chief Executive Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Peter Ter Kulve, certify that:

1. I have reviewed this annual report on Form 20-F of The Magnum Ice Cream Company N.V. (the "Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | 18 March 2026 |
| By: | /s/ Peter Ter Kulve |
|  | Name: Peter Ter Kulve |
|  | Title: Chief Executive Officer |

---

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## Exhibit 12.2

**Exhibit 12.2**

**Certification by the Chief Financial Officer**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Abhijit Bhattacharya, certify that:

1. I have reviewed this annual report on Form 20-F of The Magnum Ice Cream Company N.V. (the "Company");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;

4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Disclosed in this report any change in the Company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | 18 March 2026 |
| By:<br>| /s/ Abhijit Bhattacharya<br>|
|  | Name: Abhijit Bhattacharya |
|  | Title: Chief Financial Officer |

---

------

## Exhibit 13.1

**Exhibit 13.1**

**Certification by the Chief Executive Officer and Chief Financial Officer**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

In connection with the Annual Report of The Magnum Ice Cream Company N.V. (the "Company") on Form 20-F for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Peter Ter Kulve, as Chief Executive Officer of the Company and Abhijit Chattacharya as the Chief Financial Officer of the Company, each"hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: | 18 March 2026 |
| By: | /s/ Peter Ter Kulve |
|  | Name: Peter Ter Kulve |
|  | Title: Chief Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Abhijit Chattacharya |
|  | Name: Abhijit Chattacharya |
|  | Title: Chief Financial Officer |

---

------

## Exhibit 15.1

**Exhibit 15.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-292150) on Form S-8 of our report dated 6 August 2025, with respect to the combined carve-out financial statements of Unilever PLC's Ice Cream business in certain jurisdictions ("the Ice Cream Business").

*/s/ KPMG LLP*

London, United Kingdom

18 March 2026

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## Exhibit 15.2

**Exhibit 15.2**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-292150) on Form S-8 of our report dated 18 March 2026, with respect to the consolidated financial statements of The Magnum Ice Cream Company N.V.

*/s/ KPMG Accountants N.V.*

Amstelveen, the Netherlands

18 March 2026

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## Exhibit 15.3

**Exhibit 15.3**

18 March 2026

Securities and Exchange Commission<br>Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for The Magnum Ice Cream Company B.V. and, under the date of 6 August 2025, we reported on the combined carve-out financial statements of Unilever PLC's Ice Cream business in certain jurisdictions ("the Ice Cream Business") as of 31 December 2024, 2023 and 2022 and 1 January 2022 and for the three year period ended 31 December 2024. On 6 December 2025, we were dismissed.

We have read The Magnum Ice Cream Company N.V.'s statements included under Item 16.F of its Form 20-F dated 18 March 2026, and we agree with such statements except we are not in a position to agree or disagree with The Magnum Ice Cream Company N.V.'s statement that the change was approved by the board of directors or the stated reason for changing principal accountants.

Very truly yours,

/s/ KPMG LLP

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## Exhibit 97.1

**Exhibit 97.1**

Malus & Clawback Policy

THE MAGNUM ICE CREAM COMPANY N.V.

Board Adoption: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 December 2025

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**THE MAGNUM ICE CREAM COMPANY N.V.**

**Malus & Clawback Policy**

---

| | |
|:---|:---|
| **1** | **Introduction** |

---

The Magnum Ice Cream Company N.V. (the "**Company**") has adopted this Malus & Clawback Policy (the "**Policy**") to comply with the Dutch Civil Code and governance best practices. It is intended to manage risks, to ensure that inappropriate behaviour or conduct is not rewarded and to ensure alignment of executives with the Company's long-term interests.

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| | |
|:---|:---|
| **2** | **Who does the Policy apply to?** |

---

This Policy (excluding the Appendix) applies to current and former Executive Directors of the Company and current and former employees of any Member of the Group (collectively referred to as "**Participants**" in this Policy). The Appendix to the Policy which, for the avoidance of doubt, operates as an independent policy, sets out to whom the Appendix applies.

Participants may be asked to accept the terms of this Policy (for example, by incorporation into their employment contract, appointment terms or the terms of an Award), either expressly or via deemed consent.

