Update on Discussions

Following the Company's announcement of 27 September 2023, which was required following press speculation concerning the unsolicited approach for a possible offer being made for the entire issued and to be issued share capital of Alfa, the Board has continued to engage with Thomas H. Lee Partners, L.P. ("THL").

The discussions have continued to remain at a preliminary stage with no certainty that a firm offer will be forthcoming. The Board of Alfa are mindful of their fiduciary duties to the Company and are conscious of the established principle of the UK's Takeover Code, General Principle 6, that a company subject to an approach concerning the possibility of a takeover offer must not be hindered in the conduct of its affairs for longer than is reasonable.

After careful consideration the Board has unanimously decided to terminate Alfa's engagement with THL.

The Board remains confident in the Company's strategic direction including continued investment into the software and in high-quality people. The inherent robustness of the asset finance market, seen in the exceptionally strong late-stage pipeline, underpins our strong confidence in the outlook for the business.

In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers ("Code"), the Company remains in an offer period and THL is required, by not later than 5:00 p.m. (London time) on 25 October 2023, being 28 days after 27 September 2023, to either announce a firm intention to make an offer for Alfa in accordance with Rule 2.7 of the Code, or announce that it does not intend to make an offer for Alfa, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.

This announcement has not been made with the consent of THL.

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