Announcement of VREQ

Fiske announces that it has agreed a Voluntary Requirement ("VREQ") with the Financial Conduct Authority ("FCA"), which introduces certain restrictions on the activities of the Company. These restrictions form part of the FCA's ongoing supervisory engagement with the Company. They follow a review of the Company's systems and controls relating to the monitoring of its investment management activities, which included a Skilled Person review that concluded over the summer.

The VREQ does not restrict the Company in any way from continuing to service existing clients and accepting new monies and assets from existing clients. The restrictions solely relate to limitations on the onboarding of new clients who are not already connected to existing clients, or who are currently in the process of being onboarded, and placing certain restrictions on the transfer of the Company's assets while the VREQ is in place. The Company continues to be able to pay dividends in the normal course of business.

The Company continues to operate with full client money protection permissions in accordance with applicable regulatory regimes and remains committed to maintaining a strong and transparent relationship with the FCA.

A Trading Statement has been separately released, covering the second half of the Company's financial year to 30 June 2025.

The Board and senior management team remain confident about the ongoing delivery of carefully considered investment management of client portfolios and the generation of financial returns for shareholders. Whilst the VREQ is expected to have a minimal effect on the Company's existing activities, the Company will work to mitigate any impact on financial performance. The Company continues to co-operate with the FCA to ensure the restrictions on the Company are lifted as soon as possible. There is an agreed programme of actions already underway to strengthen the Company's systems and controls which will be completed over the coming months.