Unless the Committee determines otherwise, it is a condition of Settlement of any Award that the Participant agrees to be bound by this Policy in the manner and by any deadline determined by the Committee.

---

| | |
|:---|:---|
| **3** | **Definitions** |

---

In this Policy:

"**Award**" means any element of variable remuneration to which this Policy applies (see clause 4), and, once an Award has been paid or Settled, includes the cash paid or Shares acquired (as applicable) on Settlement;

"**Change of Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person obtaining Control of the Company as a result of an offer to acquire shares in the Company made by a person becoming or being declared wholly unconditional; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a person obtaining Control of the Company in any other way if the Committee, in its discretion, so decides,

and references to a person obtaining Control include a group of persons acting in concert obtaining Control;

"**Clawback**" means a Participant being required to pay cash or transfer of Shares as described in clause 6;

"**Clawback Period**" means the period during which a decision on the application of Clawback must be made which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Executive Directors of the Company, will be:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the period of two years starting on the date on which the Award is Settled (or, if longer, the period of five years from the grant of the Award); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. such longer period as set out in the terms of the Award or provided by the laws of the Netherlands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in other cases, will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. as set out in the terms of the Award; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. if not set out in the terms of the Award, the period of two years starting on the date on which the Award is Settled (or, if longer, the period of five years from the grant of the Award);

"**Committee**" means the board of directors of the Company or any person or persons to whom that board has, from time to time, delegated any of their functions under this Policy;

"**Company**" means The Magnum Ice Cream Company N.V.;

"**Control**" means, in relation to a company, the right to exercise more than 50% of the votes exercisable at any meeting of that company or to appoint more than half of its directors, whether by virtue of provisions contained in its articles of association or, as the case may be, certificate of incorporation or by-laws, statutes or other constitutional documents or any contract or arrangement with any other persons and "**Controlled**" will be interpreted accordingly;

"**Group**" means the Company and its Subsidiaries and Group Companies from time to time and any other company which is associated with the Company and is so designated by the Committee and "**Member of the Group**" has a corresponding meaning;

"**Group Company**" means a group company within the meaning of Section 2:24b of the Dutch Civil Code;

"**Malus**" means reduction of an Award as described in clause 5;

"**Recovery Policy**" means The Magnum Ice Cream Company N.V. Recovery Policy adopted by the Company in accordance with the requirements of section 303A.14 of the New York Stock Exchange (NYSE) Listed Company Manual and as amended from time to time as set out in the Appendix;

"**Settled**" means, in relation to an Award, cash being paid, interests in shares being awarded or Shares being issued or transferred (as applicable) pursuant to or in exchange for the Award, including a cash cancellation payment and "**Settlement**" shall be interpreted accordingly;

"**Shares**" means shares or other securities (or interests in shares or other securities) in the Company or any Member of the Group and includes other assets acquired in respect of or in exchange for such shares or securities; and

"**Subsidiary**" means a subsidiary within the meaning of Section 2:24a of the Dutch Civil Code.

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| | |
|:---|:---|
| **4** | **Which elements of pay are affected?** |

---

This Policy applies to any element of variable remuneration paid or which may become payable (subject to any conditions or discretions) to or for the benefit of a Participant including (without limitation):

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– an award under The Magnum Ice Cream Company Long Term Incentive Plan 2025 (including its schedules), or any other share plan adopted by the Company from time to time;

– any payment of or eligibility for an annual bonus;

– any deferred bonus award;

– any buy-out award, recruitment bonus, retention bonus or other special bonus.

This Policy will override the terms of any Award unless and to the extent that the Committee notifies the Participant in writing, or the written terms of that Award expressly provide that the Policy will not apply to the Award or that the Policy will apply differently to the Award.

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| | |
|:---|:---|
| **5** | **Malus (performance adjustment)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** The Committee may, at any time before an Award has been Settled (or in the case of any deferred bonus award that has been granted, such grant being Settled) and in their absolute discretion, decide that Malus will apply to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** If Malus applies to the Award, the Committee may decide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** the cash amount or the number of Shares the Participant may receive under the Award will be reduced (including to zero);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** the Award will lapse (at a time it determines);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** payment, vesting, exercise and/or Settlement of the Award will be delayed until any action or investigation is completed or the Committee determines that such Award should be paid, vest, be exercisable and/or be Settled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** additional conditions will be imposed on the payment, vesting, exercise and/or Settlement of the Award.

