For the year ended 31 July 2025

Scope and purpose

This disclosure relates to M & L Capital Management Limited (the Firm). The Firm is classified as a small and non-interconnected MIFIDPRU investment firm and is therefore required to disclose information on its remuneration policies and practices under MIFIDPRU 8.6.

Remuneration policy

The Firm’s remuneration arrangements are designed to support sound and effective risk management and to align remuneration with the Firm’s long-term interests, business strategy and regulatory obligations.

Remuneration comprises fixed remuneration and variable remuneration.

Fixed remuneration reflects role, responsibility, experience and market conditions, and may include salary, employer social security contributions, pension contributions and other contractual benefits.

Variable remuneration is discretionary and may be awarded by reference to Firm performance, individual performance and, where relevant, team performance. In assessing variable remuneration, the Firm takes into account both financial and non-financial factors, including conduct, risk management, compliance and client outcomes. Variable remuneration is not guaranteed and may be reduced or not awarded.

Variable remuneration may be paid wholly in cash or, in some cases, may include an award of ordinary shares in MNL.LN. Where this applies, the shares are ordinary shares, not options, and are subject to the terms of the relevant award, including any applicable vesting, holding and/or repayment conditions.

The Firm’s remuneration policy applies on a gender-neutral basis.

Governance and decision-making

The directors are responsible for setting and reviewing remuneration. The Firm does not maintain a separate remuneration committee.

No external consultants were used in determining or reviewing remuneration during the period.

In setting remuneration, the directors take into account the Firm’s financial position, capital and liquidity requirements, risk profile, business performance and regulatory obligations.

Objectives of financial incentives

The Firm’s financial incentives are designed to reward sustainable performance and behaviour that supports the Firm’s long-term success, sound risk management, good client outcomes and compliance with regulatory standards. They are not intended to encourage excessive or inappropriate risk-taking.

Quantitative disclosures for the year ended 31 July 2025

For the purposes of this disclosure, staff has been interpreted in line with SYSC 19G.1.24G.

Fixed remuneration total: £434,630.34

Variable remuneration total: £283,591.66

Total remuneration awarded: £718,222.00