Statement on Results of AGM

1 December 2020

Wm Morrison Supermarkets PLC

AGM UPDATE

In accordance with Provision 4 of the 2018 UK Corporate Governance Code, Wm Morrison Supermarkets PLC (the "Company") publishes this update on the key actions that have been taken by the Board of Directors and Remuneration Committee in respect of two of the resolutions put to our Shareholders at the 2020 Annual General Meeting (AGM).

Remuneration Policy (Resolution 3)

In addition to the comprehensive shareholder engagement programme undertaken during the development of the Directors' Remuneration Policy, the Chair of the Remuneration Committee has further engaged with shareholders to understand their feedback regarding the policy vote. From this engagement, it is understood that the significant factor regarding the vote was the treatment of pension allowance for incumbent Executive Directors. The majority of the shareholders consulted welcomed the steps already taken, including appointing the new Chief Financial Officer on a 5% pension allowance ahead of the policy being adopted, the Chief Executive Officer's (CEO) voluntary reduction in pension allowance, the freezing of incumbent Executive Directors' pension allowance as a cash value, and the commitment to further future reductions. Some investors requested additional clarity regarding the proposed approach to pensions going forward in terms of alignment with the majority of workforce. In order to address the developing shareholder expectations, both the CEO and Chief Operating Officer have voluntarily committed to a reduction in their pension levels to those available to the workforce by the end of 2022.

Further, the CEO has agreed to increase his shareholding requirement from 250% to 300% of base salary. This, the Committee believes, further demonstrates the Committee's and CEO's commitment to aligning management and shareholder interests.

Belinda Richards (Resolution 12)

The Board also noted that the outcome of the vote for the reappointment of Belinda Richards to the Board was primarily driven by the votes from a small number of institutional shareholders who applied a more stringent voting policy on Directors' external commitments than is market practice.

The Board strongly supported Belinda's re-appointment; however, as announced on 6th July 2020, Belinda stepped down from the Board of the Company in order to take up a new role as an independent Non-Executive Director of Jupiter Fund Management PLC.

The Nomination Committee continues to carefully monitor all Directors' external time commitments and would take appropriate action should concerns be identified regarding their commitment to the Company or their ability to dedicate sufficient time to their duties.

Enquiries:

Andrew Kasoulis - Investor Relations 07785 343515

Simon Rigby - Director of External Communications 07771 784446

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