The following will apply where there is a delay under clause 5.2.3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.5** If a Participant leaves employment or service after the date on which an Award would have been paid, vested and/or been Settled, but for the delay then, unless the Committee decides otherwise, notwithstanding the terms of such Award, the Award will continue and be paid, vest and/or be Settled to the relevant extent (subject to any further adjustment under this clause 5) when the action or investigation is completed, or if different, when the Committee determines that such Award should be paid, vest, be exercisable or Settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.6** Payment, vesting, exercise or Settlement of the Award will not be delayed beyond any date on which payment, vesting, exercise or Settlement would otherwise occur under the relevant terms of any Award in the event of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.7** For the avoidance of doubt, there may (or may not) be an adjustment or further adjustment under this clause 5 following completion of any action or investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** Without limiting its discretion under clause 5.1, the following events are examples of what the Committee may take into account in deciding whether Malus applies to an Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1** The Committee considers that the amount of an Award is unacceptable according to the requirements of reasonableness and fairness.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2** The Committee considers that the granting of the Award has been made on the basis of incorrect information, in particular about the realisation of the underlying goals or about other circumstances which would have resulted in a reduction of variable remuneration if known at the time of the determination of the variable remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.3** The Committee considers that there is reasonable evidence of misconduct or material error by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.4** Results announced for any financial year before Settlement have subsequently appeared materially financially inaccurate or misleading and have resulted in an overpayment or over-allocation to the Participant, whether in the form of Awards or otherwise, as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.5** There has been a Restatement (as defined in the Recovery Policy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.6** There has been a failure of risk management (including one leading to an involuntary liquidation of the Company), provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (in whole or in part) for that failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.7** Any error or a material misstatement has resulted in an overpayment or over-allocation to the Participant, whether in the form of Awards or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.8** The Participant's behaviour has fallen below that which would have been reasonably expected and the Committee determines that this has resulted in material reputational damage to the Group or any Member of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.9** The Company, or entities representing a material proportion of the Group, becomes insolvent or otherwise suffer a corporate failure so that the Company ceases to have material value, provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (in whole or in part) for that insolvency or failure.

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| | |
|:---|:---|
| **6** | **Clawback** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** The Committee may, in its absolute discretion, at any time during the Clawback Period, decide that Clawback will apply to an Award if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** The Committee considers that the amount of an Award is unacceptable according to the requirements of reasonableness and fairness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** The Committee considers that the granting of the Award has been made on the basis of incorrect information, in particular about the realisation of the underlying goals or about other circumstances which would have resulted in a reduction of variable remuneration if known at the time of the determination of the variable remuneration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** The Committee considers that there is reasonable evidence of misconduct or material error by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** There was a material misstatement in the audited accounts of any Member of the Group for a period that was wholly or partly before the end of the financial year by reference to which any condition to which the Award was subject was assessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.5** There has been a Restatement (as defined in the Recovery Policy).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.6** There has been a failure of risk management (including one leading to an involuntary liquidation of the Company), provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (in whole or in part) for that failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.7** The assessment of any condition to which the Award was subject was based on error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.8** The Company becomes, or entities representing a material proportion of the Group become, insolvent or otherwise suffer a corporate failure so that the Company ceases to have material value, provided that the Committee determines, following an appropriate review of accountability, that the Participant should be held responsible (in whole or in part) for that insolvency or failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** If Clawback applies, the Committee may decide that the Participant must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** pay to the order of the Company an amount equal to (or less than) the amount of cash received on Settlement of the Award; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** transfer to or to the order of the Company a number of Shares equal to (or less than) the number acquired on Settlement of the Award; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.3** pay to or to the order of the Company an amount representing the value of those Shares,

in each case, as directed by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** If Shares are held by a nominee or trustee, or in a nominee, trust or brokerage account on behalf of the Participant, those Shares will be subject to Clawback in the same way as Shares received under any Award and the Participant must use their best endeavours to effect the Clawback.

