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Etude de l'AG du 05/05/2017

Item 2: The structure is weighted more towards rewarding long-term performance, the payout is aligned with performance, accelerated vesting in the event of a change of control is not possible, and the quantum is not excessive.

Item 3: The changes proposed to the Remuneration Policy include unjustified increases to directors' fees and an increased deferred bonus award, which would bring incentive remuneration above guidelines.

Item 6j: Re-elect the Chairman of the Audit Committee: She serves a non-independent Chairman of the Audit Committee, which does not meet UK best practice or ECGS guidelines.

Smurfit Kappa Group

Smurfit Kappa Group is an integrated paper and paperboard manufacturer and converter whose operations are divided into Europe and the Americas. The Europe segment includes a system of mills and plants that primarily produces a full line of containerboard that is converted into corrugated containers. In addition to other types of paper, such as solidboard and sack kraft paper, and paper-based packaging, such as soldboard packaging and folding cartons, this segment includes Co.'s bag-in-box operations. The Americas segment comprises all Co.'s forestry, paper, corrugated, paper sack and folding carton activities and all the operations of Smurfit Kappa Orange County.


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