Organisational changes

Brooks Macdonald Group plc ("Brooks Macdonald" or "the Group") today announces changes designed to ensure it is set up for success, organised to deliver its strategy and drive growth. The Group proposes to reduce the number of roles in the organisation by c.55. Brooks Macdonald is today informing employees of the proposals, which will be subject to consultation. The Group will provide comprehensive outplacement support to those affected.

These changes will not affect the level of service the Group delivers to its clients, nor its footprint of offices across the UK and Crown Dependencies. The Group will remain focused on delivering high-quality service to our clients and intermediaries, while ensuring it supports employees through the process.

The actions are expected to result in an annualised staff cost reduction of c.£4m, aligned with the Group's long-standing focus on cost discipline. The Group expects the cost of the changes to be up to c.£3m, a non-recurring expense which it intends to exclude from its reported underlying profit. For FY24 the Group continues to expect overall costs to grow in mid-single digits, in line with existing market expectations.

Andrew Shepherd, CEO of Brooks Macdonald stated:

"As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the Group stronger. Our Guiding Principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.

"I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people."

596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018 and amended by the Market Abuse Exit Regulations 2019 (collectively, "UK MAR"). With the publication of this announcement, this information is now considered to be in the public domain.

www.brooksmacdonald.com / @BrooksMacdonald