**7** **Timing and scope of Malus and Clawback in the event of a Restatement**

Notwithstanding clauses 5 and 6 of this Policy, if the Committee decides to operate Malus and/or Clawback in respect of an Award where the Committee has determined that an event under clause 5.3.5 and 6.1.5 has occurred, the operation of Malus and Clawback (including the extent of the Clawback recovery) shall, unless the Committee determines otherwise, be determined on a formulaic and gross basis in accordance with the Recovery Policy as if the Participant were an Executive Officer (as defined in the Recovery Policy).

**8** **Decision making**

**8.1**The Committee's decision on the application of Malus or Clawback will be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** Without limiting the Committee's discretions above, in determining whether and to what extent to apply Malus and/or Clawback, it may consider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** the Participant's proximity to the matter in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** the Participant's level of responsibility and accountability, contributing to the circumstances - direct culpability being the most serious;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.3** the Participant's supervisory or managerial responsibility for a culpable team member;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.4** any other circumstances pointing to control weakness, poor performance, misbehaviour or misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.5** the cost of fines or other action against Members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.6** direct and indirect financial loss(es) attributable to the relevant failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.7** reputational damage to Members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.8** the impact on the Group's relationship with its stakeholders, including shareholders, customers, team members, creditors and counterparties; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.9** any other criteria the Committee considers relevant.

**9** **General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** For the avoidance of doubt, Malus or Clawback can apply even if the Participant was not directly responsible for the event in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** Malus or Clawback may be applied in different ways for different Participants (or different Awards of the same Participant) in relation to the same or different events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** Where Malus or Clawback are applied to an Award before the full impact of the trigger event is known, Malus or Clawback may be applied again to ensure the final outcome in respect of an Award fully reflects the impact of the event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** The Committee will notify the Participant if Malus or Clawback applies to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** Other than where required by the laws of the Netherlands, Clawback will not apply to an Award which has vested or been Settled in connection with a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** The Participant will have no claim or right of action in respect of any decision, omission or discretion under this Policy, which may operate to their disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7** The Participant will provide all information, documents and/or undertakings and/or take any actions as the Committee may reasonably request in order to carry out the terms of this Policy. If the Participant refuses or fails to co-operate then inferences adverse to the Participant may be drawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8** If any part of this Policy is invalid or unenforceable, that will not affect the validity or enforceability of any other part.

**10** **Amendment**

The Committee may amend this Policy at any time and may, but need not, notify the Participant of any changes.

**11** **Governing law**

The law of the Netherlands governs this Policy and its construction. The courts of Amsterdam, the Netherlands have exclusive jurisdiction in respect of disputes arising under or in connection with the Policy.

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Appendix: Recovery Policy

THE MAGNUM ICE CREAM COMPANY N.V.

Board Adoption: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 December 2025

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**THE MAGNUM ICE CREAM COMPANY N.V.**

**Recovery Policy**

**1** **Introduction**

The Magnum Ice Cream Company N.V. (the Company) has adopted this compensation recovery policy (Recovery Policy) in accordance with the requirements of section 303A.14 of the New York Stock Exchange (NYSE) Listed Company Manual, which requires companies listed on the NYSE to adopt and comply with a written recovery policy to recover the amount of erroneously awarded variable remuneration in the event of a required accounting restatement.

**2** **Who does the Recovery Policy apply to?**

This Recovery Policy applies to former and current Executive Officers (as defined below) and any other employees as legally required from time to time (Executive Officers).

This Recovery Policy applies in addition to the Company's Malus and Clawback Policy.

This Recovery Policy applies to any relevant variable remuneration received by Executive Officers from 8 December 2025 or the date they became Executive Officers, whichever is the later.

**3** **Definitions**

In this Recovery Policy:

"**Committee**" means the board of directors of the Company or any person or persons to whom that board has, from time to time, delegated any of their functions under this Recovery Policy.

"**Company**" means The Magnum Ice Cream Company N.V.

"**Executive Officers**" means any current or former member of the Executive Leadership Team, as well as any other employee(s) as the Company may determine also constitute "executive officers" as defined in Section 303A.14(e) of the NYSE Listing Company Manual within the performance period to which any financial restatement relates.

"**Erroneously awarded compensation**" means the amount of variable remuneration received that exceeds the amount of variable remuneration that otherwise would have been received had it been determined based on the restated amounts.

"**Financial Reporting Measure**" means any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return ("**TSR**") are also Financial Reporting Measures.

