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Dear Shareholders,

I am pleased to introduce the Group’s corporate governance report on behalf of our Board of Directors. The Corporate governance statement provides an insight into how the Board operated during the year and the key issues considered. We are committed to conducting business responsibly whilst maintaining high standards of corporate governance to enhance performance underpinned by our business model. Our approach to governance is set by the Board and our Executive Committee ensures that the approach is effectively implemented across the business.

The main Group-wide governance documents are our Core Values and the Code of Conduct, which set out the values and standards that we expect of our employees. These documents, together with our policies, govern how we conduct our business and set the standards that drive performance. Compliance training helps to enforce this. Board oversight, reviews and audits form part of the monitoring and supervision process. Risk processes are embedded and reviewed on an ongoing basis across the business. The important governance developments at Bodycote over the last year are detailed in the governance reporting section below.

The Board is actively engaged in succession planning for both executive and non-executive directors. This ensures that the Board composition continues to be appropriate and, therefore, effective.

I encourage all shareholders to attend the AGM, which will be held at our Macclesfield head office on 17 May 2017. This event provides an excellent opportunity to meet the executive and independent non-executive directors.

A.M. Thomson