"**Variable remuneration**" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure, for example, annual bonus (including any deferred element) and certain awards granted under The Magnum Ice Cream Long Term Incentive Plan 2025 and any other share plans established from time to time.

"**NYSE**" means New York Stock Exchange.

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"**Received**": Variable remuneration is deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the variable remuneration award is attained, even if the payment or grant of the variable remuneration occurs after the end of that period.

"**Restatement**" means an accounting restatement due to material non-compliance with any financial reporting requirement under securities law in the United States of America. This includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected or left uncorrected in the current period.

**4** **Recovery of erroneously awarded compensation**

The Company will recover reasonably promptly from Executive Officers the amount of erroneously awarded variable remuneration in the event the Company is required to prepare an accounting restatement due to material non-compliance with any financial reporting requirement under securities law in the US (Restatement). This includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected or left uncorrected in the current period.

**5** **Application of Recovery Policy**

This Recovery Policy applies to all variable remuneration received by an Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** after beginning service as an Executive Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** who served as an Executive Officer at any time during the performance period for the applicable variable remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** while the Company has a class of securities listed on the NYSE or another national securities exchange or a national securities association in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4** during the Recovery Period (as defined below).

**6** **Duration of Recovery Period**

The recovery period is the three completed financial years before the date the Company is required to prepare a Restatement (the "**Recovery Period**"). This means that if it is required to recover erroneously awarded compensation, the Company may recover the amount from any variable remuneration awarded to an Executive Officer in the three financial years prior to the date of the Restatement.

The date of the Restatement is the earlier of the date the Committee concludes (or reasonably should have concluded) that a Restatement is required or the date a court, regulator or other legally authorised body directs the Company to prepare a Restatement.

**7** **Amount of recovery**

The amount of variable remuneration that will be recovered is the amount of variable remuneration received that exceeds the amount of variable remuneration that otherwise would have been received had it been determined based on the restated amounts. The erroneously awarded compensation must be calculated and recovered on a gross basis.

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For any variable remuneration that is based on stock price or TSR where the amount of erroneously awarded compensation is not subject to mathematical calculation directly from the information in the Restatement, the amount must be based on a reasonable estimate of the effect of the Restatement on the stock price or TSR upon which the variable remuneration was received.

**8** **Variable remuneration**

This Recovery Policy applies to any part of any variable remuneration that is determined by Financial Reporting Measures. For example, the portion of variable remuneration that is determined by financial performance measures, such as sales growth, free cash flow, Earnings Per Share or other financial measures.

This Recovery Policy does not apply to fixed pay, benefits, or portion of annual bonus and share plan awards/long-term incentive schemes that are determined by non-financial performance measures.

**9** **Method of recovery**

The Executive Officer will be notified if a Restatement has occurred that has resulted in the requirement for the Company to recover erroneously awarded compensation. The Committee will inform the Executive Officer of the amount of the erroneously awarded compensation and how it is proposed that the amount will be recovered.

The Company will recover any erroneously awarded compensation from the Executive Officer's variable remuneration due to be awarded or vested in the year of the date of the Restatement. If there is any remaining amount, this will be deducted from any unvested variable remuneration related to the three financial years preceding the date of the Restatement. If there is any remaining amount, the Executive Officer will be required to repay this amount to the Company, but not more than any variable remuneration received by the Executive Officer in the three financial years preceding the date of the Restatement. The Executive Officer is required to repay the erroneously awarded compensation promptly on request from the Company.

**10** **General**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** For the avoidance of doubt, this Recovery Policy can apply even if the Executive Officer was not responsible for the Restatement in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** The Executive Officer will not be entitled to any compensation or indemnification in respect of any recovery under this policy. As such, if any Executive Officer wishes to take out insurance in respect of any recovery under this policy, such Executive Officer member must do so at their own arrangement and cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** The operation of recovery will not limit any other remedy the Company or any member of The Magnum Ice Cream Company N.V. group of companies may have in relation to Executive Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** This Recovery Policy does not impact the Company's (or any member of The Magnum Ice Cream Company N.V. group of companies') right to terminate, suspend, modify or amend from time-to-time any benefits, programs, policies or procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.5** This policy may be amended, updated, replaced or withdrawn at any time at the Committee's discretion.

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